Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Entity File Number | 333-192373 |
Entity Registrant Name | Sabine Pass Liquefaction, LLC |
Entity Central Index Key | 0001499200 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Entity Current Reporting Status | No |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Balance Sheets
Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 0 | $ 0 |
Restricted cash | 621 | 756 |
Accounts and other receivables | 205 | 346 |
Accounts receivable—affiliate | 112 | 113 |
Advances to affiliate | 296 | 210 |
Inventory | 96 | 87 |
Other current assets | 42 | 24 |
Other current assets—affiliate | 21 | 21 |
Total current assets | 1,393 | 1,557 |
Property, plant and equipment, net | 13,446 | 13,209 |
Debt issuance costs, net | 10 | 12 |
Non-current derivative assets | 36 | 31 |
Other non-current assets, net | 157 | 158 |
Total assets | 15,042 | 14,967 |
Current liabilities | ||
Accounts payable | 26 | 11 |
Accrued liabilities | 624 | 768 |
Due to affiliates | 51 | 48 |
Deferred revenue | 84 | 91 |
Derivative liabilities | 10 | 66 |
Total current liabilities | 795 | 984 |
Long-term debt, net | 13,506 | 13,500 |
Non-current derivative liabilities | 10 | 14 |
Other non-current liabilities | 7 | 3 |
Other non-current liabilities—affiliate | 17 | 0 |
Member’s equity | 707 | 466 |
Total liabilities and member’s equity | $ 15,042 | $ 14,967 |
Statements of Income
Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Revenues | $ 1,672 | $ 1,518 |
Revenues from contracts with customers | 1,671 | 1,518 |
Operating costs and expenses | ||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 879 | 838 |
Cost of sales—affiliate | 9 | 8 |
Operating and maintenance expense | 110 | 78 |
Operating and maintenance expense—affiliate | 107 | 103 |
General and administrative expense | 1 | 2 |
General and administrative expense—affiliate | 15 | 12 |
Depreciation and amortization expense | 96 | 86 |
Impairment expense and loss on disposal of assets | 2 | 0 |
Total operating costs and expenses | 1,219 | 1,127 |
Income from operations | 453 | 391 |
Other income (expense) | ||
Interest expense, net of capitalized interest | (150) | (151) |
Other income | 5 | 2 |
Total other expense | (145) | (149) |
Net income | 308 | 242 |
LNG [Member] | ||
Revenues | ||
Revenues | 1,367 | 1,015 |
Revenues from contracts with customers | 1,366 | 1,015 |
LNG—affiliate [Member] | ||
Revenues | ||
Revenues from contracts with customers | $ 305 | $ 503 |
Statements of Member's Equity
Statements of Member's Equity - 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 |
Members' equity, beginning of period at Dec. 31, 2018 | 466 | 466 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Capital contributions | 164 | 164 |
Distributions | (231) | (231) |
Net income | 308 | 308 |
Member's equity, end of period at Mar. 31, 2019 | $ 707 | $ 707 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 308 | $ 242 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 96 | 86 |
Amortization of debt issuance costs, deferred commitment fees, premium and discount | 6 | 5 |
Total losses (gains) on derivatives, net | (77) | 50 |
Net cash used for settlement of derivative instruments | 5 | (5) |
Impairment expense and loss on disposal of assets | (2) | 0 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables | 106 | (49) |
Accounts receivable—affiliate | 1 | 48 |
Advances to affiliate | (24) | (60) |
Inventory | (9) | 12 |
Accounts payable and accrued liabilities | (182) | (94) |
Due to affiliates | (7) | (17) |
Deferred revenue | (7) | (15) |
Other, net | (5) | 3 |
Net cash provided by operating activities | 213 | 206 |
Cash flows from investing activities | ||
Property, plant and equipment, net | (280) | (189) |
Other | (1) | 0 |
Net cash used in investing activities | (281) | (189) |
Cash flows from financing activities | ||
Capital contributions | 164 | 0 |
Distributions | (231) | 0 |
Net cash used in financing activities | (67) | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (135) | 17 |
Cash, cash equivalents and restricted cash—beginning of period | 756 | 544 |
Cash, cash equivalents and restricted cash—end of period | $ 621 | $ 561 |
Statements of Cash Flows - Bala
Statements of Cash Flows - Balances per Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Balances per Balance Sheets: | ||||
Cash and cash equivalents | $ 0 | $ 0 | ||
Restricted cash | 621 | 756 | ||
