Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-16383 | |
Entity Registrant Name | CHENIERE ENERGY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4352386 | |
Entity Address, Address Line One | 700 Milam Street | |
Entity Address, Address Line Two | Suite 1900 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 375-5000 | |
Title of 12(b) Security | Common Stock, $ 0.003 par value | |
Trading Symbol | LNG | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 256,779,983 | |
Entity Central Index Key | 0000003570 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 2,279 | $ 981 |
Restricted cash | 1,161 | 2,175 |
Accounts and other receivables | 433 | 585 |
Inventory | 290 | 316 |
Derivative assets | 127 | 63 |
Other current assets | 135 | 114 |
Total current assets | 4,425 | 4,234 |
Property, plant and equipment, net | 29,073 | 27,245 |
Operating lease assets, net | 502 | 0 |
Debt issuance costs, net | 55 | 72 |
Non-current derivative assets | 103 | 54 |
Goodwill | 77 | 77 |
Other non-current assets, net | 337 | 305 |
Total assets | 34,572 | 31,987 |
Current liabilities | ||
Accounts payable | 120 | 58 |
Accrued liabilities | 1,572 | 1,169 |
Current debt | 0 | 239 |
Deferred revenue | 136 | 139 |
Current operating lease liabilities | 292 | 0 |
Derivative liabilities | 84 | 128 |
Other current liabilities | 3 | 9 |
Total current liabilities | 2,207 | 1,742 |
Long-term debt, net | 29,944 | 28,179 |
Non-current operating lease liabilities | 202 | 0 |
Non-current finance lease liabilities | 58 | 57 |
Non-current derivative liabilities | 94 | 22 |
Other non-current liabilities | 44 | 58 |
Commitments and contingencies (see Note 16) | ||
Stockholders’ equity | ||
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued | 0 | 0 |
Common stock, $0.003 par value, Authorized: 480.0 million shares at June 30, 2019 and December 31, 2018; Issued: 270.5 million shares at June 30, 2019 and 269.8 million shares at December 31, 2018 | ||
Outstanding: 257.5 million shares at June 30, 2019 and 257.0 million shares at December 31, 2018 | 1 | 1 |
Treasury stock: 13.0 million shares and 12.8 million shares at June 30, 2019 and December 31, 2018, respectively, at cost | (423) | (406) |
Additional paid-in-capital | 4,097 | 4,035 |
Accumulated deficit | (4,129) | (4,156) |
Total stockholders’ deficit | (454) | (526) |
Non-controlling interest | 2,477 | 2,455 |
Total equity | 2,023 | 1,929 |
Total liabilities and equity | $ 34,572 | $ 31,987 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - $ / shares shares in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5 | 5 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par Value Per Share | $ 0.003 | $ 0.003 |
Common Stock, Shares Authorized | 480 | 480 |
Common Stock, Shares, Issued | 270.5 | 269.8 |
Common Stock, Shares, Outstanding | 257.5 | 257 |
Treasury Stock, Shares | 13 | 12.8 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenues | |||||
Revenues | $ 2,292 | $ 1,543 | $ 4,553 | $ 3,785 | |
Revenues from contracts with customers | 2,168 | 1,594 | 4,316 | 3,821 | |
Operating costs and expenses | |||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 1,277 | 873 | 2,491 | 2,051 | |
Operating and maintenance expense | 295 | 147 | 516 | 287 | |
Development expense | 3 | 3 | 4 | 4 | |
Selling, general and administrative expense | 77 | 73 | 150 | 140 | |
Depreciation and amortization expense | 204 | 111 | 348 | 220 | |
Impairment expense and loss on disposal of assets | 4 | 0 | 6 | 0 | |
Total operating costs and expenses | 1,860 | 1,207 | 3,515 | 2,702 | |
Income from operations | 432 | 336 | 1,038 | 1,083 | |
Other income (expense) | |||||
Interest expense, net of capitalized interest | (372) | (216) | (619) | (432) | |
Loss on modification or extinguishment of debt | 0 | (15) | 0 | (15) | |
Derivative gain (loss), net | (74) | 32 | (109) | 109 | |
Other income | 16 | 10 | 32 | 17 | |
Total other expense | (430) | (189) | (696) | (321) | |
Income (loss) before income taxes and non-controlling interest | 2 | 147 | 342 | 762 | |
Income tax benefit (provision) | 0 | 3 | (3) | (12) | |
Net income (loss) | 2 | 150 | 339 | 750 | |
Less: net income attributable to non-controlling interest | 116 | 168 | 312 | 411 | |
Net income (loss) attributable to common stockholders | $ (114) | $ (18) | $ 27 | $ 339 | |
Net income (loss) per share attributable to common stockholders—basic | [1] | $ (0.44) | $ (0.07) | $ 0.11 | $ 1.42 |
Net income (loss) per share attributable to common stockholders—diluted | [1] | $ (0.44) | $ (0.07) | $ 0.11 | $ 1.40 |
Weighted average number of common shares outstanding—basic | 257.4 | 242.8 | 257.3 | 239.2 | |
Weighted average number of common shares outstanding—diluted | 257.4 | 242.8 | 258.6 | 241.7 | |
LNG [Member] | |||||
Revenues | |||||
Revenues | $ 2,173 | $ 1,442 | $ 4,316 | $ 3,608 | |
Revenues from contracts with customers | 2,080 | 1,516 | 4,147 | 3,668 | |
Regasification [Member] | |||||
Revenues | |||||
Revenues from contracts with customers | 67 | 65 | 133 | 130 | |
Other [Member] | |||||
Revenues | |||||
Revenues | 52 | 36 | 104 | 47 | |
Revenues from contracts with customers | $ 21 | $ 13 | $ 36 | $ 23 | |
