Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-16383 | |
Entity Registrant Name | CHENIERE ENERGY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4352386 | |
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 Stock, $ 0.003 par value | |
Trading Symbol | LNG | |
Security Exchange Name | NYSEAMER | |
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 Common Stock, Shares Outstanding | 240,623,212 | |
Entity Central Index Key | 0000003570 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenues | |||||
Revenues | $ 4,102 | $ 8,007 | $ 11,412 | $ 15,491 | |
Operating costs and expenses (recoveries) | |||||
Cost (recovery) of sales (excluding items shown separately below) | 912 | 5,752 | (627) | 13,088 | |
Operating and maintenance expense | 487 | 419 | 931 | 808 | |
Selling, general and administrative expense | 87 | 77 | 194 | 173 | |
Depreciation and amortization expense | 297 | 276 | 594 | 547 | |
Other | 11 | 6 | 21 | 11 | |
Total operating costs and expenses | 1,794 | 6,530 | 1,113 | 14,627 | |
Income from operations | 2,308 | 1,477 | 10,299 | 864 | |
Other income (expense) | |||||
Interest expense, net of capitalized interest | (291) | (357) | (588) | (706) | |
Gain (loss) on modification or extinguishment of debt | (2) | (28) | 18 | (46) | |
Interest rate derivative gain (loss), net | 0 | (1) | 0 | 2 | |
Interest income | 55 | 7 | 89 | 8 | |
Other income (expense), net | 0 | (4) | 3 | 0 | |
Total other expense | (238) | (383) | (478) | (742) | |
Income before income taxes and non-controlling interest | 2,070 | 1,094 | 9,821 | 122 | |
Less: income tax provision (benefit) | 363 | 181 | 1,679 | (10) | |
Net income | 1,707 | 913 | 8,142 | 132 | |
Net Income Attributable to Noncontrolling Interest | 338 | 172 | 1,339 | 256 | |
Net income (loss) attributable to common stockholders | $ 1,369 | $ 741 | $ 6,803 | $ (124) | |
Net income (loss) per share attributable to common stockholders—basic (1) | [1] | $ 5.65 | $ 2.92 | $ 27.99 | $ (0.49) |
Net income (loss) per share attributable to common stockholders—diluted (1) | [1] | $ 5.61 | $ 2.90 | $ 27.79 | $ (0.49) |
Weighted average number of common shares outstanding—basic | 242.3 | 253.6 | 243.1 | 253.8 | |
Weighted average number of common shares outstanding—diluted | 243.8 | 255.9 | 244.8 | 253.8 | |
LNG [Member] | |||||
Revenues | |||||
Revenues | $ 3,919 | $ 7,873 | $ 11,010 | $ 15,213 | |
Regasification [Member] | |||||
Revenues | |||||
Revenues | 33 | 68 | 67 | 136 | |
Other [Member] | |||||
Revenues | |||||
Revenues | $ 150 | $ 66 | $ 335 | $ 142 | |
[1]Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 4,529 | [1] | $ 1,353 |
Restricted cash and cash equivalents | 640 | [1] | 1,134 |
Trade and other receivables, net of current expected credit losses | 709 | 1,944 | |
Inventory | 404 | 826 | |
Current derivative assets | 93 | 120 | |
Margin deposits | 36 | 134 | |
Other current assets | 129 | 97 | |
Total current assets | 6,540 | 5,608 | |
Property, plant and equipment, net of accumulated depreciation | 31,821 | 31,528 | |
Operating lease assets | 2,487 | 2,625 | |
Derivative assets | 282 | 35 | |
Goodwill | 77 | 77 | |
Deferred tax assets | 36 | 864 | |
Other non-current assets, net | 560 | 529 | |
Total assets | 41,803 | [1] | 41,266 |
Current liabilities | |||
Accounts payable | 100 | 124 | |
Accrued liabilities | 1,037 | 2,679 | |
Current debt, net of discount and debt issuance costs | 1,796 | 813 | |
Deferred revenue | 130 | 234 | |
Current operating lease liabilities | 598 | 616 | |
Current derivative liabilities | 1,215 | 2,301 | |
Other current liabilities | 37 | 28 | |
Total current liabilities | 4,913 | 6,795 | |
Long-term debt, net of premium, discount and debt issuance costs | 23,380 | 24,055 | |
Non-current operating lease liabilities | 1,863 | 1,971 | |
Finance lease liabilities | 483 | 494 | |
Derivative liabilities | 3,740 | 7,947 | |
Deferred tax liabilities | 731 | 0 | |
Other non-current liabilities | 201 | 175 | |
Stockholders’ equity (deficit) | |||
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued | 0 | 0 | |
Common stock: $0.003 par value, 480.0 million shares authorized; 277.7 million shares and 276.7 million shares issued at June 30, 2023 and December 31, 2022, respectively | 1 | 1 | |
Treasury stock: 36.8 million shares and 31.2 million shares at June 30, 2023 and December 31, 2022, respectively, at cost | (3,162) | (2,342) | |
Additional paid-in-capital | 4,363 | 4,314 | |
Accumulated income (deficit) | 1,666 | (4,942) | |
Total Cheniere stockholders’ equity (deficit) | 2,868 | (2,969) | |
Non-controlling interest | 3,624 | 2,798 | |
Total stockholders’ equity (deficit) | 6,492 | (171) | |
Total liabilities and stockholders’ equity (deficit) | $ 41,803 | [1] | $ 41,266 |
[1] Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7—Non-controlling Interest and Variable Interest Entity . As of June 30, 2023, total assets and liabilities of CQP were $19.3 billion and $20.5 billion, respectively, including $1.8 billion of cash and cash equivalents and $241 million of restricted cash and cash equivalents. |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | $ 41,803 | [1] | $ 41,266 |
Cash and cash equivalents | $ 4,529 | [1] | $ 1,353 |
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Common Stock, Par Value Per Share | $ 0.003 | $ 0.003 | |
Common stock, Shares Authorized | 480,000,000 | 480,000,000 | |
Common Stock, Shares, Issued | 277,700,000 | 276,700,000 | |
Restricted cash and cash equivalents | $ 640 | [1] | $ 1,134 |
Treasury Stock | |||
Treasury Stock, Common | 36,800,000 | 31,200,000 | |
CQP [Member] | |||
Assets | $ 19,268 | $ 18,905 | |
Liabilities | 20,542 | 21,664 | |
Cash and cash equivalents | 1,834 | 904 | |
Restricted cash and cash equivalents | $ 241 | $ 92 | |
[1] Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7—Non-controlling Interest and Variable Interest Entity . As of June 30, 2023, total assets and liabilities of CQP were $19.3 billion and $20.5 billion, respectively, including $1.8 billion of cash and cash equivalents and $241 million of restricted cash and cash equivalents. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Income (Deficit) | Non-controlling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Common | 21,600 | |||||
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2021 | 253,600 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2021 | 21,600 | |||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2021 | $ (33) | $ 1 | $ (928) | $ 4,377 | $ (6,021) | $ 2,538 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of share-based compensation awards, shares | 1,300 | 0 | ||||
Vesting of share-based compensation awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 38 | $ 0 | $ 0 | 38 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares, common stock | (300) | |||||
Shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 300 | |||||
Shares withheld from employees related to share-based compensation, at cost | (53) | $ 0 | $ (35) | (18) | 0 | 0 |
Shares repurchased, at cost, shares | (200) | 200 | ||||
Shares repurchased, at cost | (25) | $ 0 | $ (25) | 0 | 0 | 0 |
Reacquisition of equity component of convertible notes, net of tax | (149) | 0 | 0 | (153) | 4 | 0 |
Net income attributable to non-controlling interest | 84 | 0 | 0 | 0 | 0 | 84 |
Distributions to non-controlling interest | (171) | 0 | 0 | 0 | 0 | (171) |
Dividends declared ($0.395 per common share) | (85) | 0 | 0 | 0 | (85) | 0 |
Net income (loss) attributable to common stockholders | (865) | $ 0 | $ 0 | 0 | (865) | 0 |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2022 | 254,400 | |||||
Treasury Stock, Shares, End of Period at Mar. 31, 2022 | 22,100 | |||||
Stockholders' Equity, End of Period at Mar. 31, 2022 | $ (1,259) | $ 1 | $ (988) | 4,244 | (6,967) | 2,451 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.33 | |||||
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2021 | 253,600 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2021 | 21,600 | |||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2021 | $ (33) | $ 1 | $ (928) | 4,377 | (6,021) | 2,538 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares repurchased, at cost, shares | 4,370 | |||||
Net income attributable to non-controlling interest | $ 256 | |||||
Net income (loss) attributable to common stockholders | (124) | |||||
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2022 | 250,400 | |||||
Treasury Stock, Shares, End of Period at Jun. 30, 2022 | 26,200 | |||||
Stockholders' Equity, End of Period at Jun. 30, 2022 | $ (1,195) | $ 1 | $ (1,529) | 4,277 | (6,311) | 2,367 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.66 | |||||
Treasury Stock, Common | 22,100 | |||||
Common Stock, Shares, Outstanding, Beginning of Period at Mar. 31, 2022 | 254,400 | |||||
Treasury Stock, Shares, Beginning of Period at Mar. 31, 2022 | 22,100 | |||||
Stockholders' Equity, Beginning of Period at Mar. 31, 2022 | $ (1,259) | $ 1 | $ (988) | 4,244 | (6,967) | 2,451 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of share-based compensation awards, shares | 100 | 0 | ||||
Vesting of share-based compensation awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 34 | $ 0 | $ 0 | 34 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares, common stock | 0 | |||||
Shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 0 | |||||
Shares withheld from employees related to share-based compensation, at cost | $ (2) | $ 0 | $ (1) | (1) | 0 | 0 |
Shares repurchased, at cost, shares | 4,130 | (4,100) | 4,100 | |||
Shares repurchased, at cost | $ (540) | $ 0 | $ (540) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 172 | 0 | 0 | 0 | 0 | 172 |
Distributions to non-controlling interest | (85) | 0 | 0 | 0 | (85) | 0 |
Dividends declared ($0.395 per common share) | (256) | 0 | 0 | 0 | 0 | (256) |
Net income (loss) attributable to common stockholders | 741 | $ 0 | $ 0 | 0 | 741 | 0 |
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2022 | 250,400 | |||||
Treasury Stock, Shares, End of Period at Jun. 30, 2022 | 26,200 | |||||
Stockholders' Equity, End of Period at Jun. 30, 2022 | $ (1,195) | $ 1 | $ (1,529) | 4,277 | (6,311) | 2,367 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.33 | |||||
Treasury Stock, Common | 26,200 | |||||
Treasury Stock, Common | 31,200 | |||||
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2022 | 245,500 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2022 | 31,200 | |||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2022 | $ (171) | $ 1 | $ (2,342) | 4,314 | (4,942) | 2,798 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of share-based compensation awards, shares | 1,000 | 0 | ||||
Vesting of share-based compensation awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 43 | $ 0 | $ 0 | 43 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares, common stock | (200) | |||||
Shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 200 | |||||
Shares withheld from employees related to share-based compensation, at cost | (55) | $ 0 | $ (26) | (29) | 0 | 0 |
Shares repurchased, at cost, shares | (3,100) | 3,100 | ||||
Shares repurchased, at cost | (453) | $ 0 | $ (453) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 1,001 | 0 | 0 | 0 | 0 | 1,001 |
Distributions to non-controlling interest | (261) | 0 | 0 | 0 | 0 | (261) |
Dividends declared ($0.395 per common share) | (98) | 0 | 0 | 0 | (98) | 0 |
Net income (loss) attributable to common stockholders | 5,434 | $ 0 | $ 0 | 0 | 5,434 | 0 |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2023 | 243,200 | |||||
Treasury Stock, Shares, End of Period at Mar. 31, 2023 | 34,500 | |||||
Stockholders' Equity, End of Period at Mar. 31, 2023 | 5,440 | $ 1 | $ (2,821) | 4,328 | 394 | 3,538 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.33 | |||||
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2022 | 245,500 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2022 | 31,200 | |||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2022 | $ (171) | $ 1 | $ (2,342) | 4,314 | (4,942) | 2,798 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares repurchased, at cost, shares | 5,360 | |||||
Net income attributable to non-controlling interest | $ 1,339 | |||||
Net income (loss) attributable to common stockholders | 6,803 | |||||
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2023 | 240,900 | |||||
Treasury Stock, Shares, End of Period at Jun. 30, 2023 | 36,800 | |||||
Stockholders' Equity, End of Period at Jun. 30, 2023 | $ 6,492 | $ 1 | $ (3,162) | 4,363 | 1,666 | 3,624 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.790 | |||||
Treasury Stock, Common | 34,500 | |||||
Common Stock, Shares, Outstanding, Beginning of Period at Mar. 31, 2023 | 243,200 | |||||
Treasury Stock, Shares, Beginning of Period at Mar. 31, 2023 | 34,500 | |||||
Stockholders' Equity, Beginning of Period at Mar. 31, 2023 | $ 5,440 | $ 1 | $ (2,821) | 4,328 | 394 | 3,538 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 36 | $ 0 | $ 0 | 36 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares, common stock | 0 | |||||
Shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 0 | |||||
Shares withheld from employees related to share-based compensation, at cost | $ (1) | $ 0 | $ 0 | (1) | 0 | 0 |
Shares repurchased, at cost, shares | 2,300 | (2,300) | 2,300 | |||
Shares repurchased, at cost | $ (341) | $ 0 | $ (341) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 338 | 0 | 0 | 0 | 0 | 338 |
Distributions to non-controlling interest | (252) | 0 | 0 | 0 | 0 | (252) |
Dividends declared ($0.395 per common share) | (97) | 0 | 0 | 0 | (97) | 0 |
Net income (loss) attributable to common stockholders | 1,369 | $ 0 | $ 0 | 0 | 1,369 | 0 |
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2023 | 240,900 | |||||
Treasury Stock, Shares, End of Period at Jun. 30, 2023 | 36,800 | |||||
Stockholders' Equity, End of Period at Jun. 30, 2023 | $ 6,492 | $ 1 | $ (3,162) | $ 4,363 | $ 1,666 | $ 3,624 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.395 | |||||
Treasury Stock, Common | 36,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net income | $ 8,142 | $ 132 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Unrealized foreign currency exchange gain, net | (2) | 0 |
Depreciation and amortization expense | 594 | 547 |
Share-based compensation expense | 85 | 79 |
Amortization of debt issuance costs, premium and discount | 23 | 29 |
Reduction of right-of-use assets | 315 | 280 |
Loss (gain) on modification or extinguishment of debt | (18) | 46 |
Total losses (gains) on derivative instruments, net | (5,411) | 4,530 |
Net cash used for settlement of derivative instruments | (102) | (487) |
Deferred taxes | 1,581 | (32) |
Repayment of paid-in-kind interest related to repurchase of convertible notes | 0 | (13) |
Other, net | 6 | 6 |
Changes in operating assets and liabilities: | ||
Trade and other receivables | 1,249 | (445) |
Inventory | 418 | (44) |
Margin deposits | 98 | 596 |
Other current assets | (36) | 40 |
Accounts payable and accrued liabilities | (1,551) | 278 |
Total deferred revenue | (78) | 9 |
Total operating lease liabilities | (305) | (286) |
Other, net | (8) | (93) |
Net cash provided by operating activities | 5,000 | 5,172 |