Total cash, cash equivalents and restricted cash | $ 621 | $ 756 | $ 561 | $ 544 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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 develop, construct 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 5 are operational and early works have begun for Train 6 under limited notices to proceed ahead of an anticipated positive final investment decision. 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, 2018 . Results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2019 . 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 reported on our Statements of Income, 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. Recent Accounting Standards We adopted ASU 2016-02, Leases (Topic 842) , and subsequent amendments thereto on January 1, 2019 using the optional transition approach to apply the standard at the beginning of the first quarter of 2019 with no retrospective adjustments to prior periods. 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. The adoption of the standard did not materially impact our Financial Statements. Upon adoption of the standard we recorded right-of-use assets of $20 million in other non-current assets, net, and lease liabilities of $4 million in other non-current liabilities and $16 million |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018 , restricted cash consisted of the following (in millions): March 31, December 31, 2019 2018 Current restricted cash Liquefaction Project $ 621 $ 756 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 |
Accounts and Other Receivables
Accounts and Other Receivables | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Accounts and Other Receivables | ACCOUNTS AND OTHER RECEIVABLES As of March 31, 2019 and December 31, 2018 , accounts and other receivables consisted of the following (in millions): March 31, December 31, 2019 2018 Trade receivable $ 187 $ 330 Other accounts receivable 18 16 Total accounts and other receivables $ 205 $ 346 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY As of March 31, 2019 and December 31, 2018 , inventory consisted of the following (in millions): March 31, December 31, 2019 2018 Natural gas $ 10 $ 28 LNG 24 6 Materials and other 62 53 Total inventory $ 96 $ 87 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT As of March 31, 2019 and December 31, 2018 , property, plant and equipment, net consisted of the following (in millions): March 31, December 31, 2019 2018 LNG terminal costs LNG terminal $ 13,978 $ 10,004 LNG terminal construction-in-process 222 3,866 Accumulated depreciation (761 ) (667 ) Total LNG terminal costs, net 13,439 13,203 Fixed assets Fixed assets 15 14 Accumulated depreciation (8 ) (8 ) Total fixed assets, net 7 6 Property, plant and equipment, net $ 13,446 $ 13,209 Depreciation expense was $94 million and $84 million during the three months ended March 31, 2019 and 2018 , respectively. We realized offsets to LNG terminal costs of $48 million in the three months ended March 31, 2019 that were related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of Train 5 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, 2019 | |
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 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 Income to the extent not utilized for the commissioning process. The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 , 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, 2019 December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liquefaction Supply Derivatives asset (liability) $ 2 $ (2 ) $ 29 $ 29 $ 5 $ (23 ) $ (25 ) $ (43 ) There have been no changes to our evaluation of and accounting for our derivative positions during the three months ended March 31, 2019 . 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, 2018 for additional information. We value our Liquefaction Supply Derivatives using a market-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available and other relevant data. The fair value of our Physical Liquefaction Supply Derivatives is predominantly driven by 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 Derivatives portfolio. The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of March 31, 2019 : Net Fair Value Asset (in millions) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $29 Market approach incorporating present value techniques Basis Spread $(0.350) - $0.082 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, 2019 and 2018 (in millions): Three Months Ended March 31, 2019 2018 Balance, beginning of period $ (25 ) $ 43 Realized and mark-to-market gains (losses): Included in cost of sales 9 (13 ) Purchases and settlements: Purchases — 3 Settlements 45 (23 ) Balance, end of period $ 29 $ 10 Change in unrealized gains (losses) relating to instruments still held at end of period $ 9 $ (13 ) 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. Liquefaction Supply Derivatives We have entered into primarily index-based physical natural gas supply contracts and associated economic hedges to purchase natural gas for the commissioning and operation of the Liquefaction Project. The terms of the physical natural gas supply contracts range up to five years , some of which commence upon the satisfaction of certain conditions precedent. We had secured up to approximately 3,542 TBtu and 3,464 TBtu of natural gas feedstock through natural gas supply contracts as of March 31, 2019 and December 31, 2018 , respectively. The notional natural gas position of our Liquefaction Supply Derivatives was approximately 3,087 TBtu and 2,978 TBtu as of March 31, 2019 and December 31, 2018 , 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, 2019 December 31, 2018 Other current assets $ 13 $ 6 Non-current derivative assets 36 31 Total derivative