Sabine Pass Liquefaction 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	Sabine Pass Liquefaction, LLC
Entity Central Index Key	1,499,200
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	0

Balance Sheets

Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 0	$ 0
Restricted cash	561	544
Accounts and other receivables	238	189
Accounts receivable—affiliate	114	163
Advances to affiliate	91	26
Inventory	72	85
Other current assets	38	54
Other current assets—affiliate	22	21
Total current assets	1,136	1,082
Property, plant and equipment, net	12,933	12,920
Debt issuance costs, net	16	18
Non-current derivative assets	9	17
Other non-current assets, net	159	169
Total assets	14,253	14,206
Current liabilities
Accounts payable	7	8
Accrued liabilities	451	606
Due to affiliates	32	66
Deferred revenue	69	84
Derivative liabilities	4	0
Total current liabilities	563	764
Long-term debt, net	13,483	13,477
Non-current derivative liabilities	3	3
Member’s equity (deficit)	204	(38)
Total liabilities and member’s equity (deficit)	$ 14,253	$ 14,206

Statements of Operations

Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
LNG revenues	$ 1,015	$ 492
LNG revenues—affiliate	503	331
Total revenues	1,518	823
Operating costs and expenses
Cost of sales (excluding depreciation and amortization expense shown separately below)	838	510
Cost of sales—affiliate	8	4
Operating and maintenance expense	78	39
Operating and maintenance expense—affiliate	103	59
General and administrative expense	2	2
General and administrative expense—affiliate	12	17
Depreciation and amortization expense	86	47
Total operating costs and expenses	1,127	678
Income from operations	391	145
Other income (expense)
Interest expense, net of capitalized interest	(151)	(105)
Loss on early extinguishment of debt	0	(42)
Derivative loss, net	0	(2)
Other income	2	0
Total other expense	(149)	(149)
Net income (loss)	$ 242	$ (4)

Statement of Member's Equity (D

Statement of Member's Equity (Deficit) - 3 months ended Mar. 31, 2018 - USD ($) $ in Millions	Total	Sabine Pass LNG-LP, LLC [Member]
Members' equity, beginning of period at Dec. 31, 2017	$ (38)	$ (38)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	242	242
Member's equity, end of period at Mar. 31, 2018	$ 204	$ 204

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income (loss)	$ 242	$ (4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	86	47
Amortization of debt issuance costs, deferred commitment fees, premium and discount	5	5
Loss on early extinguishment of debt	0	42
Total losses on derivatives, net	50	41
Net cash used for settlement of derivative instruments	(5)	(11)
Changes in operating assets and liabilities:
Accounts and other receivables	(49)	(11)
Accounts receivable—affiliate	48	56
Advances to affiliate	(60)	(40)
Inventory	12	18
Accounts payable and accrued liabilities	(94)	(39)
Due to affiliates	(17)	2
Deferred revenue	(15)	(10)
Deferred revenue—affiliate	0	19
Other, net	3	3
Other, net—affiliate	0	(2)
Net cash provided by operating activities	206	116
Cash flows from investing activities
Property, plant and equipment, net	(189)	(528)
Net cash used in investing activities	(189)	(528)
Cash flows from financing activities
Proceeds from issuances of debt	0	2,314
Repayments of debt	0	(703)
Debt issuance and deferred financing costs	0	(26)
Net cash provided by financing activities	0	1,585
Net increase in cash, cash equivalents and restricted cash	17	1,173
Cash, cash equivalents and restricted cash—beginning of period	544	358
Cash, cash equivalents and restricted cash—end of period	$ 561	$ 1,531

Statements of Cash Flows - Bala

Statements of Cash Flows - Balances per Balance Sheet - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Balances per Balance Sheet:
Cash and cash equivalents	$ 0	$ 0
Restricted cash	561	544
Total cash, cash equivalents and restricted cash	$ 561	$ 544	$ 1,531	$ 358

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	NATURE OF OPERATIONS AND BASIS OF PRESENTATION We were formed by Cheniere Partners to own, develop and operate natural gas liquefaction facilities in Cameron Parish, Louisiana (the “Liquefaction Project”) at the Sabine Pass LNG terminal adjacent to the existing regasification facilities owned and operated by SPLNG. Our Liquefaction Project is being developed and constructed at the Sabine Pass LNG terminal, which is located on the Sabine-Neches Waterway less than four miles from the Gulf Coast. We plan to construct up to six Trains, which are in various stages of development, construction and operations. Trains 1 through 4 are operational, Train 5 is under construction and Train 6 is being commercialized and has all necessary regulatory approvals in place. Basis of Presentation The accompanying unaudited Financial Statements of SPL have been prepared in accordance with GAAP for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Financial Statements and accompanying notes included in our annual report on Form 10-K for the year ended December 31, 2017 . In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation, have been included. On January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and subsequent amendments thereto (“ASC 606”) using the full retrospective method. The adoption of ASC 606 represents a change in accounting principle that will provide financial statement readers with enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The adoption of ASC 606 did not impact our previously reported financial statements in any prior period nor did it result in a cumulative effect adjustment to retained earnings. Results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2018 . We are a disregarded entity for federal and state income tax purposes. Our taxable income or loss, which may vary substantially from the net income or loss reported on our Statements of Operations, is able to be included in the federal income tax return of Cheniere Partners, a publicly traded partnership which indirectly owns us. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Financial Statements.

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2018
Restricted Cash [Abstract]
Restricted Cash	RESTRICTED CASH Restricted cash consists of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Balance Sheets. As of March 31, 2018 and December 31, 2017 , restricted cash consisted of the following (in millions): March 31, December 31, 2018 2017 Current restricted cash Liquefaction Project $ 561 $ 544

Accounts and Other Receivables

Accounts and Other Receivables	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Accounts and Other Receivables	ACCOUNTS AND OTHER RECEIVABLES As of March 31, 2018 and December 31, 2017 , accounts and other receivables consisted of the following (in millions): March 31, December 31, 2018 2017 Trade receivable $ 232 $ 185 Other accounts receivable 6 4 Total accounts and other receivables $ 238 $ 189 Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of our debt holders, we are required to deposit all cash received into reserve accounts controlled by the collateral trustee. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project and other restricted payments.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventory	INVENTORY As of March 31, 2018 and December 31, 2017 , inventory consisted of the following (in millions): March 31, December 31, 2018 2017 Natural gas $ 16 $ 17 LNG 14 26 Materials and other 42 42 Total inventory $ 72 $ 85