[1] | Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Non-controlling Interest |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2017 | 237.6 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2017 | 12.5 | |||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2017 | $ 1,240 | $ 1 | $ (386) | $ 3,248 | $ (4,627) | $ 3,004 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units, shares | 0.3 | 0 | ||||
Vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 16 | $ 0 | $ 0 | 16 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares | 0 | 0.1 | ||||
Shares withheld from employees related to share-based compensation, at cost | (6) | $ 0 | $ (6) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 243 | 0 | 0 | 0 | 0 | 243 |
Distributions and dividends to non-controlling interest | (143) | 0 | 0 | 0 | 0 | (143) |
Net income (loss) | 357 | $ 0 | $ 0 | 0 | 357 | 0 |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2018 | 237.9 | |||||
Treasury Stock, Shares, End of Period at Mar. 31, 2018 | 12.6 | |||||
Stockholders' Equity, End of Period at Mar. 31, 2018 | 1,707 | $ 1 | $ (392) | 3,264 | (4,270) | 3,104 |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2017 | 237.6 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2017 | 12.5 | |||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2017 | 1,240 | $ 1 | $ (386) | 3,248 | (4,627) | 3,004 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income attributable to non-controlling interest | 411 | |||||
Net income (loss) | 339 | |||||
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2018 | 248.1 | |||||
Treasury Stock, Shares, End of Period at Jun. 30, 2018 | 12.6 | |||||
Stockholders' Equity, End of Period at Jun. 30, 2018 | 1,734 | $ 1 | $ (394) | 3,664 | (4,288) | 2,751 |
Common Stock, Shares, Outstanding, Beginning of Period at Mar. 31, 2018 | 237.9 | |||||
Treasury Stock, Shares, Beginning of Period at Mar. 31, 2018 | 12.6 | |||||
Stockholders' Equity, Beginning of Period at Mar. 31, 2018 | 1,707 | $ 1 | $ (392) | 3,264 | (4,270) | 3,104 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of stock to acquire additional interest in Cheniere Holdings, shares | 10.3 | 0 | ||||
Issuance of stock to acquire additional interest in Cheniere Holdings | 0 | $ 0 | $ 0 | 376 | 0 | (376) |
Share-based compensation | 23 | $ 0 | $ 0 | 23 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares | (0.1) | 0 | ||||
Shares withheld from employees related to share-based compensation, at cost | (2) | $ 0 | $ (2) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 168 | 0 | 0 | 0 | 0 | 168 |
Equity portion of convertible notes, net | 1 | 0 | 0 | 1 | 0 | 0 |
Distributions and dividends to non-controlling interest | (145) | 0 | 0 | 0 | 0 | (145) |
Net income (loss) | (18) | $ 0 | $ 0 | 0 | (18) | 0 |
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2018 | 248.1 | |||||
Treasury Stock, Shares, End of Period at Jun. 30, 2018 | 12.6 | |||||
Stockholders' Equity, End of Period at Jun. 30, 2018 | $ 1,734 | $ 1 | $ (394) | 3,664 | (4,288) | 2,751 |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2018 | 257 | 257 | ||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2018 | 12.8 | 12.8 | ||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2018 | $ 1,929 | $ 1 | $ (406) | 4,035 | (4,156) | 2,455 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units, shares | 0.6 | 0 | ||||
Vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 28 | $ 0 | $ 0 | 28 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares | 0.2 | (0.2) | ||||
Shares withheld from employees related to share-based compensation, at cost | (12) | $ 0 | $ (12) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 196 | 0 | 0 | 0 | 0 | 196 |
Distributions and dividends to non-controlling interest | (144) | 0 | 0 | 0 | 0 | (144) |
Net income (loss) | 141 | $ 0 | $ 0 | 0 | 141 | 0 |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2019 | 257.4 | |||||
Treasury Stock, Shares, End of Period at Mar. 31, 2019 | 13 | |||||
Stockholders' Equity, End of Period at Mar. 31, 2019 | $ 2,138 | $ 1 | $ (418) | 4,063 | (4,015) | 2,507 |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2018 | 257 | 257 | ||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2018 | 12.8 | 12.8 | ||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2018 | $ 1,929 | $ 1 | $ (406) | 4,035 | (4,156) | 2,455 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income attributable to non-controlling interest | 312 | |||||
Net income (loss) | $ 27 | |||||
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2019 | 257.5 | 257.5 | ||||
Treasury Stock, Shares, End of Period at Jun. 30, 2019 | 13 | 13 | ||||
Stockholders' Equity, End of Period at Jun. 30, 2019 | $ 2,023 | $ 1 | $ (423) | 4,097 | (4,129) | 2,477 |
Common Stock, Shares, Outstanding, Beginning of Period at Mar. 31, 2019 | 257.4 | |||||
Treasury Stock, Shares, Beginning of Period at Mar. 31, 2019 | 13 | |||||
Stockholders' Equity, Beginning of Period at Mar. 31, 2019 | 2,138 | $ 1 | $ (418) | 4,063 | (4,015) | 2,507 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units, shares | 0.1 | 0 | ||||
Vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 33 | $ 0 | $ 0 | 33 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares | 0 | 0 | ||||
Shares withheld from employees related to share-based compensation, at cost | (2) | $ 0 | $ (2) | 0 | 0 | 0 |