Cash flows from investing activities | ||
Property, plant, and equipment | (1,044) | (1,023) |
Investment in equity method investment | (18) | 0 |
Other, net | (6) | (10) |
Net cash used in investing activities | (1,068) | (1,033) |
Cash flows from financing activities | ||
Proceeds from issuances of debt | 1,397 | 1,015 |
Redemptions, repayments and repurchases of debt | (1,098) | (2,715) |
Debt issuance and other financing costs | (27) | (43) |
Debt modification or extinguishment gains (costs) | 26 | (30) |
Distributions to non-controlling interest | (513) | (427) |
Payments related to tax withholdings for share-based compensation | (56) | (55) |
Repurchase of common stock | (774) | (565) |
Dividends to stockholders | (195) | (170) |
Payments of finance lease liabilities | (13) | 0 |
Net cash used in financing activities | (1,253) | (2,990) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | 3 | 0 |
Net increase in cash, cash equivalents and restricted cash and cash equivalents | 2,682 | 1,149 |
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period | 2,487 | 1,817 |
Cash, cash equivalents and restricted cash and cash equivalents—end of period | $ 5,169 | $ 2,966 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Balances per Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Balances per Consolidated Balance Sheets: | |||||
Cash and cash equivalents | $ 4,529 | [1] | $ 1,353 | ||
Restricted cash and cash equivalents | 640 | [1] | 1,134 | ||
Total cash, cash equivalents and restricted cash and cash equivalents | $ 5,169 | $ 2,487 | $ 2,966 | $ 1,817 | |
[1] Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7—Non-controlling Interest and Variable Interest Entity . As of June 30, 2023, total assets and liabilities of CQP were $19.3 billion and $20.5 billion, respectively, including $1.8 billion of cash and cash equivalents and $241 million of restricted cash and cash equivalents. |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NATURE OF OPERATIONS AND BASIS OF PRESENTATION We operate two natural gas liquefaction and export facilities located in Cameron Parish, Louisiana at Sabine Pass and near Corpus Christi, Texas (respectively, the “Sabine Pass LNG Terminal” and “Corpus Christi LNG Terminal”). CQP owns the Sabine Pass LNG Terminal, which has natural gas liquefaction facilities consisting of six operational Trains, for a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”). The Sabine Pass LNG Terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers and three marine berths. Additionally, the Sabine Pass LNG Terminal includes a 94-mile pipeline owned by CTPL, a subsidiary of CQP, that interconnects our facilities with a number of large interstate and intrastate pipelines. As of June 30, 2023, we owned 100% of the general partner interest and a 48.6% limited partner interest in CQP. The Corpus Christi LNG Terminal currently has three operational Trains for a total production capacity of approximately 15 mtpa of LNG, three LNG storage tanks and two marine berths. Additionally, we are constructing an expansion of the Corpus Christi LNG Terminal (the “Corpus Christi Stage 3 Project”) for up to seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG. Through our subsidiary CCP, we also own a 21.5-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the Corpus Christi LNG Terminal and the Corpus Christi Stage 3 Project, the “CCL Project”). We have increased available liquefaction capacity at the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) as a result of debottlenecking and other optimization projects. We hold significant land positions at both the Sabine Pass LNG Terminal and the Corpus Christi LNG Terminal which provide opportunity for further liquefaction capacity expansion. In March 2023, certain of our subsidiaries submitted an application with the FERC under the Natural Gas Act for an expansion adjacent to the CCL Project consisting of two midscale Trains with an expected total production capacity of approximately 3 mtpa of LNG. In May 2023, certain subsidiaries of CQP entered the pre-filing review process with the FERC under the National Environmental Policy Act for an expansion adjacent to the SPL Project consisting of up to three Trains with an expected total production capacity of approximately 20 mtpa of LNG (the “SPL Expansion Project”). The development of these sites or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a positive FID. Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2022 . Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023. Recent Accounting Standards ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing contracts expected to arise from the market transition from LIBOR to alternative reference rates. The temporary optional expedients under the standard became effective March 12, 2020 and will be available until December 31, 2024 following a subsequent amendment to the standard. As further detailed in Note 9—Debt , our existing credit facilities include a variable interest rate indexed to SOFR, incorporated through amendments or replacements of previous credit facilities subsequent to the effective date of ASU |
Restricted Cash and Cash Equiva
Restricted Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Cash Equivalents | RESTRICTED CASH AND CASH EQUIVALENTS Restricted cash and cash equivalents consisted of the following (in millions): June 30, December 31, 2023 2022 Restricted cash and cash equivalents SPL Project $ 241 $ 92 CCL Project 152 738 Cash held by our subsidiaries that is restricted to Cheniere 247 304 Total restricted cash and cash equivalents $ 640 $ 1,134 Pursuant to the accounts agreements entered into with the collateral trustees for the benefit of SPL’s debt holders and CCH’s debt holders, SPL and CCH are required to deposit all cash received into reserve accounts controlled by the collateral trustees. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Projects and other restricted payments. The majority of the cash held by our subsidiaries that is restricted to Cheniere relates to advance funding for operation and construction needs of the Liquefaction Projects. |
Trade and Other Receivables, Ne
Trade and Other Receivables, Net of Current Expected Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Trade and Other Receivables, Net of Current Expected Credit Losses | TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES Trade and other receivables, net of current expected credit losses consisted of the following (in millions): June 30, December 31, 2023 2022 Trade receivables SPL and CCL $ 282 $ 922 Cheniere Marketing 369 917 Other receivables 58 105 Total trade and other receivables, net of current expected credit losses $ 709 $ 1,944 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY Inventory consisted of the following (in millions): June 30, December 31, 2023 2022 LNG in-transit $ 82 $ 356 LNG 94 212 Materials 194 194 Natural gas 31 60 Other 3 4 Total inventory $ 404 $ 826 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net of Accumulated Depreciation | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions): June 30, December 31, 2023 2022 LNG terminal Terminal and interconnecting pipeline facilities $ 33,918 $ 33,815 Site and related costs 452 451 Construction-in-process 2,446 1,685 Accumulated depreciation (5,542) (4,985) Total LNG terminal, net of accumulated depreciation 31,274 30,966 Fixed assets and other Computer and office equipment 35 33 Furniture and fixtures 20 20 Computer software 123 121 Leasehold improvements 55 48 Land 1 1 Other 20 19 Accumulated depreciation (198) (191) Total fixed assets and other, net of accumulated depreciation 56 51 Assets under finance leases Marine assets 529 533 Accumulated depreciation (38) (22) Total assets under finance lease, net of accumulated depreciation 491 511 Property, plant and equipment, net of accumulated depreciation $ 31,821 $ 31,528 The following table shows depreciation expense and offsets to LNG terminal costs (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense $ 295 $ 274 $ 591 $ 544 Offsets to LNG terminal costs (1) — — — 204 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS We have entered into the following derivative instruments: • commodity derivatives consisting of natural gas and power supply contracts, including those under our IPM agreements, for the development, commissioning and operation of the Liquefaction Projects and associated economic hedges (collectively, “Liquefaction Supply Derivatives”); • LNG derivatives in which we have contractual net settlement and economic hedges on the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”); and • foreign currency exchange (“FX”) contracts to hedge exposure to currency risk associated with cash flows denominated in currencies other than United States dollar (“FX Derivatives”), associated with both LNG Trading Derivatives and operations in countries outside of the United States. 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 Operations to the extent not utilized for the commissioning process, in which case such changes are capitalized. The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis (in millions): Fair Value Measurements as of June 30, 2023 December 31, 2022 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Liquefaction Supply Derivatives asset (liability) $ 23 $ 47 $ (4,611) $ (4,541) $ (66) $ (29) $ (9,924) $ (10,019) LNG Trading Derivatives asset (liability) (8) (27) — (35) 1 (47) — (46) FX Derivatives liability — (4) — (4) — (28) — (28) We value our Liquefaction Supply Derivatives and LNG Trading Derivatives using a market or option-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data. We value our FX Derivatives with a market approach using observable FX rates and other relevant data. The fair value of our Liquefaction Supply Derivatives and LNG Trading Derivatives are 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, but not limited to, evaluation of whether the respective market exists from the perspective of market participants as infrastructure is developed. We include a significant portion of our 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 and volatility. The Level 3 fair value measurements of our natural gas positions within our Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. The following table includes quantitative information for the unobservable inputs for our Level 3 Liquefaction Supply Derivatives as of June 30, 2023: Net Fair Value Liability (in millions) Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Liquefaction Supply Derivatives $(4,611) Market approach incorporating present value techniques Henry Hub basis spread $(1.733) - $0.660 / $(0.054) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 83% - 484% / 191% (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Spread contemplates U.S. dollar-denominated pricing. Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of our Liquefaction Supply Derivatives. The following table shows the changes in the fair value of our Level 3 Liquefaction Supply Derivatives and LNG Trading Derivatives (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ (5,426) $ (7,423) $ (9,924) $ (4,036) Realized and change in fair value gains (losses) included in net income (loss) (1): Included in cost of sales, existing deals (2) 635 (1,407) 4,518 (4,482) Included in cost of sales, new deals (3) 3 — 9 — Purchases and settlements: Purchases (4) — 90 — (242) Settlements (5) 175 278 780 298 Transfers in and/or out of level 3 Transfers out of level 3 (6) 2 — 6 — Balance, end of period $ (4,611) $ (8,462) $ (4,611) $ (8,462) Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period $ 638 $ (1,407) $ 4,527 $ (4,482) (1) Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table. (2) Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period. (3) Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period. (4) Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing to exist at the end of the period. (5) Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period. (6) Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements. All existing counterparty derivative contracts provide for the unconditional right of set-off in the event of default. We have elected to report derivative assets and liabilities arising from those derivative contracts with the same counterparty and the unconditional contractual right of set-off on a net basis. 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 depending on the position of the derivative. 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. Commodity Derivatives SPL and CCL hold Liquefaction Supply Derivatives which are primarily indexed to the natural gas market and international LNG indices. The terms of the Liquefaction Supply Derivatives range up to approximately 15 years, some of which commence upon the satisfaction of certain events or states of affairs. Cheniere Marketing has historically entered into, and may from time to time enter into, LNG transactions that provide for contractual net settlement. Such transactions are accounted for as LNG Trading Derivatives along with financial commodity contracts in the form of swaps or futures. The terms of LNG Trading Derivatives range up to approximately one year. The following table shows the notional amounts of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”): June 30, 2023 December 31, 2022 Liquefaction Supply Derivatives (1) LNG Trading Derivatives Liquefaction Supply Derivatives LNG Trading Derivatives Notional amount, net (in TBtu) 13,947 10 14,504 50 (1) Excludes notional amounts associated with extension options that were uncertain to be taken as of June 30, 2023. The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location (1) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 LNG Trading Derivatives LNG revenues $ (46) $ 30 $ 15 $ (217) LNG Trading Derivatives Recovery (cost) of sales (3) 17 (87) 107 Liquefaction Supply Derivatives (2) LNG revenues (1) 16 (6) 11 Liquefaction Supply Derivatives (2) Recovery (cost) of sales 826 (1,039) 5,497 (4,500) (1) 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. (2) Does not include the realized value associated with Liquefaction Supply Derivatives that settle through physical delivery. FX Derivatives Cheniere Marketing holds FX Derivatives to protect against the volatility in future cash flows attributable to changes in international currency exchange rates. The FX Derivatives economically hedge the foreign currency exposure arising from cash flows expended for both physical and financial LNG transactions that are denominated in a currency other than the United States dollar. The terms of FX Derivatives range up to approximately one year. The total notional amount of our FX Derivatives was $414 million and $619 million as of June 30, 2023 and December 31, 2022, respectively. The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 FX Derivatives LNG revenues $ (6) $ 39 $ (8) $ 67 Fair Value and Location of Derivative Assets and Liabilities on the Consolidated Balance Sheets The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions): June 30, 2023 Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ 67 $ 26 $ — $ 93 Derivative assets 282 — — 282 Total derivative assets 349 26 — 375 Current derivative liabilities (1,150) (61) (4) (1,215) Derivative liabilities (3,740) — — (3,740) Total derivative liabilities (4,890) (61) (4) (4,955) Derivative liability, net $ (4,541) $ (35) $ (4) $ (4,580) December 31, 2022 Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ 36 $ 84 $ — $ 120 Derivative assets 35 — — 35 Total derivative assets 71 84 — 155 Current derivative liabilities (2,143) (130) (28) (2,301) Derivative liabilities (7,947) — — (7,947) Total derivative liabilities (10,090) (130) (28) (10,248) Derivative liability, net $ (10,019) $ (46) $ (28) $ (10,093) (1) Does not include collateral posted with counterparties by us of $3 million and $111 million as of June 30, 2023 and December 31, 2022, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $3 million and zero as of June 30, 2023 and December 31, 2022, respectively, which are included in other current liabilities on our Consolidated Balance Sheets. (2) Does not include collateral posted with counterparties by us of $33 million and $23 million, as of June 30, 2023 and December 31, 2022, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $2 million and zero as of June 30, 2023 and December 31, 2022, respectively, which are included in other current liabilities on our Consolidated Balance Sheets. Consolidated Balance Sheets Presentation The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions) for our derivative instruments that are presented on a net basis on our Consolidated Balance Sheets: Liquefaction Supply Derivatives LNG Trading Derivatives FX Derivatives As of June 30, 2023 Gross assets $ 468 $ 28 $ — Offsetting amounts (119) (2) — Net assets $ 349 $ 26 $ — Gross liabilities $ (5,020) $ (69) $ (4) Offsetting amounts 130 8 — Net liabilities $ (4,890) $ (61) $ (4) As of December 31, 2022 Gross assets $ 76 $ 87 $ — Offsetting amounts (5) (3) — Net assets $ 71 $ 84 $ — Gross liabilities $ (10,436) $ (132) $ (29) Offsetting amounts 346 2 1 Net liabilities $ (10,090) $ (130) $ (28) |
