Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-33366 | ||
Entity Registrant Name | Cheniere Energy Partners, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-5913059 | ||
Entity Address, Address Line One | 700 Milam Street | ||
Entity Address, Address Line Two | Suite 1900 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77002 | ||
City Area Code | 713 | ||
Local Phone Number | 375-5000 | ||
Title of 12(b) Security | Common Units Representing Limited Partner Interests | ||
Trading Symbol | CQP | ||
Security Exchange Name | NYSEAMER | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10.3 | ||
Documents Incorporated by Reference | None | ||
Entity Central Index Key | 0001383650 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Common Units [Member] | |||
Entity Information [Line Items] | |||
Entity Units, Units Outstanding | 348,631,292 | ||
Subordinated Units [Member] | |||
Entity Information [Line Items] | |||
Entity Units, Units Outstanding | 135,383,831 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 1,781 | $ 0 |
Restricted cash | 181 | 1,541 |
Accounts and other receivables | 297 | 348 |
Accounts receivable—affiliate | 105 | 114 |
Advances to affiliate | 158 | 228 |
Inventory | 116 | 99 |
Derivative assets | 17 | 6 |
Other current assets | 51 | 20 |
Other current assets—affiliate | 1 | 0 |
Total current assets | 2,707 | 2,356 |
Property, plant and equipment, net | 16,368 | 15,390 |
Operating lease assets, net | 94 | 0 |
Debt issuance costs, net | 15 | 13 |
Non-current derivative assets | 32 | 31 |
Other non-current assets, net | 168 | 184 |
Total assets | 19,384 | 17,974 |
Current liabilities | ||
Accounts payable | 40 | 15 |
Accrued liabilities | 709 | 821 |
Due to affiliates | 46 | 49 |
Deferred revenue | 155 | 116 |
Deferred revenue—affiliate | 1 | 1 |
Current operating lease liabilities | 6 | 0 |
Derivative liabilities | 9 | 66 |
Total current liabilities | 966 | 1,068 |
Long-term debt, net | 17,579 | 16,066 |
Non-current operating lease liabilities | 87 | 0 |
Non-current derivative liabilities | 16 | 14 |
Other non-current liabilities | 1 | 4 |
Other non-current liabilities—affiliate | 20 | 22 |
Commitments and contingencies (see Note 16) | ||
Partners’ equity | ||
Common unitholders’ interest (348.6 million units issued and outstanding at December 31, 2019 and 2018) | 1,792 | 1,806 |
Subordinated unitholders’ interest (135.4 million units issued and outstanding at December 31, 2019 and 2018) | (996) | (990) |
General partner’s interest (2% interest with 9.9 million units issued and outstanding at December 31, 2019 and 2018) | (81) | (16) |
Total partners’ equity | 715 | 800 |
Total liabilities and partners’ equity | $ 19,384 | $ 17,974 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
General Partner Ownership Interest Percentage | 2.00% | 2.00% |
General Partners' Capital Account, Units Issued | 9.9 | 9.9 |
General Partners' Capital Account, Units Outstanding | 9.9 | 9.9 |
Common Units [Member] | ||
Limited Partners' Capital Account, Units Issued | 348.6 | 348.6 |
Limited Partners' Capital Account, Units Outstanding | 348.6 | 348.6 |
Subordinated Units [Member] | ||
Limited Partners' Capital Account, Units Issued | 135.4 | 135.4 |
Limited Partners' Capital Account, Units Outstanding | 135.4 | 135.4 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Revenues | |||||||||||||||||||
Revenues | $ 1,908 | $ 1,476 | $ 1,705 | $ 1,749 | $ 1,897 | $ 1,529 | $ 1,407 | $ 1,593 | $ 6,838 | $ 6,426 | $ 4,304 | ||||||||
Revenues from contracts with customers | 6,837 | 6,427 | 4,304 | ||||||||||||||||
Operating costs and expenses | |||||||||||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 3,374 | 3,403 | 2,320 | ||||||||||||||||
Cost of sales—affiliate | 7 | 0 | 0 | ||||||||||||||||
Operating and maintenance expense | 632 | 409 | 292 | ||||||||||||||||
Operating and maintenance expense—affiliate | 138 | 117 | 100 | ||||||||||||||||
Development expense | 0 | 2 | 3 | ||||||||||||||||
General and administrative expense | 11 | 11 | 12 | ||||||||||||||||
General and administrative expense—affiliate | 102 | 73 | 80 | ||||||||||||||||
Depreciation and amortization expense | 527 | 424 | 339 | ||||||||||||||||
Impairment expense and loss on disposal of assets | 7 | 8 | 2 | ||||||||||||||||
Total operating costs and expenses | 4,798 | 4,447 | 3,148 | ||||||||||||||||
Income from operations | 676 | 346 | 455 | 563 | 524 | 492 | 455 | 508 | 2,040 | 1,979 | 1,156 | ||||||||
Other income (expense) | |||||||||||||||||||
Interest expense, net of capitalized interest | (885) | (733) | (614) | ||||||||||||||||
Loss on modification or extinguishment of debt | (13) | (12) | (67) | ||||||||||||||||
Derivative gain, net | 0 | 14 | 4 | ||||||||||||||||
Other income | 31 | 26 | 11 | ||||||||||||||||
Other income—affiliate | 2 | 0 | 0 | ||||||||||||||||
Total other expense | (865) | (705) | (666) | ||||||||||||||||
Net income | $ 448 | $ 110 | $ 232 | $ 385 | $ 351 | $ 307 | $ 281 | $ 335 | $ 1,175 | $ 1,274 | $ 490 | ||||||||
Basic and diluted net income (loss) per common unit | $ 0.87 | [1] | $ 0.19 | [1] | $ 0.44 | [1] | $ 0.75 | [1] | $ 0.69 | [1] | $ 0.60 | [1] | $ 0.55 | [1] | $ 0.67 | [1] | $ 2.25 | $ 2.51 | $ (1.32) |
Weighted average number of common units outstanding used for basic and diluted net income (loss) per common unit calculation | 348.6 | 348.6 | 178.5 | ||||||||||||||||
LNG [Member] | |||||||||||||||||||
Revenues | |||||||||||||||||||
Revenues | $ 5,211 | $ 4,827 | $ 2,635 | ||||||||||||||||
Revenues from contracts with customers | 5,210 | 4,828 | 2,635 | ||||||||||||||||
LNG—affiliate [Member] | |||||||||||||||||||
Revenues | |||||||||||||||||||
Revenues from contracts with customers | 1,312 | 1,299 | 1,389 | ||||||||||||||||
Regasification [Member] | |||||||||||||||||||
Revenues | |||||||||||||||||||
Revenues from contracts with customers | 266 | 261 | 260 | ||||||||||||||||
Other [Member] | |||||||||||||||||||
Revenues | |||||||||||||||||||
Revenues from contracts with customers | $ 49 | $ 39 | $ 20 | ||||||||||||||||
[1] | The sum of the quarterly net income per common unit may not equal the full year amount as the undistributed income and loss allocations and computations of the weighted average common units outstanding for basic and diluted common units outstanding for each quarter and the full year are performed independently. |
Consolidated Statements of Part
Consolidated Statements of Partners' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Units [Member] | Class B Units [Member] | Subordinated Units [Member] | General Partner [Member] |
Units, Outstanding, beginning of period at Dec. 31, 2016 | 57.1 | 145.3 | 135.4 | ||
Partners' equity, beginning of period at Dec. 31, 2016 | $ 443 | $ 130 | $ 62 | $ 240 | $ 11 |
General partner units, Outstanding, beginning of period at Dec. 31, 2016 | 6.9 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income | 490 | 294 | 0 | 186 | $ 10 |
Distributions | (294) | $ (226) | $ 0 | $ (59) | $ (9) |
Conversion of Class B units into common units, units | 291.5 | (145.3) | 0 | 3 | |
Conversion of Class B units into common units | 0 | $ 2,066 | $ (2,066) | $ 0 | $ 0 |
Amortization of beneficial conversion feature of Class B units | 0 | $ (594) | $ 2,004 | $ (1,410) | 0 |
Units, Outstanding, end of period at Dec. 31, 2017 | 348.6 | 0 | 135.4 | ||
Partners' equity, end of period at Dec. 31, 2017 | 639 | $ 1,670 | $ 0 | $ (1,043) | $ 12 |
General partner units, Outstanding, end of period at Dec. 31, 2017 | 9.9 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income | 1,274 | 899 | 0 | 349 | $ 26 |
Distributions | (1,113) | $ (763) | $ 0 | $ (296) | (54) |
Units, Outstanding, end of period at Dec. 31, 2018 | 348.6 | 0 | 135.4 | ||
Partners' equity, end of period at Dec. 31, 2018 | $ 800 | $ 1,806 | $ 0 | $ (990) | $ (16) |
General partner units, Outstanding, end of period at Dec. 31, 2018 | 9.9 | 9.9 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income | $ 1,175 | 829 | 0 | 322 | $ 24 |
Distributions | (1,260) | $ (843) | $ 0 | $ (328) | (89) |
Units, Outstanding, end of period at Dec. 31, 2019 | 348.6 | 0 | 135.4 | ||
Partners' equity, end of period at Dec. 31, 2019 | $ 715 | $ 1,792 | $ 0 | $ (996) | $ (81) |
General partner units, Outstanding, end of period at Dec. 31, 2019 | 9.9 | 9.9 |
Consolidated Statements of Pa_2
Consolidated Statements of Partners' Equity Parentheticals - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Units [Member] | |||
Distributions Paid, Per Unit | $ 2.42 | $ 2.19 | $ 1.715 |
Subordinated Units [Member] | |||
Distributions Paid, Per Unit | $ 2.42 | $ 2.19 | $ 0.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 1,175 | $ 1,274 | $ 490 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 527 | 424 | 339 |
Amortization of debt issuance costs, deferred commitment fees, premium and discount | 34 | 30 | 36 |
Loss on modification or extinguishment of debt | 13 | 12 | 67 |
Total losses (gains) on derivatives, net | (72) | 87 | 20 |
Net cash provided by (used for) settlement of derivative instruments | 5 | 32 | (16) |
Impairment expense and loss on disposal of assets | 7 | 8 | 2 |
Other | 11 | 5 | 6 |
Other—affiliate | (2) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | 16 | (122) | (101) |
Accounts receivable—affiliate | 9 | 47 | (62) |
Advances to affiliate | (41) | (84) | (12) |
Inventory | (16) | (5) | 13 |
Accounts payable and accrued liabilities | (126) | 183 | 210 |
Due to affiliates | 6 | (6) | (42) |
Deferred revenue | 39 | 3 | 34 |
Other, net | (36) | (12) | (5) |
Other, net—affiliate | (2) | (2) | (2) |
Net cash provided by operating activities | 1,547 | 1,874 | 977 |
Cash flows from investing activities | |||
Property, plant and equipment, net | (1,331) | (804) | (1,290) |
Other | (1) | 0 | 0 |
Net cash used in investing activities | (1,332) | (804) | (1,290) |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 2,230 | 1,100 | 3,814 |
Repayments of debt | (730) | (1,090) | (2,173) |
Debt issuance and deferred financing costs | (35) | (8) | (50) |
Debt extinguishment costs | (7) | ||
Distributions to owners | (1,260) | (1,113) | (294) |
Other | 1 | (7) | 0 |
Net cash provided by (used in) financing activities | 206 | (1,118) | 1,297 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 421 | (48) | 984 |
Cash, cash equivalents and restricted cash—beginning of period | 1,541 | 1,589 | 605 |
Cash, cash equivalents and restricted cash—end of period | $ 1,962 | $ 1,541 | $ 1,589 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Balances per Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Balances per Consolidated Balance Sheets: | |||||
Cash and cash equivalents | $ 1,781 | $ 0 | |||
Restricted cash | 181 | 1,541 | |||
Total cash, cash equivalents and restricted cash | $ 1,962 | $ 1,541 | $ 1,541 | $ 1,589 | $ 605 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | ORGANIZATION AND NATURE OF OPERATIONS We are a publicly traded Delaware limited partnership formed by Cheniere in 2006. The Sabine Pass LNG terminal is located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Through our subsidiary, SPL, we are currently operating five natural gas liquefaction Trains and are constructing one additional Train for a total production capacity of approximately 30 mtpa of LNG (the “Liquefaction Project”) at the Sabine Pass LNG terminal. Through our subsidiary, SPLNG, we own and operate regasification facilities at the Sabine Pass LNG terminal, which includes pre-existing infrastructure of five LNG storage tanks, two marine berths and vaporizers. We also own a 94 -mile pipeline through our subsidiary, CTPL, that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines (the “Creole Trail Pipeline”) . As of December 31, 2019, Cheniere owned 48.6% of our limited partner interest in the form of 104.5 million of our common units and 135.4 million of our subordinated units. Cheniere also owns 100% of our general partner interest and our incentive distribution rights. |
Unitholders' Equity
Unitholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Partners' Capital Notes [Abstract] | |
Unitholders' Equity | UNITHOLDERS’ EQUITY The common units and subordinated units represent limited partner interests in us. The holders of the units are entitled to participate in partnership distributions and exercise the rights and privileges available to limited partners under our partnership agreement. Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash (as defined in our partnership agreement). Generally, our available cash is our cash on hand at the end of a quarter less the amount of any reserves established by our general partner. All distributions paid to date have been made from accumulated operating surplus as defined in the partnership agreement. The holders of common units have the right to receive initial quarterly distributions of $0.425 per common unit, plus any arrearages thereon, before any distribution is made to the holders of the subordinated units. The holders of subordinated units will receive distributions only to the extent we have available cash above the initial quarterly distribution requirement for our common unitholders and general partner and certain reserves. Subordinated units will convert into common units on a one-for-one basis when we meet financial tests specified in the partnership agreement. Although common and subordinated unitholders are not obligated to fund losses of the Partnership, their capital accounts, which would be considered in allocating the net assets of the Partnership were it to be liquidated, continue to share in losses. The general partner interest is entitled to at least 2% of all distributions made by us. In addition, the general partner holds incentive distribution rights (“IDRs”) , which allow the general partner to receive a higher percentage of quarterly distributions of available cash from operating surplus after the initial quarterly distributions have been achieved and as additional target levels are met, but may transfer these rights separately from its general partner interest. The higher percentages range from 15% to 50% , inclusive of the general partner interest. As of December 31, 2019 , Cheniere, Blackstone CQP Holdco and the public owned a 48.6% , 40.3% and 9.1% interest in us, respectively. Cheniere’s ownership percentage includes its subordinated units and Blackstone CQP Holdco ’s ownership percentage excludes any common units that may be deemed to be beneficially owned by Blackstone Group, an affiliate of Blackstone CQP Holdco |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our Consolidated Financial Statements have been prepared in accordance with GAAP . The Consolidated Financial Statements include the accounts of Cheniere Partners and its majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on our consolidated financial position, results of operations or cash flows. Recent Accounting Standards We adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , and subsequent amendments thereto (“ASC 842”) on January 1, 2019 using the optional transition approach to apply the standard at the beginning of the first quarter of 2019 with no retrospective adjustments to prior periods. The adoption of the standard resulted in the recognition of right-of-use assets and lease liabilities for operating leases of approximately $100 million on our Consolidated Balance Sheets, with no material impact on our Consolidated Statements of Income or Consolidated Statements of Cash Flows. We have elected the practical expedients to (1) carryforward prior conclusions related to lease identification and classification for existing leases, (2) combine lease and non-lease components of an arrangement for all classes of leased assets, (3) omit short-term leases with a term of 12 months or less from recognition on the balance sheet and (4) carryforward our existing accounting for land easements not previously accounted for as leases. See Note 12—Leases for additional information on our leases following the adoption of this standard. Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to fair value measurements, revenue recognition, property, plant and equipment, derivative instruments, leases and asset retirement obligations (“AROs”) , as further discussed under the respective sections within this note. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation approaches used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs that are directly or indirectly observable for the asset or liability, other than quoted prices included within Level 1. Hierarchy Level 3 inputs are inputs that are not observable in the market. In determining fair value, we use observable market data when available, or models that incorporate observable market data. In addition to market information, we incorporate transaction-specific details that, in management’s judgment, market participants would take into account in measuring fair value. We maximize the use of observable inputs and minimize our use of unobservable inputs in arriving at fair value estimates. Recurring fair-value measurements are performed for derivative instruments as disclosed in Note 8—Derivative Instruments . The carrying amount of cash and cash equivalents, restricted cash, accounts receivable and accounts payable reported on the Consolidated Balance Sheets approximates fair value. The fair value of debt is the estimated amount we would have to pay to repurchase our debt in the open market, including any premium or discount attributable to the difference between the stated interest rate and market interest rate at each balance sheet date. Debt fair values, as disclosed in Note 11—Debt , are based on quoted market prices for identical instruments, if available, or based on valuations of similar debt instruments using observable or unobservable inputs. Non-financial assets and liabilities initially measured at fair value include intangible assets and AROs. Revenue Recognition We recognize revenues when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. Revenues from the sale of LNG are recognized as LNG revenues. LNG regasification capacity payments are recognized as regasification revenues. See Note 13—Revenues from Contracts with Customers for further discussion of revenues. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted Cash Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. Accounts Receivable Accounts receivable is reported net of any allowances for doubtful accounts. We periodically review the collectability on our accounts receivable and recognize an allowance if there is probability of non-collection, based on historical write-off and customer-specific factors. We did no t have an allowance on our accounts receivable as of December 31, 2019 and 2018 . Inventory LNG and natural gas inventory are recorded at the lower of weighted average cost and net realizable value. Materials and other inventory are recorded at the lower of cost and net realizable value and subsequently charged to expense when issued. Accounting for LNG Activities Generally, we begin capitalizing the costs of our LNG terminal once the individual project meets the following criteria: (1) regulatory approval has been received, (2) financing for the project is available and (3) management has committed to commence construction. Prior to meeting these criteria, most of the costs associated with a project are expensed as incurred. These costs primarily include professional fees associated with preliminary front-end engineering and design work, costs of securing necessary regulatory approvals and other preliminary investigation and development activities related to our LNG terminal. Generally, costs that are capitalized prior to a project meeting the criteria otherwise necessary for capitalization include: land acquisition costs, detailed engineering design work and certain permits that are capitalized as other non-current assets. The costs of lease options are amortized over the life of the lease once obtained. If no land or lease is obtained, the costs are expensed. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for construction and commissioning activities, major renewals and betterments that extend the useful life of an asset are capitalized, while expenditures for maintenance and repairs (including those for planned major maintenance projects) to maintain property, plant and equipment in operating condition are generally expensed as incurred. We realize offsets to LNG terminal costs for sales of commissioning cargoes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction. We depreciate our property, plant and equipment using the straight-line depreciation method. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses are recorded in impairment expense and loss (gain) on disposal of assets. Management tests property, plant and equipment for impairment whenever events or changes in circumstances have indicated that the carrying amount of property, plant and equipment might not be recoverable. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets for purposes of assessing recoverability. Recoverability generally is determined by comparing the carrying value of the asset to the expected undiscounted future cash flows of the asset. If the carrying value of the asset is not recoverable, the amount of impairment loss is measured as the excess, if any, of the carrying value of the asset over its estimated fair value. Interest Capitalization We capitalize interest costs during the construction period of our LNG terminal and related assets as construction-in-process. Upon commencement of operations, these costs are transferred out of construction-in-process into terminal and interconnecting pipeline facilities assets and are amortized over the estimated useful life of the asset. Regulated Natural Gas Pipelines The Creole Trail Pipeline is subject to the jurisdiction of the FERC in accordance with the Natural Gas Act of 1938 and the Natural Gas Policy Act of 1978. The economic effects of regulation can result in a regulated company recording as assets those costs that have been or are expected to be approved for recovery from customers, or recording as liabilities those amounts that are expected to be required to be returned to customers, in a rate-setting process in a period different from the period in which the amounts would be recorded by an unregulated enterprise. Accordingly, we record assets and liabilities that result from the regulated rate-making process that may not be recorded under GAAP for non-regulated entities. We continually assess whether regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes and recent rate orders applicable to other regulated entities. Based on this continual assessment, we believe the existing regulatory assets are probable of recovery. These regulatory assets and liabilities are primarily classified in our Consolidated Balance Sheets as other assets and other liabilities. We periodically evaluate their applicability under GAAP and consider factors such as regulatory changes and the effect of competition. If cost-based regulation ends or competition increases, we may have to reduce our asset balances to reflect a market basis less than cost and write off the associated regulatory assets and liabilities. Items that may influence our assessment are: • inability to recover cost increases due to rate caps and rate case moratoriums; • inability to recover capitalized costs, including an adequate return on those costs through the rate-making process and the FERC proceedings; • excess capacity; • increased competition and discounting in the markets we serve; and • impacts of ongoing regulatory initiatives in the natural gas industry. Natural gas pipeline costs include amounts capitalized as an Allowance for Funds Used During Construction (“AFUDC”). The rates used in the calculation of AFUDC are determined in accordance with guidelines established by the FERC. AFUDC represents the cost of debt and equity funds used to finance our natural gas pipeline additions during construction. AFUDC is capitalized as a part of the cost of our natural gas pipeline. Under regulatory rate practices, we generally are permitted to recover AFUDC, and a fair return thereon, through our rate base after the natural gas pipelines are placed in service. Derivative Instruments We use derivative instruments to hedge our exposure to cash flow variability from interest rate and commodity price risk. Derivative instruments are recorded at fair value and included in our Consolidated Balance Sheets as assets or liabilities depending on the derivative position and the expected timing of settlement, unless they satisfy criteria for and we elect the normal purchases and sales exception. When we have the contractual right and intend to net settle, derivative assets and liabilities are reported on a net basis. Changes in the fair value of our derivative instruments are recorded in earnings, unless we elect to apply hedge accounting and meet specified criteria. We did no t have any derivative instruments designated as cash flow or fair value hedges during the years ended December 31, 2019, 2018 and 2017 . See Note 8—Derivative Instruments for additional details about our derivative instruments. Leases Following the adoption of ASC 842, we determine if an arrangement is, or contains, a lease at inception of the arrangement. When we determine the arrangement is, or contains, a lease, we classify the lease as either an operating lease or a finance lease. We did not have any financing leases as of December 31, 2019 . Operating leases are recognized on our Consolidated Balance Sheets by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. Operating lease right-of-use assets and liabilities are generally recognized based on the present value of lease payments over the lease term. In determining the present value of lease payments, we use the implicit interest rate in the lease if readily determinable. In the absence of a readily determinable implicitly interest rate, we discount our expected future lease payments using our relevant subsidiary’s incremental borrowing rate. The incremental borrowing rate is an estimate of the interest rate that a given subsidiary would have to pay to borrow on a collateralized basis over a similar term to that of the lease term. Options to renew a lease are included in the lease term and recognized as part of the right-of-use asset and lease liability, only to the extent they are reasonably certain to be exercised. We have elected practical expedients to (1) omit leases with an initial term of 12 months or less from recognition on our balance sheet and (2) to combine both the lease and non-lease components of an arrangement in calculating the right-of-use asset and lease liability for all classes of leased assets. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Operating leases are included in operating lease assets, net, current operating lease liabilities and non-current operating lease liabilities on our Consolidated Balance Sheets. See Note 12—Leases for additional details about our leases. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist principally of cash and cash equivalents, restricted cash, derivative instruments and accounts receivable. We maintain cash balances at financial institutions, which may at times be in excess of federally insured levels. We have not incurred losses related to these balances to date. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. Certain of 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. Collateral deposited for such contracts is recorded within other current assets. Our interest rate derivative instruments are placed with investment grade financial institutions whom we believe are acceptable credit risks. We monitor counterparty creditworthiness on an ongoing basis; however, we cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, we may not realize the benefit of some of our derivative instruments. SPL has entered into fixed price long-term SPAs generally with terms of 20 years with eight third parties and has entered into agreements with Cheniere Marketing. SPL is dependent on the respective customers’ creditworthiness and their willingness to perform under their respective SPAs. See Note 17—Customer Concentration for additional details about our customer concentration. SPLNG has entered into two long-term TUAs with third parties for regasification capacity at the Sabine Pass LNG terminal. SPLNG is dependent on the respective customers’ creditworthiness and their willingness to perform under their respective TUAs. SPLNG has mitigated this credit risk by securing TUAs for a significant portion of its regasification capacity with creditworthy third-party customers with a minimum Standard & Poor’s rating of A. Debt Our debt consists of current and long-term secured and unsecured debt securities and credit facilities with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors. Debt is recorded on our Consolidated Balance Sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs related to term notes. Debt issuance costs consist primarily of arrangement fees, professional fees, legal fees and printing costs. If debt issuance costs are incurred in connection with a line of credit arrangement or on undrawn funds, they are presented as an asset on our Consolidated Balance Sheets. Discounts, premiums and debt issuance costs directly related to the issuance of debt are amortized over the life of the debt and are recorded in interest expense, net of capitalized interest using the effective interest method. Gains and losses on the extinguishment or modification of debt are recorded in gain (loss) on modification or extinguishment of debt on our Consolidated Statements of Income. Asset Retirement Obligations We recognize AROs for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and for conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. We have no t recorded an ARO associated with the Sabine Pass LNG terminal. Based on the real property lease agreements at the Sabine Pass LNG terminal, at the expiration of the term of the leases we are required to surrender the LNG terminal in good working order and repair, with normal wear and tear and casualty expected. Our property lease agreements at the Sabine Pass LNG terminal have terms of up to 90 years including renewal options. We have determined that the cost to surrender the Sabine Pass LNG terminal in good order and repair, with normal wear and tear and casualty expected, is immaterial. We have no t recorded an ARO associated with the Creole Trail Pipeline. We believe that it is not feasible to predict when the natural gas transportation services provided by the Creole Trail Pipeline will no longer be utilized. In addition, our right-of-way agreements associated with the Creole Trail Pipeline have no stipulated termination dates. We intend to operate the Creole Trail Pipeline as long as supply and demand for natural gas exists in the United States and intend to maintain it regularly. Income Taxes We are not subject to federal or state income taxes, as our partners are taxed individually on their allocable share of our taxable income. At December 31, 2019 , the tax basis of our assets and liabilities was $5.7 billion less than the reported amounts of our assets and liabilities. See Note 14—Related Party Transactions for details about income taxes under our tax sharing agreements. Business Segment Our liquefaction and regasification operations at the Sabine Pass LNG terminal represent a single reportable segment. Our |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | RESTRICTED CASH Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of December 31, 2019 and 2018 , restricted cash consisted of the following (in millions): December 31, 2019 2018 Current restricted cash Liquefaction Project $ 181 $ 756 Cash held by us and our guarantor subsidiaries — 785 Total current restricted cash $ 181 $ 1,541 Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of SPL’s debt holders, SPL is required to deposit all cash received into reserve accounts controlled by the collateral trustee. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project and other restricted payments. The cash held by us and our guarantor subsidiaries was restricted in use under the terms of the previous $2.8 billion credit facilities (the “2016 CQP Credit Facilities”) and the related depositary agreement governing the extension of credit to us, but is no longer restricted following the termination of the 2016 CQP Credit Facilities . Amounts not classified as restricted have been reserved by our general partner under the terms of our partnership agreement. |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts and Other Receivables | ACCOUNTS AND OTHER RECEIVABLES As of December 31, 2019 and 2018 , accounts and other receivables consisted of the following (in millions): December 31, 2019 2018 SPL trade receivable $ 283 $ 330 Other accounts receivable 14 18 Total accounts and other receivables $ 297 $ 348 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY As of December 31, 2019 and 2018 , inventory consisted of the following (in millions): December 31, 2019 2018 Natural gas $ 9 $ 28 LNG 27 6 Materials and other 80 65 Total inventory $ 116 $ 99 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT As of December 31, 2019 and 2018 , property, plant and equipment, net consisted of the following (in millions): December 31, 2019 2018 LNG terminal costs LNG terminal and interconnecting pipeline facilities $ 16,894 $ 12,760 LNG terminal construction-in-process 1,275 3,913 Accumulated depreciation (1,807 ) (1,290 ) Total LNG terminal costs, net 16,362 15,383 Fixed assets Fixed assets 27 26 Accumulated depreciation (21 ) (19 ) Total fixed assets, net 6 7 Property, plant and equipment, net $ 16,368 $ 15,390 Depreciation expense was $523 million , $413 million and $331 million during the years ended December 31, 2019, 2018 and 2017 , respectively. We realized offsets to LNG terminal costs of $48 million , $94 million and $301 million during the years ended December 31, 2019, 2018 and 2017 , respectively, that were related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Project , during the testing phase for its construction. LNG Terminal Costs The Sabine Pass LNG terminal is depreciated using the straight-line depreciation method applied to groups of LNG terminal assets with varying useful lives. The identifiable components of the Sabine Pass LNG terminal have depreciable lives between 7 and 50 years, as follows: Components Useful life (yrs) LNG storage tanks 50 Natural gas pipeline facilities 40 Marine berth, electrical, facility and roads 35 Water pipelines 30 Regasification processing equipment 30 Sendout pumps 20 Liquefaction processing equipment 7-50 Other 10-30 Fixed Assets and Other Our fixed assets and other are recorded at cost and are depreciated on a straight-line method based on estimated lives of the individual assets or groups of assets. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS We have entered into the following derivative instruments that are reported at fair value: • interest rate swaps to hedge the exposure to volatility in a portion of the floating-rate interest payments under certain credit facilities (“Interest Rate Derivatives”) and • commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the Liquefaction Project (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (collectively, the “Liquefaction Supply Derivatives”) . We recognize our derivative instruments as either assets or liabilities and measure those instruments at fair value. None of our derivative instruments are designated as cash flow or fair value hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Income to the extent not utilized for the commissioning process. The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of December 31, 2019 and 2018 , which are classified as derivative assets , non-current derivative assets , derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in millions). Fair Value Measurements as of December 31, 2019 December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liquefaction Supply Derivatives asset (liability) $ 3 $ (3 ) $ 24 $ 24 $ 5 $ (23 ) $ (25 ) $ (43 ) We value our Liquefaction Supply Derivatives using a market-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data. The fair value of our Physical Liquefaction Supply Derivatives is predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair value, including evaluating whether the respective market is available as pipeline infrastructure is developed. The fair value of our Physical Liquefaction Supply Derivatives incorporates risk premiums related to the satisfaction of conditions precedent, such as completion and placement into service of relevant pipeline infrastructure to accommodate marketable physical gas flow. As of December 31, 2019 and 2018 , some of our Physical Liquefaction Supply Derivatives existed within markets for which the pipeline infrastructure was under development to accommodate marketable physical gas flow. We include a portion of our Physical Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity, volatility and contract duration. The Level 3 fair value measurements of natural gas positions within our Physical Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas prices. The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of December 31, 2019 : Net Fair Value Asset (in millions) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $24 Market approach incorporating present value techniques Henry Hub basis spread $(0.350) - $0.058 Increases or decreases in basis, in isolation, would decrease or increase, respectively, the fair value of our Physical Liquefaction Supply Derivatives . The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives during the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, 2019 2018 2017 Balance, beginning of period $ (25 ) $ 43 $ 79 Realized and mark-to-market gains (losses): Included in cost of sales 6 (3 ) (37 ) Purchases and settlements: Purchases — (37 ) 14 Settlements 42 (29 ) (12 ) Transfers out of Level 3 (1) 1 1 (1 ) Balance, end of period $ 24 $ (25 ) $ 43 Change in unrealized gains (losses) relating to instruments still held at end of period $ 6 $ (3 ) $ (37 ) (1) Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. 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 the unconditional right of set-off in the event of default. 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 when our derivative instruments are in an asset position. Additionally, counterparties are at risk that we will be unable to meet our commitments in instances where our derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees. Interest Rate Derivatives In October 2018, we settled the interest rate swaps (“ CQP Interest Rate Derivatives ”) we previously had to protect against volatility of future cash flows and hedge a portion of the variable interest payments on the 2016 CQP Credit Facilities. In March 2017, SPL settled the interest rate swaps (“SPL Interest Rate Derivatives”) it previously had to protect against volatility of future cash flows and hedge a portion of the variable interest payments on the credit facilities it entered into in June 2015. The following table shows the changes in the fair value and settlements of our Interest Rate Derivatives recorded in derivative gain (loss), net on our Consolidated Statements of Income during the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, 2019 2018 2017 CQP Interest Rate Derivatives gain — 14 6 SPL Interest Rate Derivatives loss — — (2 ) Liquefaction Supply Derivatives SPL has entered into primarily index-based physical natural gas supply contracts and associated economic hedges to purchase natural gas for the commissioning and operation of the Liquefaction Project. The remaining terms of the physical natural gas supply contracts range up to 10 years , some of which commence upon the satisfaction of certain events or states of affairs. The notional natural gas position of our Liquefaction Supply Derivatives was approximately 3,663 TBtu and 2,978 TBtu as of December 31, 2019 and 2018 , respectively. The following table shows the fair value and location of our Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in millions): Fair Value Measurements as of (1) Consolidated Balance Sheet Location December 31, 2019 December 31, 2018 Derivative assets $ 17 $ 6 Non-current derivative assets 32 31 Total derivative assets 49 37 Derivative liabilities (9 ) (66 ) Non-current derivative liabilities (16 ) (14 ) Total derivative liabilities (25 ) (80 ) Derivative asset (liability), net $ 24 $ (43 ) (1) Does not include collateral posted with counterparties by us of $2 million and $1 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of December 31, 2019 and 2018 , respectively. The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Consolidated Statements of Income during the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, Consolidated Statement of Income Location (1) 2019 2018 2017 Liquefaction Supply Derivatives gain (loss) LNG revenues $ 1 $ (1 ) $ — Liquefaction Supply Derivatives gain (loss) Cost of sales 71 (100 ) (24 ) (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. Consolidated Balance Sheet Presentation Our derivative instruments are presented on a net basis on our Consolidated Balance Sheets as described above. The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions): Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Offsetting Derivative Assets (Liabilities) As of December 31, 2019 Liquefaction Supply Derivatives $ 51 $ (2 ) $ 49 Liquefaction Supply Derivatives (27 ) 2 (25 ) As of December 31, 2018 Liquefaction Supply Derivatives $ 63 $ (26 ) $ 37 Liquefaction Supply Derivatives (92 ) 12 (80 ) |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS As of December 31, 2019 and 2018 , other non-current assets, net consisted of the following (in millions): December 31, 2019 2018 Advances made to municipalities for water system enhancements $ 87 $ 90 Advances and other asset conveyances to third parties to support LNG terminal 35 36 Tax-related prepayments and receivables 17 17 Information technology service prepayments 6 20 Advances made under EPC and non-EPC contracts 15 14 Other 8 7 Total other non-current assets, net $ 168 $ 184 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES As of December 31, 2019 and 2018 , accrued liabilities consisted of the following (in millions): December 31, 2019 2018 Interest costs and related debt fees $ 241 $ 224 Accrued natural gas purchases 325 518 LNG terminal and related pipeline costs 135 79 Other accrued liabilities 8 — Total accrued liabilities $ 709 $ 821 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of December 31, 2019 and 2018 , our debt consisted of the following (in millions): December 31, 2019 2018 Long-term debt: SPL 5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”) $ 2,000 $ 2,000 6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”) 1,000 1,000 5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”) 1,500 1,500 5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”) 2,000 2,000 5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”) 2,000 2,000 5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”) 1,500 1,500 5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”) 1,500 1,500 4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”) 1,350 1,350 5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”) 800 800 Cheniere Partners 5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”) 1,500 1,500 5.625% Senior Notes due 2026 (“2026 CQP Senior Notes”) 1,100 1,100 4.500% Senior Notes due 2029 (“2029 CQP Senior Notes”) 1,500 — 2016 CQP Credit Facilities — — CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”) — — Unamortized premium, discount and debt issuance costs, net (171 ) (184 ) Total long-term debt, net 17,579 16,066 Current debt: $1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”) — — Total debt, net $ 17,579 $ 16,066 Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2019 (in millions): Years Ending December 31, Principal Payments 2020 $ — 2021 2,000 2022 1,000 2023 1,500 2024 2,000 Thereafter 11,250 Total $ 17,750 Senior Notes SPL Senior Notes The terms of the 2021 SPL Senior Notes, 2022 SPL Senior Notes, 2023 SPL Senior Notes, 2024 SPL Senior Notes, 2025 SPL Senior Notes, 2026 SPL Senior Notes, 2027 SPL Senior Notes and 2028 SPL Senior Notes (collectively with the 2037 SPL Senior Notes , the “SPL Senior Notes” ) are governed by a common indenture (the “SPL Indenture”) and the terms of the 2037 SPL Senior Notes are governed by a separate indenture (the “2037 SPL Senior Notes Indenture”). Both the SPL Indenture and the 2037 SPL Senior Notes Indenture contain customary terms and events of default and certain covenants that, among other things, limit SPL’s ability and the ability of SPL’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 SPL’s restricted subsidiaries, restrict dividends or other payments by restricted subsidiaries, incur liens, enter into transactions with affiliates, dissolve, liquidate, consolidate, merge, sell or lease all or substantially all of SPL’s assets and enter into certain LNG sales contracts. Subject to permitted liens, the SPL Senior Notes are secured on a pari passu first-priority basis by a security interest in all of the membership interests in SPL and substantially all of SPL’s assets. SPL may not make any distributions until, among other requirements, deposits are made into debt service reserve accounts as required and a debt service coverage ratio test of 1.25 :1.00 is satisfied. Semi-annual principal payments for the 2037 SPL Senior Notes are due on March 15 and September 15 of each year beginning September 15, 2025 and are fully amortizing according to a fixed sculpted amortization schedule. Interest on the SPL Senior Notes is payable semi-annually in arrears. At any time prior to three months before the respective dates of maturity for each series of the SPL Senior Notes (except for the 2026 SPL Senior Notes , 2027 SPL Senior Notes , 2028 SPL Senior Notes and 2037 SPL Senior Notes , in which case the time period is six months before the respective dates of maturity), SPL may redeem all or part of such series of the SPL Senior Notes at a redemption price equal to the “make-whole” price (except for the 2037 SPL Senior Notes , in which case the redemption price is equal to the “optional redemption” price) set forth in the respective indentures governing the SPL Senior Notes , plus accrued and unpaid interest, if any, to the date of redemption. SPL may also, at any time within three months of the respective maturity dates for each series of the SPL Senior Notes (except for the 2026 SPL Senior Notes , 2027 SPL Senior Notes , 2028 SPL Senior Notes and 2037 SPL Senior Notes , in which case the time period is within six months of the respective dates of maturity), redeem all or part of such series of the SPL Senior Notes at a redemption price equal to 100% of the principal amount of such series of the SPL Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to the date of redemption. CQP Senior Notes In September 2019, we issued an aggregate principal amount of $1.5 billion of the 2029 CQP Senior Notes . The proceeds of the offering were used to prepay the outstanding balance of the $750 million term loan under the 2019 CQP Credit Facilities (“CQP Term Facility”) and for general corporate purposes, including funding future capital expenditures in connection with the construction of Train 6 at the Liquefaction Project , resulting in the recognition of debt modification and extinguishment costs of $13 million for the year ended December 31, 2019 . Borrowings under the 2029 CQP Senior Notes accrue interest at a fixed rate of 4.500% per annum. As of December 31, 2019 , only the $750 million revolving credit facility (“CQP Revolving Facility”) , all of which is undrawn, remains as part of the 2019 CQP Credit Facilities . The 2025 CQP Senior Notes , the 2026 CQP Senior Notes and the 2029 CQP Senior Notes (collectively, the “CQP Senior Notes”) are jointly and severally guaranteed by each of our subsidiaries other than SPL and, subject to certain conditions governing its guarantee, Sabine Pass LP (the “CQP Guarantors”) . The CQP Senior Notes are governed by the same base indenture (the “CQP Base Indenture”) . The 2025 CQP Senior Notes are further governed by the First Supplemental Indenture, the 2026 CQP Senior Notes are further governed by the Second Supplemental Indenture and the 2029 CQP Senior Notes are further governed by the Third Supplemental Indenture. The indentures governing the CQP Senior Notes contain customary terms and events of default and certain covenants that, among other things, limit our ability and the CQP Guarantors ’ ability to incur liens and sell assets, enter into transactions with affiliates, enter into sale-leaseback transactions and consolidate, merge or sell, lease or otherwise dispose of all or substantially all of the applicable entity’s properties or assets. Interest on the CQP Senior Notes is payable semi-annually in arrears. At any time prior to October 1, 2020 for the 2025 CQP Senior Notes , October 1, 2021 for the 2026 CQP Senior Notes and October 1, 2024 for the 2029 CQP Senior Notes , we may redeem all or a part of the applicable CQP Senior Notes at a redemption price equal to 100% of the aggregate principal amount of the CQP Senior Notes redeemed, plus the “applicable premium” set forth in the respective indentures governing the CQP Senior Notes , plus accrued and unpaid interest, if any, to the date of redemption. In addition, at any time prior to October 1, 2020 for the 2025 CQP Senior Notes , October 1, 2021 for the 2026 CQP Senior Notes and October 1, 2024 for the 2029 CQP Senior Notes , we may redeem up to 35% of the aggregate principal amount of the CQP Senior Notes with an amount of cash not greater than the net cash proceeds from certain equity offerings at a redemption price equal to 105.250% of the aggregate principal amount of the 2025 CQP Senior Notes , 105.625% of the aggregate principal amount of the 2026 CQP Senior Notes and 104.5% of the aggregate principal amount of the 2029 CQP Senior Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption. We also may at any time on or after October 1, 2020 through the maturity date of October 1, 2025 for the 2025 CQP Senior Notes , October 1, 2021 through the maturity date of October 1, 2026 for the 2026 CQP Senior Notes and October 1, 2024 through the maturity date of October 1, 2029 for the 2029 CQP Senior Notes , redeem the CQP Senior Notes , in whole or in part, at the redemption prices set forth in the respective indentures governing the CQP Senior Notes . The CQP Senior Notes are our senior obligations, ranking equally in right of payment with our other existing and future unsubordinated debt and senior to any of our future subordinated debt. In the event that the aggregate amount of our secured indebtedness and the secured indebtedness of the CQP Guarantors (other than the CQP Senior Notes or any other series of notes issued under the CQP Base Indenture ) outstanding at any one time exceeds the greater of (1) $1.5 billion and (2) 10% of net tangible assets, the CQP Senior Notes will be secured to the same extent as such obligations under the 2019 CQP Credit Facilities . The obligations under the 2019 CQP Credit Facilities are secured on a first-priority basis (subject to permitted encumbrances) with liens on substantially all our existing and future tangible and intangible assets and rights and of the CQP Guarantors and equity interests in the CQP Guarantors (except, in each case, for certain excluded properties set forth in the 2019 CQP Credit Facilities ). The liens securing the CQP Senior Notes , if applicable, will be shared equally and ratably (subject to permitted liens) with the holders of other senior secured obligations, which include the 2019 CQP Credit Facilities obligations and any future additional senior secured debt obligations. Credit Facilities Below is a summary of our credit facilities outstanding as of December 31, 2019 (in millions): SPL Working Capital Facility 2019 CQP Credit Facilities Original facility size $ 1,200 $ 1,500 Less: Outstanding balance — — Commitments prepaid or terminated — 750 Letters of credit issued 414 — Available commitment $ 786 $ 750 Interest rate on available balance LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125% Weighted average interest rate of outstanding balance n/a n/a Maturity date December 31, 2020 May 29, 2024 SPL Working Capital Facility In September 2015, SPL entered into the SPL Working Capital Facility with aggregate commitments of $1.2 billion , which was amended in May 2019 in connection with commercialization and financing of Train 6 of the Liquefaction Project . The SPL Working Capital Facility is intended to be used for loans to SPL (“SPL Working Capital Loans”), the issuance of letters of credit on behalf of SPL, as well as for swing line loans to SPL (“SPL Swing Line Loans”), primarily for certain working capital requirements related to developing and placing into operation the Liquefaction Project . SPL may, from time to time, request increases in the commitments under the SPL Working Capital Facility of up to $760 million and incremental increases in commitments of up to an additional $390 million . Loans under the SPL Working Capital Facility accrue interest at a variable rate per annum equal to LIBOR or the base rate (equal to the highest of the senior facility agent’s published prime rate, the federal funds effective rate, as published by the Federal Reserve Bank of New York, plus 0.50% and one month LIBOR plus 0.50% ), plus the applicable margin. The applicable margin for LIBOR loans under the SPL Working Capital Facility is 1.75% per annum, and the applicable margin for base rate loans under the SPL Working Capital Facility is 0.75% per annum. Interest on SPL Swing Line Loans and loans deemed made in connection with a draw upon a letter of credit (“SPL LC Loans”) is due and payable on the date the loan becomes due. Interest on LIBOR loans is due and payable at the end of each applicable LIBOR period, and interest on base rate loans is due and payable at the end of each fiscal quarter. However, if such base rate loan is converted into a LIBOR loan, interest is due and payable on that date. Additionally, if the loans become due prior to such periods, the interest also becomes due on that date. SPL pays (1) a commitment fee equal to an annual rate of 0.70% on the average daily amount of the excess of the total commitment amount over the principal amount outstanding without giving effect to any outstanding SPL Swing Line Loans and (2) a letter of credit fee equal to an annual rate of 1.75% of the undrawn portion of all letters of credit issued under the SPL Working Capital Facility . If draws are made upon a letter of credit issued under the SPL Working Capital Facility and SPL does not elect for such draw (an “SPL LC Draw”) to be deemed an SPL LC Loan, SPL is required to pay the full amount of the SPL LC Draw on or prior to the business day following the notice of the SPL LC Draw. An SPL LC Draw accrues interest at an annual rate of 2.0% plus the base rate. As of December 31, 2019 , no SPL LC Draws had been made upon any letters of credit issued under the SPL Working Capital Facility . The SPL Working Capital Facility matures on December 31, 2020, and the outstanding balance may be repaid, in whole or in part, at any time without premium or penalty upon three business days’ notice. SPL LC Loans have a term of up to one year . SPL Swing Line Loans terminate upon the earliest of (1) the maturity date or earlier termination of the SPL Working Capital Facility , (2) the date 15 days after such SPL Swing Line Loan is made and (3) the first borrowing date for a SPL Working Capital Loan or SPL Swing Line Loan occurring at least three business days following the date the SPL Swing Line Loan is made. SPL is required to reduce the aggregate outstanding principal amount of all SPL Working Capital Loans to zero for a period of five consecutive business days at least once each year. The SPL Working Capital Facility contains conditions precedent for extensions of credit, as well as customary affirmative and negative covenants. The obligations of SPL under the SPL Working Capital Facility are secured by substantially all of