assets 49 37 Derivative liabilities (10 ) (66 ) Non-current derivative liabilities (10 ) (14 ) Total derivative liabilities (20 ) (80 ) Derivative asset (liability), net $ 29 $ (43 ) (1) Does not include collateral calls of $1 million for such contracts, which are included in other current assets in our Balance Sheets as of both March 31, 2019 and December 31, 2018 . The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives on our Statements of Income during the three months ended March 31, 2019 and 2018 (in millions): Three Months Ended March 31, Statement of Income Location (1) 2019 2018 Liquefaction Supply Derivatives gain LNG revenues $ 1 $ — Liquefaction Supply Derivatives gain (loss) Cost of sales 76 (50 ) (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. 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, 2019 Liquefaction Supply Derivatives $ 51 $ (2 ) $ 49 Liquefaction Supply Derivatives (22 ) 2 (20 ) As of December 31, 2018 Liquefaction Supply Derivatives $ 63 $ (26 ) $ 37 Liquefaction Supply Derivatives (92 ) 12 (80 ) |
Other Non-Current Assets
Other Non-Current Assets | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS As of March 31, 2019 and December 31, 2018 , other non-current assets, net consisted of the following (in millions): March 31, December 31, 2019 2018 Advances made to municipalities for water system enhancements $ 90 $ 90 Advances and other asset conveyances to third parties to support LNG terminals 36 36 Operating lease assets 20 — Information technology service assets 9 16 Advances made under EPC and non-EPC contracts 1 14 Other 1 2 Total other non-current assets, net $ 157 $ 158 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES As of March 31, 2019 and December 31, 2018 , accrued liabilities consisted of the following (in millions): March 31, December 31, 2019 2018 Interest costs and related debt fees $ 143 $ 186 Accrued natural gas purchases 325 518 Liquefaction Project costs 155 64 Other accrued liabilities 1 — Total accrued liabilities $ 624 $ 768 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of March 31, 2019 and December 31, 2018 , our debt consisted of the following (in millions): March 31, December 31, 2019 2018 Long-term debt 5.625% Senior Secured Notes due 2021 (“2021 Senior Notes”) $ 2,000 $ 2,000 6.25% Senior Secured Notes due 2022 (“2022 Senior Notes”) 1,000 1,000 5.625% Senior Secured Notes due 2023 (“2023 Senior Notes”) 1,500 1,500 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”) 1,350 1,350 5.00% Senior Secured Notes due 2037 (“2037 Senior Notes”) 800 800 Unamortized discount, premium and debt issuance costs, net (144 ) (150 ) Total long-term debt, net 13,506 13,500 Current debt $1.2 billion Working Capital Facility (“Working Capital Facility”) — — Total debt, net $ 13,506 $ 13,500 Working Capital Facility Below is a summary of our Working Capital Facility as of March 31, 2019 (in millions): Working Capital Facility Original facility size $ 1,200 Less: Outstanding balance — Letters of credit issued 421 Available commitment $ 779 Interest rate LIBOR plus 1.75% or base rate plus 0.75% Maturity date December 31, 2020 Restrictive Debt Covenants As of March 31, 2019 , 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, 2019 2018 Total interest cost $ 197 $ 198 Capitalized interest (47 ) (47 ) Total interest expense, net $ 150 $ 151 Fair Value Disclosures The following table shows the carrying amount, which is net of unamortized premium, discount and debt issuance costs, and estimated fair value of our debt (in millions): March 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior notes (1) $ 12,715 $ 13,758 $ 12,709 $ 13,235 2037 Senior Notes (2) 791 858 791 817 (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) |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | REVENUES FROM CONTRACTS WITH CUSTOMERS The following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2019 and 2018 (in millions): Three Months Ended March 31, 2019 2018 LNG revenues $ 1,366 $ 1,015 LNG revenues—affiliate 305 503 Total revenues from customers 1,671 1,518 Gains from derivative instruments 1 — Total revenues $ 1,672 $ 1,518 Deferred Revenue Reconciliation The following table reflects the changes in our contract liabilities, which we classify as deferred revenues on our Balance Sheets (in millions): Three Months Ended March 31, 2019 Deferred revenues, beginning of period $ 91 Cash received but not yet recognized 84 Revenue recognized from prior period deferral (91 ) Deferred revenues, end of period $ 84 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, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Weighted Average Recognition Timing (years) (1) LNG revenues $ 53.1 10 $ 53.6 10 (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) 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 substantially 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 Henry Hub throughout the contract terms, to the extent customers elect to take delivery of their LNG, and adjustments to the consumer price index. Approximately 58% and 56% of our LNG revenues were related