Non-Controlling Interest and Va
Non-Controlling Interest and Variable Interest Entity | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest and Variable Interest Entity [Abstract] | |
Non-Controlling Interest and Variable Interest Entity | NON-CONTROLLING INTEREST AND VARIABLE INTEREST ENTITY CQP is accounted for as a consolidated VIE. We own a 48.6% limited partner interest in CQP in the form of 239.9 million common units, with the remaining non-controlling limited partner interest held by Blackstone Inc., Brookfield Asset Management Inc. and the public. We also own 100% of the general partner interest and the incentive distribution rights in CQP. The following table presents the summarized assets and liabilities (in millions) of CQP, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of CQP. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include third party assets and liabilities of CQP only and exclude intercompany balances between CQP and Cheniere that eliminate in the Consolidated Financial Statements of Cheniere. June 30, December 31, 2023 2022 ASSETS Current assets Cash and cash equivalents $ 1,834 $ 904 Restricted cash and cash equivalents 241 92 Trade and other receivables, net of current expected credit losses 189 627 Other current assets 240 269 Total current assets 2,504 1,892 Property, plant and equipment, net of accumulated depreciation 16,463 16,725 Other non-current assets, net 301 288 Total assets $ 19,268 $ 18,905 LIABILITIES Current liabilities Accrued liabilities $ 561 $ 1,384 Current debt, net of discount and debt issuance costs 1,796 — Current derivative liabilities 366 769 Other current liabilities 171 191 Total current liabilities 2,894 2,344 Long-term debt, net of premium, discount and debt issuance costs 15,595 16,198 Derivative liabilities 1,936 3,024 Other non-current liabilities 117 98 Total liabilities $ 20,542 $ 21,664 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consisted of the following (in millions): June 30, December 31, 2023 2022 Natural gas purchases $ 416 $ 1,621 Derivative settlements 6 7 Interest costs and related debt fees 201 383 LNG terminals and related pipeline costs 154 240 Compensation and benefits 88 245 LNG purchases 31 88 Other accrued liabilities 141 95 Total accrued liabilities $ 1,037 $ 2,679 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Debt consisted of the following (in millions): June 30, December 31, 2023 2022 SPL: Senior Secured Notes: 5.75% due 2024 (the “2024 SPL Senior Notes”) (1) $ 1,800 $ 2,000 5.625% due 2025 2,000 2,000 5.875% due 2026 1,500 1,500 5.00% due 2027 1,500 1,500 4.200% due 2028 1,350 1,350 4.500% due 2030 2,000 2,000 4.746% weighted average rate due 2037 1,782 1,782 Total SPL Senior Secured Notes 11,932 12,132 Working capital revolving credit and letter of credit reimbursement agreement (the “SPL Working Capital Facility”) — — Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”) — — Total debt - SPL 11,932 12,132 CQP: Senior Notes: 4.500% due 2029 1,500 1,500 4.000% due 2031 1,500 1,500 3.25% due 2032 1,200 1,200 5.95% due 2033 (the “2033 CQP Senior Notes”) 1,400 — Total CQP Senior Notes 5,600 4,200 Credit facilities (the “CQP Credit Facilities”) — — Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”) — — Total debt - CQP 5,600 4,200 CCH: Senior Secured Notes: 7.000% due 2024 (the “2024 CCH Senior Notes”) — 498 5.875% due 2025 1,491 1,491 5.125% due 2027 1,201 1,271 3.700% due 2029 1,125 1,361 3.788% weighted average rate due 2039 2,539 2,633 Total CCH Senior Secured Notes 6,356 7,254 Term loan facility agreement (the “CCH Credit Facility”) — — Working capital facility agreement (the “CCH Working Capital Facility”) (2) — — Total debt - CCH 6,356 7,254 Cheniere: 4.625% Senior Notes due 2028 1,500 1,500 Revolving credit agreement (the “Cheniere Revolving Credit Facility”) — — Total debt - Cheniere 1,500 1,500 Cheniere Marketing: trade finance facilities (2) — — Total debt 25,388 25,086 Current portion of long-term debt (1,796) (813) Long-term portion of unamortized premium, discount and debt issuance costs, net (212) (218) Total long-term debt, net of premium, discount and debt issuance costs $ 23,380 $ 24,055 (1) In July 2023, SPL redeemed $1.4 billion aggregate principal amount outstanding of the 2024 SPL Senior Notes using contributed proceeds from the 2033 CQP Senior Notes and cash on hand. (2) These debt instruments are classified as short-term debt as we are required to reduce the aggregate outstanding principal amount of the CCH Working Capital Facility to zero for a period of five consecutive business days at least once each year, and the borrowings under the Cheniere Marketing trade finance facilities are required to be repaid within 90 days. Credit Facilities Below is a summary of our committed credit facilities outstanding as of June 30, 2023 (in millions): SPL Revolving Credit Facility (1) CQP Revolving Credit Facility (1) CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility (2) Total facility size $ 1,000 $ 1,000 $ 3,260 $ 1,500 $ 1,250 Less: Outstanding balance — — — — — Letters of credit issued 329 — — 155 — Available commitment $ 671 $ 1,000 $ 3,260 $ 1,345 $ 1,250 Priority ranking Senior secured Senior unsecured Senior secured Senior secured Unsecured Interest rate on available balance (3) SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.75% or base rate plus 0.0% - 0.75% SOFR plus credit spread adjustment of 0.1%, plus margin of 1.125% - 2.0% or base rate plus 0.125% - 1.0% SOFR plus credit spread adjustment of 0.1%, plus margin of 1.5% or base rate plus 0.5% SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5% SOFR plus credit spread adjustment of 0.1%, plus margin of 1.075% - 2.20% or base rate plus 0.115% - 0.365% Commitment fees on undrawn balance (3) 0.075% - 0.30% 0.10% - 0.30% 0.525% 0.10% - 0.20% 0.115% - 0.365% (4) Maturity date June 23, 2028 June 23, 2028 (5) June 15, 2027 October 28, 2026 (1) In June 2023, CQP and SPL refinanced and replaced the CQP Credit Facilities and the SPL Working Capital Facility with the CQP Revolving Credit Facility and the SPL Revolving Credit Facility, respectively, resulting in extended maturity dates, revised borrowing capacities, reduced rate of interest and commitment fees applicable thereunder and certain other changes to terms and conditions. (2) In June 2023, we amended the Cheniere Revolving Credit Facility to update the indexed interest rate to SOFR. (3) The margin on the interest rate and the commitment fees is subject to change based on the applicable entity’s credit rating. (4) In April 2023, the commitment fees for the Cheniere Revolving Credit Facility were reduced as a result of achieving certain ESG metrics. (5) The CCH Credit Facility matures the earlier of June 15, 2029 or two years after the substantial completion of the last Train of the Corpus Christi Stage 3 Project. The refinancing and the replacement of the CQP Credit Facilities and the SPL Working Capital Facility resulted in an aggregate of $1 million of debt extinguishment and modification costs. Restrictive Debt Covenants The indentures governing our senior notes and other agreements underlying our debt contain customary terms and events of default and certain covenants that, among other things, may limit us, our subsidiaries’ and its restricted subsidiaries’ ability to make certain investments or pay dividends or distributions. SPL and CCH are restricted from making distributions under agreements governing their respective indebtedness generally until, among other requirements, appropriate reserves have been established for debt service using cash or letters of credit and a historical debt service coverage ratio and projected debt service coverage ratio of at least 1.25:1.00 is satisfied. As of June 30, 2023, each of our issuers was in compliance with all covenants related to their respective debt agreements. Interest Expense Total interest expense, net of capitalized interest, consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total interest cost $ 319 $ 370 $ 640 $ 742 Capitalized interest (28) (13) (52) (36) Total interest expense, net of capitalized interest $ 291 $ 357 $ 588 $ 706 Fair Value Disclosures The following table shows the carrying amount and estimated fair value of our senior notes (in millions): June 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Senior notes $ 25,388 $ 24,044 $ 25,086 $ 23,500 (1) As of both June 30, 2023 and December 31, 2022, $3.0 billion of the fair value of our senior notes included an illiquidity adjustment, which qualified as a Level 3 fair value measurement. The remainder of our senior notes are classified as Level 2, based on prices derived from trades or indicative bids of the instruments or instruments with similar terms, maturities and credit standing. The estimated fair value of our credit facilities approximates the principal amount outstanding 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 | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | LEASES Our leased assets consist primarily of LNG vessels leased under time charters (“vessel charters”) and additionally include tug vessels, office space and facilities and land sites. All of our leases are classified as operating leases except for certain of our vessel charters and tug vessels, which are classified as finance leases. The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions): June 30, December 31, Consolidated Balance Sheets Location 2023 2022 Right-of-use assets—Operating Operating lease assets $ 2,487 $ 2,625 Right-of-use assets—Financing Property, plant and equipment, net of accumulated depreciation 491 511 Total right-of-use assets $ 2,978 $ 3,136 Current operating lease liabilities Current operating lease liabilities $ 598 $ 616 Current finance lease liabilities Other current liabilities 32 28 Non-current operating lease liabilities Operating lease liabilities 1,863 1,971 Non-current finance lease liabilities Finance lease liabilities 483 494 Total lease liabilities $ 2,976 $ 3,109 The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions): Consolidated Statements of Operations Location Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost (a) Operating costs and expenses (1) $ 185 $ 189 $ 398 $ 391 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 11 1 24 2 Interest on lease liabilities Interest expense, net of capitalized interest 7 3 16 5 Total lease cost $ 203 $ 193 $ 438 $ 398 (a) Included in operating lease cost: Short-term lease costs $ 2 $ 23 $ 25 $ 64 Variable lease costs 2 — 14 9 (1) Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the use of the asset under lease. Future annual minimum lease payments for operating and finance leases as of June 30, 2023 are as follows (in millions): Years Ending December 31, Operating Leases Finance Leases 2023 $ 338 $ 32 2024 674 66 2025 554 71 2026 421 75 2027 324 77 Thereafter 524 427 Total lease payments (1) 2,835 748 Less: Interest (374) (233) Present value of lease liabilities $ 2,461 $ 515 (1) Does not include approximately $4.4 billion of legally binding minimum payments primarily for vessel charters executed as of June 30, 2023, but will commence in future periods with fixed minimum lease terms of up to 15 years. The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases: June 30, 2023 December 31, 2022 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 5.7 10.2 5.9 10.6 Weighted-average discount rate (1) 4.3% 7.7% 4.2% 7.8% (1) The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 359 $ 324 Operating cash flows from finance leases 18 5 Financing cash flows from finance leases 13 — Right-of-use assets obtained in exchange for operating lease liabilities 177 433 Right-of-use assets obtained in exchange for finance lease liabilities 5 — LNG Vessel Subcharters We sublease certain LNG vessels under charter to third parties while retaining our existing obligation to the original lessor. All of our sublease arrangements have been assessed as operating leases. The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed income $ 97 $ 34 $ 231 $ 66 Variable income 13 6 36 25 Total sublease income $ 110 $ 40 $ 267 $ 91 Future annual minimum sublease payments to be received from LNG vessel subcharters as of June 30, 2023 are as follows (in millions): Years Ending December 31, Sublease Payments 2023 $ 140 2024 108 2025 — 2026 — 2027 — Thereafter — Total sublease payments $ 248 |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUES The following table represents a disaggregation of revenue earned (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues from contracts with customers LNG revenues $ 3,972 $ 7,788 $ 11,009 $ 15,352 Regasification revenues 33 68 67 136 Other revenues 42 26 70 51 Total revenues from contracts with customers 4,047 7,882 11,146 15,539 Net derivative gain (loss) (1) (53) 85 1 (139) Other (2) 108 40 265 91 Total revenues $ 4,102 $ 8,007 $ 11,412 $ 15,491 (1) See Note 6—Derivative Instruments for additional information about our derivatives. (2) Includes revenues from LNG vessel subcharters. See Note 10—Leases for additional information about our subleases. Contract Assets and Liabilities The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions): June 30, December 31, 2023 2022 Contract assets, net of current expected credit losses $ 196 $ 186 The following table reflects the changes in our contract liabilities, which we classify as deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions): Six Months Ended June 30, 2023 Deferred revenue, beginning of period $ 320 Cash received but not yet recognized in revenue 239 Revenue recognized from prior period deferral (320) Deferred revenue, end of period $ 239 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: June 30, 2023 December 31, 2022 Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 113.0 9 $ 112.0 9 Regasification revenues 0.7 3 0.8 4 Total revenues $ 113.7 $ 112.8 (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. 