the assets of SPL as well as all of the membership interests in SPL on a pari passu basis with the SPL Senior Notes. CQP Credit Facilities In May 2019, we terminated the remaining commitments under the 2016 CQP Credit Facilities and entered into the 2019 CQP Credit Facilities , which consisted of the $750 million CQP Term Facility, which was prepaid and terminated upon issuance of the 2029 CQP Senior Notes in September 2019, and the $750 million CQP Revolving Facility . Borrowings under the 2019 CQP Credit Facilities will be used to fund the development and construction of Train 6 of the Liquefaction Project and for general corporate purposes, subject to a sublimit, and the 2019 CQP Credit Facilities are also available for the issuance of letters of credit. Loans under the 2019 CQP Credit Facilities accrue interest at a variable rate per annum equal to LIBOR or the base rate (equal to the highest of the prime rate, the federal funds effective rate, as published by the Federal Reserve Bank of New York, plus 0.50% , and the adjusted one-month LIBOR plus 1.0% ), plus the applicable margin. Under the CQP Term Facility, the applicable margin for LIBOR loans was 1.50% per annum, and the applicable margin for base rate loans was 0.50% per annum. Under the CQP Revolving Facility, the applicable margin for LIBOR loans is 1.25% to 2.125% per annum, and the applicable margin for base rate loans is 0.25% to 1.125% per annum, in each case depending on our then-current rating. Interest on LIBOR loans is due and payable at the end of each applicable LIBOR period (and at the end of every three -month period within the LIBOR period, if any), and interest on base rate loans is due and payable at the end of each calendar quarter. The 2019 CQP Credit Facilities mature on May 29, 2024. Any outstanding balance may be repaid, in whole or in part, at any time without premium or penalty, except for interest rate breakage costs. The 2019 CQP Credit Facilities contain conditions precedent for extensions of credit, as well as customary affirmative and negative covenants, and limit our ability to make restricted payments, including distributions, to once per fiscal quarter and one true-up per fiscal quarter as long as certain conditions are satisfied. The 2019 CQP Credit Facilities are unconditionally guaranteed and secured by a first priority lien (subject to permitted encumbrances) on substantially all of our and the CQP Guarantors ’ existing and future tangible and intangible assets and rights and equity interests in the CQP Guarantors (except, in each case, for certain excluded properties set forth in the 2019 CQP Credit Facilities ). Restrictive Debt Covenants As of December 31, 2019 , we and SPL were in compliance with all covenants related to our respective debt agreements. Interest Expense Total interest expense consisted of the following (in millions): Year Ended December 31, 2019 2018 2017 Total interest cost $ 972 $ 936 $ 902 Capitalized interest (87 ) (203 ) (288 ) Total interest expense, net $ 885 $ 733 $ 614 Fair Value Disclosures The following table shows the carrying amount and estimated fair value of our debt (in millions): December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior notes (1) $ 16,950 $ 18,320 $ 15,450 $ 15,672 2037 SPL Senior Notes (2) 800 934 800 817 Credit facilities (3) — — — — (1) Includes SPL Senior Notes except the 2037 SPL Senior Notes and the CQP Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. (3) Includes SPL Working Capital Facility, 2016 CQP Credit Facilities and 2019 CQP Credit Facilities . The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES Our leased assets consist primarily of tug vessels and land sites, all of which are classified as operating leases. ASC 842 requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. As our leases generally do not provide an implicit rate, in order to calculate the lease liability, we discounted our expected future lease payments using our relevant subsidiary’s incremental borrowing rate at the later of January 1, 2019 or the commencement date of the lease. The incremental borrowing rate is an estimate of the rate of interest that a given subsidiary would have to pay to borrow on a collateralized basis over a similar term to that of the lease term. Many of our leases contain renewal options exercisable at our sole discretion. Options to renew a lease are included in the lease term and recognized as part of the right-of-use asset and lease liability only to the extent they are reasonably certain to be exercised, such as when necessary to satisfy obligations that existed at the execution of the lease or when the non-renewal would otherwise result in a significant economic penalty. We have elected the practical expedient to omit leases with an initial term of 12 months or less (“short-term lease”) from recognition on the balance sheet. We recognize short-term lease payments on a straight-line basis over the lease term and variable payments under short-term leases in the period in which the obligation is incurred. Certain of our leases contain non-lease components which are not separated from the lease components when calculating the right-of-use asset and lease liability per our use of the practical expedient to combine both components of an arrangement for all classes of leased assets. Certain of our leases also contain variable payments, such as inflation, that are not included when calculating the right-of-use asset and lease liability unless the payments are in-substance fixed. We recognize lease expense for operating leases on a straight-line basis over the lease term. The following table shows the classification and location of our right-of-use asset s and lease liabilities on our Consolidated Balance Sheets (in millions): Consolidated Balance Sheet Location December 31, 2019 Right-of-use assets—Operating Operating lease assets, net $ 94 Current operating lease liabilities Current operating lease liabilities 6 Non-current operating lease liabilities Non-current operating lease liabilities 87 The following table shows the classification and location of our lease cost on our Consolidated Statements of Income (in millions): Consolidated Statement of Income Location Year Ended December 31, 2019 Operating lease cost (1) Operating costs and expenses (2) $ 11 (1) Includes $1 million of variable lease costs paid to the lessor. (2) Presented in cost of sales, operating and maintenance expense, general and administrative expense or general and administrative expense—affiliate consistent with the nature of the asset under lease. During the years ended December 31, 2018 and 2017, we recognized rental expense for all operating leases of $16 million and $13 million , respectively. Future annual minimum lease payments for operating leases as of December 31, 2019 are as follows (in millions): Years Ending December 31, Operating Leases 2020 $ 9 2021 10 2022 10 2023 10 2024 10 Thereafter 116 Total lease payments 165 Less: Interest (72 ) Present value of lease liabilities $ 93 Future annual minimum lease payments for operating leases as of December 31, 2018, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions): Years Ending December 31, Operating Leases (1) 2019 $ 10 2020 10 2021 10 2022 10 2023 10 Thereafter 124 Total $ 174 (1) Includes certain lease option renewals that are reasonably assured and payments for certain non-lease components . The following table shows the weighted-average remaining lease term (in years) and the weighted-average discount rate for our operating leases: December 31, 2019 Weighted-average remaining lease term (in years) 26.4 Weighted-average discount rate 4.8 % The following table includes other quantitative information for our operating leases (in millions): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | REVENUES FROM CONTRACTS WITH CUSTOMERS The following table represents a disaggregation of revenue earned from contracts with customers during the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, 2019 2018 2017 LNG revenues $ 5,210 $ 4,828 $ 2,635 LNG revenues—affiliate 1,312 1,299 1,389 Regasification revenues 266 261 260 Other revenues 49 39 20 Total revenues from customers 6,837 6,427 4,304 Net derivative gains (losses) (1) 1 (1 ) — Total revenues $ 6,838 $ 6,426 $ 4,304 (1) See Note 8—Derivative Instruments for additional information about our derivatives. LNG Revenues We have entered into numerous SPAs with third party customers for the sale of LNG on a free on board (“FOB”) (delivered to the customer at the Sabine Pass LNG terminal) basis. Our customers generally purchase LNG for a price consisting of a fixed fee per MMBtu of LNG (a portion of which is subject to annual adjustment for inflation) plus a variable fee per MMBtu of LNG equal to approximately 115% of Henry Hub. The fixed fee component is the amount payable to us regardless of a cancellation or suspension of LNG cargo deliveries by the customers. The variable fee component is the amount generally payable to us only upon delivery of LNG plus all future adjustments to the fixed fee for inflation. The SPAs and contracted volumes to be made available under the SPAs are not tied to a specific Train; however, the term of each SPA generally commences upon the date of first commercial delivery of a specified Train. Additionally, we have agreements with Cheniere Marketing for which the related revenues are recorded as LNG revenues—affiliate. See Note 14—Related Party Transactions for additional information regarding these agreements. Revenues from the sale of LNG are recognized at a point in time when the LNG is delivered to the customer, at the Sabine Pass LNG terminal, which is the point legal title, physical possession and the risks and rewards of ownership transfer to the customer. Each individual molecule of LNG is viewed as a separate performance obligation. The stated contract price (including both fixed and variable fees) per MMBtu in each LNG sales arrangement is representative of the stand-alone selling price for LNG at the time the contract was negotiated. We have concluded that the variable fees meet the exception for allocating variable consideration to specific parts of the contract. As such, the variable consideration for these contracts is allocated to each distinct molecule of LNG and recognized when that distinct molecule of LNG is delivered to the customer. Because of the use of the exception, variable consideration related to the sale of LNG is also not included in the transaction price. Fees received pursuant to SPAs are recognized as LNG revenues only after substantial completion of the respective Train. Prior to substantial completion, sales generated during the commissioning phase are offset against the cost of construction for the respective Train, as the production and removal of LNG from storage is necessary to test the facility and bring the asset to the condition necessary for its intended use. Regasification Revenues The Sabine Pass LNG terminal has operational regasification capacity of approximately 4 Bcf/d. Approximately 2 Bcf/d of the regasification capacity at the Sabine Pass LNG terminal has been reserved under two long-term TUAs with unaffiliated third-party customers, under which they are required to pay fixed monthly fees regardless of their use of the LNG terminal. Each of the customers has reserved approximately 1 Bcf/d of regasification capacity. The customers are each obligated to make monthly capacity payments to SPLNG aggregating approximately $125 million annually for 20 years that commenced in 2009, which is representative of fixed consideration in the contract. A portion of this fee is adjusted annually for inflation which is considered variable consideration. The remaining capacity of the Sabine Pass LNG terminal has been reserved by SPL, for which the associated revenues are eliminated in consolidation. Because SPLNG is continuously available to provide regasification service on a daily basis with the same pattern of transfer, we have concluded that SPLNG provides a single performance obligation to its customers on a continuous basis over time. We have determined that an output method of recognition based on elapsed time best reflects the benefits of this service to the customer and accordingly, LNG regasification capacity reservation fees are recognized as regasification revenues on a straight-line basis over the term of the respective TUAs. In 2012, SPL entered into a partial TUA assignment agreement with Total Gas & Power North America, Inc. (“Total”) , whereby upon substantial completion of Train 5 of the Liquefaction Project , SPL gained access to substantially all of Total ’s capacity and other services provided under Total ’s TUA with SPLNG. This agreement provides SPL with additional berthing and storage capacity at the Sabine Pass LNG terminal that may be used to provide increased flexibility in managing LNG cargo loading and unloading activity, permit SPL to more flexibly manage its LNG storage capacity and accommodate the development of Train 6. Notwithstanding any arrangements between Total and SPL, payments required to be made by Total to SPLNG will continue to be made by Total to SPLNG in accordance with its TUA and we continue to recognize the payments received from Total as revenue. During the years ended December 31, 2019, 2018 and 2017 , SPL recorded $104 million , $30 million and $23 million , respectively, as operating and maintenance expense under this partial TUA assignment agreement. Deferred Revenue Reconciliation The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions): Year Ended December 31, 2019 2018 Deferred revenues, beginning of period $ 116 $ 111 Cash received but not yet recognized 155 116 Revenue recognized from prior period deferral (116 ) (111 ) Deferred revenues, end of period $ 155 $ 116 We record deferred revenue when we receive consideration, or such consideration is unconditionally due from a customer, prior to transferring goods or services to the customer under the terms of a sales contract. Changes in deferred revenue during the years ended December 31, 2019 and 2018 are primarily attributable to differences between the timing of revenue recognition and the receipt of advance payments related to delivery of LNG under certain SPAs. Transaction Price Allocated to Future Performance Obligations Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Unsatisfied Weighted Average Recognition Timing (years) (1) Unsatisfied Weighted Average Recognition Timing (years) (1) LNG revenues (2) $ 55.0 10 $ 53.6 10 Regasification revenues 2.4 5 2.6 6 Total revenues $ 57.4 $ 56.2 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. (2) Includes future consideration from agreement contractually assigned to SPL from Cheniere Marketing. We have elected the following exemptions which omit certain potential future sources of revenue from the table above: (1) We omit from the table above all performance obligations that are part of a contract that has an original expected duration of one year or less. (2) The table above excludes substantially all variable consideration under our SPAs and TUAs. We omit from the table above all variable consideration that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price will vary based on the future prices of Henry Hub throughout the contract terms, to the extent customers elect to take delivery of their LNG, and adjustments to the consumer price index. Certain of our contracts contain additional variable consideration based on the outcome of contingent events and the movement of various indexes. We have not included such variable consideration in the transaction price to the extent the consideration is considered constrained due to the uncertainty of ultimate pricing and receipt. Approximately 52% and 57% of our LNG revenues during the years ended December 31, 2019 and 2018 , respectively, were related to variable consideration received from customers. During each of the years ended December 31, 2019 and 2018 , approximately 3% of our regasification revenues were related to variable consideration received from customers. All of our LNG revenues—affiliate were related to variable consideration received from customers during each of the years ended December 31, 2019 and 2018 . We have entered into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones such as reaching a final investment decision on a certain liquefaction Train, obtaining financing or achieving substantial completion of a Train and any related facilities. These contracts are considered completed contracts for revenue recognition purposes and are included in the transaction price above when the conditions are considered probable of being met. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Below is a summary of our related party transactions as reported on our Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, 2019 2018 2017 LNG revenues—affiliate Cheniere Marketing Agreements $ 1,309 $ 1,299 $ 1,389 Contracts for Sale and Purchase of Natural Gas and LNG 3 — — Total LNG revenues—affiliate 1,312 1,299 1,389 Cost of sales—affiliate Contracts for Sale and Purchase of Natural Gas and LNG 7 — — Operating and maintenance expense—affiliate Services Agreements 138 117 94 Other agreements — — 6 Total operating and maintenance expense—affiliate 138 117 100 General and administrative expense—affiliate Services Agreements 102 73 80 Other income—affiliate Cooperative Endeavor Agreement 2 — — As of December 31, 2019 and 2018 , we had $105 million and $114 million , respectively, of accounts receivable—affiliate, under the agreements described below. Terminal Use Agreement SPL obtained approximately 2 Bcf/d of regasification capacity and other liquefaction support services under a TUA with SPLNG as a result of an assignment in July 2012 by Cheniere Investments of its rights, title and interest under its TUA with SPLNG. SPL is obligated to make monthly capacity payments to SPLNG aggregating approximately $250 million per year (the “TUA Fees”) , continuing until at least May 2036. In connection with this TUA , SPL is required to pay for a portion of the cost (primarily LNG inventory) to maintain the cryogenic readiness of the regasification facilities at the Sabine Pass LNG terminal, which is recorded as operating and maintenance expense on our Consolidated Statements of Income . Cheniere Marketing Agreements Cheniere Marketing SPA Cheniere Marketing has an SPA (“Base SPA”) with SPL to purchase, at Cheniere Marketing’s option, any LNG produced by SPL in excess of that required for other customers at a price of 115% of Henry Hub plus $3.00 per MMBtu of LNG. In May 2019, SPL and Cheniere Marketing entered into an amendment to the Base SPA to remove certain conditions related to the sale of LNG from Trains 5 and 6 of the Liquefaction Project and provide that cargoes rejected by Cheniere Marketing under the Base SPA can be sold by SPL to Cheniere Marketing at a contract price equal to a portion of the estimated net profits from the sale of such cargo. Cheniere Marketing Master SPA SPL has an agreement with Cheniere Marketing that allows the parties to sell and purchase LNG with each other by executing and delivering confirmations under this agreement. SPL executed a confirmation with Cheniere Marketing that obligated Cheniere Marketing in certain circumstances to buy LNG cargoes produced during the period while Bechtel Oil, Gas and Chemicals, Inc. (“Bechtel”) had control of, and was commissioning, Train 5 of the Liquefaction Project . Cheniere Marketing Letter Agreements In May 2019, SPL and Cheniere Marketing entered into a letter agreement for the sale of up to 20 cargoes totaling approximately 70 million MMBtu that were delivered between May 3 and December 31, 2019 at a price of 115% of Henry Hub plus $2.00 per MMBtu. In December 2019, SPL and Cheniere Marketing entered into a letter agreement for the sale of up to 43 cargoes scheduled for delivery in 2020 at a price of 115% of Henry Hub plus $1.67 per MMBtu. Services Agreements As of December 31, 2019 and 2018 , we had $158 million and $228 million of advances to affiliates, respectively, under the services agreements described below. The non-reimbursement amounts incurred under these agreements are recorded in general and administrative expense—affiliate. Cheniere Partners Services Agreement We have a services agreement with Cheniere Terminals, a subsidiary of Cheniere, pursuant to which Cheniere Terminals is entitled to a quarterly non-accountable overhead reimbursement charge of $3 million (adjusted for inflation) for the provision of various general and administrative services for our benefit. In addition, Cheniere Terminals is entitled to reimbursement for all audit, tax, legal and finance fees incurred by Cheniere Terminals that are necessary to perform the services under the agreement. Cheniere Investments Information Technology Services Agreement Cheniere Investments has an information technology services agreement with Cheniere, pursuant to which Cheniere Investments’ subsidiaries receive certain information technology services. On a quarterly basis, the various entities receiving the benefit are invoiced by Cheniere Investments according to the cost allocation percentages set forth in the agreement. In addition, Cheniere is entitled to reimbursement for all costs incurred by Cheniere that are necessary to perform the services under the agreement. SPLNG O&M Agreement SPLNG has a long-term operation and maintenance agreement (the “SPLNG O&M Agreement”) with Cheniere Investments pursuant to which SPLNG receives all necessary services required to operate and maintain the Sabine Pass LNG receiving terminal. SPLNG pays a fixed monthly fee of $130,000 (indexed for inflation) under the SPLNG O&M Agreement and the cost of a bonus equal to 50% of the salary component of labor costs in certain circumstances to be agreed upon between SPLNG and Cheniere Investments at the beginning of each operating year. In addition, SPLNG is required to reimburse Cheniere Investments for its operating expenses, which consist primarily of labor expenses. Cheniere Investments provides the services required under the SPLNG O&M Agreement pursuant to a secondment agreement with a wholly owned subsidiary of Cheniere. All payments received by Cheniere Investments under the SPLNG O&M Agreement are required to be remitted to such subsidiary. SPLNG MSA SPLNG has a long-term management services agreement (the “SPLNG MSA”) with Cheniere Terminals, pursuant to which Cheniere Terminals manages the operation of the Sabine Pass LNG receiving terminal, excluding those matters provided for under the SPLNG O&M Agreement . SPLNG pays a monthly fixed fee of $520,000 (indexed for inflation) under the SPLNG MSA . SPL O&M Agreement SPL has an operation and maintenance agreement (the “SPL O&M Agreement”) with Cheniere Investments pursuant to which SPL receives all of the necessary services required to construct, operate and maintain the Liquefaction Project . Before each Train of the Liquefaction Project is operational, the services to be provided include, among other services, obtaining governmental approvals on behalf of SPL, preparing an operating plan for certain periods, obtaining insurance, preparing staffing plans and preparing status reports. After each Train is operational, the services include all necessary services required to operate and maintain the Train. Prior to the substantial completion of each Train of the Liquefaction Project , in addition to reimbursement of operating expenses, SPL is required to pay a monthly fee equal to 0.6% of the capital expenditures incurred in the previous month. After substantial completion of each Train, for services performed while the Train is operational, SPL will pay, in addition to the reimbursement of operating expenses, a fixed monthly fee of $83,333 (indexed for inflation) for services with respect to the Train. Cheniere Investments provides the services required under the SPL O&M Agreement pursuant to a secondment agreement with a wholly owned subsidiary of Cheniere. All payments received by Cheniere Investments under the SPL O&M Agreement are required to be remitted to such subsidiary. SPL MSA SPL has a management services agreement (the “SPL MSA”) with Cheniere Terminals pursuant to which Cheniere Terminals manages the construction and operation of the Liquefaction Project , excluding those matters provided for under the SPL O&M Agreement . The services include, among other services, exercising the day-to-day management of SPL’s affairs and business, managing SPL’s regulatory matters, managing bank and brokerage accounts and financial books and records of SPL’s business and operations, entering into financial derivatives on SPL’s behalf and providing contract administration services for all contracts associated with the Liquefaction Project . Prior to the substantial completion of each Train of the Liquefaction Project , SPL pays a monthly fee equal to 2.4% of the capital expenditures incurred in the previous month. After substantial completion of each Train, SPL will pay a fixed monthly fee of $541,667 (indexed for inflation) for services with respect to such Train. CTPL O&M Agreement CTPL has an amended long-term operation and maintenance agreement (the “CTPL O&M Agreement”) with Cheniere Investments pursuant to which CTPL receives all necessary services required to operate and maintain the Creole Trail Pipeline . CTPL is required to reimburse Cheniere Investments for its operating expenses, which consist primarily of labor expenses. Cheniere Investments provides the services required under the CTPL O&M Agreement pursuant to a secondment agreement with a wholly owned subsidiary of Cheniere. All payments received by Cheniere Investments under the CTPL O&M Agreement are required to be remitted to such subsidiary. Agreement to Fund SPLNG’s Cooperative Endeavor Agreements SPLNG has executed Cooperative Endeavor Agreements (“CEAs”) with various Cameron Parish, Louisiana taxing authorities that allowed them to collect certain annual property tax payments from SPLNG from 2007 through 2016. This initiative represented an aggregate commitment of $25 million over 10 years in order to aid in their reconstruction efforts following Hurricane Rita. In exchange for SPLNG’s advance payments of annual ad valorem taxes, Cameron Parish may grant SPLNG a dollar-for-dollar credit against future ad valorem taxes to be levied against the Sabine Pass LNG terminal as early as 2019. Beginning in September 2007, SPLNG entered into various agreements with Cheniere Marketing, pursuant to which Cheniere Marketing would pay SPLNG additional TUA revenues equal to any and all amounts payable by SPLNG to the Cameron Parish taxing authorities under the CEAs . In exchange for such amounts received as TUA revenues from Cheniere Marketing, SPLNG will make payments to Cheniere Marketing equal to ad valorem tax levied on our LNG terminal in the year the Cameron Parish dollar-for-dollar credit is applied. On a consolidated basis, these advance tax payments were recorded to other non-current assets, and payments from Cheniere Marketing that SPLNG utilized to make the ad valorem tax payments were recorded as obligations. We had $2 million and $3 million in due to affiliates and $20 million and $22 million of other non-current liabilities—affiliate resulting from these payments received from Cheniere Marketing as of December 31, 2019 and 2018 , respectively. Contracts for Sale and Purchase of Natural Gas and LNG SPLNG is able to sell and purchase natural gas and LNG under agreements with Cheniere Marketing . Under these agreements, SPLNG purchases natural gas or LNG from Cheniere Marketing at a sales price equal to the actual purchase price paid by Cheniere Marketing to suppliers of the natural gas or LNG, plus any third-party costs incurred by Cheniere Marketing with respect to the receipt, purchase and delivery of natural gas or LNG to the Sabine Pass LNG terminal. SPL has an agreement with CCL that allows them to sell and purchase natural gas from each other. Natural gas purchased under this agreement is initially recorded as inventory and then to cost of sales—affiliate upon its sale, except for purchases related to commissioning activities which are capitalized as LNG terminal construction-in-process. Natural gas sold under this agreement is recorded as LNG revenues—affiliate. Terminal Marine Services Agreement In connection with its tug boat lease, Tug Services entered into an agreement with Cheniere Terminals to provide its LNG cargo vessels with tug boat and marine services at the Sabine Pass LNG terminal. The agreement also provides that Tug Services shall contingently pay Cheniere Terminals a portion of its future revenues. Accordingly, Tug Services distributed $8 million , $6 million and $3 million during the years ended December 31, 2019, 2018 and 2017 , respectively, to Cheniere Terminals, which is recognized as part of the distributions to our general partner interest holders on our Consolidated Statements of Partners’ Equity. LNG Terminal Export Agreement SPLNG and Cheniere Marketing have an LNG terminal export agreement that provides Cheniere Marketing the ability to export LNG from the Sabine Pass LNG terminal. SPLNG did no t record any revenues associated with this agreement during the years ended December 31, 2019, 2018 and 2017 . State Tax Sharing Agreements SPLNG has a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which SPLNG and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, SPLNG will pay to Cheniere an amount equal to the state and local tax that SPLNG would be required to pay if its state and local tax liability were calculated on a separate company basis. There have been no state and local taxes paid by Cheniere for which Cheniere could have demanded payment from SPLNG under this agreement; therefore, Cheniere has not demanded any such payments from SPLNG. The agreement is effective for tax returns due on or after January 1, 2008. SPL has a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which SPL and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, SPL will pay to Cheniere an amount equal to the state and local tax that SPL would be required to pay if SPL’s state and local tax liability were calculated on a separate company basis. There have been no state and local taxes paid by Cheniere for which Cheniere could have demanded payment from SPL under this agreement; therefore, Cheniere has not demanded any such payments from SPL. The agreement is effective for tax returns due on or after August 2012. CTPL has a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which CTPL and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, CTPL will pay to Cheniere an amount equal to the state and local tax that CTPL would be required to pay if CTPL’s state and local tax liability were calculated on a separate company basis. There have been no state and local taxes paid by Cheniere for which Cheniere could have demanded payment from CTPL under this agreement; therefore, Cheniere has not demanded any such payments from CTPL. The agreement is effective for tax returns due on or after May 2013. |