to variable consideration received from customers during the three months ended March 31, 2019 and 2018 , respectively. All of our LNG revenues—affiliate were related to variable consideration received from customers during each of the three months ended March 31, 2019 and 2018 . |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Below is a summary of our related party transactions as reported on our Statements of Income for the three months ended March 31, 2019 and 2018 (in millions): Three Months Ended March 31, 2019 2018 LNG revenues—affiliate Cheniere Marketing SPA and Cheniere Marketing Master SPA $ 305 $ 503 Cost of sales—affiliate Cargo loading fees under TUA 9 8 Operating and maintenance expense—affiliate TUA 64 64 Natural Gas Transportation Agreement 19 20 Services Agreements 24 19 Total operating and maintenance expense—affiliate 107 103 General and administrative expense—affiliate Services Agreements 15 12 LNG Terminal-Related Agreements As of March 31, 2019 and December 31, 2018 , we had $112 million and $113 million of accounts receivable—affiliate, respectively, under the agreements described below. 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 May 2036. 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 had the right to use our reserved capacity under the TUA and had 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. We executed a confirmation with Cheniere Marketing that obligated Cheniere Marketing in certain circumstances to buy LNG cargoes produced during the period while Bechtel Oil, Gas and Chemicals, Inc. had control of, and was 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 one 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 terms of 10 years . 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, 2019 and December 31, 2018 , we had $296 million and $210 million of advances to affiliates, respectively, under the services agreements described below. The non-reimbursement amounts incurred under these agreements are recorded in general and administrative expense—affiliate. 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 Investments according to the cost allocation percentages set forth in the agreement. In addition, Cheniere is entitled to reimbursement for all costs incurred by Cheniere that are necessary to perform the services under the agreement. 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 periods of 10 years 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, 2019 and 2018 . Contracts for Sale and Purchase of Natural Gas and LNG We have agreements with SPLNG that allow us to sell and purchase natural gas and LNG with SPLNG. Natural gas and LNG purchased under these agreements 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 |
Customer Concentration
Customer Concentration | 3 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | CUSTOMER CONCENTRATION The following table shows customers with revenues of 10% or greater of total revenues from external customers and customers with accounts receivable balances of 10% or greater of total accounts receivable from external customers: Percentage of Accounts Receivable from External Customers Three Months Ended March 31, March 31, December 31, 2019 2018 2019 2018 Customer A 33% 34% 35% 35% Customer B 20% 27% 22% 23% Customer C 20% 27% 24% 30% Customer D 24% 11% 10% * |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The following table provides supplemental disclosure of cash flow information (in millions): Three Months Ended March 31, 2019 2018 Cash paid during the period for interest, net of amounts capitalized $ 186 $ 230 The balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) was $320 million and $189 million , as of March 31, 2019 and 2018 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 |
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 reported on our Statements of Income, is able to be included in the federal income tax return of Cheniere Partners, a publicly traded partnership which indirectly owns us. Accordingly, no |
Recent Accounting Standards | Recent Accounting Standards We adopted ASU 2016-02, Leases (Topic 842) , and subsequent amendments thereto on January 1, 2019 using the optional transition approach to apply the standard at the beginning of the first quarter of 2019 with no retrospective adjustments to prior periods. 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. The adoption of the standard did not materially impact our Financial Statements. Upon adoption of the standard we recorded right-of-use assets of $20 million in other non-current assets, net, and lease liabilities of $4 million in other non-current liabilities and $16 million |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash | As of March 31, 2019 and December 31, 2018 , restricted cash consisted of the following (in millions): March 31, December 31, 2019 2018 Current restricted cash Liquefaction Project $ 621 $ 756 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | As of March 31, 2019 and December 31, 2018 , accounts and other receivables consisted of the following (in millions): March 31, December 