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 the underlying variable index, primarily 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. Additionally, we have excluded variable consideration related to contracts where there is uncertainty that one or both of the parties will achieve certain milestones. Approximately 64% and 74% of our LNG revenues from contracts included in the table above during the three months ended June 30, 2023 and 2022, respectively, and approximately 73% and 70% of our LNG revenues from contracts included in the table above during the six months ended June 30, 2023 and 2022, respectively, were related to variable consideration received from customers. During the three and six months ended June 30, 2023, approximately 7% of our regasification revenues were related to variable consideration received from customers and during the three and six months ended June 30, 2022, approximately 6%, of our regasification revenues were related to variable consideration received from customers. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 LNG Revenues Natural Gas Transportation and Storage Agreements with a related party through Brookfield Asset Management, Inc. (“Brookfield”) (1) $ — $ 4 $ — $ 4 Other revenues Operation and Maintenance Services Agreements with Midship Pipeline Company, LLC (“Midship Pipeline”) (2) 2 2 5 4 Cost of sales Natural Gas Transportation and Storage Agreements with a related party through Brookfield (1) — 1 — 1 Operating and maintenance expense Natural Gas Transportation and Storage Agreements with Midship Pipeline (2) 2 3 4 5 Natural Gas Transportation and Storage Agreements with a related party through Brookfield (1) 14 15 30 27 (1) This related party is partially owned by Brookfield, who indirectly owns a portion of CQP’s limited partner interests. (2) Midship Pipeline is a subsidiary of Midship Holdings, LLC, which we recognize as an equity method investment. Below is a summary of our related party balances, all in the ordinary course of business, as reported on our Consolidated Balance Sheets (in millions): June 30, December 31, 2023 2022 Trade and other receivables, net of current expected credit losses $ 2 $ 1 Accrued liabilities 5 1 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We recorded an income tax provision of $363 million and $1.7 billion during the three and six months ended June 30, 2023, respectively, and an income tax provision (benefit) of $181 million and $(10) million for the same periods of 2022, which was calculated using the annual effective tax rate method. Our effective tax rate was 17.5% and 17.1% for the three and six months ended June 30, 2023, respectively, as compared to 16.5% and (8.2)% for the same periods of 2022. The effective tax rate for the periods was lower than the statutory tax rate of 21% primarily due to CQP income that is not taxable to us. The effective tax rate for the six months ended June 30, 2022 was also impacted by discrete tax benefits primarily related to stock-based compensation awards. |
Net Income (Loss) Per Share Att
Net Income (Loss) Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share Attributable to Common Stockholders | NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table reconciles basic and diluted weighted average common shares outstanding and common stock dividends declared (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) attributable to common stockholders $ 1,369 $ 741 $ 6,803 $ (124) Weighted average common shares outstanding: Basic 242.3 253.6 243.1 253.8 Dilutive unvested stock 1.5 2.3 1.7 — Diluted 243.8 255.9 244.8 253.8 Net income (loss) per share attributable to common stockholders—basic (1) $ 5.65 $ 2.92 $ 27.99 $ (0.49) Net income (loss) per share attributable to common stockholders—diluted (1) $ 5.61 $ 2.90 $ 27.79 $ (0.49) Dividends paid per common share $ 0.395 $ 0.33 $ 0.790 $ 0.66 (1) Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. On July 28, 2023, we declared a quarterly dividend of $0.395 per share of common stock that is payable on August 16, 2023 to stockholders of record as of the close of business on August 9, 2023. Potentially dilutive securities that were not included in the diluted net income (loss) per share computations because their effects would have been anti-dilutive were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Unvested stock (1) — — — 2.1 4.25% Convertible Senior Notes due 2045 (the “2045 Cheniere Convertible Senior Notes”) (2) — — — 0.3 Total potentially dilutive common shares — — — 2.4 (1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates. (2) The 2045 Cheniere Convertible Senior Notes were redeemed or converted in cash on January 5, 2022. However, the adoption of ASU 2020-06 on January 1, 2022 required a presumption of share settlement for the purpose of calculating the impact to diluted earnings per share during the period the notes were outstanding in 2022. |
Share Repurchase Programs
Share Repurchase Programs | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Share Repurchase Programs | SHARE REPURCHASE PROGRAMS On September 7, 2021, our board of directors (our “Board”) authorized a reset in the previously existing share repurchase program to $1.0 billion, inclusive of any amounts remaining under the previous authorization as of September 30, 2021, for an additional three years beginning on October 1, 2021. On September 12, 2022, our Board authorized an increase in the existing share repurchase program by $4.0 billion for an additional three years, beginning on October 1, 2022. The following table presents information with respect to common stock repurchased under our share repurchase program (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total shares repurchased 2.30 4.13 5.36 4.37 Weighted average price paid per share $ 146.56 $ 130.64 $ 146.90 $ 129.20 Total cost of repurchases (1) $ 337 $ 540 $ 788 $ 565 (1) Amount excludes associated commission fees and excise taxes incurred, which are excluded costs under the repurchase program. As of June 30, 2023, we had approximately $2.8 billion remaining under our share repurchase program. |
Customer Concentration
Customer Concentration | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | CUSTOMER CONCENTRATION The concentration of our customer credit risk in excess of 10% of total revenues and/or trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses was as follows: Percentage of Total Revenues from External Customers Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2023 2022 2023 2022 2023 2022 Customer A * * * * 17% * Customer B * * * * 13% * * Less than 10% |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
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): Six Months Ended June 30, 2023 2022 Cash paid during the period for interest on debt, net of amounts capitalized $ 685 $ 669 Cash paid for income taxes, net 54 11 Non-cash investing activity: Unpaid purchases of property, plant and equipment, net 53 189 Share-based compensation capitalized to property, plant and equipment 3 2 Transfers of property, plant and equipment in exchange for other non-current assets — 17 Non-cash financing activity: Unpaid dividends declared on unvested common stock 2 2 Unpaid repurchases of treasury stock inclusive of excise taxes 19 — See Note 10 —Leases for supplemental cash flow information related to our leases. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net loss attributable to common stockholders | $ 1,369 | $ 5,434 | $ 741 | $ (865) | $ 6,803 | $ (124) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2022 . Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023. |
Recent Accounting Standards | Recent Accounting Standards ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing contracts expected to arise from the market transition from LIBOR to alternative reference rates. The temporary optional expedients under the standard became effective March 12, 2020 and will be available until December 31, 2024 following a subsequent amendment to the standard. As further detailed in Note 9—Debt , our existing credit facilities include a variable interest rate indexed to SOFR, incorporated through amendments or replacements of previous credit facilities subsequent to the effective date of ASU |
Restricted Cash and Cash Equi_2
Restricted Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | Restricted cash and cash equivalents consisted of the following (in millions): June 30, December 31, 2023 2022 Restricted cash and cash equivalents SPL Project $ 241 $ 92 CCL Project 152 738 Cash held by our subsidiaries that is restricted to Cheniere 247 304 Total restricted cash and cash equivalents $ 640 $ 1,134 |
Trade and Other Receivables, _2
Trade and Other Receivables, Net of Current Expected Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables, Net of Current Expected Credit Losses | Trade and other receivables, net of current expected credit losses consisted of the following (in millions): June 30, December 31, 2023 2022 Trade receivables SPL and CCL $ 282 $ 922 Cheniere Marketing 369 917 Other receivables 58 105 Total trade and other receivables, net of current expected credit losses $ 709 $ 1,944 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consisted of the following (in millions): June 30, December 31, 2023 2022 LNG in-transit $ 82 $ 356 LNG 94 212 Materials 194 194 Natural gas 31 60 Other 3 4 Total inventory $ 404 $ 826 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net of Accumulated Depreciation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions): June 30, December 31, 2023 2022 LNG terminal Terminal and interconnecting pipeline facilities $ 33,918 $ 33,815 Site and related costs 452 451 Construction-in-process 2,446 1,685 Accumulated depreciation (5,542) (4,985) Total LNG terminal, net of accumulated depreciation 31,274 30,966 Fixed assets and other Computer and office equipment 35 33 Furniture and fixtures 20 20 Computer software 123 121 Leasehold improvements 55 48 Land 1 1 Other 20 19 Accumulated depreciation (198) (191) Total fixed assets and other, net of accumulated depreciation 56 51 Assets under finance leases Marine assets 529 533 Accumulated depreciation (38) (22) Total assets under finance lease, net of accumulated depreciation 491 511 Property, plant and equipment, net of accumulated depreciation $ 31,821 $ 31,528 |
Schedule of Depreciation and Offsets to LNG Terminal Costs | The following table shows depreciation expense and offsets to LNG terminal costs (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense $ 295 $ 274 $ 591 $ 544 Offsets to LNG terminal costs (1) — — — 204 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 (in millions): Fair Value Measurements as of June 30, 2023 December 31, 2022 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Liquefaction Supply Derivatives asset (liability) $ 23 $ 47 $ (4,611) $ (4,541) $ (66) $ (29) $ (9,924) $ (10,019) LNG Trading Derivatives asset (liability) (8) (27) — (35) 1 (47) — (46) FX Derivatives liability — (4) — (4) — (28) — (28) |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes quantitative information for the unobservable inputs for our Level 3 Liquefaction Supply Derivatives as of June 30, 2023: Net Fair Value Liability (in millions) Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Liquefaction Supply Derivatives $(4,611) Market approach incorporating present value techniques Henry Hub basis spread $(1.733) - $0.660 / $(0.054) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 83% - 484% / 191% (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Spread contemplates U.S. dollar-denominated pricing. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table shows the changes in the fair value of our Level 3 Liquefaction Supply Derivatives and LNG Trading Derivatives (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ (5,426) $ (7,423) $ (9,924) $ (4,036) Realized and change in fair value gains (losses) included in net income (loss) (1): Included in cost of sales, existing deals (2) 635 (1,407) 4,518 (4,482) Included in cost of sales, new deals (3) 3 — 9 — Purchases and settlements: Purchases (4) — 90 — (242) Settlements (5) 175 278 780 298 Transfers in and/or out of level 3 Transfers out of level 3 (6) 2 — 6 — Balance, end of period $ (4,611) $ (8,462) $ (4,611) $ (8,462) Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period $ 638 $ (1,407) $ 4,527 $ (4,482) (1) Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table. (2) Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period. (3) Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period. (4) Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing to exist at the end of the period. (5) Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period. (6) Transferred out of Level 3 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 derivative instruments on our Consolidated Balance Sheets (in millions): June 30, 2023 Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ 67 $ 26 $ — $ 93 Derivative assets 282 — — 282 Total derivative assets 349 26 — 375 Current derivative liabilities (1,150) (61) (4) (1,215) Derivative liabilities (3,740) — — (3,740) Total derivative liabilities (4,890) (61) (4) (4,955) Derivative liability, net $ (4,541) $ (35) $ (4) $ (4,580) December 31, 2022 Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ 36 $ 84 $ — $ 120 Derivative assets 35 — — 35 Total derivative assets 71 84 — 155 Current derivative liabilities (2,143) (130) (28) (2,301) Derivative liabilities (7,947) — — (7,947) Total derivative liabilities (10,090) (130) (28) (10,248) Derivative liability, net $ (10,019) $ (46) $ (28) $ (10,093) (1) Does not include collateral posted with counterparties by us of $3 million and $111 million as of June 30, 2023 and December 31, 2022, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $3 million and zero as of June 30, 2023 and December 31, 2022, respectively, which are included in other current liabilities on our Consolidated Balance Sheets. (2) Does not include collateral posted with counterparties by us of $33 million and $23 million, as of June 30, 2023 and December 31, 2022, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $2 million and zero as of June 30, 2023 and December 31, 2022, respectively, which are included in other current liabilities on our Consolidated Balance Sheets. |