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consists of LNG terminal costs and fixed assets, as follows (in millions): March 31, December 31, 2018 2017 LNG terminal costs LNG terminal $ 9,945 $ 9,963 LNG terminal construction-in-process 3,397 3,283 Accumulated depreciation (414 ) (330 ) Total LNG terminal costs, net 12,928 12,916 Fixed assets Fixed assets 11 10 Accumulated depreciation (6 ) (6 ) Total fixed assets, net 5 4 Property, plant and equipment, net $ 12,933 $ 12,920 Depreciation expense was $84 million and $45 million during the three months ended March 31, 2018 and 2017 , respectively. We realized offsets to LNG terminal costs of $124 million in the three months ended March 31, 2017 that were related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the respective Train of the Liquefaction Project , during the testing phase for its construction. We did no t realize any offsets to LNG terminal costs in the three months ended March 31, 2018 .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVE INSTRUMENTS We have entered into commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the Liquefaction Project (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (collectively, the “Liquefaction Supply Derivatives”) . We had previously entered into interest rate swaps to hedge the exposure to volatility in a portion of the floating-rate interest payments under one of our credit facilities (“Interest Rate Derivatives”) , and these Interest Rate Derivatives were settled in March 2017. 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 hedging instruments, and changes in fair value are recorded within our Statements of Operations to the extent not utilized for the commissioning process. The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , which are classified as other current assets , non-current derivative assets , derivative liabilities or non-current derivative liabilities in our Balance Sheets (in millions). Fair Value Measurements as of March 31, 2018 December 31, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liquefaction Supply Derivatives asset $ — $ — $ 10 $ 10 $ 2 $ 10 $ 43 $ 55 There have been no changes to our evaluation of and accounting for our derivative positions during the three months ended March 31, 2018 . See Note 7—Derivative Instruments of our Notes to Financial Statements in our annual report on Form 10-K for the year ended December 31, 2017 for additional information. We value our Liquefaction Supply Derivatives using market based approach incorporating present value techniques, as needed, using observable commodity price curves, when available and other relevant data. The fair value of our Physical Liquefaction Supply Derivatives is predominantly driven by market commodity basis prices and our assessment of the associated conditions precedent, including evaluating whether the respective market is available as pipeline infrastructure is developed. Upon the satisfaction of conditions precedent, including completion and placement into service of relevant pipeline infrastructure to accommodate marketable physical gas flow, we recognize a gain or loss based on the fair value of the respective natural gas supply contracts. We include a portion of our Physical Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which may be impacted by inputs that are unobservable in the marketplace. The curves used to generate the fair value of our Physical Liquefaction Supply Derivatives are based on basis adjustments applied to forward curves for a liquid trading point. In addition, there may be observable liquid market basis information in the near term, but terms of a Physical Liquefaction Supply Derivatives contract may exceed the period for which such information is available, resulting in a Level 3 classification. In these instances, the fair value of the contract incorporates extrapolation assumptions made in the determination of the market basis price for future delivery periods in which applicable commodity basis prices were either not observable or lacked corroborative market data. The Level 3 fair value measurements of our Physical Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas market basis spreads due to the contractual notional amount represented by our Level 3 positions, which is a substantial portion of our overall Physical Liquefaction Supply portfolio. The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of March 31, 2018 : Net Fair Value Asset (in millions) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $10 Market approach incorporating present value techniques Basis Spread $(0.515) - $0.095 The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives during the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 43 $ 79 Realized and mark-to-market losses: Included in cost of sales (13 ) (41 ) Purchases and settlements: Purchases 3 4 Settlements (23 ) (1 ) Balance, end of period $ 10 $ 41 Change in unrealized gains relating to instruments still held at end of period $ (13 ) $ (41 ) Derivative assets and liabilities arising from our derivative contracts with the same counterparty are reported on a net basis, as all counterparty derivative contracts provide for net settlement. 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, we evaluate our own ability to meet our commitments in instances where our derivative instruments are in a liability position. Our derivative instruments are subject to contractual provisions which provide for the unconditional right of set-off for all derivative assets and liabilities with a given counterparty in the event of default. Interest Rate Derivatives We had entered into Interest Rate Derivatives to protect against volatility of future cash flows and hedge a portion of the variable interest payments on the credit facilities we entered into in June 2015 (the “2015 Credit Facilities”) , based on a portion of the expected outstanding borrowings over the term of the 2015 Credit Facilities. In March 2017, we settled the Interest Rate Derivatives and recognized a derivative loss of $7 million in conjunction with the termination of approximately $1.6 billion of commitments under the 2015 Credit Facilities . The following table shows the changes in the fair value and settlements of our Interest Rate Derivatives recorded in derivative loss, net on our Statements of Operations during the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, 2018 2017 Interest Rate Derivatives loss $ — $ (2 ) Liquefaction Supply Derivatives We had secured up to approximately 2,179 TBtu and 2,214 TBtu of natural gas feedstock through natural gas supply contracts as of March 31, 2018 and December 31, 2017 , respectively. The notional natural gas position of our Liquefaction Supply Derivatives was approximately 1,521 TBtu and 1,520 TBtu as of March 31, 2018 and December 31, 2017 , respectively. The following table shows the fair value and location of our Liquefaction Supply Derivatives on our Balance Sheets (in millions): Fair Value Measurements as of (1) Balance Sheet Location March 31, 2018 December 31, 2017 Other current assets $ 8 $ 41 Non-current derivative assets 9 17 Total derivative assets 17 58 Derivative liabilities (4 ) — Non-current derivative liabilities (3 ) (3 ) Total derivative liabilities (7 ) (3 ) Derivative asset, net $ 10 $ 55 (1) Does not include a collateral call of $1 million for such contracts, which is included in other current assets in our Balance Sheets as of both March 31, 2018 and December 31, 2017 . The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Statements of Operations during the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, Statement of Operations Location (1) 2018 2017 Liquefaction Supply Derivatives loss (2) Cost of sales $ 50 $ 39 (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 derivative instruments that settle through physical delivery. Balance Sheet Presentation Our derivative instruments are presented on a net basis on our Balance Sheets as described above. The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions): Gross Amounts Recognized Gross Amounts Offset in the Balance Sheets Net Amounts Presented in the Balance Sheets Offsetting Derivative Assets (Liabilities) As of March 31, 2018 Liquefaction Supply Derivatives $ 25 $ (8 ) $ 17 Liquefaction Supply Derivatives (9 ) 2 (7 ) As of December 31, 2017 Liquefaction Supply Derivatives $ 64 $ (6 ) $ 58 Liquefaction Supply Derivatives (3 ) — (3 )

Other Non-Current Assets

Other Non-Current Assets	3 Months Ended
	Mar. 31, 2018
Other Assets, Noncurrent [Abstract]
Other Non-Current Assets	OTHER NON-CURRENT ASSETS As of March 31, 2018 and December 31, 2017 , other non-current assets, net consisted of the following (in millions): March 31, December 31, 2018 2017 Advances made under EPC and non-EPC contracts $ 18 $ 26 Advances made to municipalities for water system enhancements 93 93 Advances and other asset conveyances to third parties to support LNG terminals 29 30 Tax-related payments and receivables — 1 Information technology service assets 19 19 Total other non-current assets, net $ 159 $ 169

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2018
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES As of March 31, 2018 and December 31, 2017 , accrued liabilities consisted of the following (in millions): March 31, December 31, 2018 2017 Interest costs and related debt fees $ 143 $ 230 Liquefaction Project costs 308 376 Total accrued liabilities $ 451 $ 606