Net Income (Loss) per Common Un
Net Income (Loss) per Common Unit | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Unit | NET INCOME (LOSS) PER COMMON UNIT Net income (loss) per common unit for a given period is based on the distributions that will be made to the unitholders with respect to the period plus an allocation of undistributed net income (loss) based on provisions of the partnership agreement, divided by the weighted average number of common units outstanding. Distributions paid by us are presented on the Consolidated Statements of Partners’ Equity. On January 28, 2020 , we declared a $0.63 distribution per common unit and subordinated unit and the related distribution to our general partner and IDR holders to be paid on February 14, 2020 to unitholders of record as of February 7, 2020 for the period from October 1, 2019 to December 31, 2019 . The two-class method dictates that net income for a period be reduced by the amount of available cash that will be distributed with respect to that period and that any residual amount representing undistributed net income (loss) be allocated to common unitholders and other participating unitholders to the extent that each unit may share in net income as if all of the net income for the period had been distributed in accordance with the partnership agreement. Undistributed income is allocated to participating securities based on the distribution waterfall for available cash specified in the partnership agreement. Undistributed losses (including those resulting from distributions in excess of net income) are allocated to common units and other participating securities on a pro rata basis based on provisions of the partnership agreement. Distributions are treated as distributed earnings in the computation of earnings per common unit even though cash distributions are not necessarily derived from current or prior period earnings. The Class B units, which were mandatorily converted into our common units in accordance with the terms of our partnership agreement on August 2, 2017, were issued at a discount to the market price of the common units into which they were convertible. This discount, totaling $2,130 million , represented a beneficial conversion feature and was reflected as an increase in common and subordinated unitholders’ equity and a decrease in Class B unitholders’ equity to reflect the fair value of the Class B units at issuance on our Consolidated Statement of Partners’ Equity. The beneficial conversion feature was considered a dividend that was distributed ratably with respect to any Class B unit from its issuance date through its conversion date, which resulted in an increase in Class B unitholders’ equity and a decrease in common and subordinated unitholders’ equity. We amortized the beneficial conversion feature through the mandatory conversion date of August 2, 2017 using the effective yield method, with a weighted average effective yield of 888.7% per year and 966.1% per year for Class B units previously held by Cheniere Energy Partners LP Holdings, LLC and Blackstone CQP Holdco, respectively. The impact of the beneficial conversion feature was also included in earnings per unit for the year ended December 31, 2017. The following table provides a reconciliation of net income and the allocation of net income to the common units, the subordinated units, the general partner units and IDRs for purposes of computing basic and diluted net income (loss) per unit (in millions, except per unit data). Limited Partner Units Total Common Units Class B Units Subordinated Units General Partner Units IDR Year Ended December 31, 2019 Net income $ 1,175 Declared distributions 1,278 858 — 333 26 62 Assumed allocation of undistributed net loss (1) $ (103 ) (73 ) — (28 ) (2 ) — Assumed allocation of net income $ 785 $ — $ 305 $ 24 $ 62 Weighted average units outstanding 348.6 — 135.4 Basic and diluted net income per unit $ 2.25 $ 2.25 Year Ended December 31, 2018 Net income $ 1,274 Declared distributions 1,162 795 — 309 22 36 Assumed allocation of undistributed net income (1) $ 112 79 — 31 2 — Assumed allocation of net income $ 874 $ — $ 340 $ 24 $ 36 Weighted average units outstanding 348.6 — 135.4 Basic and diluted net income per unit $ 2.51 $ 2.51 Year Ended December 31, 2017 Net income $ 490 Declared distributions 514 376 — 127 10 1 Amortization of beneficial conversion feature of Class B units — (594 ) 2,004 (1,410 ) — — Assumed allocation of undistributed net loss $ (24 ) (17 ) — (7 ) — — Assumed allocation of net income $ (235 ) $ 2,004 $ (1,290 ) $ 10 $ 1 Weighted average units outstanding 178.5 84.8 135.4 Basic and diluted net loss per unit (2) $ (1.32 ) $ (9.52 ) (1) Under our partnership agreement, the IDR s participate in net income (loss) only to the extent of the amount of cash distributions actually declared, thereby excluding the IDR s from participating in undistributed net income (loss). (2) Earnings per unit in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We have various contractual obligations which are recorded as liabilities in our Consolidated Financial Statements. Other items, such as certain purchase commitments and other executed contracts which do not meet the definition of a liability as of December 31, 2019 , are not recognized as liabilities but require disclosures in our Consolidated Financial Statements. LNG Terminal Commitments and Contingencies Obligations under EPC Contract SPL has a lump sum turnkey contract with Bechtel for the engineering, procurement and construction of Train 6 of the Liquefaction Project. The EPC contract price for Train 6 of the Liquefaction Project is approximately $2.5 billion , reflecting amounts incurred under change orders through December 31, 2019 , and including estimated costs for an optional third marine berth. As of December 31, 2019 , we have incurred $1.1 billion under this contract. SPL has the right to terminate the EPC contract for its convenience, in which case Bechtel will be paid (1) the portion of the contract price for the work performed, (2) costs reasonably incurred by Bechtel on account of such termination and demobilization and (3) a lump sum of up to $30 million depending on the termination date. Obligations under SPAs SPL has third-party SPAs which obligate SPL to purchase and liquefy sufficient quantities of natural gas to deliver contracted volumes of LNG to the customers’ vessels, subject to completion of construction of specified Trains of the Liquefaction Project. Obligations under LNG TUAs SPLNG has third-party TUAs with Total and Chevron U.S.A. Inc. to provide berthing for LNG vessels and for the unloading, storage and regasification of LNG at the Sabine Pass LNG terminal. Obligations under Natural Gas Supply, Transportation and Storage Service Agreements SPL has physical natural gas supply contracts to secure natural gas feedstock for the Liquefaction Project . The remaining terms of these contracts range up to 10 years , some of which commence upon the satisfaction of certain events or states of affairs. As of December 31, 2019 , SPL has secured up to approximately 3,850 TBtu of natural gas feedstock through natural gas supply contracts, a portion of which are considered purchase obligations if the certain events or states of affairs are satisfied. Additionally, SPL has natural gas transportation and storage service agreements for the Liquefaction Project. The initial terms of the natural gas transportation agreements range up to 20 years , with renewal options for certain contracts, and commence upon the occurrence of conditions precedent. The initial terms of the SPL natural gas storage service agreements range up to 10 years . As of December 31, 2019 , SPL’s obligations under natural gas supply, transportation and storage service agreements for contracts in which conditions precedent were met were as follows (in millions): Years Ending December 31, Payments Due (1) 2020 $ 2,248 2021 1,334 2022 849 2023 640 2024 320 Thereafter 1,914 Total $ 7,305 (1) Pricing of natural gas supply contracts are variable based on market commodity basis prices adjusted for basis spread . Amounts included are based on estimated forward prices and basis spreads as of December 31, 2019 . Some of our contracts may not have been negotiated as part of arranging financing for the underlying assets providing the natural gas supply, transportation and storage services. Services Agreements We have certain services agreements with affiliates. See Note 14—Related Party Transactions for information regarding such agreements. Restricted Net Assets At December 31, 2019 , our restricted net assets of consolidated subsidiaries were approximately $3.0 billion . Other Commitments State Tax Sharing Agreements SPLNG, SPL and CTPL have state tax sharing agreements with Cheniere. See Note 14—Related Party Transactions for information regarding such agreements. Other Agreements In the ordinary course of business, we have entered into certain multi-year licensing and service agreements, none of which are considered material to our financial position. Environmental and Regulatory Matters The Sabine Pass LNG Terminal and CTPL are subject to extensive regulation under federal, state and local statutes, rules, regulations and laws. These laws require that we engage in consultations with appropriate federal and state agencies and that we obtain and maintain applicable permits and other authorizations. Failure to comply with such laws could result in legal proceedings, which may include substantial penalties. We believe that, based on currently known information, compliance with these laws and regulations will not have a material adverse effect on our results of operations, financial condition or cash flows. Legal Proceedings We may in the future be involved as a party to various legal proceedings, which are incidental to the ordinary course of business. We regularly analyze current information and, as necessary, provide accruals for probable liabilities on the eventual disposition of these matters. In the opinion of management, as of December 31, 2019 , there were no |
Customer Concentration
Customer Concentration | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | CUSTOMER CONCENTRATION The following table shows customers with revenues of 10% or greater of total revenues from external customers and customers with accounts receivable balances of 10% or greater of total accounts receivable from external customers: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable from External Customers Year Ended December 31, December 31, 2019 2018 2017 2019 2018 Customer A 27% 28% 39% 21% 35% Customer B 18% 21% 27% 13% 23% Customer C 19% 23% 23% 22% 30% Customer D 20% 19% —% 13% 8% Customer E * —% —% 13% —% Customer F * * * 14% —% * Less than 10% The following table shows revenues from external customers attributable to the country in which the revenues were derived (in millions). We attribute revenues from external customers to the country in which the party to the applicable agreement has its principal place of business. Substantially all of our long-lived assets are located in the United States. Revenues from External Customers Year Ended December 31, 2019 2018 2017 United States $ 2,354 $ 1,880 $ 1,441 India 1,113 981 — South Korea 1,071 1,168 666 Ireland 988 1,098 787 Other countries — — 21 Total $ 5,526 $ 5,127 $ 2,915 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The following table provides supplemental disclosure of cash flow information (in millions): Year Ended December 31, 2019 2018 2017 Cash paid during the period for interest, net of amounts capitalized $ 829 $ 719 $ 510 The balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) was $291 million , $263 million and $273 million as of December 31, 2019 , 2018 and 2017 , respectively. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information | SUPPLEMENTAL GUARANTOR INFORMATION Our CQP Senior Notes are jointly and severally guaranteed by each of our subsidiaries other than SPL (the “Guarantors”) and, subject to certain conditions governing its guarantee, Sabine Pass LP (collectively with SPL, the “Non-Guarantors”). These guarantees are full and unconditional, subject to certain customary release provisions including (1) the sale, exchange, disposition or transfer (by merger, consolidation or otherwise) of the capital stock or all or substantially all of the assets of the Guarantors, (2) upon the liquidation or dissolution of a Guarantor, (3) following the release of a Guarantor from its guarantee obligations and (4) upon the legal defeasance or satisfaction and discharge of obligations under the indenture governing the CQP Senior Notes . See Note 11—Debt for additional information regarding the CQP Senior Notes . The following is condensed consolidating financial information for Cheniere Partners (“Parent Issuer”), the Guarantors on a combined basis and the Non-Guarantors on a combined basis. The condensed consolidating financial information has been prepared using the same accounting policies as described in Note 3—Summary of Significant Accounting Policies , except for the investments in subsidiaries, which is accounted for using the equity method. In lieu of Schedule I pursuant to the requirements of Rule 5-04 of Reg S-X, the condensed parent company financial statements are presented below in the Parent Issuer column. The condensed parent only financial statements have been provided in accordance with the rules and regulations of the SEC and should be read in conjunction with Cheniere Partners’ Consolidated Financial Statements. Pursuant to the SEC rules and regulations, the condensed parent company financial statements do not include all of the financial information and notes normally included with financial statements prepared in accordance with GAAP. Condensed Consolidating Balance Sheet December 31, 2019 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 1,778 $ 3 $ — $ — $ 1,781 Restricted cash — — 181 — 181 Accounts and other receivables — 5 292 — 297 Accounts receivable—affiliate — 43 104 (42 ) 105 Advances to affiliate — 145 133 (120 ) 158 Inventory — 13 103 — 116 Derivative assets — — 17 — 17 Other current assets — 15 36 — 51 Other current assets—affiliate — 1 22 (22 ) 1 Total current assets 1,778 225 888 (184 ) 2,707 Property, plant and equipment, net 79 2,454 13,861 (26 ) 16,368 Operating lease assets, net — 88 21 (15 ) 94 Debt issuance costs, net 9 — 6 — 15 Non-current derivative assets — — 32 — 32 Investments in subsidiaries 2,963 508 — (3,471 ) — Other non-current assets, net — 24 144 — 168 Total assets $ 4,829 $ 3,299 $ 14,952 $ (3,696 ) $ 19,384 LIABILITIES AND PARTNERS’ EQUITY Current liabilities Accounts payable $ — $ 2 $ 38 $ — $ 40 Accrued liabilities 56 24 629 — 709 Due to affiliates 3 155 49 (161 ) 46 Deferred revenue — 23 132 — 155 Deferred revenue—affiliate — 22 — (21 ) 1 Current operating lease liabilities — 6 — — 6 Derivative liabilities — — 9 — 9 Total current liabilities 59 232 857 (182 ) 966 Long-term debt, net 4,055 — 13,524 — 17,579 Non-current operating lease liabilities — 82 5 — 87 Non-current derivative liabilities — — 16 — 16 Other non-current liabilities — 1 — — 1 Other non-current liabilities—affiliate — 21 16 (17 ) 20 Partners’ equity 715 2,963 534 (3,497 ) 715 Total liabilities and partners’ equity $ 4,829 $ 3,299 $ 14,952 $ (3,696 ) $ 19,384 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ — $ — $ — $ — $ — Restricted cash 779 6 756 — 1,541 Accounts and other receivables 1 1 346 — 348 Accounts receivable—affiliate 1 40 113 (40 ) 114 Advances to affiliate — 104 210 (86 ) 228 Inventory — 12 87 — 99 Derivative assets — — 6 — 6 Other current assets — 2 18 — 20 Other current assets—affiliate — — 21 (21 ) — Total current assets 781 165 1,557 (147 ) 2,356 Property, plant and equipment, net 79 2,128 13,209 (26 ) 15,390 Debt issuance costs, net 1 — 12 — 13 Non-current derivative assets — — 31 — 31 Investments in subsidiaries 2,544 440 — (2,984 ) — Other non-current assets, net — 26 158 — 184 Total assets $ 3,405 $ 2,759 $ 14,967 $ (3,157 ) $ 17,974 LIABILITIES AND PARTNERS’ EQUITY Current liabilities Accounts payable $ — $ 4 $ 11 $ — $ 15 Accrued liabilities 39 14 768 — 821 Due to affiliates — 127 48 (126 ) 49 Deferred revenue — 25 91 — 116 Deferred revenue—affiliate — 22 — (21 ) 1 Derivative liabilities — — 66 — 66 Total current liabilities 39 192 984 (147 ) 1,068 Long-term debt, net 2,566 — 13,500 — 16,066 Non-current derivative liabilities — — 14 — 14 Other non-current liabilities — 1 3 — 4 Other non-current liabilities—affiliate — 22 — — 22 Partners’ equity 800 2,544 466 (3,010 ) 800 Total liabilities and partners’ equity $ 3,405 $ 2,759 $ 14,967 $ (3,157 ) $ 17,974 Condensed Consolidating Statement of Income Year Ended December 31, 2019 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Revenues LNG revenues $ — $ — $ 5,211 $ — $ 5,211 LNG revenues—affiliate — — 1,312 — 1,312 Regasification revenues — 266 — — 266 Regasification revenues—affiliate — 262 — (262 ) — Other revenues — 49 — — 49 Other revenues—affiliate — 137 — (137 ) — Total revenues — 714 6,523 (399 ) 6,838 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — 1 3,373 — 3,374 Cost of sales—affiliate — 7 47 (47 ) 7 Operating and maintenance expense — 85 547 — 632 Operating and maintenance expense—affiliate — 30 450 (342 ) 138 General and administrative expense 3 2 6 — 11 General and administrative expense—affiliate 13 27 79 (17 ) 102 Depreciation and amortization expense 3 78 447 (1 ) 527 Impairment expense and loss on disposal of assets — 1 6 — 7 Total operating costs and expenses 19 231 4,955 (407 ) 4,798 Income (loss) from operations (19 ) 483 1,568 8 2,040 Other income (expense) Interest expense, net of capitalized interest (174 ) (6 ) (705 ) — (885 ) Loss on modification or extinguishment of debt (13 ) — — — (13 ) Equity earnings of subsidiaries 1,360 873 — (2,233 ) — Other income 21 — 10 — 31 Other income—affiliate — 2 — — 2 Total other income (expense) 1,194 869 (695 ) (2,233 ) (865 ) Net income $ 1,175 $ 1,352 $ 873 $ (2,225 ) $ 1,175 Condensed Consolidating Statement of Income Year Ended December 31, 2018 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Revenues LNG revenues $ — $ — $ 4,827 $ — $ 4,827 LNG revenues—affiliate — — 1,299 — 1,299 Regasification revenues — 261 — — 261 Regasification revenues—affiliate — 258 — (258 ) — Other revenues — 39 — — 39 Other revenues—affiliate — 247 — (247 ) — Total revenues — 805 6,126 (505 ) 6,426 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — — 3,403 — 3,403 Cost of sales—affiliate — — 32 (32 ) — Operating and maintenance expense — 67 342 — 409 Operating and maintenance expense—affiliate — 151 423 (457 ) 117 Development expense — — 2 — 2 General and administrative expense 4 2 5 — 11 General and administrative expense—affiliate 12 25 50 (14 ) 73 Depreciation and amortization expense 2 74 349 (1 ) 424 Impairment expense and loss on disposal of assets — 8 — — 8 Total operating costs and expenses 18 327 4,606 (504 ) 4,447 Income (loss) from operations (18 ) 478 1,520 (1 ) 1,979 Other income (expense) Interest expense, net of capitalized interest (139 ) (5 ) (589 ) — (733 ) Loss on modification or early extinguishment of debt (12 ) — — — (12 ) Derivative gain, net 14 — — — 14 Equity earnings of subsidiaries 1,416 944 — (2,360 ) — Other income 13 — 13 — 26 Total other income (expense) 1,292 939 (576 ) (2,360 ) (705 ) Net income $ 1,274 $ 1,417 $ 944 $ (2,361 ) $ 1,274 Condensed Consolidating Statement of Income Year Ended December 31, 2017 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Revenues LNG revenues $ — $ — $ 2,635 $ — $ 2,635 LNG revenues—affiliate — — 1,389 — 1,389 Regasification revenues — 260 — — 260 Regasification revenues—affiliate — 190 — (190 ) — Other revenues — 20 — — 20 Other revenues—affiliate — 218 — (218 ) — Total revenues — 688 4,024 (408 ) 4,304 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — 1 2,317 2 2,320 Cost of sales—affiliate — — 23 (23 ) — Operating and maintenance expense 4 45 243 — 292 Operating and maintenance expense—affiliate 6 137 329 (372 ) 100 Development expense — 1 2 — 3 General and administrative expense 4 1 7 — 12 General and administrative expense—affiliate 11 15 58 (4 ) 80 Depreciation and amortization expense 2 74 264 (1 ) 339 Impairment expense and loss on disposal of assets — 2 — — 2 Total operating costs and expenses 27 276 3,243 (398 ) 3,148 Income (loss) from operations (27 ) 412 781 (10 ) 1,156 Other income (expense) Interest expense, net of capitalized interest (111 ) (9 ) (494 ) — (614 ) Loss on modification or early extinguishment of debt (25 ) — (42 ) — (67 ) Derivative gain (loss), net 6 — (2 ) — 4 Equity earnings of subsidiaries 643 250 — (893 ) — Other income 4 — 7 — 11 Total other income (expense) 517 241 (531 ) (893 ) (666 ) Net income $ 490 $ 653 $ 250 $ (903 ) $ 490 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash flows provided by operating activities $ 1,220 $ 1,403 $ 1,161 $ (2,237 ) $ 1,547 Cash flows from investing activities Property, plant and equipment, net (2 ) (49 ) (1,282 ) 2 (1,331 ) Investments in subsidiaries (1,273 ) (1,046 ) — 2,319 — Return of capital 853 626 — (1,479 ) — Other — — (1 ) — (1 ) Net cash used in investing activities (422 ) (469 ) (1,283 ) 842 (1,332 ) Cash flows from financing activities Proceeds from issuances of debt 2,230 — — — 2,230 Repayments of debt (730 ) — — — (730 ) Debt issuance and deferred financing costs (35 ) — — — (35 ) Distributions to parent — (2,215 ) (1,499 ) 3,714 — Contributions from parent — 1,273 1,046 (2,319 ) — Distributions to owners (1,260 ) — — — (1,260 ) Other (4 ) 5 — — 1 Net cash provided by (used in) financing activities 201 (937 ) (453 ) 1,395 206 Net increase (decrease) in cash, cash equivalents and restricted cash 999 (3 ) (575 ) — 421 Cash, cash equivalents and restricted cash—beginning of period 779 6 756 — 1,541 Cash, cash equivalents and restricted cash—end of period $ 1,778 $ 3 $ 181 $ — $ 1,962 Balances per Condensed Consolidating Balance Sheet: December 31, 2019 Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash and cash equivalents $ 1,778 $ 3 $ — $ — $ 1,781 Restricted cash — — 181 — 181 Total cash, cash equivalents and restricted cash $ 1,778 $ 3 $ 181 $ — $ 1,962 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash flows provided by operating activities $ 714 $ 569 $ 1,423 $ (832 ) $ 1,874 Cash flows from investing activities Property, plant and equipment, net — (34 ) (771 ) 1 (804 ) Investments in subsidiaries (304 ) (129 ) — 433 — Distributions received from affiliates, net 454 537 — (991 ) — Net cash provided by (used in) investing activities 150 374 (771 ) (557 ) (804 ) Cash flows from financing activities Proceeds from issuances of debt 1,100 — — — 1,100 Repayments of debt (1,090 ) — — — (1,090 ) Debt issuance and deferred financing costs (8 ) — — — (8 ) Debt extinguishment costs (7 ) — — — (7 ) Distributions to parent — (1,253 ) (569 ) 1,822 — Contributions from parent — 304 129 (433 ) — Distributions to owners (1,113 ) — — — (1,113 ) Net cash used in financing activities (1,118 ) (949 ) (440 ) 1,389 (1,118 ) Net increase (decrease) in cash, cash equivalents and restricted cash (254 ) (6 ) 212 — (48 ) Cash, cash equivalents and restricted cash—beginning of period 1,033 12 544 — 1,589 Cash, cash equivalents and restricted cash—end of period $ 779 $ 6 $ 756 $ — $ 1,541 December 31, 2018 Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ — $ — Restricted cash 779 6 756 — 1,541 Total cash, cash equivalents and restricted cash $ 779 $ 6 $ 756 $ — $ 1,541 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash flows provided by (used in) operating activities $ (101 ) $ 431 $ 657 $ (10 ) $ 977 Cash flows from investing activities Property, plant and equipment, net — (21 ) (1,279 ) 10 (1,290 ) Investments in subsidiaries (245 ) (7 ) — 252 — Distributions received from affiliates, net 1,431 782 — (2,213 ) — Net cash provided by (used in) investing activities 1,186 754 (1,279 ) (1,951 ) (1,290 ) Cash flows from financing activities Proceeds from issuances of debt 1,500 — 2,314 — 3,814 Repayments of debt (1,470 ) — (703 ) — (2,173 ) Debt issuance and deferred financing costs (22 ) — (28 ) — (50 ) Distributions to parent — (1,431 ) (782 ) 2,213 — Contributions from parent — 245 7 (252 ) — Distributions to owners (294 ) — — — (294 ) Net cash provided by (used in) financing activities (286 ) (1,186 ) 808 1,961 1,297 Net increase (decrease) in cash, cash equivalents and restricted cash 799 (1 ) 186 — 984 Cash, cash equivalents and restricted cash—beginning of period 234 13 358 — 605 Cash, cash equivalents and restricted cash—end of period $ 1,033 $ 12 $ 544 $ — $ 1,589 |
Summarized Quarterly Financial
Summarized Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data (unaudited) | Summarized Quarterly Financial Data—(in millions, except per unit amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Year ended December 31, 2019: Revenues $ 1,749 $ 1,705 $ 1,476 $ 1,908 Income from operations 563 455 346 676 Net income 385 232 110 448 Net income per common unit—basic and diluted (1) 0.75 0.44 0.19 0.87 Year ended December 31, 2018: Revenues $ 1,593 $ 1,407 $ 1,529 $ 1,897 Income from operations 508 455 492 524 Net income 335 281 307 351 Net income per common unit—basic and diluted (1) 0.67 0.55 0.60 0.69 (1) The sum of the quarterly net income per common unit may not equal the full year amount as the undistributed income and loss allocations and computations of the weighted average common units outstanding for basic and diluted common units outstanding for each quarter and the full year are performed independently. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation Our Consolidated Financial Statements have been prepared in accordance with GAAP . The Consolidated Financial Statements include the accounts of Cheniere Partners and its majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on our consolidated financial position, results of operations or cash flows. |