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) for our derivative instruments that are presented on a net basis on our Consolidated Balance Sheets: Liquefaction Supply Derivatives LNG Trading Derivatives FX Derivatives As of June 30, 2023 Gross assets $ 468 $ 28 $ — Offsetting amounts (119) (2) — Net assets $ 349 $ 26 $ — Gross liabilities $ (5,020) $ (69) $ (4) Offsetting amounts 130 8 — Net liabilities $ (4,890) $ (61) $ (4) As of December 31, 2022 Gross assets $ 76 $ 87 $ — Offsetting amounts (5) (3) — Net assets $ 71 $ 84 $ — Gross liabilities $ (10,436) $ (132) $ (29) Offsetting amounts 346 2 1 Net liabilities $ (10,090) $ (130) $ (28) |
Commodity Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table shows the notional amounts of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”): June 30, 2023 December 31, 2022 Liquefaction Supply Derivatives (1) LNG Trading Derivatives Liquefaction Supply Derivatives LNG Trading Derivatives Notional amount, net (in TBtu) 13,947 10 14,504 50 (1) Excludes notional amounts associated with extension options that were uncertain to be taken as of June 30, 2023. |
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location (1) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 LNG Trading Derivatives LNG revenues $ (46) $ 30 $ 15 $ (217) LNG Trading Derivatives Recovery (cost) of sales (3) 17 (87) 107 Liquefaction Supply Derivatives (2) LNG revenues (1) 16 (6) 11 Liquefaction Supply Derivatives (2) Recovery (cost) of sales 826 (1,039) 5,497 (4,500) (1) 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. (2) Does not include the realized value associated with Liquefaction Supply Derivatives that settle through physical delivery. |
FX Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 FX Derivatives LNG revenues $ (6) $ 39 $ (8) $ 67 |
Non-Controlling Interest and _2
Non-Controlling Interest and Variable Interest Entity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
CQP [Member] | |
Noncontrolling Interest and Variable Interest Entity [Line Items] | |
Condensed Balance Sheet of Cheniere Partners | The following table presents the summarized assets and liabilities (in millions) of CQP, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of CQP. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include third party assets and liabilities of CQP only and exclude intercompany balances between CQP and Cheniere that eliminate in the Consolidated Financial Statements of Cheniere. June 30, December 31, 2023 2022 ASSETS Current assets Cash and cash equivalents $ 1,834 $ 904 Restricted cash and cash equivalents 241 92 Trade and other receivables, net of current expected credit losses 189 627 Other current assets 240 269 Total current assets 2,504 1,892 Property, plant and equipment, net of accumulated depreciation 16,463 16,725 Other non-current assets, net 301 288 Total assets $ 19,268 $ 18,905 LIABILITIES Current liabilities Accrued liabilities $ 561 $ 1,384 Current debt, net of discount and debt issuance costs 1,796 — Current derivative liabilities 366 769 Other current liabilities 171 191 Total current liabilities 2,894 2,344 Long-term debt, net of premium, discount and debt issuance costs 15,595 16,198 Derivative liabilities 1,936 3,024 Other non-current liabilities 117 98 Total liabilities $ 20,542 $ 21,664 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in millions): June 30, December 31, 2023 2022 Natural gas purchases $ 416 $ 1,621 Derivative settlements 6 7 Interest costs and related debt fees 201 383 LNG terminals and related pipeline costs 154 240 Compensation and benefits 88 245 LNG purchases 31 88 Other accrued liabilities 141 95 Total accrued liabilities $ 1,037 $ 2,679 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt consisted of the following (in millions): June 30, December 31, 2023 2022 SPL: Senior Secured Notes: 5.75% due 2024 (the “2024 SPL Senior Notes”) (1) $ 1,800 $ 2,000 5.625% due 2025 2,000 2,000 5.875% due 2026 1,500 1,500 5.00% due 2027 1,500 1,500 4.200% due 2028 1,350 1,350 4.500% due 2030 2,000 2,000 4.746% weighted average rate due 2037 1,782 1,782 Total SPL Senior Secured Notes 11,932 12,132 Working capital revolving credit and letter of credit reimbursement agreement (the “SPL Working Capital Facility”) — — Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”) — — Total debt - SPL 11,932 12,132 CQP: Senior Notes: 4.500% due 2029 1,500 1,500 4.000% due 2031 1,500 1,500 3.25% due 2032 1,200 1,200 5.95% due 2033 (the “2033 CQP Senior Notes”) 1,400 — Total CQP Senior Notes 5,600 4,200 Credit facilities (the “CQP Credit Facilities”) — — Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”) — — Total debt - CQP 5,600 4,200 CCH: Senior Secured Notes: 7.000% due 2024 (the “2024 CCH Senior Notes”) — 498 5.875% due 2025 1,491 1,491 5.125% due 2027 1,201 1,271 3.700% due 2029 1,125 1,361 3.788% weighted average rate due 2039 2,539 2,633 Total CCH Senior Secured Notes 6,356 7,254 Term loan facility agreement (the “CCH Credit Facility”) — — Working capital facility agreement (the “CCH Working Capital Facility”) (2) — — Total debt - CCH 6,356 7,254 Cheniere: 4.625% Senior Notes due 2028 1,500 1,500 Revolving credit agreement (the “Cheniere Revolving Credit Facility”) — — Total debt - Cheniere 1,500 1,500 Cheniere Marketing: trade finance facilities (2) — — Total debt 25,388 25,086 Current portion of long-term debt (1,796) (813) Long-term portion of unamortized premium, discount and debt issuance costs, net (212) (218) Total long-term debt, net of premium, discount and debt issuance costs $ 23,380 $ 24,055 (1) In July 2023, SPL redeemed $1.4 billion aggregate principal amount outstanding of the 2024 SPL Senior Notes using contributed proceeds from the 2033 CQP Senior Notes and cash on hand. (2) These debt instruments are classified as short-term debt as we are required to reduce the aggregate outstanding principal amount of the CCH Working Capital Facility to zero for a period of five consecutive business days at least once each year, and the borrowings under the Cheniere Marketing trade finance facilities are required to be repaid within 90 days. |
Schedule of Line of Credit Facilities and Delayed Draw Term Loan | Below is a summary of our committed credit facilities outstanding as of June 30, 2023 (in millions): SPL Revolving Credit Facility (1) CQP Revolving Credit Facility (1) CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility (2) Total facility size $ 1,000 $ 1,000 $ 3,260 $ 1,500 $ 1,250 Less: Outstanding balance — — — — — Letters of credit issued 329 — — 155 — Available commitment $ 671 $ 1,000 $ 3,260 $ 1,345 $ 1,250 Priority ranking Senior secured Senior unsecured Senior secured Senior secured Unsecured Interest rate on available balance (3) SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.75% or base rate plus 0.0% - 0.75% SOFR plus credit spread adjustment of 0.1%, plus margin of 1.125% - 2.0% or base rate plus 0.125% - 1.0% SOFR plus credit spread adjustment of 0.1%, plus margin of 1.5% or base rate plus 0.5% SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5% SOFR plus credit spread adjustment of 0.1%, plus margin of 1.075% - 2.20% or base rate plus 0.115% - 0.365% Commitment fees on undrawn balance (3) 0.075% - 0.30% 0.10% - 0.30% 0.525% 0.10% - 0.20% 0.115% - 0.365% (4) Maturity date June 23, 2028 June 23, 2028 (5) June 15, 2027 October 28, 2026 (1) In June 2023, CQP and SPL refinanced and replaced the CQP Credit Facilities and the SPL Working Capital Facility with the CQP Revolving Credit Facility and the SPL Revolving Credit Facility, respectively, resulting in extended maturity dates, revised borrowing capacities, reduced rate of interest and commitment fees applicable thereunder and certain other changes to terms and conditions. (2) In June 2023, we amended the Cheniere Revolving Credit Facility to update the indexed interest rate to SOFR. (3) The margin on the interest rate and the commitment fees is subject to change based on the applicable entity’s credit rating. (4) In April 2023, the commitment fees for the Cheniere Revolving Credit Facility were reduced as a result of achieving certain ESG metrics. (5) The CCH Credit Facility matures the earlier of June 15, 2029 or two years after the substantial completion of the last Train of the Corpus Christi Stage 3 Project. |
Schedule of Interest Expense | Total interest expense, net of capitalized interest, consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total interest cost $ 319 $ 370 $ 640 $ 742 Capitalized interest (28) (13) (52) (36) Total interest expense, net of capitalized interest $ 291 $ 357 $ 588 $ 706 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table shows the carrying amount and estimated fair value of our senior notes (in millions): June 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Senior notes $ 25,388 $ 24,044 $ 25,086 $ 23,500 (1) As of both June 30, 2023 and December 31, 2022, $3.0 billion of the fair value of our senior notes included an illiquidity adjustment, which qualified as a Level 3 fair value measurement. The remainder of our senior notes are classified as Level 2, based on prices derived from trades or indicative bids of the instruments or instruments with similar terms, maturities and credit standing. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Leases, Balance Sheet Location | The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions): June 30, December 31, Consolidated Balance Sheets Location 2023 2022 Right-of-use assets—Operating Operating lease assets $ 2,487 $ 2,625 Right-of-use assets—Financing Property, plant and equipment, net of accumulated depreciation 491 511 Total right-of-use assets $ 2,978 $ 3,136 Current operating lease liabilities Current operating lease liabilities $ 598 $ 616 Current finance lease liabilities Other current liabilities 32 28 Non-current operating lease liabilities Operating lease liabilities 1,863 1,971 Non-current finance lease liabilities Finance lease liabilities 483 494 Total lease liabilities $ 2,976 $ 3,109 |
Schedule of Lease Cost, Income Statement Location | The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions): Consolidated Statements of Operations Location Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost (a) Operating costs and expenses (1) $ 185 $ 189 $ 398 $ 391 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 11 1 24 2 Interest on lease liabilities Interest expense, net of capitalized interest 7 3 16 5 Total lease cost $ 203 $ 193 $ 438 $ 398 (a) Included in operating lease cost: Short-term lease costs $ 2 $ 23 $ 25 $ 64 Variable lease costs 2 — 14 9 |
Schedule of Maturity of Lease Liabilities | Future annual minimum lease payments for operating and finance leases as of June 30, 2023 are as follows (in millions): Years Ending December 31, Operating Leases Finance Leases 2023 $ 338 $ 32 2024 674 66 2025 554 71 2026 421 75 2027 324 77 Thereafter 524 427 Total lease payments (1) 2,835 748 Less: Interest (374) (233) Present value of lease liabilities $ 2,461 $ 515 (1) Does not include approximately $4.4 billion of legally binding minimum payments primarily for vessel charters executed as of June 30, 2023, but will commence in future periods with fixed minimum lease terms of up to 15 years. |
Lease, Other Quantitative Information | The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases: June 30, 2023 December 31, 2022 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 5.7 10.2 5.9 10.6 Weighted-average discount rate (1) 4.3% 7.7% 4.2% 7.8% (1) The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 359 $ 324 Operating cash flows from finance leases 18 5 Financing cash flows from finance leases 13 — Right-of-use assets obtained in exchange for operating lease liabilities 177 433 Right-of-use assets obtained in exchange for finance lease liabilities 5 — |
Schedule of Sublease Income | The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed income $ 97 $ 34 $ 231 $ 66 Variable income 13 6 36 25 Total sublease income $ 110 $ 40 $ 267 $ 91 |
Sublease Payment to be Received, Fiscal Year Maturity | Future annual minimum sublease payments to be received from LNG vessel subcharters as of June 30, 2023 are as follows (in millions): Years Ending December 31, Sublease Payments 2023 $ 140 2024 108 2025 — 2026 — 2027 — Thereafter — Total sublease payments $ 248 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents a disaggregation of revenue earned (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues from contracts with customers LNG revenues $ 3,972 $ 7,788 $ 11,009 $ 15,352 Regasification revenues 33 68 67 136 Other revenues 42 26 70 51 Total revenues from contracts with customers 4,047 7,882 11,146 15,539 Net derivative gain (loss) (1) (53) 85 1 (139) Other (2) 108 40 265 91 Total revenues $ 4,102 $ 8,007 $ 11,412 $ 15,491 (1) See Note 6—Derivative Instruments for additional information about our derivatives. (2) Includes revenues from LNG vessel subcharters. See Note 10—Leases for additional information about our subleases. |
Contract Assets | The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions): June 30, December 31, 2023 2022 Contract assets, net of current expected credit losses $ 196 $ 186 |
Contract Liabilities | The following table reflects the changes in our contract liabilities, which we classify as deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions): Six Months Ended June 30, 2023 Deferred revenue, beginning of period $ 320 Cash received but not yet recognized in revenue 239 Revenue recognized from prior period deferral (320) Deferred revenue, end of period $ 239 |
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: June 30, 2023 December 31, 2022 Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 113.0 9 $ 112.0 9 Regasification revenues 0.7 3 0.8 4 Total revenues $ 113.7 $ 112.8 (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. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 LNG Revenues Natural Gas Transportation and Storage Agreements with a related party through Brookfield Asset Management, Inc. (“Brookfield”) (1) $ — $ 4 $ — $ 4 Other revenues Operation and Maintenance Services Agreements with Midship Pipeline Company, LLC (“Midship Pipeline”) (2) 2 2 5 4 Cost of sales Natural Gas Transportation and Storage Agreements with a related party through Brookfield (1) — 1 — 1 Operating and maintenance expense Natural Gas Transportation and Storage Agreements with Midship Pipeline (2) 2 3 4 5 Natural Gas Transportation and Storage Agreements with a related party through Brookfield (1) 14 15 30 27 (1) This related party is partially owned by Brookfield, who indirectly owns a portion of CQP’s limited partner interests. (2) Midship Pipeline is a subsidiary of Midship Holdings, LLC, which we recognize as an equity method investment. Below is a summary of our related party balances, all in the ordinary course of business, as reported on our Consolidated Balance Sheets (in millions): June 30, December 31, 2023 2022 Trade and other receivables, net of current expected credit losses $ 2 $ 1 Accrued liabilities 5 1 |
Net Income (Loss) Per Share A_2