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	DEBT As of March 31, 2018 and December 31, 2017 , our debt consisted of the following (in millions): March 31, December 31, 2018 2017 Long-term debt 5.625% Senior Secured Notes due 2021 (“2021 Senior Notes”), net of unamortized premium of $5 and $6 $ 2,005 $ 2,006 6.25% Senior Secured Notes due 2022 (“2022 Senior Notes”) 1,000 1,000 5.625% Senior Secured Notes due 2023 (“2023 Senior Notes”), net of unamortized premium of $5 and $5 1,505 1,505 5.75% Senior Secured Notes due 2024 (“2024 Senior Notes”) 2,000 2,000 5.625% Senior Secured Notes due 2025 (“2025 Senior Notes”) 2,000 2,000 5.875% Senior Secured Notes due 2026 (“2026 Senior Notes”) 1,500 1,500 5.00% Senior Secured Notes due 2027 (“2027 Senior Notes”) 1,500 1,500 4.200% Senior Secured Notes due 2028 (“2028 Senior Notes”), net of unamortized discount of $1 and $1 1,349 1,349 5.00% Senior Secured Notes due 2037 (“2037 Senior Notes”) 800 800 Unamortized debt issuance costs (176 ) (183 ) Total long-term debt, net 13,483 13,477 Current debt $1.2 billion Working Capital Facility (“Working Capital Facility”) — — Total debt, net $ 13,483 $ 13,477 Working Capital Facility Below is a summary of our Working Capital Facility as of March 31, 2018 (in millions): Working Capital Facility Original facility size $ 1,200 Less: Outstanding balance — Letters of credit issued 706 Available commitment $ 494 Interest rate LIBOR plus 1.75% or base rate plus 0.75% Maturity date December 31, 2020, with various terms for underlying loans Restrictive Debt Covenants As of March 31, 2018 , we were in compliance with all covenants related to our debt agreements. Interest Expense Total interest expense consisted of the following (in millions): Three Months Ended March 31, 2018 2017 Total interest cost $ 198 $ 186 Capitalized interest (47 ) (81 ) Total interest expense, net $ 151 $ 105 Fair Value Disclosures The following table shows the carrying amount and estimated fair value of our debt (in millions): March 31, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior notes, net of premium or discount (1) $ 12,859 $ 13,631 $ 12,860 $ 13,955 2037 Senior Notes (2) 800 838 800 871 (1) Includes 2021 Senior Notes , 2022 Senior Notes , 2023 Senior Notes , 2024 Senior Notes , 2025 Senior Notes , 2026 Senior Notes , 2027 Senior Notes and 2028 Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	REVENUES FROM CONTRACTS WITH CUSTOMERS The following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, 2018 2017 LNG revenues $ 996 $ 485 LNG revenues—affiliate 503 331 Total revenues from customers 1,499 816 Revenues from derivative instruments 19 7 Total revenues $ 1,518 $ 823 LNG Revenues We have entered into numerous SPAs with third party customers for the sale of LNG on a Free on Board (“FOB”) (delivered to the customer at the Sabine Pass LNG terminal) basis. Our customers generally purchase LNG for a price consisting of a fixed fee per MMBtu of LNG (a portion of which is subject to annual adjustment for inflation) plus a variable fee per MMBtu of LNG equal to approximately 115% of Henry Hub. The fixed fee component is the amount payable to us regardless of a cancellation or suspension of LNG cargo deliveries by the customers. The variable fee component is the amount generally payable to us only upon delivery of LNG plus all future adjustments to the fixed fee for inflation. The SPAs and contracted volumes to be made available under the SPAs are not tied to a specific Train; however, the term of each SPA generally commences upon the date of first commercial delivery of a specified Train. Revenues from the sale of LNG are recognized at a point in time when the LNG is delivered to the customer, at the Sabine Pass LNG terminal, which is the point legal title, physical possession and the risks and rewards of ownership transfers to the customer. Each individual molecule of LNG is viewed as a separate performance obligation. The stated contract price (including both fixed and variable fees) per MMBtu in each LNG sales arrangement is representative of the stand-alone selling price for LNG at the time the sale was negotiated. We have concluded that the variable fees meet the optional exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct molecule of LNG and recognized when that distinct molecule of LNG is delivered to the customer. Because of the use of the optional exception, variable consideration related to the sale of LNG is also not included in the transaction price. Fees received pursuant to SPAs are recognized as LNG revenues only after substantial completion of the respective Train. Prior to substantial completion, sales generated during the commissioning phase are offset against the cost of construction for the respective Train, as the production and removal of LNG from storage is necessary to test the facility and bring the asset to the condition necessary for its intended use. Deferred Revenue Reconciliation The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue” (in millions): Three Months Ended March 31, 2018 2017 Deferred revenues, beginning of period $ 84 $ 46 Cash received but not yet recognized 69 36 Revenue recognized from prior period deferral (84 ) (46 ) Deferred revenues, end of period $ 69 $ 36 We record deferred revenue when we receive consideration, or such consideration is unconditionally due from a customer, prior to transferring goods or services to the customer under the terms of a sales contract. Changes in deferred revenue during the three months ended March 31, 2018 and 2017 are primarily attributable to differences between the timing of revenue recognition and the receipt of advance payments related to delivery of LNG under certain SPAs. Transaction Price Allocated to Future Performance Obligations Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2018 : Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 55.2 10.0 (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 optional 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) 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 table above excludes all variable consideration under our SPAs. The amount of revenue from variable fees that is not included in the transaction price will vary based on the future prices of natural gas at 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. The receipt of such variable consideration is considered constrained due to the uncertainty of ultimate pricing and receipt and we have not included such variable consideration in the transaction price. During the three months ended March 31, 2018 , approximately 56% of our LNG Revenues and 100% of our LNG revenues—affiliate were related to variable consideration received from customers. We have entered into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones such as reaching a final investment decision on a certain liquefaction Train or obtaining financing. These contracts are considered completed contracts for revenue recognition purposes and are included in the transaction price above. We have elected the practical expedient to omit the disclosure of the transaction price allocated to future performance obligations and an explanation of when the entity expects to recognize the amount as revenue as of March 31, 2017 .