Recent Accounting Standards | Recent Accounting Standards We adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , and subsequent amendments thereto (“ASC 842”) on January 1, 2019 using the optional transition approach to apply the standard at the beginning of the first quarter of 2019 with no retrospective adjustments to prior periods. The adoption of the standard resulted in the recognition of right-of-use assets and lease liabilities for operating leases of approximately $100 million on our Consolidated Balance Sheets, with no material impact on our Consolidated Statements of Income or Consolidated Statements of Cash Flows. We have elected the practical expedients to (1) carryforward prior conclusions related to lease identification and classification for existing leases, (2) combine lease and non-lease components of an arrangement for all classes of leased assets, (3) omit short-term leases with a term of 12 months or less from recognition on the balance sheet and (4) carryforward our existing accounting for land easements not previously accounted for as leases. See Note 12—Leases for additional information on our leases following the adoption of this standard. |
Use of Estimates, Policy | Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to fair value measurements, revenue recognition, property, plant and equipment, derivative instruments, leases and asset retirement obligations (“AROs”) , as further discussed under the respective sections within this note. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. |
Fair Value Measurements, Policy | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation approaches used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs that are directly or indirectly observable for the asset or liability, other than quoted prices included within Level 1. Hierarchy Level 3 inputs are inputs that are not observable in the market. In determining fair value, we use observable market data when available, or models that incorporate observable market data. In addition to market information, we incorporate transaction-specific details that, in management’s judgment, market participants would take into account in measuring fair value. We maximize the use of observable inputs and minimize our use of unobservable inputs in arriving at fair value estimates. Recurring fair-value measurements are performed for derivative instruments as disclosed in Note 8—Derivative Instruments . The carrying amount of cash and cash equivalents, restricted cash, accounts receivable and accounts payable reported on the Consolidated Balance Sheets approximates fair value. The fair value of debt is the estimated amount we would have to pay to repurchase our debt in the open market, including any premium or discount attributable to the difference between the stated interest rate and market interest rate at each balance sheet date. Debt fair values, as disclosed in Note 11—Debt , are based on quoted market prices for identical instruments, if available, or based on valuations of similar debt instruments using observable or unobservable inputs. Non-financial assets and liabilities initially measured at fair value include intangible assets and AROs. |
Revenue Recognition, Policy | Revenue Recognition We recognize revenues when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. Revenues from the sale of LNG are recognized as LNG revenues. LNG regasification capacity payments are recognized as regasification revenues. See Note 13—Revenues from Contracts with Customers for further discussion of revenues. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Restricted Cash, Policy | Restricted Cash Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. |
Accounts Receivable, Policy | Accounts Receivable Accounts receivable is reported net of any allowances for doubtful accounts. We periodically review the collectability on our accounts receivable and recognize an allowance if there is probability of non-collection, based on historical write-off and customer-specific factors. We did no t have an allowance on our accounts receivable as of December 31, 2019 and 2018 . |
Inventory, Policy | Inventory LNG and natural gas inventory are recorded at the lower of weighted average cost and net realizable value. Materials and other inventory are recorded at the lower of cost and net realizable value and subsequently charged to expense when issued. |
Accounting For LNG Activities, Policy | Accounting for LNG Activities Generally, we begin capitalizing the costs of our LNG terminal once the individual project meets the following criteria: (1) regulatory approval has been received, (2) financing for the project is available and (3) management has committed to commence construction. Prior to meeting these criteria, most of the costs associated with a project are expensed as incurred. These costs primarily include professional fees associated with preliminary front-end engineering and design work, costs of securing necessary regulatory approvals and other preliminary investigation and development activities related to our LNG terminal. Generally, costs that are capitalized prior to a project meeting the criteria otherwise necessary for capitalization include: land acquisition costs, detailed engineering design work and certain permits that are capitalized as other non-current assets. The costs of lease options are amortized over the life of the lease once obtained. If no land or lease is obtained, the costs are expensed. |
Property, Plant and Equipment, Policy | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for construction and commissioning activities, major renewals and betterments that extend the useful life of an asset are capitalized, while expenditures for maintenance and repairs (including those for planned major maintenance projects) to maintain property, plant and equipment in operating condition are generally expensed as incurred. We realize offsets to LNG terminal costs for sales of commissioning cargoes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction. We depreciate our property, plant and equipment using the straight-line depreciation method. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses are recorded in impairment expense and loss (gain) on disposal of assets. Management tests property, plant and equipment for impairment whenever events or changes in circumstances have indicated that the carrying amount of property, plant and equipment might not be recoverable. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets for purposes of assessing recoverability. Recoverability generally is determined by comparing the carrying value of the asset to the expected undiscounted future cash flows of the asset. If the carrying value of the asset is not recoverable, the amount of impairment loss is measured as the excess, if any, of the carrying value of the asset over its estimated fair value. |
Interest Capitalization, Policy | Interest Capitalization We capitalize interest costs during the construction period of our LNG terminal and related assets as construction-in-process. Upon commencement of operations, these costs are transferred out of construction-in-process into terminal and interconnecting pipeline facilities assets and are amortized over the estimated useful life of the asset. |
Regulated Natural Gas Pipelines, Policy | Regulated Natural Gas Pipelines The Creole Trail Pipeline is subject to the jurisdiction of the FERC in accordance with the Natural Gas Act of 1938 and the Natural Gas Policy Act of 1978. The economic effects of regulation can result in a regulated company recording as assets those costs that have been or are expected to be approved for recovery from customers, or recording as liabilities those amounts that are expected to be required to be returned to customers, in a rate-setting process in a period different from the period in which the amounts would be recorded by an unregulated enterprise. Accordingly, we record assets and liabilities that result from the regulated rate-making process that may not be recorded under GAAP for non-regulated entities. We continually assess whether regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes and recent rate orders applicable to other regulated entities. Based on this continual assessment, we believe the existing regulatory assets are probable of recovery. These regulatory assets and liabilities are primarily classified in our Consolidated Balance Sheets as other assets and other liabilities. We periodically evaluate their applicability under GAAP and consider factors such as regulatory changes and the effect of competition. If cost-based regulation ends or competition increases, we may have to reduce our asset balances to reflect a market basis less than cost and write off the associated regulatory assets and liabilities. Items that may influence our assessment are: • inability to recover cost increases due to rate caps and rate case moratoriums; • inability to recover capitalized costs, including an adequate return on those costs through the rate-making process and the FERC proceedings; • excess capacity; • increased competition and discounting in the markets we serve; and • impacts of ongoing regulatory initiatives in the natural gas industry. Natural gas pipeline costs include amounts capitalized as an Allowance for Funds Used During Construction (“AFUDC”). The rates used in the calculation of AFUDC are determined in accordance with guidelines established by the FERC. AFUDC represents the cost of debt and equity funds used to finance our natural gas pipeline additions during construction. AFUDC is capitalized as a part of the cost of our natural gas pipeline. Under regulatory rate practices, we generally are permitted to recover AFUDC, and a fair return thereon, through our rate base after the natural gas pipelines are placed in service. |
Derivative Instruments, Policy | Derivative Instruments We use derivative instruments to hedge our exposure to cash flow variability from interest rate and commodity price risk. Derivative instruments are recorded at fair value and included in our Consolidated Balance Sheets as assets or liabilities depending on the derivative position and the expected timing of settlement, unless they satisfy criteria for and we elect the normal purchases and sales exception. When we have the contractual right and intend to net settle, derivative assets and liabilities are reported on a net basis. Changes in the fair value of our derivative instruments are recorded in earnings, unless we elect to apply hedge accounting and meet specified criteria. We did no t have any derivative instruments designated as cash flow or fair value hedges during the years ended December 31, 2019, 2018 and 2017 . See Note 8—Derivative Instruments for additional details about our derivative instruments. |
Leases, Policy | Leases Following the adoption of ASC 842, we determine if an arrangement is, or contains, a lease at inception of the arrangement. When we determine the arrangement is, or contains, a lease, we classify the lease as either an operating lease or a finance lease. We did not have any financing leases as of December 31, 2019 . Operating leases are recognized on our Consolidated Balance Sheets by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. Operating lease right-of-use assets and liabilities are generally recognized based on the present value of lease payments over the lease term. In determining the present value of lease payments, we use the implicit interest rate in the lease if readily determinable. In the absence of a readily determinable implicitly interest rate, we discount our expected future lease payments using our relevant subsidiary’s incremental borrowing rate. The incremental borrowing rate is an estimate of the interest rate that a given subsidiary would have to pay to borrow on a collateralized basis over a similar term to that of the lease term. Options to renew a lease are included in the lease term and recognized as part of the right-of-use asset and lease liability, only to the extent they are reasonably certain to be exercised. We have elected practical expedients to (1) omit leases with an initial term of 12 months or less from recognition on our balance sheet and (2) to combine both the lease and non-lease components of an arrangement in calculating the right-of-use asset and lease liability for all classes of leased assets. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Operating leases are included in operating lease assets, net, current operating lease liabilities and non-current operating lease liabilities on our Consolidated Balance Sheets. See Note 12—Leases for additional details about our leases. |
Concentration of Credit Risk, Policy | Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist principally of cash and cash equivalents, restricted cash, derivative instruments and accounts receivable. We maintain cash balances at financial institutions, which may at times be in excess of federally insured levels. We have not incurred losses related to these balances to date. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. Certain of 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. Collateral deposited for such contracts is recorded within other current assets. Our interest rate derivative instruments are placed with investment grade financial institutions whom we believe are acceptable credit risks. We monitor counterparty creditworthiness on an ongoing basis; however, we cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, we may not realize the benefit of some of our derivative instruments. SPL has entered into fixed price long-term SPAs generally with terms of 20 years with eight third parties and has entered into agreements with Cheniere Marketing. SPL is dependent on the respective customers’ creditworthiness and their willingness to perform under their respective SPAs. See Note 17—Customer Concentration for additional details about our customer concentration. SPLNG has entered into two long-term TUAs with third parties for regasification capacity at the Sabine Pass LNG terminal. SPLNG is dependent on the respective customers’ creditworthiness and their willingness to perform under their respective TUAs. SPLNG has mitigated this credit risk by securing TUAs for a significant portion of its regasification capacity with creditworthy third-party customers with a minimum Standard & Poor’s rating of A. |
Debt, Policy | Debt Our debt consists of current and long-term secured and unsecured debt securities and credit facilities with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors. Debt is recorded on our Consolidated Balance Sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs related to term notes. Debt issuance costs consist primarily of arrangement fees, professional fees, legal fees and printing costs. If debt issuance costs are incurred in connection with a line of credit arrangement or on undrawn funds, they are presented as an asset on our Consolidated Balance Sheets. Discounts, premiums and debt issuance costs directly related to the issuance of debt are amortized over the life of the debt and are recorded in interest expense, net of capitalized interest using the effective interest method. Gains and losses on the extinguishment or modification of debt are recorded in gain (loss) on modification or extinguishment of debt on our Consolidated Statements of Income. |
Asset Retirement Obligations, Policy | Asset Retirement Obligations We recognize AROs for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and for conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. We have no t recorded an ARO associated with the Sabine Pass LNG terminal. Based on the real property lease agreements at the Sabine Pass LNG terminal, at the expiration of the term of the leases we are required to surrender the LNG terminal in good working order and repair, with normal wear and tear and casualty expected. Our property lease agreements at the Sabine Pass LNG terminal have terms of up to 90 years including renewal options. We have determined that the cost to surrender the Sabine Pass LNG terminal in good order and repair, with normal wear and tear and casualty expected, is immaterial. We have no t recorded an ARO associated with the Creole Trail Pipeline. We believe that it is not feasible to predict when the natural gas transportation services provided by the Creole Trail Pipeline will no longer be utilized. In addition, our right-of-way agreements associated with the Creole Trail Pipeline have no stipulated termination dates. We intend to operate the Creole Trail Pipeline as long as supply and demand for natural gas exists in the United States and intend to maintain it regularly. |
Income Taxes, Policy | Income Taxes We are not subject to federal or state income taxes, as our partners are taxed individually on their allocable share of our taxable income. At December 31, 2019 , the tax basis of our assets and liabilities was $5.7 billion less than the reported amounts of our assets and liabilities. See Note 14—Related Party Transactions for details about income taxes under our tax sharing agreements. |
Business Segment, Policy | Business Segment Our liquefaction and regasification operations at the Sabine Pass LNG terminal represent a single reportable segment. Our chief operating decision maker reviews the financial results of Cheniere Partners in total when evaluating financial performance and for purposes of allocating resources. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash | As of December 31, 2019 and 2018 , restricted cash consisted of the following (in millions): December 31, 2019 2018 Current restricted cash Liquefaction Project $ 181 $ 756 Cash held by us and our guarantor subsidiaries — 785 Total current restricted cash $ 181 $ 1,541 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | As of December 31, 2019 and 2018 , accounts and other receivables consisted of the following (in millions): December 31, 2019 2018 SPL trade receivable $ 283 $ 330 Other accounts receivable 14 18 Total accounts and other receivables $ 297 $ 348 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of December 31, 2019 and 2018 , inventory consisted of the following (in millions): December 31, 2019 2018 Natural gas $ 9 $ 28 LNG 27 6 Materials and other 80 65 Total inventory $ 116 $ 99 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | As of December 31, 2019 and 2018 , property, plant and equipment, net consisted of the following (in millions): December 31, 2019 2018 LNG terminal costs LNG terminal and interconnecting pipeline facilities $ 16,894 $ 12,760 LNG terminal construction-in-process 1,275 3,913 Accumulated depreciation (1,807 ) (1,290 ) Total LNG terminal costs, net 16,362 15,383 Fixed assets Fixed assets 27 26 Accumulated depreciation (21 ) (19 ) Total fixed assets, net 6 7 Property, plant and equipment, net $ 16,368 $ 15,390 |
Property Plant and Equipment Estimated Useful Lives Table [Table Text Block] | The identifiable components of the Sabine Pass LNG terminal have depreciable lives between 7 and 50 years, as follows: Components Useful life (yrs) LNG storage tanks 50 Natural gas pipeline facilities 40 Marine berth, electrical, facility and roads 35 Water pipelines 30 Regasification processing equipment 30 Sendout pumps 20 Liquefaction processing equipment 7-50 Other 10-30 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Fair Value of Derivative Assets and Liabilities | The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of December 31, 2019 and 2018 , which are classified as derivative assets , non-current derivative assets , derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in millions). Fair Value Measurements as of December 31, 2019 December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liquefaction Supply Derivatives asset (liability) $ 3 $ (3 ) $ 24 $ 24 $ 5 $ (23 ) $ (25 ) $ (43 ) |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of December 31, 2019 : Net Fair Value Asset (in millions) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $24 Market approach incorporating present value techniques Henry Hub basis spread $(0.350) - $0.058 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives during the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, 2019 2018 2017 Balance, beginning of period $ (25 ) $ 43 $ 79 Realized and mark-to-market gains (losses): Included in cost of sales 6 (3 ) (37 ) Purchases and settlements: Purchases — (37 ) 14 Settlements 42 (29 ) (12 ) Transfers out of Level 3 (1) 1 1 (1 ) Balance, end of period $ 24 $ (25 ) $ 43 Change in unrealized gains (losses) relating to instruments still held at end of period $ 6 $ (3 ) $ (37 ) (1) Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. |
Fair Value of Derivative Instruments by Balance Sheet Location | The following table shows the fair value and location of our Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in millions): Fair Value Measurements as of (1) Consolidated Balance Sheet Location December 31, 2019 December 31, 2018 Derivative assets $ 17 $ 6 Non-current derivative assets 32 31 Total derivative assets 49 37 Derivative liabilities (9 ) (66 ) Non-current derivative liabilities (16 ) (14 ) Total derivative liabilities (25 ) (80 ) Derivative asset (liability), net $ 24 $ (43 ) (1) Does not include collateral posted with counterparties by us of $2 million and $1 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of December 31, 2019 and 2018 , respectively. |
Derivative Net Presentation on Consolidated Balance Sheets | The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions): Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Offsetting Derivative Assets (Liabilities) As of December 31, 2019 Liquefaction Supply Derivatives $ 51 $ (2 ) $ 49 Liquefaction Supply Derivatives (27 ) 2 (25 ) As of December 31, 2018 Liquefaction Supply Derivatives $ 63 $ (26 ) $ 37 Liquefaction Supply Derivatives (92 ) 12 (80 ) |
Interest Rate Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Instruments, Gain (Loss) | The following table shows the changes in the fair value and settlements of our Interest Rate Derivatives recorded in derivative gain (loss), net on our Consolidated Statements of Income during the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, 2019 2018 2017 CQP Interest Rate Derivatives gain — 14 6 SPL Interest Rate Derivatives loss — — (2 ) |
Liquefaction Supply Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Instruments, Gain (Loss) | The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Consolidated Statements of Income during the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, Consolidated Statement of Income Location (1) 2019 2018 2017 Liquefaction Supply Derivatives gain (loss) LNG revenues $ 1 $ (1 ) $ — Liquefaction Supply Derivatives gain (loss) Cost of sales 71 (100 ) (24 ) (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Non-Current Assets | As of December 31, 2019 and 2018 , other non-current assets, net consisted of the following (in millions): December 31, 2019 2018 Advances made to municipalities for water system enhancements $ 87 $ 90 Advances and other asset conveyances to third parties to support LNG terminal 35 36 Tax-related prepayments and receivables 17 17 Information technology service prepayments 6 20 Advances made under EPC and non-EPC contracts 15 14 Other 8 7 Total other non-current assets, net $ 168 $ 184 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | As of December 31, 2019 and 2018 , accrued liabilities consisted of the following (in millions): December 31, 2019 2018 Interest costs and related debt fees $ 241 $ 224 Accrued natural gas purchases 325 518 LNG terminal and related pipeline costs 135 79 Other accrued liabilities 8 — Total accrued liabilities $ 709 $ 821 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | As of December 31, 2019 and 2018 , our debt consisted of the following (in millions): December 31, 2019 2018 Long-term debt: SPL 5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”) $ 2,000 $ 2,000 6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”) 1,000 1,000 5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”) 1,500 1,500 5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”) 2,000 2,000 5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”) 2,000 2,000 5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”) 1,500 1,500 5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”) 1,500 1,500 4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”) 1,350 1,350 5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”) 800 800 Cheniere Partners 5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”) 1,500 1,500 5.625% Senior Notes due 2026 (“2026 CQP Senior Notes”) 1,100 1,100 4.500% Senior Notes due 2029 (“2029 CQP Senior Notes”) 1,500 — 2016 CQP Credit Facilities — — CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”) — — Unamortized premium, discount and debt issuance costs, net (171 ) (184 ) Total long-term debt, net 17,579 16,066 Current debt: $1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”) — — Total debt, net $ 17,579 $ 16,066 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2019 (in millions): Years Ending December 31, Principal Payments 2020 $ — 2021 2,000 2022 1,000 2023 1,500 2024 2,000 Thereafter 11,250 Total $ 17,750 |
Schedule of Line of Credit Facilities | Below is a summary of our credit facilities outstanding as of December 31, 2019 (in millions): SPL Working Capital Facility 2019 CQP Credit Facilities Original facility size $ 1,200 $ 1,500 Less: Outstanding balance — — Commitments prepaid or terminated — 750 Letters of credit issued 414 — Available commitment $ 786 $ 750 Interest rate on available balance LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125% Weighted average interest rate of outstanding balance n/a n/a Maturity date December 31, 2020 May 29, 2024 |
Schedule of Interest Expense | Total interest expense consisted of the following (in millions): Year Ended December 31, 2019 2018 2017 Total interest cost $ 972 $ 936 $ 902 Capitalized interest (87 ) (203 ) (288 ) Total interest expense, net $ 885 $ 733 $ 614 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table shows the carrying amount and estimated fair value of our debt (in millions): December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior notes (1) $ 16,950 $ 18,320 $ 15,450 $ 15,672 2037 SPL Senior Notes (2) 800 934 800 817 Credit facilities (3) — — — — (1) Includes SPL Senior Notes except the 2037 SPL Senior Notes and the CQP Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. (3) Includes SPL Working Capital Facility, 2016 CQP Credit Facilities and 2019 CQP Credit Facilities . The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Leases, Balance Sheet Location | The following table shows the classification and location of our right-of-use asset s and lease liabilities on our Consolidated Balance Sheets (in millions): Consolidated Balance Sheet Location December 31, 2019 Right-of-use assets—Operating Operating lease assets, net $ 94 Current operating lease liabilities Current operating lease liabilities 6 Non-current operating lease liabilities Non-current operating lease liabilities 87 |
Schedule of Lease Cost, Income Statement Location | The following table shows the classification and location of our lease cost on our Consolidated Statements of Income (in millions): Consolidated Statement of Income Location Year Ended December 31, 2019 Operating lease cost (1) Operating costs and expenses (2) $ 11 (1) Includes $1 million of variable lease costs paid to the lessor. (2) Presented in cost of sales, operating and maintenance expense, general and administrative expense or general and administrative expense—affiliate consistent with the nature of the asset under lease. |