Shares repurchased, at cost, shares | 0 | 0 | ||||
Shares repurchased, at cost | (3) | $ 0 | $ (3) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 116 | 0 | 0 | 0 | 0 | 116 |
Equity portion of convertible notes, net | 1 | 0 | 0 | 1 | 0 | 0 |
Distributions and dividends to non-controlling interest | (146) | 0 | 0 | 0 | 0 | (146) |
Net income (loss) | $ (114) | $ 0 | $ 0 | 0 | (114) | 0 |
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2019 | 257.5 | 257.5 | ||||
Treasury Stock, Shares, End of Period at Jun. 30, 2019 | 13 | 13 | ||||
Stockholders' Equity, End of Period at Jun. 30, 2019 | $ 2,023 | $ 1 | $ (423) | $ 4,097 | $ (4,129) | $ 2,477 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 339 | $ 750 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 348 | 220 |
Share-based compensation expense | 61 | 58 |
Non-cash interest expense | 93 | 30 |
Amortization of debt issuance costs, deferred commitment fees, premium and discount | 44 | 35 |
Amortization of operating lease assets | 158 | 0 |
Loss on modification or extinguishment of debt | 0 | 15 |
Total losses (gains) on derivatives, net | (147) | 4 |
Net cash provided by (used for) settlement of derivative instruments | 62 | (8) |
Impairment expense and loss on disposal of assets | 6 | 0 |
Other | 2 | (5) |
Changes in operating assets and liabilities: | ||
Accounts and other receivables | 59 | 80 |
Inventory | 33 | 10 |
Other current assets | (46) | (61) |
Accounts payable and accrued liabilities | (80) | (132) |
Deferred revenue | (2) | (13) |
Operating lease liabilities | (163) | 0 |
Other, net | (7) | (1) |
Net cash provided by operating activities | 760 | 982 |
Cash flows from investing activities | ||
Property, plant and equipment, net | (1,508) | (1,508) |
Investment in equity method investment | (34) | 0 |
Other | 0 | 16 |
Net cash used in investing activities | (1,542) | (1,492) |
Cash flows from financing activities | ||
Proceeds from issuances of debt | 2,021 | 1,799 |
Repayments of debt | (630) | (281) |
Debt issuance and deferred financing costs | (20) | (46) |
Debt extinguishment costs | 0 | (8) |
Distributions and dividends to non-controlling interest | (290) | (288) |
Payments related to tax withholdings for share-based compensation | (14) | (8) |
Repurchase of common stock | (3) | 0 |
Other | 2 | 0 |
Net cash provided by financing activities | 1,066 | 1,168 |
Net increase in cash, cash equivalents and restricted cash | 284 | 658 |
Cash, cash equivalents and restricted cash—beginning of period | 3,156 | 2,613 |
Cash, cash equivalents and restricted cash—end of period | $ 3,440 | $ 3,271 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Balances per Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Balances per Consolidated Balance Sheets: | ||||
Cash and cash equivalents | $ 2,279 | $ 981 | ||
Current restricted cash | 1,161 | 2,175 | ||
Total cash, cash equivalents and restricted cash | $ 3,440 | $ 3,156 | $ 3,271 | $ 2,613 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NATURE OF OPERATIONS AND BASIS OF PRESENTATION We own and operate two natural gas liquefaction and export facilities at Sabine Pass and Corpus Christi. The Sabine Pass LNG terminal is located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Cheniere Partners is in various stages of constructing and operating six natural gas liquefaction facilities (the “SPL Project”) at the Sabine Pass LNG terminal adjacent to the existing regasification facilities through a wholly owned subsidiary, SPL. Trains 1 through 5 are operational and Train 6 is under construction. The Sabine Pass LNG terminal has operational regasification facilities owned by Cheniere Partners’ wholly owned subsidiary, SPLNG, and a 94 -mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines owned by Cheniere Partners’ wholly owned subsidiary, CTPL. The Corpus Christi LNG terminal is located near Corpus Christi, Texas and is operated by our wholly owned subsidiary CCL. We also operate a 23 -mile natural gas supply pipeline that interconnects the Corpus Christi LNG terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the liquefaction facilities, the “CCL Project”) through our wholly owned subsidiary CCP. The CCL Project is being developed in stages with the first phase being three Trains (“Phase 1”). The first stage includes Trains 1 and 2 , two LNG storage tanks, one complete marine berth and a second partial berth and all of the CCL Project ’s necessary infrastructure facilities (“Stage 1”) . The second stage includes Train 3, one LNG storage tank and the completion of the second partial berth (“Stage 2”) . Train 1 is operational, Train 2 is undergoing commissioning and Train 3 is under construction. Additionally, separate from the CCH Group, we are developing an expansion of the Corpus Christi LNG terminal adjacent to the CCL Project (“Corpus Christi Stage 3”) and filed an application with FERC in June 2018 for seven midscale Trains with an expected aggregate nominal production capacity of approximately 9.5 mtpa and one LNG storage tank. We remain focused on expansion of our existing sites by leveraging existing infrastructure. We continue to consider development of other projects, including infrastructure projects in support of natural gas supply and LNG demand, which, among other things, will require acceptable commercial and financing arrangements before we make a final investment decision (“FID”) . Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cheniere 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 Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the year ended December 31, 2018 . In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation, have been included. Results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2019 . Recent Accounting Standards We adopted ASU 2016-02, Leases (Topic 842) , and subsequent amendments thereto (“ASC 842”) on January 1, 2019 using the optional transition approach to apply the standard at the beginning of the first quarter of 2019 with no retrospective adjustments to prior periods. The adoption of the standard resulted in the recognition of right-of-use assets and lease liabilities for operating leases of approximately $550 million on our Consolidated Balance Sheets, with no material impact on our Consolidated Statements of Operations or Consolidated Statements of Cash Flows. We have elected the practical expedients to (1) carryforward prior conclusions related to lease identification and classification for existing leases, (2) combine lease and non-lease components of an arrangement for all classes of leased assets, (3) omit short-term leases with a term of 12 months or less from recognition on the balance sheet and (4) carryforward our existing accounting for land easements not previously accounted for as leases. See Note 11—Leases |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | RESTRICTED CASH Restricted cash consists of funds that are contractually and legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of June 30, 2019 and December 31, 2018 , restricted cash consisted of the following (in millions): June 30, December 31, 2019 2018 Current restricted cash SPL Project $ 596 $ 756 Cheniere Partners and cash held by guarantor subsidiaries — 785 CCL Project 279 289 Cash held by our subsidiaries restricted to Cheniere 286 345 Total current restricted cash $ 1,161 $ 2,175 Pursuant to the accounts agreements entered into with the collateral trustees for the benefit of SPL’s debt holders and CCH’s debt holders, SPL and CCH are required to deposit all cash received into reserve accounts controlled by the collateral trustees. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) and other restricted payments. In May 2019, Cheniere Partners entered into the $1.5 billion credit facilities (the “2019 CQP Credit Facilities”) , which replaced the previous $2.8 billion credit facilities (the “2016 CQP Credit Facilities”) . The cash held by Cheniere Partners and its guarantor subsidiaries was restricted in use under the terms of the 2016 CQP Credit Facilities and the related depositary agreement governing the extension of credit to Cheniere Partners, but is no longer restricted under the 2019 CQP Credit Facilities . |
Accounts and Other Receivables
Accounts and Other Receivables | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Accounts and Other Receivables | ACCOUNTS AND OTHER RECEIVABLES As of June 30, 2019 and December 31, 2018 , accounts and other receivables consisted of the following (in millions): June 30, December 31, 2019 2018 Trade receivables SPL and CCL $ 257 $ 330 Cheniere Marketing 145 205 Other accounts receivable 31 50 Total accounts and other receivables $ 433 $ 585 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY As of June 30, 2019 and December 31, 2018 , inventory consisted of the following (in millions): June 30, December 31, 2019 2018 Natural gas $ 19 $ 30 LNG 38 24 LNG in-transit 104 173 Materials and other 129 89 Total inventory $ 290 $ 316 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT As of June 30, 2019 and December 31, 2018 , property, plant and equipment, net consisted of the following (in millions): June 30, December 31, 2019 2018 LNG terminal costs LNG terminal and interconnecting pipeline facilities $ 23,650 $ 13,386 LNG site and related costs 319 86 LNG terminal construction-in-process 6,529 14,864 Accumulated depreciation (1,625 ) (1,299 ) Total LNG terminal costs, net 28,873 27,037 Fixed assets and other Computer and office equipment 22 17 Furniture and fixtures 22 22 Computer software 104 100 Leasehold improvements 42 41 Land 59 59 Other 20 21 Accumulated depreciation (127 ) (111 ) Total fixed assets and other, net 142 149 Assets under finance lease Tug vessels 60 60 Accumulated depreciation (2 ) (1 ) Total assets under finance lease, net 58 59 Property, plant and equipment, net $ 29,073 $ 27,245 Depreciation expense was $203 million and $111 million during the three months ended June 30, 2019 and 2018 , respectively, and $346 million and $219 million during the six months ended June 30, 2019 and 2018 , respectively. We realize offsets to LNG terminal costs for sales of commissioning cargoes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction. We realized offsets to LNG terminal costs of $202 million during the six months ended June 30, 2019 for sales of commissioning cargoes from the Liquefaction Projects . We did no t realize any offsets to LNG terminal costs during the three months ended June 30, 2019 and the three and six months ended June 30, 2018 . |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS We have entered into the following derivative instruments that are reported at fair value: • interest rate swaps to hedge the exposure to volatility in a portion of the floating-rate interest payments under CCH’s credit facilities (“CCH Interest Rate Derivatives”) and to hedge against changes in interest rates that could impact anticipated future issuance of debt by CCH (“CCH Interest Rate Forward Start Derivatives”) ; • commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the SPL Project , CCL Project and potential future development of Corpus Christi Stage 3 (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (collectively, the “Liquefaction Supply Derivatives”) ; • financial derivatives to hedge the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (“LNG Trading Derivatives”) ; and • foreign currency exchange (“FX”) contracts to hedge exposure to currency risk associated with both LNG Trading Derivatives and operations in countries outside of the United States (“FX 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 Consolidated 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 June 30, 2019 and December 31, 2018 , which are classified as derivative assets , non-current derivative assets , derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in millions): Fair Value Measurements as of June 30, 2019 December 31, 2018 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total CCH Interest Rate Derivatives asset (liability) $ — $ (88 ) $ — $ (88 ) $ — $ 18 $ — $ 18 CCH Interest Rate Forward Start Derivatives liability — (7 ) — (7 ) — — — — Liquefaction Supply Derivatives asset (liability) — 1 89 90 6 (19 ) (29 ) (42 ) LNG Trading Derivatives asset (liability) (4 ) 51 — 47 1 (25 ) — (24 ) FX Derivatives asset — 10 — 10 — 15 — 15 We value our CCH Interest Rate Derivatives and CCH Interest Rate Forward Start Derivatives using an income-based approach utilizing observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data. We value our LNG Trading Derivatives and our Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data. We value our FX Derivatives with a market approach using observable FX rates and other relevant data. The fair value of our Physical Liquefaction Supply Derivatives is predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated conditions precedent, including evaluating whether the respective market is available as pipeline infrastructure is developed. The fair value of our Physical Liquefaction Supply Derivatives incorporates risk premiums related to the satisfaction of conditions precedent, such as completion and placement into service of relevant pipeline infrastructure to accommodate marketable physical gas flow. As of June 30, 2019 and December 31, 2018 , some of our Physical Liquefaction Supply Derivatives existed within markets for which the pipeline infrastructure was under development to accommodate marketable physical gas flow. We include a portion of our Physical Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity, volatility and contract duration. In determining and recording fair value, we do not use third party sources that derive price based on proprietary models or market surveys. The Level 3 fair value measurements of natural gas positions within our Physical Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of June 30, 2019 : Net Fair Value Asset (Liability) (in millions) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $89 Market approach incorporating present value techniques Henry Hub Basis Spread $(0.700) - $0.056 Option pricing model International pricing spread, relative to Henry Hub (1) 128% - 176% (1) Spread contemplates U.S. dollar-denominated pricing. Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of our Physical Liquefaction Supply Derivatives . The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives during the three and six months ended June 30, 2019 and 2018 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 31 $ 10 $ (29 ) $ 43 Realized and mark-to-market gains (losses): Included in cost of sales 7 (1 ) 23 (12 ) Purchases and settlements: Purchases 50 6 50 6 Settlements 1 (4 ) 45 (25 ) Transfers out of Level 3 (1) — 1 — — Balance, end of period $ 89 $ 12 $ 89 $ 12 Change in unrealized gains (losses) relating to instruments still held at end of period $ 7 $ (1 ) $ 23 $ (12 ) (1) Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. Derivative assets and liabilities arising from our derivative contracts with the same counterparty are reported on a net basis, as all counterparty derivative contracts provide for the unconditional right of set-off in the event of default. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments in instances when our derivative instruments are in an asset position. Additionally, counterparties are at risk that we will be unable to meet our commitments in instances where our derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, set-off rights and guarantees. Interest Rate Derivatives During the six months ended June 30, 2019 , there were no changes to the terms of the CCH Interest Rate Derivatives entered into by CCH to protect against volatility of future cash flows and hedge a portion of the variable interest payments on its credit facility (the “CCH Credit Facility”) . In June 2019, we entered into the CCH Interest Rate Forward Start Derivatives to hedge against changes in interest rates that could impact anticipated future issuance of debt by CCH, which is anticipated by the end of 2020. Cheniere Partners previously had interest rate swaps (“CQP Interest Rate Derivatives” and, collectively with the CCH Interest Rate Derivatives and the CCH Interest Rate Forward Start Derivatives, the “Interest Rate Derivatives”) to hedge a portion of the variable interest payments on its credit facilities, which were terminated in October 2018. As of June 30, 2019 , we had the following Interest Rate Derivatives outstanding: Initial Notional Amount Maximum Notional Amount Effective Date Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received CCH Interest Rate Derivatives $29 million $4.7 billion May 20, 2015 May 31, 2022 2.30% One-month LIBOR CCH Interest Rate Forward Start Derivatives $1.0 billion $1.0 billion June 30, 2020 September 30, 2030 2.11% Three-month LIBOR The following table shows the fair value and location of the Interest Rate Derivatives on our Consolidated Balance Sheets (in millions): June 30, 2019 December 31, 2018 CCH Interest Rate Derivatives CCH Interest Rate Forward Start Derivatives Total CCH Interest Rate Derivatives CCH Interest Rate Forward Start Derivatives Total Consolidated Balance Sheet Location Derivative assets $ — $ — $ — $ 10 $ — $ 10 Non-current derivative assets — — — 8 — 8 Total derivative assets — — — 18 — 18 Derivative liabilities (21 ) — (21 ) — — — Non-current derivative liabilities (67 ) (7 ) (74 ) — — — Total derivative liabilities (88 ) (7 ) (95 ) — — — Derivative asset (liability), net $ (88 ) $ (7 ) $ (95 ) $ 18 $ — $ 18 The following table shows the changes in the fair value and settlements of our Interest Rate Derivatives recorded in derivative gain (loss), net on our Consolidated Statements of Operations during the three and six months ended June 30, 2019 and 2018 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 CCH Interest Rate Derivatives gain (loss) $ (67 ) $ 29 $ (102 ) $ 98 CCH Interest Rate Forward Start Derivatives loss (7 ) — (7 ) — CQP Interest Rate Derivatives gain — 3 — 11 Commodity Derivatives SPL, CCL and CCL Stage III have entered into physical natural gas supply contracts and associated economic hedges to purchase natural gas for the commissioning and operation of the SPL Project, the CCL Project and potential future development of Corpus Christi Stage 3, respectively, which are primarily indexed to the natural gas market and international LNG indices. The terms of the index-based physical natural gas supply contracts range up to approximately 15 years , some of which commence upon the satisfaction of certain conditions precedent. We have entered into, and may from time to time enter into, financial LNG Trading Derivatives in the form of swaps, forwards, options or futures to economically hedge exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG. We have entered into LNG Trading Derivatives to secure a fixed price position to minimize future cash flow variability associated with LNG purchase and sale transactions. The following table shows the fair value and location of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”) on our Consolidated Balance Sheets (in millions, except notional amount): June 30, 2019 December 31, 2018 Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) Total Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) Total Consolidated Balance Sheet Location Derivative assets $ 24 $ 92 $ 116 $ 13 $ 24 $ 37 Non-current derivative assets 94 9 103 46 — 46 Total derivative assets 118 101 219 59 24 83 Derivative liabilities (13 ) (50 ) (63 ) (79 ) (48 ) (127 ) Non-current derivative liabilities (15 ) (4 ) (19 ) (22 ) — (22 ) Total derivative liabilities (28 ) (54 ) (82 ) (101 ) (48 ) (149 ) Derivative asset (liability), net $ 90 $ 47 $ 137 $ (42 ) $ (24 ) $ (66 ) Notional amount, net (in TBtu) (3) 6,781 50 5,832 12 (1) Does not include collateral calls of $6 million and $5 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 , respectively. Includes derivative assets of $2 million and $2 million and non-current assets of $1 million and $3 million as of June 30, 2019 and December 31, 2018 , respectively, for a natural gas supply contract CCL has with a related party. (2) Does not include collateral of $15 million and $9 million deposited for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 , respectively. (3) SPL had secured up to approximately 3,437 TBtu and 3,464 TBtu as of June 30, 2019 and December 31, 2018 , respectively. CCL had secured up to approximately 2,787 TBtu and 2,801 TBtu of natural gas feedstock through natural gas supply contracts as of June 30, 2019 and December 31, 2018 , respectively, of which 57 TBtu and 55 TBtu, respectively, were for a natural gas supply contract CCL has with a related party. Corpus Christi Stage 3 had secured up to approximately 754 TBtu of natural gas feedstock through natural gas supply contracts as of June 30, 2019 . The following table shows the changes in the fair value, settlements and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations during the three and six months ended June 30, 2019 