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Below is a summary of our related party transactions as reported on our Statements of Operations for the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, 2018 2017 LNG revenues—affiliate Cheniere Marketing SPA and Cheniere Marketing Master SPA $ 503 $ 331 Cost of sales—affiliate Cargo loading fees under TUA 8 4 Operating and maintenance expense—affiliate TUA 64 33 Natural Gas Transportation Agreement 20 16 Services Agreements 19 10 Total operating and maintenance expense—affiliate 103 59 General and administrative expense—affiliate Services Agreements 12 17 LNG Terminal-Related Agreements Terminal Use Agreements We have a TUA with SPLNG to provide berthing for LNG vessels and for the unloading, loading, storage and regasification of LNG . We have reserved approximately 2.0 Bcf/d of regasification capacity and we are obligated to make monthly capacity payments to SPLNG aggregating approximately $250 million per year (the “TUA Fees”) , continuing until at least 20 years after May 2016. We obtained this reserved capacity as a result of an assignment in July 2012 by Cheniere Investments of its rights, title and interest under its TUA . In connection with the assignment, we, Cheniere Investments and SPLNG also entered into a terminal use rights assignment and agreement (the “TURA”) pursuant to which Cheniere Investments has the right to use our reserved capacity under the TUA and has the obligation to pay the TUA Fees required by the TUA to SPLNG. Cheniere Investments’ right to use our capacity at the Sabine Pass LNG terminal and its respective percentage of TUA Fees payable was reduced from 100% to zero as each of Trains 1 through 4 reached commercial operations. Cheniere Partners has guaranteed our obligations under our TUA and the obligations of Cheniere Investments under the TURA . Cargo loading fees incurred under the TUA are recorded as cost of sales—affiliate, except for the portion related to commissioning activities which is capitalized as LNG terminal construction-in-process. In connection with our TUA , we are required to pay for a portion of the cost to maintain the cryogenic readiness of the regasification facilities at the Sabine Pass LNG terminal, which is based on our share of the commercial LNG storage capacity at the Sabine Pass LNG terminal. Cheniere Marketing SPA Cheniere Marketing has an SPA with us to purchase, at Cheniere Marketing’s option, any LNG produced by us in excess of that required for other customers at a price of 115% of Henry Hub plus $3.00 per MMBtu of LNG . Cheniere Marketing Master SPA We have an agreement with Cheniere Marketing that allows us to sell and purchase LNG with Cheniere Marketing by executing and delivering confirmations under this agreement. Commissioning Confirmation Under the Cheniere Marketing Master SPA, we executed a confirmation with Cheniere Marketing that obligates Cheniere Marketing in certain circumstances to buy LNG cargoes produced during the period while Bechtel Oil, Gas and Chemicals, Inc. has control of, and is commissioning, Train 5 of the Liquefaction Project. Natural Gas Transportation Agreements To ensure we are able to transport adequate natural gas feedstock to the Sabine Pass LNG terminal, we have a transportation precedent agreement and a negotiated rate agreement to secure firm pipeline transportation capacity with CTPL, a wholly owned subsidiary of Cheniere Partners, and third-party pipeline companies. These agreements have a primary term of 20 years from commercial operation of Train 2 and thereafter continue in effect from year to year until terminated by either party upon written notice of 1 year or the term of the agreements, whichever is less. In addition, we have the right to elect to extend the term of the agreements for up to two consecutive ten -year terms. Maximum rates, charges and fees shall be applicable for the entitlements and quantities delivered pursuant to the agreements unless CTPL has advised us that it has agreed otherwise. Services Agreements As of March 31, 2018 and December 31, 2017 , we had $91 million and $26 million of advances to affiliates, respectively, under the services agreements described below. The non-reimbursement amounts incurred under the services agreements described below are recorded in general and administrative expense—affiliate. Liquefaction O&M Agreement We have an operation and maintenance agreement (the “Liquefaction O&M Agreement”) with Cheniere Investments, a wholly owned subsidiary of Cheniere Partners, pursuant to which we receive all of the necessary services required to construct, operate and maintain the Liquefaction Project . Before each Train of the Liquefaction Project is operational, the services to be provided include, among other services, obtaining governmental approvals on our behalf, preparing an operating plan for certain periods, obtaining insurance, preparing staffing plans and preparing status reports. After each Train is operational, the services include all necessary services required to operate and maintain the Train. Prior to the substantial completion of each Train of the Liquefaction Project , in addition to reimbursement of operating expenses, we are required to pay a monthly fee equal to 0.6% of the capital expenditures incurred in the previous month. After substantial completion of each Train, for services performed while the Train is operational, we will pay, in addition to the reimbursement of operating expenses, a fixed monthly fee of $83,333 (indexed for inflation) for services with respect to the Train. Liquefaction MSA We have a management services agreement (the “Liquefaction MSA”) with Cheniere Terminals pursuant to which Cheniere Terminals manages the construction and operation of the Liquefaction Project, excluding those matters provided for under the Liquefaction O&M Agreement . The services include, among other services, exercising the day-to-day management of our affairs and business, managing our regulatory matters, managing bank and brokerage accounts and financial books and records of our business and operations, entering into financial derivatives on our behalf and providing contract administration services for all contracts associated with the Liquefaction Project . Prior to the substantial completion of each Train of the Liquefaction Project , we pay a monthly fee equal to 2.4% of the capital expenditures incurred in the previous month. After substantial completion of each Train, we will pay a fixed monthly fee of $541,667 (indexed for inflation) for services with respect to such Train. Cheniere Investments Information Technology Services Agreement Cheniere Investments has an information technology services agreement with Cheniere, pursuant to which Cheniere Investment’s subsidiaries, including us, receive certain information technology services. On a quarterly basis, the various entities receiving the benefit are invoiced by Cheniere according to the cost allocation percentages set forth in the agreement. In addition, Cheniere is entitled to reimbursement for all costs incurred by Cheniere that are necessary to perform the services under the agreement. LNG Site Sublease Agreement We have agreements with SPLNG to sublease a portion of the Sabine Pass LNG terminal site for the Liquefaction Project . The aggregate annual sublease payment is $1 million . The initial terms of the subleases expire on December 31, 2034, with options to renew for multiple 10 -year extensions with similar terms as the initial terms. The annual sublease payments will be adjusted for inflation every five years based on a consumer price index, as defined in the sublease agreements. Cooperation Agreement We have a cooperation agreement with SPLNG that allows us to retain and acquire certain rights to access the property and facilities that are owned by SPLNG for the purpose of constructing, modifying and operating the Liquefaction Project . In consideration for access given to us, we have agreed to transfer to SPLNG title of certain facilities, equipment and modifications, which SPLNG is obligated to operate and maintain. The term of this agreement is consistent with our TUA described above. We did no t convey any assets to SPLNG under this agreement during the three months ended March 31, 2018 and 2017 . Contract for Sale and Purchase of Natural Gas and LNG We have an agreement with SPLNG that allows us to sell and purchase natural gas and LNG with SPLNG. Natural gas and LNG purchased under this agreement are recorded as inventory, except for purchases related to commissioning activities which are capitalized as LNG terminal construction-in-process. State Tax Sharing Agreement We have a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which we and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, we will pay to Cheniere an amount equal to the state and local tax that we would be required to pay if our state and local tax liability were calculated on a separate company basis. There have been no state and local taxes paid by Cheniere for which Cheniere could have demanded payment from us under this agreement; therefore, Cheniere has not demanded any such payments from us. The agreement is effective for tax returns due on or after August 2012.

Customer Concentration

Customer Concentration	3 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
Customer Concentration	CUSTOMER CONCENTRATION The following table shows customers with revenues of 10% or greater of total third-party revenues and customers with accounts receivable balances of 10% or greater of total accounts receivable from third parties: Percentage of Total Third-Party Revenues Percentage of Accounts Receivable from Third Parties Three Months Ended March 31, March 31, December 31, 2018 2017 2018 2017 Customer A 34% 61% 34% 39% Customer B 27% 33% 19% 32% Customer C 27% —% 19% 27% Customer D 11% —% 26% —%

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2018
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): Three Months Ended March 31, 2018 2017 Cash paid during the period for interest, net of amounts capitalized $ 230 $ 154 The balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) was $189 million and $306 million , as of March 31, 2018 and 2017 , respectively.