Net Income (Loss) Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles basic and diluted weighted average common shares outstanding and common stock dividends declared (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) attributable to common stockholders $ 1,369 $ 741 $ 6,803 $ (124) Weighted average common shares outstanding: Basic 242.3 253.6 243.1 253.8 Dilutive unvested stock 1.5 2.3 1.7 — Diluted 243.8 255.9 244.8 253.8 Net income (loss) per share attributable to common stockholders—basic (1) $ 5.65 $ 2.92 $ 27.99 $ (0.49) Net income (loss) per share attributable to common stockholders—diluted (1) $ 5.61 $ 2.90 $ 27.79 $ (0.49) Dividends paid per common share $ 0.395 $ 0.33 $ 0.790 $ 0.66 (1) Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities that were not included in the diluted net income (loss) per share computations because their effects would have been anti-dilutive were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Unvested stock (1) — — — 2.1 4.25% Convertible Senior Notes due 2045 (the “2045 Cheniere Convertible Senior Notes”) (2) — — — 0.3 Total potentially dilutive common shares — — — 2.4 (1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates. (2) The 2045 Cheniere Convertible Senior Notes were redeemed or converted in cash on January 5, 2022. However, the adoption of ASU 2020-06 on January 1, 2022 required a presumption of share settlement for the purpose of calculating the impact to diluted earnings per share during the period the notes were outstanding in 2022. |
Share Repurchase Programs (Tabl
Share Repurchase Programs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Share Repurchases Under the Share Repurchase Program | The following table presents information with respect to common stock repurchased under our share repurchase program (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total shares repurchased 2.30 4.13 5.36 4.37 Weighted average price paid per share $ 146.56 $ 130.64 $ 146.90 $ 129.20 Total cost of repurchases (1) $ 337 $ 540 $ 788 $ 565 (1) Amount excludes associated commission fees and excise taxes incurred, which are excluded costs under the repurchase program. |
Customer Concentration (Tables)
Customer Concentration (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue and Accounts Receivable by Major Customers | The concentration of our customer credit risk in excess of 10% of total revenues and/or trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses was as follows: Percentage of Total Revenues from External Customers Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2023 2022 2023 2022 2023 2022 Customer A * * * * 17% * Customer B * * * * 13% * * Less than 10% |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental disclosure of cash flow information (in millions): Six Months Ended June 30, 2023 2022 Cash paid during the period for interest on debt, net of amounts capitalized $ 685 $ 669 Cash paid for income taxes, net 54 11 Non-cash investing activity: Unpaid purchases of property, plant and equipment, net 53 189 Share-based compensation capitalized to property, plant and equipment 3 2 Transfers of property, plant and equipment in exchange for other non-current assets — 17 Non-cash financing activity: Unpaid dividends declared on unvested common stock 2 2 Unpaid repurchases of treasury stock inclusive of excise taxes 19 — |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2023 mi milliontonnes / yr unit item trains | |
Organization and Nature of Operations [Line Items] | |
Number Of Natural Gas Liquefaction And Export Facilities | unit | 2 |
Sabine Pass LNG Terminal [Member] | |
Organization and Nature of Operations [Line Items] | |
Number of Liquefaction LNG Trains Operating | trains | 6 |
Total Production Capability | milliontonnes / yr | 30 |
Number of LNG Storage Tanks | unit | 5 |
Number of Marine Berths Operating | item | 3 |
Creole Trail Pipeline [Member] | |
Organization and Nature of Operations [Line Items] | |
Length of Natural Gas Pipeline | mi | 94 |
Corpus Christi LNG Terminal [Member] | |
Organization and Nature of Operations [Line Items] | |
Number of Liquefaction LNG Trains Operating | trains | 3 |
Total Production Capability | milliontonnes / yr | 15 |
Number of LNG Storage Tanks | unit | 3 |
Number of Marine Berths Operating | item | 2 |
Corpus Christi Stage 3 Project | Maximum [Member] | |
Organization and Nature of Operations [Line Items] | |
Number of Liquefaction LNG Trains | trains | 7 |
Corpus Christi Stage 3 Project | Minimum [Member] | |
Organization and Nature of Operations [Line Items] | |
Total Production Capability | milliontonnes / yr | 10 |
Corpus Christi Pipeline [Member] | |
Organization and Nature of Operations [Line Items] | |
Length of Natural Gas Pipeline | mi | 21.5 |
Corpus Christi LNG Terminal Expansion [Member] | |
Organization and Nature of Operations [Line Items] | |
Total Production Capability | milliontonnes / yr | 3 |
Number of Liquefaction LNG Trains | trains | 2 |
Sabine Pass LNG Terminal Expansion | |
Organization and Nature of Operations [Line Items] | |
Total Production Capability | milliontonnes / yr | 20 |
Number of Liquefaction LNG Trains | trains | 3 |
CQP [Member] | |
Organization and Nature of Operations [Line Items] | |
General Partner ownership percentage | 100% |
Limited Partner ownership percentage | 48.60% |
Restricted Cash and Cash Equi_3
Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and cash equivalents | $ 640 | [1] | $ 1,134 |
SPL Project [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and cash equivalents | 241 | 92 | |
CCL Project [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and cash equivalents | 152 | 738 | |
Cash held by our subsidiaries restricted to Cheniere [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and cash equivalents | $ 247 | $ 304 | |
[1] Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7—Non-controlling Interest and Variable Interest Entity . As of June 30, 2023, total assets and liabilities of CQP were $19.3 billion and $20.5 billion, respectively, including $1.8 billion of cash and cash equivalents and $241 million of restricted cash and cash equivalents. |
Trade and Other Receivables, _3
Trade and Other Receivables, Net of Current Expected Credit Losses (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts and Other Receivables [Line Items] | ||
Other receivables | $ 58 | $ 105 |
Total trade and other receivables, net of current expected credit losses | 709 | 1,944 |
SPL and CCL | ||
Accounts and Other Receivables [Line Items] | ||
Trade receivables | 282 | 922 |
Cheniere Marketing | ||
Accounts and Other Receivables [Line Items] | ||
Trade receivables | $ 369 | $ 917 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Inventory | $ 404 | $ 826 |
LNG in-transit [Member] | ||
Inventory [Line Items] | ||
Inventory | 82 | 356 |
LNG [Member] | ||
Inventory [Line Items] | ||
Inventory | 94 | 212 |
Materials [Member] | ||
Inventory [Line Items] | ||
Inventory | 194 | 194 |
Natural gas [Member] | ||
Inventory [Line Items] | ||
Inventory | 31 | 60 |
Other [Member] | ||
Inventory [Line Items] | ||
Inventory | $ 3 | $ 4 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Property, Plant and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net of accumulated depreciation | $ 31,821 | $ 31,528 |
LNG terminal [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (5,542) | (4,985) |
Property, plant and equipment, net of accumulated depreciation | 31,274 | 30,966 |
Terminal and interconnecting pipeline facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 33,918 | 33,815 |
Site and related costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 452 | 451 |
Construction-in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,446 | 1,685 |
Fixed assets and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (198) | (191) |
Property, plant and equipment, net of accumulated depreciation | 56 | 51 |
Computer and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 35 | 33 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 20 | 20 |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 123 | 121 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 55 | 48 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1 | 1 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 20 | 19 |
Assets under finance leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 529 | 533 |
Accumulated depreciation | (38) | (22) |
Property, plant and equipment, net of accumulated depreciation | $ 491 | $ 511 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Depreciation and Offsets to LNG Terminal Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Property, Plant and Equipment [Abstract] | |||||
Depreciation expense | $ 295 | $ 274 | $ 591 | $ 544 | |
Offsets to LNG terminal costs | [1] | $ 0 | $ 0 | $ 0 | $ 204 |
[1]We recognize offsets to LNG terminal costs 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 Projects during the testing phase for its construction. |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Liquefaction Supply Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 15 years | |
LNG Trading Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 1 year | |
FX Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 414 | $ 619 |
FX Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 1 year |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Liquefaction Supply Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (4,541) | $ (10,019) |
Liquefaction Supply Derivatives [Member] | 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 | 23 | (66) |
Liquefaction Supply Derivatives [Member] | 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 | 47 | (29) |
Liquefaction Supply Derivatives [Member] | 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 | (4,611) | (9,924) |
LNG Trading Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (35) | (46) |
LNG Trading Derivatives [Member] | 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 | (8) | 1 |
LNG Trading Derivatives [Member] | 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 | (27) | (47) |
LNG Trading Derivatives [Member] | 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 | 0 | 0 |
FX Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (4) | (28) |
FX Derivatives [Member] | 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 | 0 | 0 |
FX Derivatives [Member] | 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 | (4) | (28) |
FX Derivatives [Member] | 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 | $ 0 | $ 0 |
Derivative Instruments - Fair_2
Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Liquefaction Supply Derivatives [Member] - Fair Value, Inputs, Level 3 [Member] | 6 Months Ended | |
Jun. 30, 2023 USD ($) | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Net Fair Value Liabilities | $ (4,611,000,000) | |
Valuation, Market Approach [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | (1.733) | [1] |
Valuation, Market Approach [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | 0.660 | [1] |
Valuation, Market Approach [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | $ (0.054) | [1] |
Valuation Technique, Option Pricing Model [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread Percentage | 83% | [1],[2] |
Valuation Technique, Option Pricing Model [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread Percentage | 484% | [1],[2] |
Valuation Technique, Option Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread Percentage | 191% | [1],[2] |
[1]Unobservable inputs were weighted by the relative fair value of the instruments.[2]Spread contemplates U.S. dollar-denominated pricing. |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Level 3 Derivatives Activity (Details) - Physical Liquefaction Supply Derivatives and Physical LNG Trading Derivative - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of period | $ (5,426) | $ (7,423) | $ (9,924) | $ (4,036) | |
Realized and change in fair value gains (losses) included in net income: | |||||
Included in cost of sales, existing deals | [1],[2] | 635 | (1,407) | 4,518 | (4,482) |
Included in cost of sales, new deals | [1],[3] | 3 | 0 | 9 | 0 |
Purchases and settlements: | |||||
Purchases | [4] | 0 | 90 | 0 | (242) |
Settlements | [5] | 175 | 278 | 780 | 298 |
Transfers out of level 3 | [6] | 2 | 0 | 6 | 0 |
Balance, end of period | (4,611) | (8,462) | (4,611) | (8,462) | |
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period | $ 638 | $ (1,407) | $ 4,527 | $ (4,482) | |
[1]Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table.[2]Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.[3]Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.[4]Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing to exist at the end of the period.[5]Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.[6]Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements. |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - tbtu | Jun. 30, 2023 | Dec. 31, 2022 | |
Liquefaction Supply Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 13,947 | [1] | 14,504 |
LNG Trading Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 10 | 50 | |
[1]Excludes notional amounts associated with extension options that were uncertain to be taken as of June 30, 2023. |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
LNG Trading Derivatives [Member] | LNG Revenues [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | [1] | $ (46) | $ 30 | $ 15 | $ (217) |
LNG Trading Derivatives [Member] | Recovery (cost) of sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | [1] | (3) | 17 | (87) | 107 |
Liquefaction Supply Derivatives [Member] | LNG Revenues [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | [1],[2] | (1) | 16 | (6) | 11 |
Liquefaction Supply Derivatives [Member] | Recovery (cost) of sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | [1],[2] | 826 | (1,039) | 5,497 | (4,500) |
FX Derivatives [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | $ (6) | $ 39 | $ (8) | $ 67 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues | |
[1]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.[2]Does not include the realized value associated with Liquefaction Supply Derivatives that settle through physical delivery. |
Derivative Instruments - Fair_3
Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | $ 93 | $ 120 | |
Derivative assets | 282 | 35 | |
Total derivative assets | 375 | 155 | |
Current derivative liabilities | (1,215) | (2,301) | |
Derivative liabilities | (3,740) | (7,947) | |
Total derivative liabilities | (4,955) | (10,248) | |
Derivative asset (liability), net | $ (4,580) | $ (10,093) | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Current derivative assets | Current derivative assets | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Derivative assets | Derivative assets | |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current derivative liabilities | Current derivative liabilities | |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Derivative liabilities | Derivative liabilities | |
Liquefaction Supply Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | [1] | $ 67 | $ 36 |
Derivative assets | [1] | 282 | 35 |
Total derivative assets | [1] | 349 | 71 |
Current derivative liabilities | [1] | (1,150) | (2,143) |
Derivative liabilities | [1] | (3,740) | (7,947) |
Total derivative liabilities | [1] | (4,890) | (10,090) |
Derivative asset (liability), net | [1] | (4,541) | (10,019) |
Derivative, collateral posted by us | 3 | 111 | |
Derivative, collateral posted by counterparties | 3 | 0 | |
LNG Trading Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | [2] | 26 | 84 |