31, 2019 2018 Trade receivable $ 187 $ 330 Other accounts receivable 18 16 Total accounts and other receivables $ 205 $ 346 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of March 31, 2019 and December 31, 2018 , inventory consisted of the following (in millions): March 31, December 31, 2019 2018 Natural gas $ 10 $ 28 LNG 24 6 Materials and other 62 53 Total inventory $ 96 $ 87 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | As of March 31, 2019 and December 31, 2018 , property, plant and equipment, net consisted of the following (in millions): March 31, December 31, 2019 2018 LNG terminal costs LNG terminal $ 13,978 $ 10,004 LNG terminal construction-in-process 222 3,866 Accumulated depreciation (761 ) (667 ) Total LNG terminal costs, net 13,439 13,203 Fixed assets Fixed assets 15 14 Accumulated depreciation (8 ) (8 ) Total fixed assets, net 7 6 Property, plant and equipment, net $ 13,446 $ 13,209 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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, 2019 and December 31, 2018 , 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, 2019 December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liquefaction Supply Derivatives asset (liability) $ 2 $ (2 ) $ 29 $ 29 $ 5 $ (23 ) $ (25 ) $ (43 ) |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of March 31, 2019 : Net Fair Value Asset (in millions) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $29 Market approach incorporating present value techniques Basis Spread $(0.350) - $0.082 |
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, 2019 and 2018 (in millions): Three Months Ended March 31, 2019 2018 Balance, beginning of period $ (25 ) $ 43 Realized and mark-to-market gains (losses): Included in cost of sales 9 (13 ) Purchases and settlements: Purchases — 3 Settlements 45 (23 ) Balance, end of period $ 29 $ 10 Change in unrealized gains (losses) relating to instruments still held at end of period $ 9 $ (13 ) |
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, 2019 December 31, 2018 Other current assets $ 13 $ 6 Non-current derivative assets 36 31 Total derivative assets 49 37 Derivative liabilities (10 ) (66 ) Non-current derivative liabilities (10 ) (14 ) Total derivative liabilities (20 ) (80 ) Derivative asset (liability), net $ 29 $ (43 ) (1) Does not include collateral calls of $1 million for such contracts, which are included in other current assets in our Balance Sheets as of both March 31, 2019 and December 31, 2018 |
Derivative Instruments, Gain (Loss) | The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives on our Statements of Income during the three months ended March 31, 2019 and 2018 (in millions): Three Months Ended March 31, Statement of Income Location (1) 2019 2018 Liquefaction Supply Derivatives gain LNG revenues $ 1 $ — Liquefaction Supply Derivatives gain (loss) Cost of sales 76 (50 ) (1) |
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, 2019 Liquefaction Supply Derivatives $ 51 $ (2 ) $ 49 Liquefaction Supply Derivatives (22 ) 2 (20 ) As of December 31, 2018 Liquefaction Supply Derivatives $ 63 $ (26 ) $ 37 Liquefaction Supply Derivatives (92 ) 12 (80 ) |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Non-Current Assets | As of March 31, 2019 and December 31, 2018 , other non-current assets, net consisted of the following (in millions): March 31, December 31, 2019 2018 Advances made to municipalities for water system enhancements $ 90 $ 90 Advances and other asset conveyances to third parties to support LNG terminals 36 36 Operating lease assets 20 — Information technology service assets 9 16 Advances made under EPC and non-EPC contracts 1 14 Other 1 2 Total other non-current assets, net $ 157 $ 158 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | As of March 31, 2019 and December 31, 2018 , accrued liabilities consisted of the following (in millions): March 31, December 31, 2019 2018 Interest costs and related debt fees $ 143 $ 186 Accrued natural gas purchases 325 518 Liquefaction Project costs 155 64 Other accrued liabilities 1 — Total accrued liabilities $ 624 $ 768 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | As of March 31, 2019 and December 31, 2018 , our debt consisted of the following (in millions): March 31, December 31, 2019 2018 Long-term debt 5.625% Senior Secured Notes due 2021 (“2021 Senior Notes”) $ 2,000 $ 2,000 6.25% Senior Secured Notes due 2022 (“2022 Senior Notes”) 1,000 1,000 5.625% Senior Secured Notes due 2023 (“2023 Senior Notes”) 1,500 1,500 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”) 1,350 1,350 5.00% Senior Secured Notes due 2037 (“2037 Senior Notes”) 800 800 Unamortized discount, premium and debt issuance costs, net (144 ) (150 ) Total long-term debt, net 13,506 13,500 Current debt $1.2 billion Working Capital Facility (“Working Capital Facility”) — — Total debt, net $ 13,506 $ 13,500 |
Schedule of Line of Credit Facilities | Below is a summary of our Working Capital Facility as of March 31, 2019 (in millions): Working Capital Facility Original facility size $ 1,200 Less: Outstanding balance — Letters of credit issued 421 Available commitment $ 779 Interest rate LIBOR plus 1.75% or base rate plus 0.75% Maturity date December 31, 2020 |