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Standards	RECENT ACCOUNTING STANDARDS The following table provides a brief description of a recent accounting standard that had not been adopted by us as of March 31, 2018 : Standard Description Expected Date of Adoption Effect on our Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) This standard requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. A lessee is permitted to make an election not to recognize lease assets and liabilities for leases with a term of 12 months or less. The standard also modifies the definition of a lease and requires expanded disclosures. This guidance may be early adopted, and must be adopted using a modified retrospective approach with certain available practical expedients. January 1, 2019 We continue to evaluate the effect of this standard on our Financial Statements. This evaluation process includes reviewing all forms of leases, performing a completeness assessment over the lease population, analyzing the practical expedients and assessing opportunities to make certain changes to our lease accounting information technology system in order to determine the best implementation strategy. Preliminarily, we expect that the requirement to recognize all leases on our Balance Sheets will be a significant change from current practice but will not have a material impact upon our Balance Sheets. Because this assessment is preliminary and the accounting for leases is subject to significant judgment, this conclusion could change as we finalize our assessment. We have not yet determined the impact of the adoption of this standard upon our results of operations or cash flows. We expect to elect the package of practical expedients permitted under the transition guidance which, among other things, allows the carryforward of prior conclusions related to lease identification and classification. We have not yet determined whether we will elect any other practical expedients upon transition. Additionally, the following table provides a brief description of recent accounting standards that were adopted by us during the reporting period: Standard Description Date of Adoption Effect on our Financial Statements or Other Significant Matters ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and subsequent amendments thereto This standard provides a single, comprehensive revenue recognition model which replaces and supersedes most existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard requires that the costs to obtain and fulfill contracts with customers should be recognized as assets and amortized to match the pattern of transfer of goods or services to the customer if expected to be recoverable. The standard also requires enhanced disclosures. This guidance may be adopted either retrospectively to each prior reporting period presented subject to allowable practical expedients (“full retrospective approach”) or as a cumulative-effect adjustment as of the date of adoption (“modified retrospective approach”). January 1, 2018 We adopted this guidance on January 1, 2018, using the full retrospective method. The adoption of this guidance represents a change in accounting principle that will provide financial statement readers with enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The adoption of this guidance did not impact our previously reported financial statements in any prior period nor did it result in a cumulative effect adjustment to retained earnings. See Note 10—Revenues from Contracts with Customers for additional disclosures. ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires the immediate recognition of the tax consequences of intercompany asset transfers other than inventory. This guidance may be early adopted, but only at the beginning of an annual period, and must be adopted using a modified retrospective approach. January 1, 2018 The adoption of this guidance did not have an impact on our Financial Statements or related disclosures.

Nature of Operations and Basi21

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation, Policy	Basis of Presentation The accompanying unaudited Financial Statements of SPL have been prepared in accordance with GAAP for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Financial Statements and accompanying notes included in our annual report on Form 10-K for the year ended December 31, 2017 . In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation, have been included.
Income Taxes, Policy	We are a disregarded entity for federal and state income tax purposes. Our taxable income or loss, which may vary substantially from the net income or loss reported on our Statements of Operations, is able to be included in the federal income tax return of Cheniere Partners, a publicly traded partnership which indirectly owns us. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Financial Statements.

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2018
Restricted Cash [Abstract]
Schedule of Restricted Cash	As of March 31, 2018 and December 31, 2017 , restricted cash consisted of the following (in millions): March 31, December 31, 2018 2017 Current restricted cash Liquefaction Project $ 561 $ 544

Accounts and Other Receivables

Accounts and Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Schedule of Accounts and Other Receivables	As of March 31, 2018 and December 31, 2017 , accounts and other receivables consisted of the following (in millions): March 31, December 31, 2018 2017 Trade receivable $ 232 $ 185 Other accounts receivable 6 4 Total accounts and other receivables $ 238 $ 189

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 31, 2018 and December 31, 2017 , inventory consisted of the following (in millions): March 31, December 31, 2018 2017 Natural gas $ 16 $ 17 LNG 14 26 Materials and other 42 42 Total inventory $ 72 $ 85

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, net consists of LNG terminal costs and fixed assets, as follows (in millions): March 31, December 31, 2018 2017 LNG terminal costs LNG terminal $ 9,945 $ 9,963 LNG terminal construction-in-process 3,397 3,283 Accumulated depreciation (414 ) (330 ) Total LNG terminal costs, net 12,928 12,916 Fixed assets Fixed assets 11 10 Accumulated depreciation (6 ) (6 ) Total fixed assets, net 5 4 Property, plant and equipment, net $ 12,933 $ 12,920

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivative Assets and Liabilities	The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , which are classified as other current assets , non-current derivative assets , derivative liabilities or non-current derivative liabilities in our Balance Sheets (in millions). Fair Value Measurements as of March 31, 2018 December 31, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liquefaction Supply Derivatives asset $ — $ — $ 10 $ 10 $ 2 $ 10 $ 43 $ 55
Fair Value Inputs, Assets, Quantitative Information	The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of March 31, 2018 : Net Fair Value Asset (in millions) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $10 Market approach incorporating present value techniques Basis Spread $(0.515) - $0.095
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives during the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 43 $ 79 Realized and mark-to-market losses: Included in cost of sales (13 ) (41 ) Purchases and settlements: Purchases 3 4 Settlements (23 ) (1 ) Balance, end of period $ 10 $ 41 Change in unrealized gains relating to instruments still held at end of period $ (13 ) $ (41 )
Derivative Net Presentation on Balance Sheets	The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions): Gross Amounts Recognized Gross Amounts Offset in the Balance Sheets Net Amounts Presented in the Balance Sheets Offsetting Derivative Assets (Liabilities) As of March 31, 2018 Liquefaction Supply Derivatives $ 25 $ (8 ) $ 17 Liquefaction Supply Derivatives (9 ) 2 (7 ) As of December 31, 2017 Liquefaction Supply Derivatives $ 64 $ (6 ) $ 58 Liquefaction Supply Derivatives (3 ) — (3 )
Interest Rate Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Gain (Loss)	The following table shows the changes in the fair value and settlements of our Interest Rate Derivatives recorded in derivative loss, net on our Statements of Operations during the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, 2018 2017 Interest Rate Derivatives loss $ — $ (2 )
Liquefaction Supply Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivative Instruments by Balance Sheet Location	The following table shows the fair value and location of our Liquefaction Supply Derivatives on our Balance Sheets (in millions): Fair Value Measurements as of (1) Balance Sheet Location March 31, 2018 December 31, 2017 Other current assets $ 8 $ 41 Non-current derivative assets 9 17 Total derivative assets 17 58 Derivative liabilities (4 ) — Non-current derivative liabilities (3 ) (3 ) Total derivative liabilities (7 ) (3 ) Derivative asset, net $ 10 $ 55 (1) Does not include a collateral call of $1 million for such contracts, which is included in other current assets in our Balance Sheets as of both March 31, 2018 and December 31, 2017
Derivative Instruments, Gain (Loss)	The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Statements of Operations during the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, Statement of Operations Location (1) 2018 2017 Liquefaction Supply Derivatives loss (2) Cost of sales $ 50 $ 39 (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 derivative instruments that settle through physical delivery.