Schedule of Maturity of Lease Liabilities | Future annual minimum lease payments for operating leases as of December 31, 2019 are as follows (in millions): Years Ending December 31, Operating Leases 2020 $ 9 2021 10 2022 10 2023 10 2024 10 Thereafter 116 Total lease payments 165 Less: Interest (72 ) Present value of lease liabilities $ 93 Future annual minimum lease payments for operating leases as of December 31, 2018, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions): Years Ending December 31, Operating Leases (1) 2019 $ 10 2020 10 2021 10 2022 10 2023 10 Thereafter 124 Total $ 174 (1) Includes certain lease option renewals that are reasonably assured and payments for certain non-lease components . |
Lessee, Other Quantitative Information | The following table shows the weighted-average remaining lease term (in years) and the weighted-average discount rate for our operating leases: December 31, 2019 Weighted-average remaining lease term (in years) 26.4 Weighted-average discount rate 4.8 % The following table includes other quantitative information for our operating leases (in millions): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents a disaggregation of revenue earned from contracts with customers during the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, 2019 2018 2017 LNG revenues $ 5,210 $ 4,828 $ 2,635 LNG revenues—affiliate 1,312 1,299 1,389 Regasification revenues 266 261 260 Other revenues 49 39 20 Total revenues from customers 6,837 6,427 4,304 Net derivative gains (losses) (1) 1 (1 ) — Total revenues $ 6,838 $ 6,426 $ 4,304 (1) See Note 8—Derivative Instruments for additional information about our derivatives. |
Contract Balances Reconciliation | The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions): Year Ended December 31, 2019 2018 Deferred revenues, beginning of period $ 116 $ 111 Cash received but not yet recognized 155 116 Revenue recognized from prior period deferral (116 ) (111 ) Deferred revenues, end of period $ 155 $ 116 |
Transaction Price Allocated to Future Performance Obligations | The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Unsatisfied Weighted Average Recognition Timing (years) (1) Unsatisfied Weighted Average Recognition Timing (years) (1) LNG revenues (2) $ 55.0 10 $ 53.6 10 Regasification revenues 2.4 5 2.6 6 Total revenues $ 57.4 $ 56.2 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. (2) Includes future consideration from agreement contractually assigned to SPL from Cheniere Marketing. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Below is a summary of our related party transactions as reported on our Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 (in millions): Year Ended December 31, 2019 2018 2017 LNG revenues—affiliate Cheniere Marketing Agreements $ 1,309 $ 1,299 $ 1,389 Contracts for Sale and Purchase of Natural Gas and LNG 3 — — Total LNG revenues—affiliate 1,312 1,299 1,389 Cost of sales—affiliate Contracts for Sale and Purchase of Natural Gas and LNG 7 — — Operating and maintenance expense—affiliate Services Agreements 138 117 94 Other agreements — — 6 Total operating and maintenance expense—affiliate 138 117 100 General and administrative expense—affiliate Services Agreements 102 73 80 Other income—affiliate Cooperative Endeavor Agreement 2 — — |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income per Common Unit | The following table provides a reconciliation of net income and the allocation of net income to the common units, the subordinated units, the general partner units and IDRs for purposes of computing basic and diluted net income (loss) per unit (in millions, except per unit data). Limited Partner Units Total Common Units Class B Units Subordinated Units General Partner Units IDR Year Ended December 31, 2019 Net income $ 1,175 Declared distributions 1,278 858 — 333 26 62 Assumed allocation of undistributed net loss (1) $ (103 ) (73 ) — (28 ) (2 ) — Assumed allocation of net income $ 785 $ — $ 305 $ 24 $ 62 Weighted average units outstanding 348.6 — 135.4 Basic and diluted net income per unit $ 2.25 $ 2.25 Year Ended December 31, 2018 Net income $ 1,274 Declared distributions 1,162 795 — 309 22 36 Assumed allocation of undistributed net income (1) $ 112 79 — 31 2 — Assumed allocation of net income $ 874 $ — $ 340 $ 24 $ 36 Weighted average units outstanding 348.6 — 135.4 Basic and diluted net income per unit $ 2.51 $ 2.51 Year Ended December 31, 2017 Net income $ 490 Declared distributions 514 376 — 127 10 1 Amortization of beneficial conversion feature of Class B units — (594 ) 2,004 (1,410 ) — — Assumed allocation of undistributed net loss $ (24 ) (17 ) — (7 ) — — Assumed allocation of net income $ (235 ) $ 2,004 $ (1,290 ) $ 10 $ 1 Weighted average units outstanding 178.5 84.8 135.4 Basic and diluted net loss per unit (2) $ (1.32 ) $ (9.52 ) (1) Under our partnership agreement, the IDR s participate in net income (loss) only to the extent of the amount of cash distributions actually declared, thereby excluding the IDR s from participating in undistributed net income (loss). (2) Earnings per unit in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Purchase Commitment [Line Items] | |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2019 , SPL’s obligations under natural gas supply, transportation and storage service agreements for contracts in which conditions precedent were met were as follows (in millions): Years Ending December 31, Payments Due (1) 2020 $ 2,248 2021 1,334 2022 849 2023 640 2024 320 Thereafter 1,914 Total $ 7,305 (1) Pricing of natural gas supply contracts are variable based on market commodity basis prices adjusted for basis spread . Amounts included are based on estimated forward prices and basis spreads as of December 31, 2019 . Some of our contracts may not have been negotiated as part of arranging financing for the underlying assets providing the natural gas supply, transportation and storage services. |
Customer Concentration (Tables)
Customer Concentration (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue and Accounts Receivable by Major Customers | The following table shows customers with revenues of 10% or greater of total revenues from external customers and customers with accounts receivable balances of 10% or greater of total accounts receivable from external customers: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable from External Customers Year Ended December 31, December 31, 2019 2018 2017 2019 2018 Customer A 27% 28% 39% 21% 35% Customer B 18% 21% 27% 13% 23% Customer C 19% 23% 23% 22% 30% Customer D 20% 19% —% 13% 8% Customer E * —% —% 13% —% Customer F * * * 14% —% * Less than 10% |
Schedule of Revenue from External Customers by Country | The following table shows revenues from external customers attributable to the country in which the revenues were derived (in millions). We attribute revenues from external customers to the country in which the party to the applicable agreement has its principal place of business. Substantially all of our long-lived assets are located in the United States. Revenues from External Customers Year Ended December 31, 2019 2018 2017 United States $ 2,354 $ 1,880 $ 1,441 India 1,113 981 — South Korea 1,071 1,168 666 Ireland 988 1,098 787 Other countries — — 21 Total $ 5,526 $ 5,127 $ 2,915 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental disclosure of cash flow information (in millions): Year Ended December 31, 2019 2018 2017 Cash paid during the period for interest, net of amounts capitalized $ 829 $ 719 $ 510 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet December 31, 2019 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 1,778 $ 3 $ — $ — $ 1,781 Restricted cash — — 181 — 181 Accounts and other receivables — 5 292 — 297 Accounts receivable—affiliate — 43 104 (42 ) 105 Advances to affiliate — 145 133 (120 ) 158 Inventory — 13 103 — 116 Derivative assets — — 17 — 17 Other current assets — 15 36 — 51 Other current assets—affiliate — 1 22 (22 ) 1 Total current assets 1,778 225 888 (184 ) 2,707 Property, plant and equipment, net 79 2,454 13,861 (26 ) 16,368 Operating lease assets, net — 88 21 (15 ) 94 Debt issuance costs, net 9 — 6 — 15 Non-current derivative assets — — 32 — 32 Investments in subsidiaries 2,963 508 — (3,471 ) — Other non-current assets, net — 24 144 — 168 Total assets $ 4,829 $ 3,299 $ 14,952 $ (3,696 ) $ 19,384 LIABILITIES AND PARTNERS’ EQUITY Current liabilities Accounts payable $ — $ 2 $ 38 $ — $ 40 Accrued liabilities 56 24 629 — 709 Due to affiliates 3 155 49 (161 ) 46 Deferred revenue — 23 132 — 155 Deferred revenue—affiliate — 22 — (21 ) 1 Current operating lease liabilities — 6 — — 6 Derivative liabilities — — 9 — 9 Total current liabilities 59 232 857 (182 ) 966 Long-term debt, net 4,055 — 13,524 — 17,579 Non-current operating lease liabilities — 82 5 — 87 Non-current derivative liabilities — — 16 — 16 Other non-current liabilities — 1 — — 1 Other non-current liabilities—affiliate — 21 16 (17 ) 20 Partners’ equity 715 2,963 534 (3,497 ) 715 Total liabilities and partners’ equity $ 4,829 $ 3,299 $ 14,952 $ (3,696 ) $ 19,384 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ — $ — $ — $ — $ — Restricted cash 779 6 756 — 1,541 Accounts and other receivables 1 1 346 — 348 Accounts receivable—affiliate 1 40 113 (40 ) 114 Advances to affiliate — 104 210 (86 ) 228 Inventory — 12 87 — 99 Derivative assets — — 6 — 6 Other current assets — 2 18 — 20 Other current assets—affiliate — — 21 (21 ) — Total current assets 781 165 1,557 (147 ) 2,356 Property, plant and equipment, net 79 2,128 13,209 (26 ) 15,390 Debt issuance costs, net 1 — 12 — 13 Non-current derivative assets — — 31 — 31 Investments in subsidiaries 2,544 440 — (2,984 ) — Other non-current assets, net — 26 158 — 184 Total assets $ 3,405 $ 2,759 $ 14,967 $ (3,157 ) $ 17,974 LIABILITIES AND PARTNERS’ EQUITY Current liabilities Accounts payable $ — $ 4 $ 11 $ — $ 15 Accrued liabilities 39 14 768 — 821 Due to affiliates — 127 48 (126 ) 49 Deferred revenue — 25 91 — 116 Deferred revenue—affiliate — 22 — (21 ) 1 Derivative liabilities — — 66 — 66 Total current liabilities 39 192 984 (147 ) 1,068 Long-term debt, net 2,566 — 13,500 — 16,066 Non-current derivative liabilities — — 14 — 14 Other non-current liabilities — 1 3 — 4 Other non-current liabilities—affiliate — 22 — — 22 Partners’ equity 800 2,544 466 (3,010 ) 800 Total liabilities and partners’ equity $ 3,405 $ 2,759 $ 14,967 $ (3,157 ) $ 17,974 |
Condensed Consolidating Statements of Income | Condensed Consolidating Statement of Income Year Ended December 31, 2019 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Revenues LNG revenues $ — $ — $ 5,211 $ — $ 5,211 LNG revenues—affiliate — — 1,312 — 1,312 Regasification revenues — 266 — — 266 Regasification revenues—affiliate — 262 — (262 ) — Other revenues — 49 — — 49 Other revenues—affiliate — 137 — (137 ) — Total revenues — 714 6,523 (399 ) 6,838 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — 1 3,373 — 3,374 Cost of sales—affiliate — 7 47 (47 ) 7 Operating and maintenance expense — 85 547 — 632 Operating and maintenance expense—affiliate — 30 450 (342 ) 138 General and administrative expense 3 2 6 — 11 General and administrative expense—affiliate 13 27 79 (17 ) 102 Depreciation and amortization expense 3 78 447 (1 ) 527 Impairment expense and loss on disposal of assets — 1 6 — 7 Total operating costs and expenses 19 231 4,955 (407 ) 4,798 Income (loss) from operations (19 ) 483 1,568 8 2,040 Other income (expense) Interest expense, net of capitalized interest (174 ) (6 ) (705 ) — (885 ) Loss on modification or extinguishment of debt (13 ) — — — (13 ) Equity earnings of subsidiaries 1,360 873 — (2,233 ) — Other income 21 — 10 — 31 Other income—affiliate — 2 — — 2 Total other income (expense) 1,194 869 (695 ) (2,233 ) (865 ) Net income $ 1,175 $ 1,352 $ 873 $ (2,225 ) $ 1,175 Condensed Consolidating Statement of Income Year Ended December 31, 2018 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Revenues LNG revenues $ — $ — $ 4,827 $ — $ 4,827 LNG revenues—affiliate — — 1,299 — 1,299 Regasification revenues — 261 — — 261 Regasification revenues—affiliate — 258 — (258 ) — Other revenues — 39 — — 39 Other revenues—affiliate — 247 — (247 ) — Total revenues — 805 6,126 (505 ) 6,426 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — — 3,403 — 3,403 Cost of sales—affiliate — — 32 (32 ) — Operating and maintenance expense — 67 342 — 409 Operating and maintenance expense—affiliate — 151 423 (457 ) 117 Development expense — — 2 — 2 General and administrative expense 4 2 5 — 11 General and administrative expense—affiliate 12 25 50 (14 ) 73 Depreciation and amortization expense 2 74 349 (1 ) 424 Impairment expense and loss on disposal of assets — 8 — — 8 Total operating costs and expenses 18 327 4,606 (504 ) 4,447 Income (loss) from operations (18 ) 478 1,520 (1 ) 1,979 Other income (expense) Interest expense, net of capitalized interest (139 ) (5 ) (589 ) — (733 ) Loss on modification or early extinguishment of debt (12 ) — — — (12 ) Derivative gain, net 14 — — — 14 Equity earnings of subsidiaries 1,416 944 — (2,360 ) — Other income 13 — 13 — 26 Total other income (expense) 1,292 939 (576 ) (2,360 ) (705 ) Net income $ 1,274 $ 1,417 $ 944 $ (2,361 ) $ 1,274 Condensed Consolidating Statement of Income Year Ended December 31, 2017 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Revenues LNG revenues $ — $ — $ 2,635 $ — $ 2,635 LNG revenues—affiliate — — 1,389 — 1,389 Regasification revenues — 260 — — 260 Regasification revenues—affiliate — 190 — (190 ) — Other revenues — 20 — — 20 Other revenues—affiliate — 218 — (218 ) — Total revenues — 688 4,024 (408 ) 4,304 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — 1 2,317 2 2,320 Cost of sales—affiliate — — 23 (23 ) — Operating and maintenance expense 4 45 243 — 292 Operating and maintenance expense—affiliate 6 137 329 (372 ) 100 Development expense — 1 2 — 3 General and administrative expense 4 1 7 — 12 General and administrative expense—affiliate 11 15 58 (4 ) 80 Depreciation and amortization expense 2 74 264 (1 ) 339 Impairment expense and loss on disposal of assets — 2 — — 2 Total operating costs and expenses 27 276 3,243 (398 ) 3,148 Income (loss) from operations (27 ) 412 781 (10 ) 1,156 Other income (expense) Interest expense, net of capitalized interest (111 ) (9 ) (494 ) — (614 ) Loss on modification or early extinguishment of debt (25 ) — (42 ) — (67 ) Derivative gain (loss), net 6 — (2 ) — 4 Equity earnings of subsidiaries 643 250 — (893 ) — Other income 4 — 7 — 11 Total other income (expense) 517 241 (531 ) (893 ) (666 ) Net income $ 490 $ 653 $ 250 $ (903 ) $ 490 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash flows provided by operating activities $ 1,220 $ 1,403 $ 1,161 $ (2,237 ) $ 1,547 Cash flows from investing activities Property, plant and equipment, net (2 ) (49 ) (1,282 ) 2 (1,331 ) Investments in subsidiaries (1,273 ) (1,046 ) — 2,319 — Return of capital 853 626 — (1,479 ) — Other — — (1 ) — (1 ) Net cash used in investing activities (422 ) (469 ) (1,283 ) 842 (1,332 ) Cash flows from financing activities Proceeds from issuances of debt 2,230 — — — 2,230 Repayments of debt (730 ) — — — (730 ) Debt issuance and deferred financing costs (35 ) — — — (35 ) Distributions to parent — (2,215 ) (1,499 ) 3,714 — Contributions from parent — 1,273 1,046 (2,319 ) — Distributions to owners (1,260 ) — — — (1,260 ) Other (4 ) 5 — — 1 Net cash provided by (used in) financing activities 201 (937 ) (453 ) 1,395 206 Net increase (decrease) in cash, cash equivalents and restricted cash 999 (3 ) (575 ) — 421 Cash, cash equivalents and restricted cash—beginning of period 779 6 756 — 1,541 Cash, cash equivalents and restricted cash—end of period $ 1,778 $ 3 $ 181 $ — $ 1,962 Balances per Condensed Consolidating Balance Sheet: December 31, 2019 Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash and cash equivalents $ 1,778 $ 3 $ — $ — $ 1,781 Restricted cash — — 181 — 181 Total cash, cash equivalents and restricted cash $ 1,778 $ 3 $ 181 $ — $ 1,962 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash flows provided by operating activities $ 714 $ 569 $ 1,423 $ (832 ) $ 1,874 Cash flows from investing activities Property, plant and equipment, net — (34 ) (771 ) 1 (804 ) Investments in subsidiaries (304 ) (129 ) — 433 — Distributions received from affiliates, net 454 537 — (991 ) — Net cash provided by (used in) investing activities 150 374 (771 ) (557 ) (804 ) Cash flows from financing activities Proceeds from issuances of debt 1,100 — — — 1,100 Repayments of debt (1,090 ) — — — (1,090 ) Debt issuance and deferred financing costs (8 ) — — — (8 ) Debt extinguishment costs (7 ) — — — (7 ) Distributions to parent — (1,253 ) (569 ) 1,822 — Contributions from parent — 304 129 (433 ) — Distributions to owners (1,113 ) — — — (1,113 ) Net cash used in financing activities (1,118 ) (949 ) (440 ) 1,389 (1,118 ) Net increase (decrease) in cash, cash equivalents and restricted cash (254 ) (6 ) 212 — (48 ) Cash, cash equivalents and restricted cash—beginning of period 1,033 12 544 — 1,589 Cash, cash equivalents and restricted cash—end of period $ 779 $ 6 $ 756 $ — $ 1,541 December 31, 2018 Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ — $ — Restricted cash 779 6 756 — 1,541 Total cash, cash equivalents and restricted cash $ 779 $ 6 $ 756 $ — $ 1,541 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 (in millions) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Cash flows provided by (used in) operating activities $ (101 ) $ 431 $ 657 $ (10 ) $ 977 Cash flows from investing activities Property, plant and equipment, net — (21 ) (1,279 ) 10 (1,290 ) Investments in subsidiaries (245 ) (7 ) — 252 — Distributions received from affiliates, net 1,431 782 — (2,213 ) — Net cash provided by (used in) investing activities 1,186 754 (1,279 ) (1,951 ) (1,290 ) Cash flows from financing activities Proceeds from issuances of debt 1,500 — 2,314 — 3,814 Repayments of debt (1,470 ) — (703 ) — (2,173 ) Debt issuance and deferred financing costs (22 ) — (28 ) — (50 ) Distributions to parent — (1,431 ) (782 ) 2,213 — Contributions from parent — 245 7 (252 ) — Distributions to owners (294 ) — — — (294 ) Net cash provided by (used in) financing activities (286 ) (1,186 ) 808 1,961 1,297 Net increase (decrease) in cash, cash equivalents and restricted cash 799 (1 ) 186 — 984 Cash, cash equivalents and restricted cash—beginning of period 234 13 358 — 605 Cash, cash equivalents and restricted cash—end of period $ 1,033 $ 12 $ 544 $ — $ 1,589 |
Summarized Quarterly Financia_2
Summarized Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized Quarterly Financial Data—(in millions, except per unit amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Year ended December 31, 2019: Revenues $ 1,749 $ 1,705 $ 1,476 $ 1,908 Income from operations 563 455 346 676 Net income 385 232 110 448 Net income per common unit—basic and diluted (1) 0.75 0.44 0.19 0.87 Year ended December 31, 2018: Revenues $ 1,593 $ 1,407 $ 1,529 $ 1,897 Income from operations 508 455 492 524 Net income 335 281 307 351 Net income per common unit—basic and diluted (1) 0.67 0.55 0.60 0.69 (1) The sum of the quarterly net income per common unit may not equal the full year amount as the undistributed income and loss allocations and computations of the weighted average common units outstanding for basic and diluted common units outstanding for each quarter and the full year are performed independently. |
Organization and Nature of Op_2
Organization and Nature of Operations (Details) shares in Millions | 12 Months Ended | |
Dec. 31, 2019unitmiitemmilliontonnes / yrtrainsshares | Dec. 31, 2018 | |
Organization and Nature of Operations | ||
General Partner Ownership Interest Percentage | 2.00% | 2.00% |
Sabine Pass LNG Terminal [Member] | ||
Organization and Nature of Operations | ||
Number of Liquefaction LNG Trains Operating | trains | 5 | |
Number of Liquefaction LNG Trains Constructing | trains | 1 | |
Total Production Capability | milliontonnes / yr | 30 | |
Number Of LNG Storage Tanks | unit | 5 | |
Number of marine berths | item | 2 | |
Creole Trail Pipeline [Member] | ||
Organization and Nature of Operations | ||
Length of Natural Gas Pipeline | mi | 94 | |
Cheniere [Member] | Cheniere Partners [Member] | ||
Organization and Nature of Operations | ||
Limited Partner Ownership Percentage | 48.60% | |
General Partner Ownership Interest Percentage | 100.00% | |
Cheniere [Member] | Cheniere Partners [Member] | Common Units [Member] | ||
Organization and Nature of Operations | ||
Partners Capital Account, Units, Units Held | shares | 104.5 | |
Cheniere [Member] | Cheniere Partners [Member] | Subordinated Units [Member] | ||
Organization and Nature of Operations | ||
Partners Capital Account, Units, Units Held | shares | 135.4 |
Unitholders' Equity (Details)
Unitholders' Equity (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Maximum [Member] | |
Other Ownership Interests [Line Items] | |
Number of days after quarter end distribution is paid | 45 days |
Common Units [Member] | |
Other Ownership Interests [Line Items] | |
Initial Quarterly Distributions Per Limited Partnership Unit Outstanding | $ 0.425 |
General Partner [Member] | Minimum [Member] | |
Other Ownership Interests [Line Items] | |
Distributions entitled by General Partner, Percentage | 2.00% |
Incentive Distribution, Quarterly Distribution Additional Target Percentage | 15.00% |
General Partner [Member] | Maximum [Member] | |
Other Ownership Interests [Line Items] | |
Incentive Distribution, Quarterly Distribution Additional Target Percentage | 50.00% |
Cheniere [Member] | Cheniere Partners [Member] | |
Other Ownership Interests [Line Items] | |
Limited Partner Ownership Percentage | 48.60% |
Blackstone [Member] | Cheniere Partners [Member] | |
Other Ownership Interests [Line Items] | |
Limited Partner Ownership Percentage | 40.30% |
Public [Member] | Cheniere Partners [Member] | |
Other Ownership Interests [Line Items] | |
Limited Partner Ownership Percentage | 9.10% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)unitcustomer | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Right-of-use assets—Operating | $ 94,000,000 | $ 0 | ||
Operating Lease, Liability | 93,000,000 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | ||
Derivative instruments designated as cash flow hedges | 0 | $ 0 | $ 0 | |
Taxes, Difference in Bases, Amount | $ 5,700,000,000 | |||
Number of Reportable Segments | unit | 1 | |||
Sabine Pass LNG Terminal [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Asset Retirement Obligation | $ 0 | |||
Creole Trail Pipeline [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Asset Retirement Obligation | $ 0 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Right-of-use assets—Operating | $ 100,000,000 | |||
Operating Lease, Liability | $ 100,000,000 | |||
Maximum [Member] | Sabine Pass LNG Terminal [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Property Lease Term | 90 years | |||
SPL [Member] | Customer Concentration Risk [Member] | SPA Customers [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
SPA, Term of Agreement | 20 years | |||
Concentration Risk, Number Of Significant Customers | customer | 8 | |||
SPLNG [Member] | Customer Concentration Risk [Member] | TUA Customers [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Number Of Significant Customers | customer | 2 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | $ 181 | $ 1,541 |
2016 CQP Credit Facilities [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,800 | |
Liquefaction Project [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | 181 | 756 |
Cash held by us and our guarantor subsidiaries [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | $ 0 | $ 785 |
Accounts and Other Receivable_2
Accounts and Other Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
SPL trade receivable | $ 283 | $ 330 |
Other accounts receivable | 14 | 18 |
Total accounts and other receivables | $ 297 | $ 348 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Inventory | $ 116 | $ 99 |
Natural gas [Member] | ||
Inventory [Line Items] | ||
Inventory | 9 | 28 |
LNG [Member] | ||
Inventory [Line Items] | ||
Inventory | 27 | 6 |
Materials and other [Member] | ||
Inventory [Line Items] | ||
Inventory | $ 80 | $ 65 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 523 | $ 413 | $ 331 |
Offsets to LNG terminal costs | $ 48 | $ 94 | $ 301 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 16,368 | $ 15,390 |
LNG terminal costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (1,807) | (1,290) |
Property, plant and equipment, net | 16,362 | 15,383 |
LNG terminal and interconnecting pipeline facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,894 | 12,760 |
LNG terminal construction-in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,275 | 3,913 |
Fixed assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 27 | 26 |
Accumulated depreciation | (21) | (19) |
Property, plant and equipment, net | $ 6 | $ 7 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
LNG terminal costs [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
LNG terminal costs [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
LNG storage tanks [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
Natural gas pipeline facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Marine berth, electrical, facility and roads [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 35 years |
Water pipelines [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Regasification processing equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Sendout pumps [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Liquefaction processing equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Liquefaction processing equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
Other [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Other [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - tbtu | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 10 years | |
Liquefaction Supply Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 3,663 | 2,978 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 24 | $ (43) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | 5 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (3) | (23) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 24 | $ (25) |
Derivative Instruments - Fair_2
Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Physical Liquefaction Supply Derivatives [Member] - Fair Value, Inputs, Level 3 [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Net Fair Value Asset | $ 24,000,000 |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Significant Unobservable Input Range | (0.350) |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Significant Unobservable Input Range | $ 0.058 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Level 3 Activity (Details) - Physical Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of period | $ (25) | $ 43 | $ 79 | ||
Realized and mark-to-market gains (losses): | |||||
Included in cost of sales | 6 | (3) | (37) | ||
Purchases and settlements: | |||||
Purchases | 0 | (37) | 14 | ||
Settlements | (42) | 29 | 12 | ||
Transfers out of Level 3 | (1) | [1] | 1 | [1] | (1) |
Balance, end of period | 24 | (25) | 43 | ||
Change in unrealized gains (losses) relating to instruments still held at end of period | $ 6 | $ (3) | $ (37) | ||
[1] | Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. |
Derivative Instruments - Fair_3
Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative assets | $ 17 | $ 6 | |
Non-current derivative assets | 32 | 31 | |
Derivative liabilities | (9) | (66) | |
Non-current derivative liabilities | (16) | (14) | |
Liquefaction Supply Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [1] | 49 | 37 |
Total derivative liabilities | [1] | (25) | (80) |
Derivative asset (liability), net | [1] | 24 | (43) |
Derivative, collateral posted by us | 2 | 1 | |
Liquefaction Supply Derivatives [Member] | Derivative assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 17 | 6 |