Schedule of Interest Expense | Total interest expense consisted of the following (in millions): Three Months Ended March 31, 2019 2018 Total interest cost $ 197 $ 198 Capitalized interest (47 ) (47 ) Total interest expense, net $ 150 $ 151 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table shows the carrying amount, which is net of unamortized premium, discount and debt issuance costs, and estimated fair value of our debt (in millions): March 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior notes (1) $ 12,715 $ 13,758 $ 12,709 $ 13,235 2037 Senior Notes (2) 791 858 791 817 (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) |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2019 and 2018 (in millions): Three Months Ended March 31, 2019 2018 LNG revenues $ 1,366 $ 1,015 LNG revenues—affiliate 305 503 Total revenues from customers 1,671 1,518 Gains from derivative instruments 1 — Total revenues $ 1,672 $ 1,518 |
Contract Balances Reconciliation | The following table reflects the changes in our contract liabilities, which we classify as deferred revenues on our Balance Sheets (in millions): Three Months Ended March 31, 2019 Deferred revenues, beginning of period $ 91 Cash received but not yet recognized 84 Revenue recognized from prior period deferral (91 ) Deferred revenues, end of period $ 84 |
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, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Weighted Average Recognition Timing (years) (1) LNG revenues $ 53.1 10 $ 53.6 10 (1) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Below is a summary of our related party transactions as reported on our Statements of Income for the three months ended March 31, 2019 and 2018 (in millions): Three Months Ended March 31, 2019 2018 LNG revenues—affiliate Cheniere Marketing SPA and Cheniere Marketing Master SPA $ 305 $ 503 Cost of sales—affiliate Cargo loading fees under TUA 9 8 Operating and maintenance expense—affiliate TUA 64 64 Natural Gas Transportation Agreement 19 20 Services Agreements 24 19 Total operating and maintenance expense—affiliate 107 103 General and administrative expense—affiliate Services Agreements 15 12 |
Customer Concentration (Tables)
Customer Concentration (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue and Accounts Receivable by Major Customers | The following table shows customers with revenues of 10% or greater of total revenues from external customers and customers with accounts receivable balances of 10% or greater of total accounts receivable from external customers: Percentage of Accounts Receivable from External Customers Three Months Ended March 31, March 31, December 31, 2019 2018 2019 2018 Customer A 33% 34% 35% 35% Customer B 20% 27% 22% 23% Customer C 20% 27% 24% 30% Customer D 24% 11% 10% * * Less than 10% |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental disclosure of cash flow information (in millions): Three Months Ended March 31, 2019 2018 Cash paid during the period for interest, net of amounts capitalized $ 186 $ 230 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)trains | Dec. 31, 2018USD ($) | |
Nature of Operations and Basis of Presentation [Line Items] | ||
Income Tax Expense | $ 0 | |
Other non-current assets, net | 157 | $ 158 |
Other non-current liabilities | 7 | 3 |
Other non-current liabilities—affiliate | 17 | $ 0 |
Accounting Standards Update 2016-02 [Member] | ||
Nature of Operations and Basis of Presentation [Line Items] | ||
Other non-current assets, net | 20 | |
Other non-current liabilities | 4 | |
Other non-current liabilities—affiliate | $ 16 | |
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, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 621 | $ 756 |
Liquefaction Project [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 621 | $ 756 |
Accounts and Other Receivable_2
Accounts and Other Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Trade receivable | $ 187 | $ 330 |
Other accounts receivable | 18 | 16 |
Total accounts and other receivables | $ 205 | $ 346 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Inventory | $ 96 | $ 87 |
Natural gas [Member] | ||
Inventory [Line Items] | ||
Inventory | 10 | 28 |
LNG [Member] | ||
Inventory [Line Items] | ||
Inventory | 24 | 6 |
Materials and other [Member] | ||
Inventory [Line Items] | ||
Inventory | $ 62 | $ 53 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 94 | $ 84 |
Offsets to LNG terminal costs | $ 48 | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 13,446 | $ 13,209 |
LNG terminal costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (761) | (667) |
Property, plant and equipment, net | 13,439 | 13,203 |
LNG terminal [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,978 | 10,004 |
LNG terminal construction-in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 222 | 3,866 |
Fixed assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15 | 14 |
Accumulated depreciation | (8) | (8) |