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Other Assets, Noncurrent [Abstract]
Schedule of Other Non-Current Assets	As of March 31, 2018 and December 31, 2017 , other non-current assets, net consisted of the following (in millions): March 31, December 31, 2018 2017 Advances made under EPC and non-EPC contracts $ 18 $ 26 Advances made to municipalities for water system enhancements 93 93 Advances and other asset conveyances to third parties to support LNG terminals 29 30 Tax-related payments and receivables — 1 Information technology service assets 19 19 Total other non-current assets, net $ 159 $ 169

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	As of March 31, 2018 and December 31, 2017 , accrued liabilities consisted of the following (in millions): March 31, December 31, 2018 2017 Interest costs and related debt fees $ 143 $ 230 Liquefaction Project costs 308 376 Total accrued liabilities $ 451 $ 606

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt Instruments	As of March 31, 2018 and December 31, 2017 , our debt consisted of the following (in millions): March 31, December 31, 2018 2017 Long-term debt 5.625% Senior Secured Notes due 2021 (“2021 Senior Notes”), net of unamortized premium of $5 and $6 $ 2,005 $ 2,006 6.25% Senior Secured Notes due 2022 (“2022 Senior Notes”) 1,000 1,000 5.625% Senior Secured Notes due 2023 (“2023 Senior Notes”), net of unamortized premium of $5 and $5 1,505 1,505 5.75% Senior Secured Notes due 2024 (“2024 Senior Notes”) 2,000 2,000 5.625% Senior Secured Notes due 2025 (“2025 Senior Notes”) 2,000 2,000 5.875% Senior Secured Notes due 2026 (“2026 Senior Notes”) 1,500 1,500 5.00% Senior Secured Notes due 2027 (“2027 Senior Notes”) 1,500 1,500 4.200% Senior Secured Notes due 2028 (“2028 Senior Notes”), net of unamortized discount of $1 and $1 1,349 1,349 5.00% Senior Secured Notes due 2037 (“2037 Senior Notes”) 800 800 Unamortized debt issuance costs (176 ) (183 ) Total long-term debt, net 13,483 13,477 Current debt $1.2 billion Working Capital Facility (“Working Capital Facility”) — — Total debt, net $ 13,483 $ 13,477
Schedule of Line of Credit Facilities	Below is a summary of our Working Capital Facility as of March 31, 2018 (in millions): Working Capital Facility Original facility size $ 1,200 Less: Outstanding balance — Letters of credit issued 706 Available commitment $ 494 Interest rate LIBOR plus 1.75% or base rate plus 0.75% Maturity date December 31, 2020, with various terms for underlying loans
Schedule of Interest Expense	Total interest expense consisted of the following (in millions): Three Months Ended March 31, 2018 2017 Total interest cost $ 198 $ 186 Capitalized interest (47 ) (81 ) Total interest expense, net $ 151 $ 105
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table shows the carrying amount and estimated fair value of our debt (in millions): March 31, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior notes, net of premium or discount (1) $ 12,859 $ 13,631 $ 12,860 $ 13,955 2037 Senior Notes (2) 800 838 800 871 (1) Includes 2021 Senior Notes , 2022 Senior Notes , 2023 Senior Notes , 2024 Senior Notes , 2025 Senior Notes , 2026 Senior Notes , 2027 Senior Notes and 2028 Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market.

Revenues from Contracts with 30

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, 2018 2017 LNG revenues $ 996 $ 485 LNG revenues—affiliate 503 331 Total revenues from customers 1,499 816 Revenues from derivative instruments 19 7 Total revenues $ 1,518 $ 823
Contract Balances Reconciliation	The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue” (in millions): Three Months Ended March 31, 2018 2017 Deferred revenues, beginning of period $ 84 $ 46 Cash received but not yet recognized 69 36 Revenue recognized from prior period deferral (84 ) (46 ) Deferred revenues, end of period $ 69 $ 36
Transaction Price Allocated to Future Performance Obligations	The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2018 : Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 55.2 10.0 (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)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Below is a summary of our related party transactions as reported on our Statements of Operations for the three months ended March 31, 2018 and 2017 (in millions): Three Months Ended March 31, 2018 2017 LNG revenues—affiliate Cheniere Marketing SPA and Cheniere Marketing Master SPA $ 503 $ 331 Cost of sales—affiliate Cargo loading fees under TUA 8 4 Operating and maintenance expense—affiliate TUA 64 33 Natural Gas Transportation Agreement 20 16 Services Agreements 19 10 Total operating and maintenance expense—affiliate 103 59 General and administrative expense—affiliate Services Agreements 12 17

Customer Concentration (Tables)

Customer Concentration (Tables)	3 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
Schedule of Revenue and Accounts Receivable by Major Customers	The following table shows customers with revenues of 10% or greater of total third-party revenues and customers with accounts receivable balances of 10% or greater of total accounts receivable from third parties: Percentage of Total Third-Party Revenues Percentage of Accounts Receivable from Third Parties Three Months Ended March 31, March 31, December 31, 2018 2017 2018 2017 Customer A 34% 61% 34% 39% Customer B 27% 33% 19% 32% Customer C 27% —% 19% 27% Customer D 11% —% 26% —%

Supplemental Cash Flow Inform33

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table provides supplemental disclosure of cash flow information (in millions): Three Months Ended March 31, 2018 2017 Cash paid during the period for interest, net of amounts capitalized $ 230 $ 154

Recent Accounting Standards (Ta

Recent Accounting Standards (Tables)	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Standards, Not Yet Adopted	The following table provides a brief description of a recent accounting standard that had not been adopted by us as of March 31, 2018 : Standard Description Expected Date of Adoption Effect on our Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) This standard requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. A lessee is permitted to make an election not to recognize lease assets and liabilities for leases with a term of 12 months or less. The standard also modifies the definition of a lease and requires expanded disclosures. This guidance may be early adopted, and must be adopted using a modified retrospective approach with certain available practical expedients. January 1, 2019 We continue to evaluate the effect of this standard on our Financial Statements. This evaluation process includes reviewing all forms of leases, performing a completeness assessment over the lease population, analyzing the practical expedients and assessing opportunities to make certain changes to our lease accounting information technology system in order to determine the best implementation strategy. Preliminarily, we expect that the requirement to recognize all leases on our Balance Sheets will be a significant change from current practice but will not have a material impact upon our Balance Sheets. Because this assessment is preliminary and the accounting for leases is subject to significant judgment, this conclusion could change as we finalize our assessment. We have not yet determined the impact of the adoption of this standard upon our results of operations or cash flows. We expect to elect the package of practical expedients permitted under the transition guidance which, among other things, allows the carryforward of prior conclusions related to lease identification and classification. We have not yet determined whether we will elect any other practical expedients upon transition.
Recent Accounting Standards, Adopted	Additionally, the following table provides a brief description of recent accounting standards that were adopted by us during the reporting period: Standard Description Date of Adoption Effect on our Financial Statements or Other Significant Matters ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and subsequent amendments thereto This standard provides a single, comprehensive revenue recognition model which replaces and supersedes most existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard requires that the costs to obtain and fulfill contracts with customers should be recognized as assets and amortized to match the pattern of transfer of goods or services to the customer if expected to be recoverable. The standard also requires enhanced disclosures. This guidance may be adopted either retrospectively to each prior reporting period presented subject to allowable practical expedients (“full retrospective approach”) or as a cumulative-effect adjustment as of the date of adoption (“modified retrospective approach”). January 1, 2018 We adopted this guidance on January 1, 2018, using the full retrospective method. The adoption of this guidance represents a change in accounting principle that will provide financial statement readers with enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The adoption of this guidance did not impact our previously reported financial statements in any prior period nor did it result in a cumulative effect adjustment to retained earnings. See Note 10—Revenues from Contracts with Customers for additional disclosures. ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires the immediate recognition of the tax consequences of intercompany asset transfers other than inventory. This guidance may be early adopted, but only at the beginning of an annual period, and must be adopted using a modified retrospective approach. January 1, 2018 The adoption of this guidance did not have an impact on our Financial Statements or related disclosures.