Liquefaction Supply Derivatives [Member] | Non-current derivative assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | [1] | 32 | 31 |
Liquefaction Supply Derivatives [Member] | Derivative liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [1] | (9) | (66) |
Liquefaction Supply Derivatives [Member] | Non-current derivative liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | [1] | $ (16) | $ (14) |
[1] | Does not include collateral posted with counterparties by us of $2 million and $1 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of December 31, 2019 and 2018 , respectively. |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
CQP Interest Rate Derivatives [Member] | Gain (Loss) on Derivative Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | $ 0 | $ 14 | $ 6 | |
SPL Interest Rate Derivatives [Member] | Gain (Loss) on Derivative Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | 0 | 0 | (2) | |
Liquefaction Supply Derivatives [Member] | LNG revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | [1] | 1 | (1) | 0 |
Liquefaction Supply Derivatives [Member] | Cost of sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | [1] | $ 71 | $ (100) | $ (24) |
[1] | Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. |
Derivative Instruments - Balanc
Derivative Instruments - Balance Sheet Presentation Table (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Liquefaction Supply Derivative Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | $ 51 | $ 63 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheet | (2) | (26) |
Derivative Assets (Liabilities), at Fair Value, Net | 49 | 37 |
Liquefaction Supply Derivative Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (27) | (92) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheet | 2 | 12 |
Derivative Assets (Liabilities), at Fair Value, Net | $ (25) | $ (80) |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets, Noncurrent [Abstract] | ||
Advances made to municipalities for water system enhancements | $ 87 | $ 90 |
Advances and other asset conveyances to third parties to support LNG terminal | 35 | 36 |
Tax-related prepayments and receivables | 17 | 17 |
Information technology service prepayments | 6 | 20 |
Advances made under EPC and non-EPC contracts | 15 | 14 |
Other | 8 | 7 |
Other non-current assets, net | $ 168 | $ 184 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Interest costs and related debt fees | $ 241 | $ 224 |
Accrued natural gas purchases | 325 | 518 |
LNG terminal and related pipeline costs | 135 | 79 |
Other accrued liabilities | 8 | 0 |
Total accrued liabilities | $ 709 | $ 821 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized premium, discount and debt issuance costs, net | $ (171,000,000) | $ (184,000,000) |
Long-term Debt, Net | 17,579,000,000 | 16,066,000,000 |
Current Debt, Working Capital Facility | 0 | 0 |
Total Debt, Net | 17,579,000,000 | 16,066,000,000 |
2021 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2022 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
2023 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2024 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
2025 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2026 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |
2027 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
2028 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,350,000,000 | 1,350,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
2037 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 800,000,000 | 800,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
2025 CQP Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
2026 CQP Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,100,000,000 | 1,100,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2029 CQP Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |
2016 CQP Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 0 | 0 |
2019 CQP Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 0 | 0 |
SPL Working Capital Facility [Member] | ||
Debt Instrument [Line Items] | ||
Current Debt, Working Capital Facility | 0 | $ 0 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000,000 |
Debt - Schedule of Maturities (
Debt - Schedule of Maturities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2020 | $ 0 |
2021 | 2,000 |
2022 | 1,000 |
2023 | 1,500 |
2024 | 2,000 |
Thereafter | 11,250 |
Total | $ 17,750 |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)Rate | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 12, 2019USD ($) | May 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||||
Loss on modification or extinguishment of debt | $ (13,000,000) | $ (12,000,000) | $ (67,000,000) | ||
CQP Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Debt Instrument, Secured Debt Condition, Secured Indebtedness and Attributable Indebtedness Threshold, Monetary Amount | $ 1,500,000,000 | ||||
Debt Instrument, Secured Debt Condition, Secured Indebtedness and Attributable Indebtedness Threshold, Percentage of Net Tangible Assets | 10.00% | ||||
CQP Senior Notes [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Amount, Percentage of Principal Amount Which May Be Redeemed With Cash Proceeds From Certain Equity Offerings | 35.00% | ||||
2026 CQP Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 1,100,000,000 | 1,100,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||||
Debt Instrument, Redemption Price, Percentage Price For Amount Which May Be Redeemed With Cash Proceeds From Certain Equity Offerings | 105.625% | ||||
2025 CQP Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
Debt Instrument, Redemption Price, Percentage Price For Amount Which May Be Redeemed With Cash Proceeds From Certain Equity Offerings | 105.25% | ||||
2029 CQP Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 1,500,000,000 | $ 0 | |||
Debt Instrument, Face Amount | $ 1,500,000,000 | ||||
Loss on modification or extinguishment of debt | $ 13,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||
Debt Instrument, Redemption Price, Percentage Price For Amount Which May Be Redeemed With Cash Proceeds From Certain Equity Offerings | 104.50% | ||||
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | $ 750,000,000 | |||
2019 CQP Credit Facilities - CQP Term Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Decrease, Termination | $ 750,000,000 | $ 750,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000,000 | ||||
SPL [Member] | SPL Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Fixed Charge, Coverage Ratio | Rate | 1.25 | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
SPL [Member] | SPL Senior Notes, Excluding 2026 SPL Senior Notes, 2027 SPL Senior Notes, 2028 SPL Senior Notes and 2037 SPL Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Period, Minimum Number of Months Prior to Maturity Date, Redemption Price Equals Make Whole Price | 3 months | ||||
Debt Instrument, Redemption Period, Maximum Number of Months Prior to Maturity Date, Redemption Price Equals Principal Amount | 3 months | ||||
SPL [Member] | 2026 SPL Senior Notes, 2027 SPL Senior Notes, 2028 SPL Senior Notes and 2037 SPL Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Period, Minimum Number of Months Prior to Maturity Date, Redemption Price Equals Make Whole Price | 6 months | ||||
Debt Instrument, Redemption Period, Maximum Number of Months Prior to Maturity Date, Redemption Price Equals Principal Amount | 6 months |
Debt - Credit Facilities Table
Debt - Credit Facilities Table (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Outstanding balance, current | $ 0 | $ 0 |
SPL Working Capital Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | 1,200 | |
Outstanding balance, current | 0 | 0 |
Commitments prepaid or terminated | 0 | |
Letters of credit issued | 414 | |
Available commitment | $ 786 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Debt Instrument, Maturity Date | Dec. 31, 2020 | |
SPL Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
SPL Working Capital Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
2019 CQP Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 1,500 | |
Outstanding balance | 0 | $ 0 |
Commitments prepaid or terminated | 750 | |
Letters of credit issued | 0 | |
Available commitment | $ 750 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Debt Instrument, Maturity Date | May 29, 2024 | |
2019 CQP Credit Facilities [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
2019 CQP Credit Facilities [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
2019 CQP Credit Facilities [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |
2019 CQP Credit Facilities [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.125% |
Debt - SPL Working Capital Faci
Debt - SPL Working Capital Facility (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2015 | |
SPL Working Capital Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
SPL Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
SPL Working Capital Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
SPL [Member] | SPL Working Capital Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or the base rate | |
Line of Credit Facility, Commitment Fee Percentage | 0.70% | |
Line of Credit Facility, Number of Business Days Notice Required for Repayment of Debt Without Penalty | 3 days | |
SPL [Member] | SPL Working Capital Facility [Member] | Portion issued and not drawn [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.75% | |
SPL [Member] | SPL Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
SPL [Member] | SPL Working Capital Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
SPL [Member] | SPL Working Capital Facility [Member] | Base Rate Determination Federal Funds Rate [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
SPL [Member] | SPL Working Capital Facility [Member] | Base Rate Determination LIBOR [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
SPL [Member] | SPL Working Capital Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility Permitted Increase | $ 760,000,000 | |
Line of Credit Facility Additional Permitted Increase | 390,000,000 | |
SPL [Member] | Letter of Credit [Member] | Drawn Portion [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 0 | |
SPL [Member] | Letter of Credit [Member] | Base Rate [Member] | Drawn Portion [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
SPL [Member] | LC Loan [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Term | 1 year | |
SPL [Member] | Swing Line Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Minimum Period For Termination Date, Number of Business Days | 3 days | |
SPL [Member] | Swing Line Loan [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Term | 15 days | |
SPL [Member] | Working Capital Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Annual Temporary Requirement, Balance, Outstanding Principal | $ 0 | |
Line of Credit Facility, Annual Temporary Requirement, Period, Number of Consecutive Business Days | 5 days |
Debt - CQP Credit Facilities (D
Debt - CQP Credit Facilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | May 31, 2019 | |
2019 CQP Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
2019 CQP Credit Facilities [Member] | Base Rate Determination Federal Funds Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
2019 CQP Credit Facilities [Member] | Base Rate Determination LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
2019 CQP Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Line Of Credit Facility Number Of Months Period Within LIBOR Period Interest Due | 3 months | |
2019 CQP Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
2019 CQP Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |
2019 CQP Credit Facilities [Member] | Base Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
2019 CQP Credit Facilities [Member] | Base Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | $ 750 |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Base Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Base Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.125% |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Total interest cost | $ 972 | $ 936 | $ 902 |
Capitalized interest | (87) | (203) | (288) |
Total interest expense, net | $ 885 | $ 733 | $ 614 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | $ 17,579 | $ 16,066 | |
Senior notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [1] | 16,950 | 15,450 |
Senior notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes, Estimated Fair Value | [1] | 18,320 | 15,672 |
2037 SPL Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [2] | 800 | 800 |
2037 SPL Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes, Estimated Fair Value | [2] | 934 | 817 |
Credit facilities [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [3] | 0 | 0 |
Credit facilities [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Lines of Credit, Fair Value Disclosure | [3] | $ 0 | $ 0 |
[1] | Includes SPL Senior Notes except the 2037 SPL Senior Notes and the CQP Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. | ||
[2] | The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. | ||
[3] | Includes SPL Working Capital Facility, 2016 CQP Credit Facilities and 2019 CQP Credit Facilities . The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. |
Leases - Financial Statement Lo
Leases - Financial Statement Location Tables (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Lessee, Lease, Description [Line Items] | ||||
Right-of-use assets—Operating | $ 94 | $ 0 | ||
Current operating lease liabilities | 6 | 0 | ||
Non-current operating lease liabilities | 87 | 0 | ||
Operating lease cost | $ 16 | $ 13 | ||
Variable Lease, Cost | 1 | |||
Operating costs and expenses [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | [1],[2] | $ 11 | ||
[1] | Presented in cost of sales, operating and maintenance expense, general and administrative expense or general and administrative expense—affiliate consistent with the nature of the asset under lease. | |||
[2] | Includes $1 million of variable lease costs paid to the lessor. |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Table (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leases, Future Minimum Payments [Abstract] | ||
Due Next Twelve Months | $ 9 | $ 10 |
Due Year Two | 10 | 10 |
Due Year Three | 10 | 10 |
Due Year Four | 10 | 10 |
Due Year Five | 10 | 10 |
Thereafter | 116 | 124 |
Total lease payments | 165 | $ 174 |
Less: Interest | (72) | |
Present value of lease liabilities | $ 93 |
Leases - Other Quantitative Inf
Leases - Other Quantitative Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Weighted-average remaining lease term | 26 years 4 months 24 days |
Weighted-average discount rate | 4.80% |
Operating cash flows for operating leases | $ 10 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)bcf / ditem | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disaggregation of Revenue [Line Items] | |||
LNG Volume, Purchase Price Percentage of Henry Hub | 115.00% | ||
Regasification Capacity | bcf / d | 4 | ||
Operating and maintenance expense | $ | $ 632 | $ 409 | $ 292 |
TUA Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Regasification Capacity | bcf / d | 2 | ||
Each TUA Customer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Regasification Capacity | bcf / d | 1 | ||
Revenue, Performance Obligation, Fixed Consideration | $ | $ 125 | ||
Long-term Purchase Commitment, Period | 20 years | ||
LNG [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Variable Consideration Received From Customers, Percentage | 52.00% | 57.00% | |
Regasification [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Number Of Fixed Price Contracts | item | 2 | ||
Revenue, Variable Consideration Received From Customers, Percentage | 3.00% | 3.00% | |
Partial TUA Regasification Capacity [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating and maintenance expense | $ | $ 104 | $ 30 | $ 23 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues from contracts with customers | $ 6,837 | $ 6,427 | $ 4,304 | |||||||||
Net derivative gains (losses) | [1] | 1 | (1) | 0 | ||||||||
Total revenues | $ 1,908 | $ 1,476 | $ 1,705 | $ 1,749 | $ 1,897 | $ 1,529 | $ 1,407 | $ 1,593 | 6,838 | 6,426 | 4,304 | |
LNG [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues from contracts with customers | 5,210 | 4,828 | 2,635 | |||||||||
Total revenues | 5,211 | 4,827 | 2,635 | |||||||||
LNG—affiliate [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues from contracts with customers | 1,312 | 1,299 | 1,389 | |||||||||
Regasification [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues from contracts with customers | 266 | 261 | 260 | |||||||||
Other [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues from contracts with customers | $ 49 | $ 39 | $ 20 | |||||||||
[1] | See Note 8—Derivative Instruments for additional information about our derivatives. |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Schedule of Deferred Revenue Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change In Contract With Customer, Liability [Roll Forward] | ||
Deferred revenues, beginning of period | $ 116 | $ 111 |
Cash received but not yet recognized | 155 | 116 |
Revenue recognized from prior period deferral | (116) | 111 |
Deferred revenues, end of period | $ 155 | $ 116 |
Revenues from Contracts with _6
Revenues from Contracts with Customers - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 57.4 | $ 56.2 | |
LNG [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | [1] | $ 55 | $ 53.6 |
Weighted Average Recognition Timing | [1],[2] | 10 years | 10 years |
Regasification [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 2.4 | $ 2.6 | |
Weighted Average Recognition Timing | [2] | 5 years | 6 years |
[1] | Includes future consideration from agreement contractually assigned to SPL from Cheniere Marketing. | ||
[2] | The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
LNG revenues—affiliate | $ 1,312 | $ 1,299 | $ 1,389 |
Cost of sales—affiliate | 7 | 0 | 0 |
Operating and maintenance expense—affiliate | 138 | 117 | 100 |
General and administrative expense—affiliate | 102 | 73 | 80 |
Other income—affiliate | 2 | 0 | 0 |
Cheniere Marketing SPA and Cheniere Marketing Master SPA [Member] | |||
Related Party Transaction [Line Items] | |||
LNG revenues—affiliate | 1,309 | 1,299 | 1,389 |
Contracts for Sale and Purchase of Natural Gas And LNG [Member] | |||
Related Party Transaction [Line Items] | |||
LNG revenues—affiliate | 3 | 0 | 0 |
Cost of sales—affiliate | 7 | 0 | 0 |
Service Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Operating and maintenance expense—affiliate | 138 | 117 | 94 |
General and administrative expense—affiliate | 102 | 73 | 80 |
Other Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Operating and maintenance expense—affiliate | 0 | 0 | 6 |
CooperativeEndeavorAgreement [Member] | |||
Related Party Transaction [Line Items] | |||
Other income—affiliate | $ 2 | $ 0 | $ 0 |
Related Party Transactions - LN
Related Party Transactions - LNG Terminal Capacity Agreements (Details) MMBTU in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)MMBTUbcf / dCargo | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | ||
Accounts receivable—affiliate | $ 105,000,000 | $ 114,000,000 |
Regasification Capacity | bcf / d | 4 | |
LNG Volume, Purchase Price Percentage of Henry Hub | 115.00% | |
Terminal Use Agreement [Member] | SPLNG [Member] | SPL [Member] | ||
Related Party Transaction [Line Items] | ||
Regasification Capacity | bcf / d | 2 | |
Related Party Transaction, Committed Annual Fee | $ 250,000,000 | |
LNG Sale and Purchase Agreement [Member] | Cheniere Marketing [Member] | SPL [Member] | ||
Related Party Transaction [Line Items] | ||
LNG Volume, Purchase Price Percentage of Henry Hub | 115.00% | |
LNG Volume, Purchase Price Per MMBtu | $ 3 | |
2019 Letter Agreement [Member] | Cheniere Marketing [Member] | SPL [Member] | ||
Related Party Transaction [Line Items] | ||
Contract Volumes | MMBTU | 70 | |
LNG Volume, Purchase Price Percentage of Henry Hub | 115.00% | |
LNG Volume, Purchase Price Per MMBtu | $ 2 | |
2019 Letter Agreement [Member] | Cheniere Marketing [Member] | SPL [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Contract Cargoes | Cargo | 20 | |
2020 Letter Agreement [Member] | Cheniere Marketing [Member] | SPL [Member] | ||
Related Party Transaction [Line Items] | ||
LNG Volume, Purchase Price Percentage of Henry Hub | 115.00% | |
LNG Volume, Purchase Price Per MMBtu | $ 1.67 | |
2020 Letter Agreement [Member] | Cheniere Marketing [Member] | SPL [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Contract Cargoes | Cargo | 43 |
Related Party Transactions - Se
Related Party Transactions - Service Agreements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Advances to Affiliate Current | $ 158,000,000 | $ 228,000,000 |
Service Agreements [Member] | ||
Related Party Transaction [Line Items] | ||
Advances to Affiliate Current | 158,000,000 | $ 228,000,000 |
Cheniere Partners Services Agreement [Member] | Cheniere Terminals [Member] | ||
Related Party Transaction [Line Items] | ||
Quarterly non-accountable overhead reimbursement charge | $ 3,000,000 | |
Operation and Maintenance Agreement [Member] | Cheniere Investments [Member] | SPL [Member] | ||
Related Party Transaction [Line Items] | ||
Monthly fee as a percentage of capital expenditures incurred in the previous month | 0.60% | |
Related Party Transaction, Committed Monthly Fee | $ 83,333 | |
Operation and Maintenance Agreement [Member] | Cheniere Investments [Member] | SPLNG [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Committed Monthly Fee | $ 130,000 | |
Related Party Transaction, Bonus Percentage of Salary Entitled Upon Meeting Certain Criteria | 50.00% | |
Management Services Agreement [Member] | Cheniere Terminals [Member] | SPL [Member] | ||
Related Party Transaction [Line Items] | ||
Monthly fee as a percentage of capital expenditures incurred in the previous month | 2.40% | |
Related Party Transaction, Committed Monthly Fee | $ 541,667 | |
Management Services Agreement [Member] | Cheniere Terminals [Member] | SPLNG [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Committed Monthly Fee | $ 520,000 |
Related Party Transactions - Ot
Related Party Transactions - Other Agreements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 46,000,000 | $ 49,000,000 | |
Other non-current liabilities—affiliate | 20,000,000 | 22,000,000 | |
LNG revenues—affiliate | 1,312,000,000 | 1,299,000,000 | $ 1,389,000,000 |
Cooperative Endeavor Agreements [Member] | SPLNG [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate commitment under the Agreement | $ 25,000,000 | ||
Tax Initiative Agreement Term | 10 years | ||
Cooperative Endeavor Agreements [Member] | Cheniere Marketing [Member] | SPLNG [Member] | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 2,000,000 | 3,000,000 | |
Other non-current liabilities—affiliate | 20,000,000 | 22,000,000 | |
Terminal Marine Services Agreement [Member] | Cheniere Terminals [Member] | Tug Services [Member] | |||
Related Party Transaction [Line Items] | |||
General Partner Distributions | 8,000,000 | 6,000,000 | 3,000,000 |
LNG Terminal Export Agreement [Member] | Cheniere Marketing [Member] | SPLNG [Member] | |||
Related Party Transaction [Line Items] | |||
LNG revenues—affiliate | 0 | $ 0 | $ 0 |
Tax Sharing Agreement [Member] | Cheniere [Member] | SPLNG [Member] | |||
Related Party Transaction [Line Items] | |||
Income Taxes Paid, Net | 0 | ||
Tax Sharing Agreement [Member] | Cheniere [Member] | SPL [Member] | |||
Related Party Transaction [Line Items] | |||
Income Taxes Paid, Net | 0 | ||
Tax Sharing Agreement [Member] | Cheniere [Member] | CTPL [Member] | |||
Related Party Transaction [Line Items] | |||
Income Taxes Paid, Net | $ 0 |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Unit - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 28, 2020 | Aug. 02, 2017 |
Class B Units [Member] | ||
Distribution Made to Limited Partner [Line Items] | ||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 2,130 | |
Subsequent Event [Member] | Common Units [Member] | ||
Distribution Made to Limited Partner [Line Items] | ||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.63 | |
Subsequent Event [Member] | Subordinated Units [Member] | ||
Distribution Made to Limited Partner [Line Items] | ||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.63 | |
Cheniere Energy Partners LP Holdings LLC [Member] | Effective Yield Method [Member] | Class B Units [Member] | ||
Distribution Made to Limited Partner [Line Items] | ||
Amortization of Beneficial Conversion Feature of Class B Units | 888.70% | |
Blackstone [Member] | Effective Yield Method [Member] | Class B Units [Member] | ||
Distribution Made to Limited Partner [Line Items] | ||
Amortization of Beneficial Conversion Feature of Class B Units | 966.10% |
Net Income (Loss) per Common _4
Net Income (Loss) per Common Unit - Schedule of Net Income per Unit and Allocation of Distribution (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Net income | $ 448 | $ 110 | $ 232 | $ 385 | $ 351 | $ 307 | $ 281 | $ 335 | $ 1,175 | $ 1,274 | $ 490 | ||||||||||||
Declared distributions | 1,278 | 1,162 | 514 | ||||||||||||||||||||
Amortization of beneficial conversion feature of Class B units | 0 | ||||||||||||||||||||||
Assumed allocation of undistributed net income (loss) | [1] | $ (103) | $ 112 | $ (24) | |||||||||||||||||||
Weighted average units outstanding | 348.6 | 348.6 | 178.5 | ||||||||||||||||||||
Basic and diluted net income per unit | $ 0.87 | [2] | $ 0.19 | [2] | $ 0.44 | [2] | $ 0.75 | [2] | $ 0.69 | [2] | $ 0.60 | [2] | $ 0.55 | [2] | $ 0.67 | [2] | $ 2.25 | $ 2.51 | $ (1.32) | ||||
Common Units [Member] | |||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Net income | $ 829 | $ 899 | $ 294 | ||||||||||||||||||||
Declared distributions | 858 | 795 | 376 | ||||||||||||||||||||
Amortization of beneficial conversion feature of Class B units | (594) | ||||||||||||||||||||||
Assumed allocation of undistributed net income (loss) | [1] | (73) | 79 | (17) | |||||||||||||||||||
Assumed allocation of net income | $ 785 | $ 874 | $ (235) | ||||||||||||||||||||
Weighted average units outstanding | 348.6 | 348.6 | 178.5 | ||||||||||||||||||||
Basic and diluted net income per unit | $ 2.25 | $ 2.51 | $ (1.32) | [3] | |||||||||||||||||||
Class B Units [Member] | |||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Net income | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||
Declared distributions | 0 | 0 | 0 | ||||||||||||||||||||
Amortization of beneficial conversion feature of Class B units | 2,004 | ||||||||||||||||||||||
Assumed allocation of undistributed net income (loss) | 0 | [1] | 0 | [1] | 0 | ||||||||||||||||||
Assumed allocation of net income | $ 0 | $ 0 | $ 2,004 | ||||||||||||||||||||
Weighted average units outstanding | 0 | 0 | 84.8 | ||||||||||||||||||||
Subordinated Units [Member] | |||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Net income | $ 322 | $ 349 | $ 186 | ||||||||||||||||||||
Declared distributions | 333 | 309 | 127 | ||||||||||||||||||||
Amortization of beneficial conversion feature of Class B units | (1,410) | ||||||||||||||||||||||
Assumed allocation of undistributed net income (loss) | [1] | (28) | 31 | (7) | |||||||||||||||||||
Assumed allocation of net income | $ 305 | $ 340 | $ (1,290) | ||||||||||||||||||||
Weighted average units outstanding | 135.4 | 135.4 | 135.4 | ||||||||||||||||||||
Basic and diluted net income per unit | $ 2.25 | $ 2.51 | $ (9.52) | [3] | |||||||||||||||||||
General Partner [Member] | |||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Net income | $ 24 | $ 26 | $ 10 | ||||||||||||||||||||
Declared distributions | 26 | 22 | 10 | ||||||||||||||||||||
Amortization of beneficial conversion feature of Class B units | 0 | ||||||||||||||||||||||
Assumed allocation of undistributed net income (loss) | [1] | (2) | 2 | 0 | |||||||||||||||||||
Assumed allocation of net income | 24 | 24 | 10 | ||||||||||||||||||||
IDR [Member] | |||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Declared distributions | 62 | 36 | 1 | ||||||||||||||||||||
Amortization of beneficial conversion feature of Class B units | 0 | ||||||||||||||||||||||