Property, plant and equipment, net | $ 7 | $ 6 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - tbtu | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Energy Units Secured Through Natural Gas Supply Contracts | 3,542 | 3,464 |
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 5 years | |
Liquefaction Supply Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 3,087 | 2,978 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 29 | $ (43) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2 | 5 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (2) | (23) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 29 | $ (25) |
Derivative Instruments - Fair_2
Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Physical Liquefaction Supply Derivatives [Member] - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Net Fair Value Asset | $ 29,000,000 |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Significant Unobservable Inputs Range | (0.350) |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Significant Unobservable Inputs Range | $ 0.082 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Level 3 Activity (Details) - Physical Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ (25) | $ 43 |
Realized and mark-to-market gains (losses): | ||
Included in cost of sales | 9 | (13) |
Purchases and settlements: | ||
Purchases | 0 | 3 |
Settlements | 45 | (23) |
Balance, end of period | 29 | 10 |
Change in unrealized gains (losses) relating to instruments still held at end of period | $ 9 | $ (13) |
Derivative Instruments - Fair_3
Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | $ 36 | $ 31 | |
Derivative liabilities | (10) | (66) | |
Non-current derivative liabilities | (10) | (14) | |
Liquefaction Supply Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [1] | 49 | 37 |
Total derivative liabilities | [1] | (20) | (80) |
Derivative asset (liability), net | [1] | 29 | (43) |
Derivative, collateral call | 1 | 1 | |
Liquefaction Supply Derivatives [Member] | Other current assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 13 | 6 |
Liquefaction Supply Derivatives [Member] | Non-current derivative assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | [1] | 36 | 31 |
Liquefaction Supply Derivatives [Member] | Derivative liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [1] | (10) | (66) |
Liquefaction Supply Derivatives [Member] | Non-current derivative liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | [1] | $ (10) | $ (14) |
[1] | Does not include collateral calls of $1 million for such contracts, which are included in other current assets in our Balance Sheets as of both March 31, 2019 and December 31, 2018 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Gain (Loss) (Details) - Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
LNG revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gain (loss), net | [1] | $ 1 | $ 0 |
Cost of sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gain (loss), net | [1] | $ 76 | $ (50) |
[1] | Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. |
Derivative Instruments - Deri_2
Derivative Instruments - Derivative Net Presentation on Balance Sheets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Liquefaction Supply Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | $ 51 | $ 63 |
Derivative Asset, Gross Amounts Offset in the Balance Sheets | (2) | (26) |
Net Amounts Presented in our Balance Sheets | 49 | 37 |
Liquefaction Supply Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (22) | (92) |
Derivative Liability, Gross Amounts Offset in the Balance Sheets | 2 | 12 |
Net Amounts Presented in our Balance Sheets | $ (20) | $ (80) |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Other Assets, Noncurrent [Abstract] | ||
Advances made to municipalities for water system enhancements | $ 90 | $ 90 |
Advances and other asset conveyances to third parties to support LNG terminals | 36 | 36 |
Operating lease assets | 20 | 0 |
Information technology service assets | 9 | 16 |
Advances made under EPC and non-EPC contracts | 1 | 14 |
Other | 1 | 2 |
Other non-current assets, net | $ 157 | $ 158 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Interest costs and related debt fees | $ 143 | $ 186 |
Accrued natural gas purchases | 325 | 518 |
Liquefaction Project costs | 155 | 64 |
Other accrued liabilities | 1 | 0 |
Total accrued liabilities | $ 624 | $ 768 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized discount, premium and debt issuance costs, net | $ (144,000,000) | $ (150,000,000) |
Long-term Debt, Net | 13,506,000,000 | 13,500,000,000 |
Current Debt, Working Capital Facility | 0 | 0 |
Total Debt, Net | 13,506,000,000 | 13,500,000,000 |
2021 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2022 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
2023 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2024 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
2025 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2026 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |
2027 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