Nature of Operations and Basi35

Nature of Operations and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2018USD ($)trains
Nature of Operations and Basis of Presentation [Line Items]
Income Tax Expense (Benefit) | $	$ 0
Sabine Pass LNG Terminal [Member]
Nature of Operations and Basis of Presentation [Line Items]
Number of Liquefaction LNG Trains | trains	6

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Current restricted cash	$ 561	$ 544
Liquefaction Project [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Current restricted cash	$ 561	$ 544

Accounts and Other Receivable37

Accounts and Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Trade receivable	$ 232	$ 185
Other accounts receivable	6	4
Total accounts and other receivables	$ 238	$ 189

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Inventory [Line Items]
Inventory	$ 72	$ 85
Natural gas [Member]
Inventory [Line Items]
Inventory	16	17
LNG [Member]
Inventory [Line Items]
Inventory	14	26
Materials and other [Member]
Inventory [Line Items]
Inventory	$ 42	$ 42

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 12,933	$ 12,920
LNG terminal costs [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	(414)	(330)
Property, plant and equipment, net	12,928	12,916
LNG terminal [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,945	9,963
LNG terminal construction-in-process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,397	3,283
Fixed assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	11	10
Accumulated depreciation	(6)	(6)
Property, plant and equipment, net	$ 5	$ 4

Property, Plant and Equipment40

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 84	$ 45
Offsets to LNG terminal costs	$ 0	$ 124

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	1 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2018tbtu	Dec. 31, 2017tbtu
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Energy Units Secured Through Natural Gas Supply Contracts | tbtu		2,179	2,214
2015 Credit Facilities [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line of Credit Facility, Decrease | $	$ 1,600
Interest Rate Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Loss, Net | $	$ 7
Liquefaction Supply Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount | tbtu		1,521	1,520

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, at Fair Value, Net	$ 10	$ 55
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, at Fair Value, Net	0	2
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, at Fair Value, Net	0	10
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, at Fair Value, Net	$ 10	$ 43

Derivative Instruments - Fair43

Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Physical Liquefaction Supply Derivatives [Member] - Fair Value, Inputs, Level 3 [Member]	3 Months Ended
	Mar. 31, 2018USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Net Fair Value Asset	$ 10,000,000
Valuation Approach	Market approach incorporating present value techniques
Significant Unobservable Input	Basis Spread
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Significant Unobservable Inputs Range	$ (0.515)
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Significant Unobservable Inputs Range	$ 0.095

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Level 3 Activity (Details) - Physical Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 43	$ 79
Realized and mark-to-market losses:
Included in cost of sales	(13)	(41)
Purchases and settlements:
Purchases	3	4
Settlements	(23)	(1)
Balance, end of period	10	41
Change in unrealized gains relating to instruments still held at end of period	$ (13)	$ (41)

Derivative Instruments - Fair45

Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in Millions		Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Non-current derivative assets		$ 9	$ 17
Derivative liabilities		(4)	0
Non-current derivative liabilities		(3)	(3)
Liquefaction Supply Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative assets	[1]	17	58
Total derivative liabilities	[1]	(7)	(3)
Derivative asset, net	[1]	10	55
Derivative, collateral call		1	1
Liquefaction Supply Derivatives [Member] | Other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	[1]	8	41
Liquefaction Supply Derivatives [Member] | Non-current derivative assets [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative assets	[1]	9	17
Liquefaction Supply Derivatives [Member] | Derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	[1]	(4)	0
Liquefaction Supply Derivatives [Member] | Non-current derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities	[1]	$ (3)	$ (3)
[1]	Does not include a collateral call of $1 million for such contracts, which is included in other current assets in our Balance Sheets as of both March 31, 2018 and December 31, 2017

Derivative Instruments - Deriva

Derivative Instruments - Derivative Gain (Loss) (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
		Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Interest Rate Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative loss, net		$ 7
Interest Rate Derivatives [Member] | Derivative loss, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative loss, net			$ 0	$ 2
Liquefaction Supply Derivatives [Member] | Cost of sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative loss, net	[1],[2]		$ 50	$ 39
[1]	Does not include the realized value associated with derivative instruments that settle through physical delivery.
[2]	Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

Derivative Instruments - Deri47

Derivative Instruments - Derivative Net Presentation on Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Liquefaction Supply Derivatives Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized	$ 25	$ 64
Derivative Asset, Gross Amounts Offset in the Balance Sheets	(8)	(6)
Net Amounts Presented in our Balance Sheets	17	58
Liquefaction Supply Derivatives Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized	(9)	(3)
Derivative Liability, Gross Amounts Offset in the Balance Sheets	2	0
Net Amounts Presented in our Balance Sheets	$ (7)	$ (3)

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Other Assets, Noncurrent [Abstract]
Advances made under EPC and non-EPC contracts	$ 18	$ 26
Advances made to municipalities for water system enhancements	93	93
Advances and other asset conveyances to third parties to support LNG terminals	29	30
Tax-related payments and receivables	0	1
Information technology service assets	19	19
Other non-current assets, net	$ 159	$ 169

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Accrued Liabilities, Current [Abstract]
Interest costs and related debt fees	$ 143	$ 230
Liquefaction Project costs	308	376
Total accrued liabilities	$ 451	$ 606

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term Debt, Net	$ 13,483,000,000	$ 13,477,000,000
Unamortized Debt Issuance Costs, Noncurrent	(176,000,000)	(183,000,000)
Current Debt, Working Capital Facility	0	0
Total Debt, Net	13,483,000,000	13,477,000,000
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 2,005,000,000	2,006,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%
Debt Instrument, Unamortized Premium	$ 5,000,000	6,000,000
2022 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 1,000,000,000	1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.25%
2023 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 1,505,000,000	1,505,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%
Debt Instrument, Unamortized Premium	$ 5,000,000	5,000,000
2024 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 2,000,000,000	2,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.75%
2025 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 2,000,000,000	2,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%
2026 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 1,500,000,000	1,500,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.875%
2027 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 1,500,000,000	1,500,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 1,349,000,000	1,349,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.20%
Debt Instrument, Unamortized Discount	$ 1,000,000	1,000,000
2037 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Net	$ 800,000,000	800,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Working Capital Facility [Member]
Debt Instrument [Line Items]
Current Debt, Working Capital Facility	$ 0	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,200,000,000