Derivative assets | [2] | 0 | 0 |
Total derivative assets | [2] | 26 | 84 |
Current derivative liabilities | [2] | (61) | (130) |
Derivative liabilities | [2] | 0 | 0 |
Total derivative liabilities | [2] | (61) | (130) |
Derivative asset (liability), net | [2] | (35) | (46) |
Derivative, collateral posted by us | 33 | 23 | |
Derivative, collateral posted by counterparties | 2 | 0 | |
FX Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 0 | 0 | |
Derivative assets | 0 | 0 | |
Total derivative assets | 0 | 0 | |
Current derivative liabilities | (4) | (28) | |
Derivative liabilities | 0 | 0 | |
Total derivative liabilities | (4) | (28) | |
Derivative asset (liability), net | $ (4) | $ (28) | |
[1]Does not include collateral posted with counterparties by us of $3 million and $111 million as of June 30, 2023 and December 31, 2022, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $3 million and zero as of June 30, 2023 and December 31, 2022, respectively, which are included in other current liabilities on our Consolidated Balance Sheets.[2]Does not include collateral posted with counterparties by us of $33 million and $23 million, as of June 30, 2023 and December 31, 2022, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $2 million and zero as of June 30, 2023 and December 31, 2022, respectively, which are included in other current liabilities on our Consolidated Balance Sheets. |
Derivative Instruments - Deri_2
Derivative Instruments - Derivative Net Presentation on Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Liquefaction Supply Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | $ 468 | $ 76 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (119) | (5) |
Derivative Assets (Liabilities), at Fair Value, Net | 349 | 71 |
Liquefaction Supply Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (5,020) | (10,436) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 130 | 346 |
Derivative Assets (Liabilities), at Fair Value, Net | (4,890) | (10,090) |
LNG Trading Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 28 | 87 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (2) | (3) |
Derivative Assets (Liabilities), at Fair Value, Net | 26 | 84 |
LNG Trading Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (69) | (132) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 8 | 2 |
Derivative Assets (Liabilities), at Fair Value, Net | (61) | (130) |
FX Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 0 | 0 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
FX Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (4) | (29) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 1 |
Derivative Assets (Liabilities), at Fair Value, Net | (4) | (28) |
Liquefaction Supply Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (4,541) | (10,019) |
LNG Trading Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (35) | $ (46) |
Non-Controlling Interest and _3
Non-Controlling Interest and Variable Interest Entity (Details) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | ||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | $ 4,529 | [1] | $ 1,353 |
Restricted cash and cash equivalents | 640 | [1] | 1,134 |
Other current assets | 129 | 97 | |
Total current assets | 6,540 | 5,608 | |
Property, plant and equipment, net of accumulated depreciation | 31,821 | 31,528 | |
Other non-current assets, net | 560 | 529 | |
Total assets | 41,803 | [1] | 41,266 |
Accrued liabilities | 1,037 | 2,679 | |
Current debt, net of discount and debt issuance costs | 1,796 | 813 | |
Current derivative liabilities | 1,215 | 2,301 | |
Other current liabilities | 37 | 28 | |
Total current liabilities | 4,913 | 6,795 | |
Long-term debt, net of premium, discount and debt issuance costs | 23,380 | 24,055 | |
Derivative liabilities | 3,740 | 7,947 | |
Other non-current liabilities | $ 201 | 175 | |
CQP [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Limited Partner ownership percentage | 48.60% | ||
General Partner ownership percentage | 100% | ||
CQP [Member] | Common Units [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Partners Capital Account, Units, Units Held | 239.9 | ||
CQP [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | $ 1,834 | 904 | |
Restricted cash and cash equivalents | 241 | 92 | |
Trade and other receivables, net of current expected credit losses | 189 | 627 | |
Other current assets | 240 | 269 | |
Total current assets | 2,504 | 1,892 | |
Property, plant and equipment, net of accumulated depreciation | 16,463 | 16,725 | |
Other non-current assets, net | 301 | 288 | |
Total assets | 19,268 | 18,905 | |
Accrued liabilities | 561 | 1,384 | |
Current debt, net of discount and debt issuance costs | 1,796 | 0 | |
Current derivative liabilities | 366 | 769 | |
Other current liabilities | 171 | 191 | |
Total current liabilities | 2,894 | 2,344 | |
Long-term debt, net of premium, discount and debt issuance costs | 15,595 | 16,198 | |
Derivative liabilities | 1,936 | 3,024 | |
Other non-current liabilities | 117 | 98 | |
Total liabilities | $ 20,542 | $ 21,664 | |
[1] Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7—Non-controlling Interest and Variable Interest Entity . As of June 30, 2023, total assets and liabilities of CQP were $19.3 billion and $20.5 billion, respectively, including $1.8 billion of cash and cash equivalents and $241 million of restricted cash and cash equivalents. |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Natural gas purchases | $ 416 | $ 1,621 |
Derivative settlements | 6 | 7 |
Interest costs and related debt fees | 201 | 383 |
LNG terminals and related pipeline costs | 154 | 240 |
Compensation and benefits | 88 | 245 |
LNG purchases | 31 | 88 |
Other accrued liabilities | 141 | 95 |
Total accrued liabilities | $ 1,037 | $ 2,679 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Jul. 01, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 25,388 | $ 25,086 | ||
Current portion of long-term debt | (1,796) | (813) | ||
Long-term portion of unamortized premium, discount and debt issuance costs, net | (212) | (218) | ||
Total Long-Term Debt, Net of Premium, Discount and Debt Issuance Costs | 23,380 | 24,055 | ||
SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 11,932 | 12,132 | ||
2024 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | [1] | $ 1,800 | 2,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||
2024 SPL Senior Notes [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchase Amount | $ 1,400 | |||
2025 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,000 | 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||
2026 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
2027 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5% | |||
2028 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,350 | 1,350 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||
2030 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,000 | 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
2037 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,782 | 1,782 | ||
2037 SPL Senior Notes [Member] | Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.746% | |||
SPL Working Capital Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 0 | ||
SPL Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 0 | 0 | ||
CQP Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 5,600 | 4,200 | ||
2029 CQP Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
2031 CQP Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||
2032 CQP Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,200 | 1,200 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||
2033 Cheniere Energy Partners Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,400 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | |||
CQP Credit Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 0 | ||
CQP Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 0 | 0 | ||
CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 6,356 | 7,254 | ||
2024 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 498 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7% | |||
2025 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,491 | 1,491 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
2027 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,201 | 1,271 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||
2029 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,125 | 1,361 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||
2039 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,539 | 2,633 | ||
2039 CCH Senior Notes [Member] | Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.788% | |||
CCH Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 0 | ||
CCH Working Capital Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | [2] | 0 | 0 | |
2028 Cheniere Senior Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||
Cheniere Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 0 | ||
Cheniere Marketing Trade Finance Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | [2] | 0 | 0 | |
Cheniere [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 1,500 | 1,500 | ||
SPL [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 11,932 | 12,132 | ||
CQP [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 5,600 | 4,200 | ||
CCH [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 6,356 | $ 7,254 | ||
[1]In July 2023, SPL redeemed $1.4 billion aggregate principal amount outstanding of the 2024 SPL Senior Notes using contributed proceeds from the 2033 CQP Senior Notes and cash on hand.[2]These debt instruments are classified as short-term debt as we are required to reduce the aggregate outstanding principal amount of the CCH Working Capital Facility to zero for a period of five consecutive business days at least once each year, and the borrowings under the Cheniere Marketing trade finance facilities are required to be repaid within 90 days. |
Debt - Credit Facilities Table
Debt - Credit Facilities Table (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) unit Rate | Jun. 30, 2022 USD ($) | ||
Line of Credit Facility [Line Items] | |||||
Debt modification and extinguishment costs | $ (2) | $ (28) | $ 18 | $ (46) | |
Debt, Minimum Historical Debt Service Coverage Ratio And Projected Debt Service Coverage Ratio | unit | 1.25 | ||||
SPL Revolving Credit Facility and CQP Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt modification and extinguishment costs | 1 | $ 1 | |||
SPL Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total facility size | [1] | 1,000 | 1,000 | ||
Outstanding balance | [1] | 0 | 0 | ||
Letters of credit issued | [1] | 329 | 329 | ||
Available commitment | [1] | 671 | $ 671 | ||
Debt Instrument, Description of Variable Rate Basis | SOFR or base rate | ||||
Maturity date | [1] | Jun. 23, 2028 | |||
SPL Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | [1],[2] | 0.075% | |||
SPL Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | [1],[2] | 0.30% | |||
SPL Revolving Credit Facility [Member] | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Credit Spread Adjustment On Variable Rate | Rate | [1],[2] | 0.10% | |||
SPL Revolving Credit Facility [Member] | SOFR | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 1% | |||
SPL Revolving Credit Facility [Member] | SOFR | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 1.75% | |||
SPL Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 0% | |||
SPL Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 0.75% | |||
CQP Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Total facility size | [1] | 1,000 | $ 1,000 | ||
Outstanding balance | [1] | 0 | 0 | ||
Letters of credit issued | [1] | 0 | 0 | ||
Available commitment | [1] | 1,000 | $ 1,000 | ||
Debt Instrument, Description of Variable Rate Basis | SOFR or base rate | ||||
Maturity date | [1] | Jun. 23, 2028 | |||
CQP Revolving Credit Facility | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | [1],[2] | 0.10% | |||
CQP Revolving Credit Facility | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | [1],[2] | 0.30% | |||
CQP Revolving Credit Facility | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Credit Spread Adjustment On Variable Rate | Rate | [1],[2] | 0.10% | |||
CQP Revolving Credit Facility | SOFR | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 1.125% | |||
CQP Revolving Credit Facility | SOFR | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 2% | |||
CQP Revolving Credit Facility | Base Rate [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 0.125% | |||
CQP Revolving Credit Facility | Base Rate [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 1% | |||
CCH Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total facility size | 3,260 | $ 3,260 | |||
Outstanding balance | 0 | 0 | |||
Letters of credit issued | 0 | 0 | |||
Available commitment | 3,260 | $ 3,260 | |||
Debt Instrument, Description of Variable Rate Basis | SOFR or base rate | ||||
Line of Credit Facility, Commitment Fee Percentage | [2] | 0.525% | |||
CCH Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maturity date | Jun. 15, 2029 | ||||
Debt Instrument, Maturity Date, Years after Substantial Completion | 2 years | ||||
CCH Credit Facility [Member] | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Credit Spread Adjustment On Variable Rate | Rate | [2] | 0.10% | |||
Debt Instrument, Basis Spread on Variable Rate | Rate | [2] | 1.50% | |||
CCH Credit Facility [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 0.50% | |||
CCH Working Capital Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total facility size | 1,500 | $ 1,500 | |||
Outstanding balance - current | 0 | 0 | |||
Letters of credit issued | 155 | 155 | |||
Available commitment | 1,345 | $ 1,345 | |||
Debt Instrument, Description of Variable Rate Basis | SOFR or base rate | ||||
Maturity date | Jun. 15, 2027 | ||||
CCH Working Capital Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | [2] | 0.10% | |||
CCH Working Capital Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | [2] | 0.20% | |||
CCH Working Capital Facility [Member] | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Credit Spread Adjustment On Variable Rate | Rate | [2] | 0.10% | |||
CCH Working Capital Facility [Member] | SOFR | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [2] | 1% | |||
CCH Working Capital Facility [Member] | SOFR | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [2] | 1.50% | |||
CCH Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 0% | |||
CCH Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 0.50% | |||
Cheniere Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total facility size | [3] | 1,250 | $ 1,250 | ||
Outstanding balance | [3] | 0 | 0 | ||
Letters of credit issued | [3] | 0 | 0 | ||
Available commitment | [3] | $ 1,250 | $ 1,250 | ||
Debt Instrument, Description of Variable Rate Basis | SOFR or base rate | ||||
Maturity date | [3] | Oct. 28, 2026 | |||
Cheniere Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | [2],[3],[4] | 0.115% | |||
Cheniere Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | [2],[3],[4] | 0.365% | |||
Cheniere Revolving Credit Facility [Member] | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Credit Spread Adjustment On Variable Rate | Rate | [2],[3] | 0.10% | |||