and 2018 (in millions): Consolidated Statements of Operations Location (1) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 LNG Trading Derivatives gain (loss) LNG revenues $ 94 $ (76 ) $ 158 $ (70 ) LNG Trading Derivatives loss Cost of sales (51 ) — (51 ) — Liquefaction Supply Derivatives gain (loss) (2) LNG revenues (1 ) — 1 — Liquefaction Supply Derivatives gain (loss) (2)(3) Cost of sales 57 (3 ) 139 (53 ) (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. (3) Includes $24 million and $36 million that CCL recorded in cost of sales under a natural gas supply contract with a related party during the three and six months ended June 30, 2019 , respectively. Of this amount, $4 million was included in accrued liabilities as of June 30, 2019 . CCL did no t have any transactions during the three and six months ended June 30, 2018 under this contract. FX Derivatives The following table shows the fair value and location of our FX Derivatives on our Consolidated Balance Sheets (in millions): Fair Value Measurements as of Consolidated Balance Sheet Location June 30, 2019 December 31, 2018 FX Derivatives Derivative assets $ 11 $ 16 FX Derivatives Derivative liabilities — (1 ) FX Derivatives Non-current derivative liabilities (1 ) — The total notional amount of our FX Derivatives was $942 million and $379 million as of June 30, 2019 and December 31, 2018 , respectively. The following table shows the changes in the fair value, settlements and location of our FX Derivatives recorded on our Consolidated Statements of Operations during the three and six months ended June 30, 2019 and 2018 (in millions): Three Months Ended June 30, Six Months Ended June 30, Consolidated Statements of Operations Location 2019 2018 2019 2018 FX Derivatives gain LNG revenues $ — $ 12 $ 9 $ 10 Consolidated Balance Sheet Presentation Our derivative instruments are presented on a net basis on our Consolidated Balance Sheets as described above. The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions): Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Offsetting Derivative Assets (Liabilities) As of June 30, 2019 CCH Interest Rate Derivatives $ (88 ) $ — $ (88 ) CCH Interest Rate Forward Start Derivatives (7 ) — (7 ) Liquefaction Supply Derivatives 121 (3 ) 118 Liquefaction Supply Derivatives (35 ) 7 (28 ) LNG Trading Derivatives 109 (8 ) 101 LNG Trading Derivatives (62 ) 8 (54 ) FX Derivatives 21 (10 ) 11 FX Derivatives (11 ) 10 (1 ) As of December 31, 2018 CCH Interest Rate Derivatives $ 19 $ (1 ) $ 18 Liquefaction Supply Derivatives 95 (36 ) 59 Liquefaction Supply Derivatives (121 ) 20 (101 ) LNG Trading Derivatives 112 (88 ) 24 LNG Trading Derivatives (92 ) 44 (48 ) FX Derivatives 30 (14 ) 16 FX Derivatives (2 ) 1 (1 ) |
Other Non-Current Assets
Other Non-Current Assets | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS As of June 30, 2019 and December 31, 2018 , other non-current assets, net consisted of the following (in millions): June 30, December 31, 2019 2018 Advances made to municipalities for water system enhancements $ 89 $ 90 Advances and other asset conveyances to third parties to support LNG terminals 55 54 Tax-related payments and receivables 21 21 Equity method investments 124 94 Advances made under EPC and non-EPC contracts 11 14 Other 37 32 Total other non-current assets, net $ 337 $ 305 Equity Method Investments Our equity method investments consist of interests in privately-held companies. In 2017, we acquired an equity interest in Midship Holdings, LLC (“Midship Holdings”), which manages the business and affairs of Midship Pipeline Company, LLC (“Midship Pipeline”). Midship Pipeline is currently constructing an approximately 200 -mile natural gas pipeline project (the “Midship Project”) that connects production in the Anadarko Basin to Gulf Coast markets. Construction of the Midship Project commenced in the first quarter of 2019. Subsequent to Midship Project obtaining its financing in the form of credit facilities, in conjunction with existing equity, Midship Holdings is able to finance its current activities without additional subordinated financial support. As a result of the total equity investment at risk being sufficient to finance its activities, Midship Holdings is no longer a variable interest entity. We continue to report Midship Holdings as an equity method investment due to our ability to exercise significant influence over the operating and financial policies of Midship Holdings through our non-controlling voting rights on its board of managers. Our investment in Midship Holdings was $117 million and $85 million at June 30, 2019 and December 31, 2018 , respectively. Cheniere LNG O&M Services, LLC (“O&M Services”), our wholly owned subsidiary, provides the development, construction, operation and maintenance services associated with the Midship Project pursuant to agreements in which O&M Services receives an agreed upon fee and reimbursement of costs incurred. O&M Services recorded $3 million in each of the three months ended June 30, 2019 and 2018 and $7 million and $4 million in the six months ended June 30, 2019 and 2018 , respectively, of other revenues and $2 million and $4 million of accounts receivable as of June 30, 2019 and December 31, 2018 , respectively, for services provided to Midship Pipeline under these agreements. CCL has entered into a transportation precedent agreement and a negotiated rate agreement with Midship Pipeline to secure firm pipeline transportation capacity for a period of 10 years following commencement of the Midship Project. In May 2018, CCL issued a letter of credit to Midship Pipeline for drawings up to an aggregate maximum amount of $16 million . Midship Pipeline had no t made any drawings on this letter of credit as of June 30, 2019 |