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Outstanding balance	$ 0	$ 0
Working Capital Facility [Member]
Line of Credit Facility [Line Items]
Original facility size	1,200
Outstanding balance	0	$ 0
Letters of credit issued	706
Available commitment	$ 494
Debt Instrument, Description of Variable Rate Basis	LIBOR or base rate
Debt Instrument, Maturity Date, Description	December 31, 2020, with various terms for underlying loans
Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Working Capital Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Debt Disclosure [Abstract]
Total interest cost	$ 198	$ 186
Capitalized interest	(47)	(81)
Total interest expense, net	$ 151	$ 105

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions		Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value		$ 13,483	$ 13,477
Senior Notes, net of premium or discount [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value	[1]	12,859	12,860
Senior Notes, net of premium or discount [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Estimated Fair Value	[1]	13,631	13,955
2037 Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value	[2]	800	800
2037 Senior Notes [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Estimated Fair Value	[2]	$ 838	$ 871
[1]	Includes 2021 Senior Notes, 2022 Senior Notes, 2023 Senior Notes, 2024 Senior Notes, 2025 Senior Notes, 2026 Senior Notes, 2027 Senior Notes and 2028 Senior Notes. The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments.
[2]	The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market.

Revenues from Contracts with 54

Revenues from Contracts with Customers (Details)	3 Months Ended
	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
LNG Volume, Purchase Price Percentage of Henry Hub	115.00%
LNG [Member]
Disaggregation of Revenue [Line Items]
Revenue, Variable Consideration Received From Customers, Percentage	56.00%
LNG—affiliate [Member]
Disaggregation of Revenue [Line Items]
Revenue, Variable Consideration Received From Customers, Percentage	100.00%

Revenues from Contracts with 55

Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue earned from contracts with customers	$ 1,499	$ 816
Revenues	1,518	823
LNG [Member]
Disaggregation of Revenue [Line Items]
Revenue earned from contracts with customers	996	485
LNG—affiliate [Member]
Disaggregation of Revenue [Line Items]
Revenue earned from contracts with customers	503	331
Derivative Instruments [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 19	$ 7

Revenues from Contracts with 56

Revenues from Contracts with Customers - Schedule of Deferred Revenue Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Change In Contract With Customer, Liability [Roll Forward]
Deferred revenues, beginning of period	$ 84	$ 46
Cash received but not yet recognized	69	36
Revenue recognized from prior period deferral	(84)	(46)
Deferred revenues, end of period	$ 69	$ 36

Revenues from Contracts with 57

Revenues from Contracts with Customers - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - LNG [Member] $ in Billions	3 Months Ended
	Mar. 31, 2018USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price	$ 55.2
Weighted Average Recognition Timing	10 years	[1]
[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
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
LNG revenues—affiliate	$ 503	$ 331
Cost of sales—affiliate	8	4
Operating and maintenance expense—affiliate	103	59
General and administrative expense—affiliate	12	17
Cheniere Marketing SPA and Cheniere Marketing Master SPA [Member]
Related Party Transaction [Line Items]
LNG revenues—affiliate	503	331
Terminal Use Agreement [Member]
Related Party Transaction [Line Items]
Cost of sales—affiliate	8	4
Operating and maintenance expense—affiliate	64	33
Natural Gas Transportation Agreement [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense—affiliate	20	16
Service Agreements [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense—affiliate	19	10
General and administrative expense—affiliate	$ 12	$ 17

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)bcf / ditem$ / MMBTU	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
LNG Volume, Purchase Price Percentage of Henry Hub	115.00%
Advances to affiliate	$ 91,000,000		$ 26,000,000
Terminal Use Agreement [Member] | SPLNG [Member]
Related Party Transaction [Line Items]
Regasification Capacity | bcf / d	2
Related Party Transaction, Committed Annual Fee	$ 250,000,000
Related Party Agreement Term	20 years
Terminal Use Rights Assignment and Agreement [Member] | SPLNG [Member] | Cheniere Investments [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Percentage Of Committed Monthly Payment	100.00%
Terminal Use Rights Assignment and Agreement [Member] | SPLNG [Member] | Cheniere Investments [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Percentage Of Committed Monthly Payment	0.00%
LNG Sale and Purchase Agreement [Member] | Cheniere Marketing [Member]
Related Party Transaction [Line Items]
LNG Volume, Purchase Price Percentage of Henry Hub	115.00%
LNG Volume, Purchase Price | $ / MMBTU	3
Natural Gas Transportation Agreement [Member] | CTPL [Member]
Related Party Transaction [Line Items]
Related Party Agreement Term	20 years
Related Party Agreement, Termination Notice Period	1 year
Related Party Agreement, Number Of Available Extensions | item	2
Related Party Agreement, Term Of Available Extension	10 years
Service Agreements [Member]
Related Party Transaction [Line Items]
Advances to affiliate	$ 91,000,000		$ 26,000,000
Operation and Maintenance Agreement [Member] | Cheniere Investments [Member]
Related Party Transaction [Line Items]
Monthly fee as a percentage of capital expenditures incurred in the previous month	0.60%
Related Party Transaction, Committed Monthly Fee	$ 83,333
Management Services Agreement [Member] | Cheniere Terminals [Member]
Related Party Transaction [Line Items]
Monthly fee as a percentage of capital expenditures incurred in the previous month	2.40%
Related Party Transaction, Committed Monthly Fee	$ 541,667
LNG Site Sublease Agreement [Member] | SPLNG [Member]
Related Party Transaction [Line Items]
Annual Sublease Payment	$ 1,000,000
Term of available extension	10 years
Review Period for Inflation Adjustment	5 years
Cooperation Agreement [Member] | SPLNG [Member]
Related Party Transaction [Line Items]
Assets conveyed under the agreement	$ 0	$ 0
Tax Sharing Agreement [Member] | Cheniere [Member]
Related Party Transaction [Line Items]
Income Taxes Paid, Net	$ 0

Customer Concentration (Details

Customer Concentration (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Customer A [Member] | Total Third-Party Revenues [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	34.00%	61.00%
Customer A [Member] | Accounts Receivable from Third Parties [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	34.00%		39.00%
Customer B [Member] | Total Third-Party Revenues [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%	33.00%
Customer B [Member] | Accounts Receivable from Third Parties [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	19.00%		32.00%
Customer C [Member] | Total Third-Party Revenues [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%	0.00%
Customer C [Member] | Accounts Receivable from Third Parties [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	19.00%		27.00%
Customer D [Member] | Total Third-Party Revenues [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%	0.00%
Customer D [Member] | Accounts Receivable from Third Parties [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	26.00%		0.00%

Supplemental Cash Flow Inform61

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest, net of amounts capitalized	$ 230	$ 154
Balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate)	$ 189	$ 306