Assumed allocation of undistributed net income (loss) | [1] | 0 | 0 | 0 | |||||||||||||||||||
Assumed allocation of net income | $ 62 | $ 36 | $ 1 | ||||||||||||||||||||
[1] | Under our partnership agreement, the IDR s participate in net income (loss) only to the extent of the amount of cash distributions actually declared, thereby excluding the IDR s from participating in undistributed net income (loss). | ||||||||||||||||||||||
[2] | The sum of the quarterly net income per common unit may not equal the full year amount as the undistributed income and loss allocations and computations of the weighted average common units outstanding for basic and diluted common units outstanding for each quarter and the full year are performed independently. | ||||||||||||||||||||||
[3] | Earnings per unit in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)tbtuitem | |
Commitments and Contingencies [Line Items] | |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 3,000 |
Loss Contingency, Pending Claims, Number | item | 0 |
SPL [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Energy Units Secured Through Natural Gas Supply Contracts | tbtu | 3,850 |
EPC Contract, Train 6 [Member] | SPL [Member] | |
Commitments and Contingencies [Line Items] | |
Long-term Purchase Commitment, Amount | $ 2,500 |
Long-term Purchase Commitment, Amount Incurred To Date | 1,100 |
Contract termination convenience penalty | $ 30 |
Natural Gas Supply Agreement [Member] | SPL [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 10 years |
Natural Gas Transportation Agreements [Member] | SPL [Member] | |
Commitments and Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 20 years |
Natural Gas Storage Service Agreements [Member] | SPL [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 10 years |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Obligations Table (Details) - SPL [Member] - Natural Gas Supply, Transportation And Storage Service Agreements [Member] $ in Millions | Dec. 31, 2019USD ($) | [1] |
Long-term Purchase Commitment [Line Items] | ||
2020 | $ 2,248 | |
2021 | 1,334 | |
2022 | 849 | |
2023 | 640 | |
2024 | 320 | |
Thereafter | 1,914 | |
Total | $ 7,305 | |
[1] | Pricing of natural gas supply contracts are variable based on market commodity basis prices adjusted for basis spread . Amounts included are based on estimated forward prices and basis spreads as of December 31, 2019 . Some of our contracts may not have been negotiated as part of arranging financing for the underlying assets providing the natural gas supply, transportation and storage services. |
Customer Concentration (Details
Customer Concentration (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer A [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 27.00% | 28.00% | 39.00% |
Customer A [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 21.00% | 35.00% | |
Customer B [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 21.00% | 27.00% |
Customer B [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 23.00% | |
Customer C [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 19.00% | 23.00% | 23.00% |
Customer C [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 30.00% | |
Customer D [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 19.00% | 0.00% |
Customer D [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 8.00% | |
Customer E [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | |
Customer E [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 0.00% | |
Customer F [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 0.00% |
Customer Concentration - Schedu
Customer Concentration - Schedule of Revenue from External Customers by Country (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | $ 1,908 | $ 1,476 | $ 1,705 | $ 1,749 | $ 1,897 | $ 1,529 | $ 1,407 | $ 1,593 | $ 6,838 | $ 6,426 | $ 4,304 |
Geographic Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | 5,526 | 5,127 | 2,915 | ||||||||
Geographic Concentration Risk [Member] | United States | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | 2,354 | 1,880 | 1,441 | ||||||||
Geographic Concentration Risk [Member] | India | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | 1,113 | 981 | 0 | ||||||||
Geographic Concentration Risk [Member] | South Korea | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | 1,071 | 1,168 | 666 | ||||||||
Geographic Concentration Risk [Member] | Ireland | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | 988 | 1,098 | 787 | ||||||||
Geographic Concentration Risk [Member] | Other countries | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | $ 0 | $ 0 | $ 21 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid during the period for interest, net of amounts capitalized | $ 829 | $ 719 | $ 510 |
Balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) | $ 291 | $ 263 | $ 273 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||||
Cash and cash equivalents | $ 1,781 | $ 0 | ||
Restricted cash | 181 | 1,541 | ||
Accounts and other receivables | 297 | 348 | ||
Accounts receivable—affiliate | 105 | 114 | ||
Advances to affiliate | 158 | 228 | ||
Inventory | 116 | 99 | ||
Derivative assets | 17 | 6 | ||
Other current assets | 51 | 20 | ||
Other current assets—affiliate | 1 | 0 | ||
Total current assets | 2,707 | 2,356 | ||
Property, plant and equipment, net | 16,368 | 15,390 | ||
Operating lease assets, net | 94 | 0 | ||
Debt issuance costs, net | 15 | 13 | ||
Non-current derivative assets | 32 | 31 | ||
Investments in subsidiaries | 0 | 0 | ||
Other non-current assets, net | 168 | 184 | ||
Total assets | 19,384 | 17,974 | ||
Current liabilities | ||||
Accounts payable | 40 | 15 | ||
Accrued liabilities | 709 | 821 | ||
Due to affiliates | 46 | 49 | ||
Deferred revenue | 155 | 116 | ||
Deferred revenue—affiliate | 1 | 1 | ||
Current operating lease liabilities | 6 | 0 | ||
Derivative liabilities | 9 | 66 | ||
Total current liabilities | 966 | 1,068 | ||
Long-term debt, net | 17,579 | 16,066 | ||
Non-current operating lease liabilities | 87 | 0 | ||
Non-current derivative liabilities | 16 | 14 | ||
Other non-current liabilities | 1 | 4 | ||
Other non-current liabilities—affiliate | 20 | 22 | ||
Partners’ equity | 715 | 800 | $ 639 | $ 443 |
Total liabilities and partners’ equity | 19,384 | 17,974 | ||
Parent Issuer [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 1,778 | 0 | ||
Restricted cash | 0 | 779 | ||
Accounts and other receivables | 0 | 1 | ||
Accounts receivable—affiliate | 0 | 1 | ||
Advances to affiliate | 0 | 0 | ||
Inventory | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Other current assets—affiliate | 0 | 0 | ||
Total current assets | 1,778 | 781 | ||
Property, plant and equipment, net | 79 | 79 | ||
Operating lease assets, net | 0 | |||
Debt issuance costs, net | 9 | 1 | ||
Non-current derivative assets | 0 | 0 | ||
Investments in subsidiaries | 2,963 | 2,544 | ||
Other non-current assets, net | 0 | 0 | ||
Total assets | 4,829 | 3,405 | ||
Current liabilities | ||||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 56 | 39 | ||
Due to affiliates | 3 | 0 | ||
Deferred revenue | 0 | 0 | ||
Deferred revenue—affiliate | 0 | 0 | ||
Current operating lease liabilities | 0 | |||
Derivative liabilities | 0 | 0 | ||
Total current liabilities | 59 | 39 | ||
Long-term debt, net | 4,055 | 2,566 | ||
Non-current operating lease liabilities | 0 | |||
Non-current derivative liabilities | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Other non-current liabilities—affiliate | 0 | 0 | ||
Partners’ equity | 715 | 800 | ||
Total liabilities and partners’ equity | 4,829 | 3,405 | ||
Guarantors [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 3 | 0 | ||
Restricted cash | 0 | 6 | ||
Accounts and other receivables | 5 | 1 | ||
Accounts receivable—affiliate | 43 | 40 | ||
Advances to affiliate | 145 | 104 | ||
Inventory | 13 | 12 | ||
Derivative assets | 0 | 0 | ||
Other current assets | 15 | 2 | ||
Other current assets—affiliate | 1 | 0 | ||
Total current assets | 225 | 165 | ||
Property, plant and equipment, net | 2,454 | 2,128 | ||
Operating lease assets, net | 88 | |||
Debt issuance costs, net | 0 | 0 | ||
Non-current derivative assets | 0 | 0 | ||
Investments in subsidiaries | 508 | 440 | ||
Other non-current assets, net | 24 | 26 | ||
Total assets | 3,299 | 2,759 | ||
Current liabilities | ||||
Accounts payable | 2 | 4 | ||
Accrued liabilities | 24 | 14 | ||
Due to affiliates | 155 | 127 | ||
Deferred revenue | 23 | 25 | ||
Deferred revenue—affiliate | 22 | 22 | ||
Current operating lease liabilities | 6 | |||
Derivative liabilities | 0 | 0 | ||
Total current liabilities | 232 | 192 | ||
Long-term debt, net | 0 | 0 | ||
Non-current operating lease liabilities | 82 | |||
Non-current derivative liabilities | 0 | 0 | ||
Other non-current liabilities | 1 | 1 | ||
Other non-current liabilities—affiliate | 21 | 22 | ||
Partners’ equity | 2,963 | 2,544 | ||
Total liabilities and partners’ equity | 3,299 | 2,759 | ||
Non-Guarantors [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 181 | 756 | ||
Accounts and other receivables | 292 | 346 | ||
Accounts receivable—affiliate | 104 | 113 | ||
Advances to affiliate | 133 | 210 | ||
Inventory | 103 | 87 | ||
Derivative assets | 17 | 6 | ||
Other current assets | 36 | 18 | ||
Other current assets—affiliate | 22 | 21 | ||
Total current assets | 888 | 1,557 | ||
Property, plant and equipment, net | 13,861 | 13,209 | ||
Operating lease assets, net | 21 | |||
Debt issuance costs, net | 6 | 12 | ||
Non-current derivative assets | 32 | 31 | ||
Investments in subsidiaries | 0 | 0 | ||
Other non-current assets, net | 144 | 158 | ||
Total assets | 14,952 | 14,967 | ||
Current liabilities | ||||
Accounts payable | 38 | 11 | ||
Accrued liabilities | 629 | 768 | ||
Due to affiliates | 49 | 48 | ||
Deferred revenue | 132 | 91 | ||
Deferred revenue—affiliate | 0 | 0 | ||
Current operating lease liabilities | 0 | |||
Derivative liabilities | 9 | 66 | ||
Total current liabilities | 857 | 984 | ||
Long-term debt, net | 13,524 | 13,500 | ||
Non-current operating lease liabilities | 5 | |||
Non-current derivative liabilities | 16 | 14 | ||
Other non-current liabilities | 0 | 3 | ||
Other non-current liabilities—affiliate | 16 | 0 | ||
Partners’ equity | 534 | 466 | ||
Total liabilities and partners’ equity | 14,952 | 14,967 | ||
Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Accounts and other receivables | 0 | 0 | ||
Accounts receivable—affiliate | (42) | (40) | ||
Advances to affiliate | (120) | (86) | ||
Inventory | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Other current assets—affiliate | (22) | (21) | ||
Total current assets | (184) | (147) | ||
Property, plant and equipment, net | (26) | (26) | ||
Operating lease assets, net | (15) | |||
Debt issuance costs, net | 0 | 0 | ||
Non-current derivative assets | 0 | 0 | ||
Investments in subsidiaries | (3,471) | (2,984) | ||
Other non-current assets, net | 0 | 0 | ||
Total assets | (3,696) | (3,157) | ||
Current liabilities | ||||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Due to affiliates | (161) | (126) | ||
Deferred revenue | 0 | 0 | ||
Deferred revenue—affiliate | (21) | (21) | ||
Current operating lease liabilities | 0 | |||
Derivative liabilities | 0 | 0 | ||
Total current liabilities | (182) | (147) | ||
Long-term debt, net | 0 | 0 | ||
Non-current operating lease liabilities | 0 | |||
Non-current derivative liabilities | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Other non-current liabilities—affiliate | (17) | 0 | ||
Partners’ equity | (3,497) | (3,010) | ||
Total liabilities and partners’ equity | $ (3,696) | $ (3,157) |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Revenues | $ 1,908 | $ 1,476 | $ 1,705 | $ 1,749 | $ 1,897 | $ 1,529 | $ 1,407 | $ 1,593 | $ 6,838 | $ 6,426 | $ 4,304 |
Revenues from contracts with customers | 6,837 | 6,427 | 4,304 | ||||||||
Operating costs and expenses | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 3,374 | 3,403 | 2,320 | ||||||||
Cost of sales—affiliate | 7 | 0 | 0 | ||||||||
Operating and maintenance expense | 632 | 409 | 292 | ||||||||
Operating and maintenance expense—affiliate | 138 | 117 | 100 | ||||||||
Development expense | 0 | 2 | 3 | ||||||||
General and administrative expense | 11 | 11 | 12 | ||||||||
General and administrative expense—affiliate | 102 | 73 | 80 | ||||||||
Depreciation and amortization expense | 527 | 424 | 339 | ||||||||
Impairment expense and loss on disposal of assets | 7 | 8 | 2 | ||||||||
Total operating costs and expenses | 4,798 | 4,447 | 3,148 | ||||||||
Income from operations | 676 | 346 | 455 | 563 | 524 | 492 | 455 | 508 | 2,040 | 1,979 | 1,156 |
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | (885) | (733) | (614) | ||||||||
Loss on modification or extinguishment of debt | (13) | (12) | (67) | ||||||||
Derivative gain (loss), net | 0 | 14 | 4 | ||||||||
Equity earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (expense) | 31 | 26 | 11 | ||||||||
Other income—affiliate | 2 | 0 | 0 | ||||||||
Total other expense | (865) | (705) | (666) | ||||||||
Net income | $ 448 | $ 110 | $ 232 | $ 385 | $ 351 | $ 307 | $ 281 | $ 335 | 1,175 | 1,274 | 490 |
LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 5,211 | 4,827 | 2,635 | ||||||||
Revenues from contracts with customers | 5,210 | 4,828 | 2,635 | ||||||||
LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 1,312 | 1,299 | 1,389 | ||||||||
Regasification [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 266 | 261 | 260 | ||||||||
Regasification—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Other [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 49 | 39 | 20 | ||||||||
Other—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Parent Issuer [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 0 | 0 | 0 | ||||||||
Cost of sales—affiliate | 0 | 0 | 0 | ||||||||
Operating and maintenance expense | 0 | 0 | 4 | ||||||||
Operating and maintenance expense—affiliate | 0 | 0 | 6 | ||||||||
Development expense | 0 | 0 | |||||||||
General and administrative expense | 3 | 4 | 4 | ||||||||
General and administrative expense—affiliate | 13 | 12 | 11 | ||||||||
Depreciation and amortization expense | 3 | 2 | 2 | ||||||||
Impairment expense and loss on disposal of assets | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 19 | 18 | 27 | ||||||||
Income from operations | (19) | (18) | (27) | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | (174) | (139) | (111) | ||||||||
Loss on modification or extinguishment of debt | (13) | (12) | (25) | ||||||||
Derivative gain (loss), net | 14 | 6 | |||||||||
Equity earnings of subsidiaries | 1,360 | 1,416 | 643 | ||||||||
Other income (expense) | 21 | 13 | 4 | ||||||||
Other income—affiliate | 0 | ||||||||||
Total other expense | 1,194 | 1,292 | 517 | ||||||||
Net income | 1,175 | 1,274 | 490 | ||||||||
Parent Issuer [Member] | LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Parent Issuer [Member] | LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Parent Issuer [Member] | Regasification [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Parent Issuer [Member] | Regasification—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Parent Issuer [Member] | Other [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Parent Issuer [Member] | Other—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Guarantors [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 714 | 805 | 688 | ||||||||
Operating costs and expenses | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 1 | 0 | 1 | ||||||||
Cost of sales—affiliate | 7 | 0 | 0 | ||||||||
Operating and maintenance expense | 85 | 67 | 45 | ||||||||
Operating and maintenance expense—affiliate | 30 | 151 | 137 | ||||||||
Development expense | 0 | 1 | |||||||||
General and administrative expense | 2 | 2 | 1 | ||||||||
General and administrative expense—affiliate | 27 | 25 | 15 | ||||||||
Depreciation and amortization expense | 78 | 74 | 74 | ||||||||
Impairment expense and loss on disposal of assets | 1 | 8 | 2 | ||||||||
Total operating costs and expenses | 231 | 327 | 276 | ||||||||
Income from operations | 483 | 478 | 412 | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | (6) | (5) | (9) | ||||||||
Loss on modification or extinguishment of debt | 0 | 0 | 0 | ||||||||
Derivative gain (loss), net | 0 | 0 | |||||||||
Equity earnings of subsidiaries | 873 | 944 | 250 | ||||||||
Other income (expense) | 0 | 0 | 0 | ||||||||
Other income—affiliate | 2 | ||||||||||
Total other expense | 869 | 939 | 241 | ||||||||
Net income | 1,352 | 1,417 | 653 | ||||||||
Guarantors [Member] | LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Guarantors [Member] | LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Guarantors [Member] | Regasification [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 266 | 261 | 260 | ||||||||
Guarantors [Member] | Regasification—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 262 | 258 | 190 | ||||||||
Guarantors [Member] | Other [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 49 | 39 | 20 | ||||||||
Guarantors [Member] | Other—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 137 | 247 | 218 | ||||||||
Non-Guarantors [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 6,523 | 6,126 | 4,024 | ||||||||
Operating costs and expenses | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 3,373 | 3,403 | 2,317 | ||||||||
Cost of sales—affiliate | 47 | 32 | 23 | ||||||||
Operating and maintenance expense | 547 | 342 | 243 | ||||||||
Operating and maintenance expense—affiliate | 450 | 423 | 329 | ||||||||
Development expense | 2 | 2 | |||||||||
General and administrative expense | 6 | 5 | 7 | ||||||||
General and administrative expense—affiliate | 79 | 50 | 58 | ||||||||
Depreciation and amortization expense | 447 | 349 | 264 | ||||||||
Impairment expense and loss on disposal of assets | 6 | 0 | 0 | ||||||||
Total operating costs and expenses | 4,955 | 4,606 | 3,243 | ||||||||
Income from operations | 1,568 | 1,520 | 781 | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | (705) | (589) | (494) | ||||||||
Loss on modification or extinguishment of debt | 0 | 0 | (42) | ||||||||
Derivative gain (loss), net | 0 | (2) | |||||||||
Equity earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (expense) | 10 | 13 | 7 | ||||||||
Other income—affiliate | 0 | ||||||||||
Total other expense | (695) | (576) | (531) | ||||||||
Net income | 873 | 944 | 250 | ||||||||
Non-Guarantors [Member] | LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 5,211 | 4,827 | 2,635 | ||||||||
Non-Guarantors [Member] | LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 1,312 | 1,299 | 1,389 | ||||||||
Non-Guarantors [Member] | Regasification [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Non-Guarantors [Member] | Regasification—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Non-Guarantors [Member] | Other [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Non-Guarantors [Member] | Other—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Eliminations [Member] | |||||||||||
Revenues | |||||||||||
Revenues | (399) | (505) | (408) | ||||||||
Operating costs and expenses | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 0 | 0 | 2 | ||||||||
Cost of sales—affiliate | (47) | (32) | (23) | ||||||||
Operating and maintenance expense | 0 | 0 | 0 | ||||||||
Operating and maintenance expense—affiliate | (342) | (457) | (372) | ||||||||
Development expense | 0 | 0 | |||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
General and administrative expense—affiliate | (17) | (14) | (4) | ||||||||
Depreciation and amortization expense | (1) | (1) | (1) | ||||||||
Impairment expense and loss on disposal of assets | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | (407) | (504) | (398) | ||||||||
Income from operations | 8 | (1) | (10) | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | 0 | 0 | 0 | ||||||||
Loss on modification or extinguishment of debt | 0 | 0 | 0 | ||||||||
Derivative gain (loss), net | 0 | 0 | |||||||||
Equity earnings of subsidiaries | (2,233) | (2,360) | (893) | ||||||||
Other income (expense) | 0 | 0 | 0 | ||||||||
Other income—affiliate | 0 | ||||||||||
Total other expense | (2,233) | (2,360) | (893) | ||||||||
Net income | (2,225) | (2,361) | (903) | ||||||||
Eliminations [Member] | LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Eliminations [Member] | LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Eliminations [Member] | Regasification [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Eliminations [Member] | Regasification—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | (262) | (258) | (190) | ||||||||
Eliminations [Member] | Other [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Eliminations [Member] | Other—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | $ (137) | $ (247) | $ (218) |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 1,547 | $ 1,874 | $ 977 |
Cash flows from investing activities | |||
Property, plant and equipment, net | (1,331) | (804) | (1,290) |
Investments in subsidiaries | 0 | 0 | 0 |
Return of capital | 0 | ||
Distributions received from affiliates, net | 0 | 0 | |
Other | (1) | 0 | 0 |
Net cash used in investing activities | (1,332) | (804) | (1,290) |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 2,230 | 1,100 | 3,814 |
Repayments of debt | (730) | (1,090) | (2,173) |
Debt issuance and deferred financing costs | (35) | (8) | (50) |
Debt extinguishment costs | (7) | ||
Distributions to parent | 0 | 0 | 0 |
Contributions from parent | 0 | 0 | 0 |
Distributions to owners | (1,260) | (1,113) | (294) |
Other | 1 | (7) | 0 |
Net cash provided by (used in) financing activities | 206 | (1,118) | 1,297 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 421 | (48) | 984 |
Cash, cash equivalents and restricted cash—beginning of period | 1,541 | 1,589 | 605 |
Cash, cash equivalents and restricted cash—end of period | 1,962 | 1,541 | 1,589 |
Parent Issuer [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 1,220 | 714 | (101) |
Cash flows from investing activities | |||
Property, plant and equipment, net | (2) | 0 | 0 |
Investments in subsidiaries | (1,273) | (304) | (245) |
Return of capital | 853 | ||
Distributions received from affiliates, net | 454 | 1,431 | |
Other | 0 | ||
Net cash used in investing activities | (422) | 150 | 1,186 |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 2,230 | 1,100 | 1,500 |
Repayments of debt | (730) | (1,090) | (1,470) |
Debt issuance and deferred financing costs | (35) | (8) | (22) |
Debt extinguishment costs | (7) | ||
Distributions to parent | 0 | 0 | 0 |
Contributions from parent | 0 | 0 | 0 |
Distributions to owners | (1,260) | (1,113) | (294) |
Other | (4) | ||
Net cash provided by (used in) financing activities | 201 | (1,118) | (286) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 999 | (254) | 799 |
Cash, cash equivalents and restricted cash—beginning of period | 779 | 1,033 | 234 |
Cash, cash equivalents and restricted cash—end of period | 1,778 | 779 | 1,033 |
Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 1,403 | 569 | 431 |
Cash flows from investing activities | |||
Property, plant and equipment, net | (49) | (34) | (21) |
Investments in subsidiaries | (1,046) | (129) | (7) |
Return of capital | 626 | ||
Distributions received from affiliates, net | 537 | 782 | |
Other | 0 | ||
Net cash used in investing activities | (469) | 374 | 754 |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Debt issuance and deferred financing costs | 0 | 0 | 0 |
Debt extinguishment costs | 0 | ||
Distributions to parent | (2,215) | (1,253) | (1,431) |
Contributions from parent | 1,273 | 304 | 245 |
Distributions to owners | 0 | 0 | 0 |
Other | 5 | ||
Net cash provided by (used in) financing activities | (937) | (949) | (1,186) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (3) | (6) | (1) |
Cash, cash equivalents and restricted cash—beginning of period | 6 | 12 | 13 |
Cash, cash equivalents and restricted cash—end of period | 3 | 6 | 12 |
Non-Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 1,161 | 1,423 | 657 |
Cash flows from investing activities | |||
Property, plant and equipment, net | (1,282) | (771) | (1,279) |
Investments in subsidiaries | 0 | 0 | 0 |
Return of capital | 0 | ||
Distributions received from affiliates, net | 0 | 0 | |
Other | (1) | ||
Net cash used in investing activities | (1,283) | (771) | (1,279) |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 0 | 0 | 2,314 |
Repayments of debt | 0 | 0 | (703) |
Debt issuance and deferred financing costs | 0 | 0 | (28) |
Debt extinguishment costs | 0 | ||
Distributions to parent | (1,499) | (569) | (782) |
Contributions from parent | 1,046 | 129 | 7 |
Distributions to owners | 0 | 0 | 0 |
Other | 0 | ||
Net cash provided by (used in) financing activities | (453) | (440) | 808 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (575) | 212 | 186 |
Cash, cash equivalents and restricted cash—beginning of period | 756 | 544 | 358 |
Cash, cash equivalents and restricted cash—end of period | 181 | 756 | 544 |
Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (2,237) | (832) | (10) |
Cash flows from investing activities | |||
Property, plant and equipment, net | 2 | 1 | 10 |
Investments in subsidiaries | 2,319 | 433 | 252 |
Return of capital | (1,479) | ||
Distributions received from affiliates, net | (991) | (2,213) | |
Other | 0 | ||
Net cash used in investing activities | 842 | (557) | (1,951) |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Debt issuance and deferred financing costs | 0 | 0 | 0 |
Debt extinguishment costs | 0 | ||
Distributions to parent | 3,714 | 1,822 | 2,213 |
Contributions from parent | (2,319) | (433) | (252) |
Distributions to owners | 0 | 0 | 0 |
Other | 0 | ||
Net cash provided by (used in) financing activities | 1,395 | 1,389 | 1,961 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash—beginning of period | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash—end of period | $ 0 | $ 0 | $ 0 |
Supplemental Guarantor Inform_6
Supplemental Guarantor Information - Condensed Consolidating Cash Flows - Balances per Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Balances per Consolidated Balance Sheet: | |||||
Cash and cash equivalents | $ 1,781 | $ 0 | |||
Restricted cash | 181 | 1,541 | |||
Total cash, cash equivalents and restricted cash | 1,962 | 1,541 | $ 1,541 | $ 1,589 | $ 605 |
Parent Issuer [Member] | |||||
Balances per Consolidated Balance Sheet: | |||||
Cash and cash equivalents | 1,778 | 0 | |||
Restricted cash | 0 | 779 | |||
Total cash, cash equivalents and restricted cash | 1,778 | 779 | 779 | 1,033 | 234 |
Guarantors [Member] | |||||
Balances per Consolidated Balance Sheet: | |||||
Cash and cash equivalents | 3 | 0 | |||
Restricted cash | 0 | 6 | |||
Total cash, cash equivalents and restricted cash | 3 | 6 | 6 | 12 | 13 |
Non-Guarantors [Member] | |||||
Balances per Consolidated Balance Sheet: | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash | 181 | 756 | |||
Total cash, cash equivalents and restricted cash | 181 | 756 | 756 | 544 | 358 |
Eliminations [Member] | |||||
Balances per Consolidated Balance Sheet: | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash | 0 | 0 | |||
Total cash, cash equivalents and restricted cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Summarized Quarterly Financia_3
Summarized Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 1,908 | $ 1,476 | $ 1,705 | $ 1,749 | $ 1,897 | $ 1,529 | $ 1,407 | $ 1,593 | $ 6,838 | $ 6,426 | $ 4,304 | ||||||||
Income from operations | 676 | 346 | 455 | 563 | 524 | 492 | 455 | 508 | 2,040 | 1,979 | 1,156 | ||||||||
Net income | $ 448 | $ 110 | $ 232 | $ 385 | $ 351 | $ 307 | $ 281 | $ 335 | $ 1,175 | $ 1,274 | $ 490 | ||||||||
Net income (loss) per common unit—basic and diluted | $ 0.87 | [1] | $ 0.19 | [1] | $ 0.44 | [1] | $ 0.75 | [1] | $ 0.69 | [1] | $ 0.60 | [1] | $ 0.55 | [1] | $ 0.67 | [1] | $ 2.25 | $ 2.51 | $ (1.32) |
[1] | The sum of the quarterly net income per common unit may not equal the full year amount as the undistributed income and loss allocations and computations of the weighted average common units outstanding for basic and diluted common units outstanding for each quarter and the full year are performed independently. |