2028 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,350,000,000 | 1,350,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
2037 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 800,000,000 | 800,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
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, 2019 | Dec. 31, 2018 | |
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 | 421 | |
Available commitment | $ 779 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Debt Instrument, Maturity Date | Dec. 31, 2020 | |
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, 2019 | Mar. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Total interest cost | $ 197 | $ 198 |
Capitalized interest | (47) | (47) |
Total interest expense, net | $ 150 | $ 151 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, Carrying Value | $ 13,506 | $ 13,500 | |
Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, Carrying Value | [1] | 12,715 | 12,709 |
Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes, Estimated Fair Value | [1] | 13,758 | 13,235 |
2037 Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, Carrying Value | [2] | 791 | 791 |
2037 Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes, Estimated Fair Value | [2] | $ 858 | $ 817 |
[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 | ||
[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 _3
Revenues from Contracts with Customers - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
LNG [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Variable Consideration Received From Customers, Percentage | 58.00% | 56.00% |
LNG—affiliate [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Variable Consideration Received From Customers, Percentage | 100.00% | 100.00% |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ 1,671 | $ 1,518 |
Revenues | 1,672 | 1,518 |
LNG [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 1,366 | 1,015 |
Revenues | 1,367 | 1,015 |
LNG—affiliate [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 305 | 503 |
Gains from derivative instruments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1 | $ 0 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Schedule of Deferred Revenue Reconciliation (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Change In Contract With Customer, Liability [Roll Forward] | |
Deferred revenues, beginning of period | $ 91 |
Cash received but not yet recognized | 84 |
Revenue recognized from prior period deferral | (91) |
Deferred revenues, end of period | $ 84 |
Revenues from Contracts with _6
Revenues from Contracts with Customers - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - LNG [Member] - USD ($) $ in Billions | Mar. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 53.1 | $ 53.6 | |
Weighted Average Recognition Timing | [1] | 10 years | 10 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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Cost of sales—affiliate | $ 9 | $ 8 |
Operating and maintenance expense—affiliate | 107 | 103 |
General and administrative expense—affiliate | 15 | 12 |
Cheniere Marketing SPA and Cheniere Marketing Master SPA [Member] | ||
Related Party Transaction [Line Items] | ||
LNG revenues—affiliate | 305 | 503 |
Terminal Use Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Cost of sales—affiliate | 9 | 8 |
Operating and maintenance expense—affiliate | 64 | 64 |
Natural Gas Transportation Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Operating and maintenance expense—affiliate | 19 | 20 |
Service Agreements [Member] | ||
Related Party Transaction [Line Items] | ||
Operating and maintenance expense—affiliate | 24 | 19 |
General and administrative expense—affiliate | $ 15 | $ 12 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)bcf / ditem$ / MMBTU | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |||
Accounts receivable—affiliate | $ 112,000,000 | $ 113,000,000 | |
Advances to affiliate | 296,000,000 | 210,000,000 | |
LNG Terminal-Related Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable—affiliate | $ 112,000,000 | 113,000,000 | |
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 | ||
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 | $ 296,000,000 | $ 210,000,000 | |
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, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Customer A [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 33.00% | 34.00% | |
Customer A [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 35.00% | 35.00% | |
Customer B [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 27.00% | |
Customer B [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 23.00% | |
Customer C [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 27.00% | |
Customer C [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 24.00% | 30.00% | |
Customer D [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 24.00% | 11.00% | |
Customer D [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest, net of amounts capitalized | $ 186 | $ 230 |
Balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) | $ 320 | $ 189 |