Cheniere Revolving Credit Facility [Member] | SOFR | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [2],[3] | 1.075% | |||
Cheniere Revolving Credit Facility [Member] | SOFR | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [2],[3] | 2.20% | |||
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [2],[3] | 0.115% | |||
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [2],[3] | 0.365% | |||
[1]In June 2023, CQP and SPL refinanced and replaced the CQP Credit Facilities and the SPL Working Capital Facility with the CQP Revolving Credit Facility and the SPL Revolving Credit Facility, respectively, resulting in extended maturity dates, revised borrowing capacities, reduced rate of interest and commitment fees applicable thereunder and certain other changes to terms and conditions.[2]The margin on the interest rate and the commitment fees is subject to change based on the applicable entity’s credit rating[3]In June 2023, we amended the Cheniere Revolving Credit Facility to update the indexed interest rate to SOFR.[4]In April 2023, the commitment fees for the Cheniere Revolving Credit Facility were reduced as a result of achieving certain ESG metrics. |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
Total interest cost | $ 319 | $ 370 | $ 640 | $ 742 |
Capitalized interest | (28) | (13) | (52) | (36) |
Total interest expense, net of capitalized interest | $ 291 | $ 357 | $ 588 | $ 706 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | $ 25,388 | $ 25,086 | |
Senior Notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 2 and Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | 25,388 | 25,086 | |
Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 and Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes, Estimated Fair Value | [1] | 24,044 | 23,500 |
Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes, Estimated Fair Value | $ 3,000 | $ 3,000 | |
[1]As of both June 30, 2023 and December 31, 2022, $3.0 billion of the fair value of our senior notes included an illiquidity adjustment, which qualified as a Level 3 fair value measurement. The remainder of our senior notes are classified as Level 2, based on prices derived from trades or indicative bids of the instruments or instruments with similar terms, maturities and credit standing. |
Leases - Balance Sheet Location
Leases - Balance Sheet Location Table (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use assets—Operating | $ 2,487 | $ 2,625 |
Right-of-use assets—Financing | 491 | 511 |
Total right-of-use assets | 2,978 | 3,136 |
Current operating lease liabilities | 598 | 616 |
Current finance lease liabilities | 32 | 28 |
Non-current operating lease liabilities | 1,863 | 1,971 |
Non-current finance lease liabilities | 483 | 494 |
Total lease liabilities | $ 2,976 | $ 3,109 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right-of-use assets—Operating | Right-of-use assets—Operating |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net of accumulated depreciation | Property, plant and equipment, net of accumulated depreciation |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current operating lease liabilities | Current operating lease liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Non-current operating lease liabilities | Non-current operating lease liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Non-current finance lease liabilities | Non-current finance lease liabilities |
Leases - Income Statement Locat
Leases - Income Statement Location Table (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Finance lease cost: | |||||
Total lease cost | $ 203 | $ 193 | $ 438 | $ 398 | |
Operating costs and expenses [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease cost | [1] | 185 | 189 | 398 | 391 |
Finance lease cost: | |||||
Short-term lease costs | 2 | 23 | 25 | 64 | |
Variable lease costs | 2 | 0 | 14 | 9 | |
Depreciation and amortization expense [Member] | |||||
Finance lease cost: | |||||
Amortization of right-of-use assets | 11 | 1 | 24 | 2 | |
Interest expense, net of capitalized interest [Member] | |||||
Finance lease cost: | |||||
Interest on lease liabilities | $ 7 | $ 3 | $ 16 | $ 5 | |
[1]Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the use of the asset under lease. |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Table (Details) $ in Millions | Jun. 30, 2023 USD ($) | |
Operating Leases, Future Minimum Payments | ||
2023 | $ 338 | |
2024 | 674 | |
2025 | 554 | |
2026 | 421 | |
2027 | 324 | |
Thereafter | 524 | |
Total lease payments | 2,835 | [1] |
Less: Interest | (374) | |
Present value of lease liabilities | 2,461 | |
Finance Leases, Future Minimum Payments | ||
2023 | 32 | |
2024 | 66 | |
2025 | 71 | |
2026 | 75 | |
2027 | 77 | |
Thereafter | 427 | |
Total lease payments | 748 | [1] |
Less: Interest | (233) | |
Present value of lease liabilities | 515 | |
Operating Lease, Lease Not yet Commenced, Payments Due | $ 4,400 | |
Maximum [Member] | ||
Finance Leases, Future Minimum Payments | ||
Operating Leases, Lease Not yet Commenced, Term of Contract | 15 years | |
[1]Does not include approximately $4.4 billion of legally binding minimum payments primarily for vessel charters executed as of June 30, 2023, but will commence in future periods with fixed minimum lease terms of up to 15 years. |
Leases - Other Quantitative Inf
Leases - Other Quantitative Information (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Operating Leases | ||||
Weighted-average remaining lease term | 5 years 8 months 12 days | 5 years 10 months 24 days | ||
Weighted-average discount rate | [1] | 4.30% | 4.20% | |
Finance Leases | ||||
Weighted-average remaining lease term | 10 years 2 months 12 days | 10 years 7 months 6 days | ||
Weighted-average discount rate | [1] | 7.70% | 7.80% | |
Operating cash flows from operating leases | $ 359 | $ 324 | ||
Operating cash flows from finance leases | 18 | 5 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 177 | 433 | ||
Payments of finance lease liabilities | 13 | 0 | ||
Right-of-use assets obtained in exchange for finance lease liabilities | $ 5 | $ 0 | ||
[1]The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. |
Leases - Subleases (Details)
Leases - Subleases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lessor, Operating Lease, Description | ||||
Sublease Income, Fixed | $ 97 | $ 34 | $ 231 | $ 66 |
Sublease Income, Variable | 13 | 6 | 36 | 25 |
Sublease Income, Total | 110 | $ 40 | 267 | $ 91 |
Operating Leases, Future Minimum Payments Receivable | ||||
2023 | 140 | 140 | ||
2024 | 108 | 108 | ||
2025 | 0 | 0 | ||
2026 | 0 | 0 | ||
2027 | 0 | 0 | ||
Thereafter | 0 | 0 | ||
Total sublease payments | $ 248 | $ 248 |
Revenues - Schedule of Disaggre
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | $ 4,047 | $ 7,882 | $ 11,146 | $ 15,539 | |
Net derivative gain (loss) | [1] | (53) | 85 | 1 | (139) |
Other revenues | [2] | 108 | 40 | 265 | 91 |
Total revenues | 4,102 | 8,007 | 11,412 | 15,491 | |
LNG [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 3,972 | 7,788 | 11,009 | 15,352 | |
Total revenues | 3,919 | 7,873 | 11,010 | 15,213 | |
Regasification [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 33 | 68 | 67 | 136 | |
Total revenues | 33 | 68 | 67 | 136 | |
Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 42 | 26 | 70 | 51 | |
Total revenues | $ 150 | $ 66 | $ 335 | $ 142 | |
[1] See Note 6—Derivative Instruments for additional information about our derivatives. Includes revenues from LNG vessel subcharters. See Note 10—Leases for additional information about our subleases. |
Revenues - Contract Assets and
Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets, net of current expected credit losses | $ 196 | $ 186 |
Change In Contract With Customer, Liability [Roll Forward] | ||
Deferred revenue, beginning of period | 320 | |
Cash received but not yet recognized in revenue | 239 | |
Revenue recognized from prior period deferral | (320) | |
Deferred revenue, end of period | $ 239 |
Revenues - Schedule of Transact
Revenues - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in Billions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Unsatisfied Transaction Price | $ 112.8 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Unsatisfied Transaction Price | $ 113.7 | $ 113.7 | ||||
LNG [Member] | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Revenue, Variable Consideration Received From Customers, Percentage | 64% | 74% | 73% | 70% | ||
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Unsatisfied Transaction Price | $ 112 | |||||
Weighted Average Recognition Timing | [1] | 9 years | ||||
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Unsatisfied Transaction Price | $ 113 | $ 113 | ||||
Weighted Average Recognition Timing | [1] | 9 years | 9 years | |||
Regasification [Member] | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Revenue, Variable Consideration Received From Customers, Percentage | 7% | 6% | 7% | 6% | ||
Regasification [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Unsatisfied Transaction Price | $ 0.8 | |||||
Weighted Average Recognition Timing | [1] | 4 years | ||||
Regasification [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Unsatisfied Transaction Price | $ 0.7 | $ 0.7 | ||||
Weighted Average Recognition Timing | [1] | 3 years | 3 years | |||
[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. |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Related Party Transaction [Line Items] | ||||||
Revenues | $ 4,102 | $ 8,007 | $ 11,412 | $ 15,491 | ||
Cost of sales | 912 | 5,752 | (627) | 13,088 | ||
Operating and maintenance expense | 487 | 419 | 931 | 808 | ||
Trade and other receivables, net of current expected credit losses | 709 | 709 | $ 1,944 | |||
Accrued liabilities | 1,037 | 1,037 | 2,679 | |||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Trade and other receivables, net of current expected credit losses | 2 | 2 | 1 | |||
Accrued liabilities | 5 | 5 | $ 1 | |||
LNG [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | 3,919 | 7,873 | 11,010 | 15,213 | ||
Other [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | 150 | 66 | 335 | 142 | ||
Operation and Maintenance Agreement [Member] | Other [Member] | Midship Pipeline | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | [1] | 2 | 2 | 5 | 4 | |
Natural Gas Transportation and Storage Agreements [Member] | Midship Pipeline | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Operating and maintenance expense | [1] | 2 | 3 | 4 | 5 | |
Natural Gas Transportation and Storage Agreements [Member] | Related Party through Brookfield Ownership | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Cost of sales | [2] | 0 | 1 | 0 | 1 | |
Operating and maintenance expense | [2] | 14 | 15 | 30 | 27 | |
Natural Gas Transportation and Storage Agreements [Member] | LNG [Member] | Related Party through Brookfield Ownership | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | [2] | $ 0 | $ 4 | $ 0 | $ 4 | |
[1]Midship Pipeline is a subsidiary of Midship Holdings, LLC, which we recognize as an equity method investment.[2]This related party is partially owned by Brookfield, who indirectly owns a portion of CQP’s limited partner interests. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax benefit | $ (363) | $ (181) | $ (1,679) | $ 10 |
Effective Income Tax Rate | 17.50% | 16.50% | 17.10% | (8.20%) |
Income Tax Rate, Corporate Alternative Minimum Tax | 15% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Net Income (Loss) Per Share A_3
Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jul. 28, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Net loss attributable to common stockholders | $ 1,369 | $ 5,434 | $ 741 | $ (865) | $ 6,803 | $ (124) | ||
Weighted average number of common shares outstanding, basic | 242.3 | 253.6 | 243.1 | 253.8 | ||||
Dilutive Unvested Stock | 1.5 | 2.3 | 1.7 | 0 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 243.8 | 255.9 | 244.8 | 253.8 | ||||
Net income (loss) per share attributable to common stockholders—basic (1) | [1] | $ 5.65 | $ 2.92 | $ 27.99 | $ (0.49) | |||
Net income (loss) per share attributable to common stockholders—diluted (1) | [1] | 5.61 | 2.90 | 27.79 | (0.49) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.395 | $ 0.33 | $ 0.33 | $ 0.790 | $ 0.66 | |||
Antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 2.4 | ||||
Subsequent Event [Member] | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.395 | |||||||
Unvested stock | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Antidilutive securities excluded from computation of earnings per share | [2] | 0 | 0 | 0 | 2.1 | |||
2045 Cheniere Convertible Senior Notes [Member] | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Antidilutive securities excluded from computation of earnings per share | [3] | 0 | 0 | 0 | 0.3 | |||
[1]Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.[2]Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates.[3] The 2045 Cheniere Convertible Senior Notes were redeemed or converted in cash on January 5, 2022. However, the adoption of ASU 2020-06 on January 1, 2022 required a presumption of share settlement for the purpose of calculating the impact to diluted earnings per share during the period the notes were outstanding in 2022. |
Share Repurchase Programs - Nar
Share Repurchase Programs - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | |
Share Repurchases [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 1,000 | ||
Stock Repurchase Program, Period in Force | 3 years | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,800 | ||
Subsequent Board Approved Increase [Member] | |||
Share Repurchases [Line Items] | |||
Stock Repurchase Program, Period in Force | 3 years | ||
Stock Repurchase Program, Increased in Authorized Amount | $ 4,000 |
Share Repurchase Programs - Sch
Share Repurchase Programs - Schedule of Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Equity [Abstract] | |||||
Aggregate common stock repurchased | 2,300 | 4,130 | 5,360 | 4,370 | |
Weighted average price paid per share | $ 146.56 | $ 130.64 | $ 146.90 | $ 129.20 | |
Cost of Repurchase of Common Stock | [1] | $ 337 | $ 540 | $ 788 | $ 565 |
[1]Amount excludes associated commission fees and excise taxes incurred, which are excluded costs under the repurchase program. |
Customer Concentration - Schedu
Customer Concentration - Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member] - Accounts Receivable, Net and Contract Assets, Net from External Customers [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Customer A [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 17% |
Customer B [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 13% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest on debt, net of amounts capitalized | $ 685 | $ 669 |
Cash paid for income taxes, net | 54 | 11 |
Unpaid purchases of property, plant and equipment, net | 53 | 189 |
Share-based compensation capitalized to property, plant and equipment | 3 | 2 |
Transfers of property, plant and equipment in exchange for other non-current assets | 0 | 17 |
Unpaid dividends declared on unvested common stock | 2 | 2 |
Unpaid repurchases of treasury stock inclusive of excise taxes | $ 19 | $ 0 |