Non-Controlling Interest
Non-Controlling Interest | 6 Months Ended |
Jun. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interest | NON-CONTROLLING INTEREST We own a 48.6% limited partner interest in Cheniere Partners in the form of 104.5 million common units and 135.4 million subordinated units, with the remaining non-controlling interest held by Blackstone CQP Holdco LP and the public. We also own 100% of the general partner interest and the incentive distribution rights in Cheniere Partners. Cheniere Partners is accounted for as a variable interest entity. See Note 10—Variable Interest Entities of our Notes to Consolidated Financial Statements in our annual report on Form 10-K for the year ended December 31, 2018 for further information. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES As of June 30, 2019 and December 31, 2018 , accrued liabilities consisted of the following (in millions): June 30, December 31, 2019 2018 Interest costs and related debt fees $ 405 $ 233 Accrued natural gas purchases 402 610 LNG terminals and related pipeline costs 630 125 Compensation and benefits 58 117 Accrued LNG inventory 3 14 Other accrued liabilities 74 70 Total accrued liabilities $ 1,572 $ 1,169 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of June 30, 2019 and December 31, 2018 , our debt consisted of the following (in millions): June 30, December 31, 2019 2018 Long-term debt: SPL 5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”) $ 2,000 $ 2,000 6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”) 1,000 1,000 5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”) 1,500 1,500 5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”) 2,000 2,000 5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”) 2,000 2,000 5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”) 1,500 1,500 5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”) 1,500 1,500 4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”) 1,350 1,350 5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”) 800 800 Cheniere Partners 5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”) 1,500 1,500 5.625% Senior Notes due 2026 (“2026 CQP Senior Notes”) 1,100 1,100 2016 CQP Credit Facilities — — 2019 CQP Credit Facilities 649 — CCH 7.000% Senior Secured Notes due 2024 (“2024 CCH Senior Notes”) 1,250 1,250 5.875% Senior Secured Notes due 2025 (“2025 CCH Senior Notes”) 1,500 1,500 5.125% Senior Secured Notes due 2027 (“2027 CCH Senior Notes”) 1,500 1,500 CCH Credit Facility 6,138 5,156 CCH HoldCo II 11.0% Convertible Senior Secured Notes due 2025 (“2025 CCH HoldCo II Convertible Senior Notes”) 1,536 1,455 Cheniere 4.875% Convertible Unsecured Notes due 2021 (“2021 Cheniere Convertible Unsecured Notes”) 1,248 1,218 4.25% Convertible Senior Notes due 2045 (“2045 Cheniere Convertible Senior Notes”) 625 625 $1.25 billion Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”) — — Unamortized premium, discount and debt issuance costs, net (752 ) (775 ) Total long-term debt, net 29,944 28,179 Current debt: $1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”) — — $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) — 168 Cheniere Marketing trade finance facilities — 71 Total current debt — 239 Total debt, net $ 29,944 $ 28,418 2019 Debt Issuances and Terminations 2016 CQP Credit Facilities In May 2019, the remaining commitments under the 2016 CQP Credit Facilities were terminated. There were no write-offs of debt issuance costs associated with the termination of the 2016 CQP Credit Facilities. 2019 CQP Credit Facilities In May 2019, Cheniere Partners entered into the $1.5 billion 2019 CQP Credit Facilities , which consist of a $750 million term loan (“CQP Term Facility”) and a $750 million revolving credit facility (“CQP Revolving Facility”). Borrowings under the 2019 CQP Credit Facilities will be used to fund the development and construction of Train 6 of the SPL Project and subject to a sublimit, for general corporate purposes. The CQP Revolving Facility is also available for the issuance of letters of credit. Loans under the 2019 CQP Credit Facilities will accrue interest at a variable rate per annum equal to LIBOR or the base rate (equal to the highest of the prime rate, the federal funds effective rate, as published by the Federal Reserve Bank of New York, plus 0.50% , and the adjusted one-month LIBOR plus 1.0% ), plus the applicable margin. Under the CQP Term Facility, the applicable margin for LIBOR loans is 1.50% per annum, and the applicable margin for base rate loans is 0.50% per annum, in each case with a 0.25% step-up beginning on May 29, 2022. Under the CQP Revolving Facility, the applicable margin for LIBOR loans is 1.25% to 2.125% per annum, and the applicable margin for base rate loans is 0.25% to 1.125% per annum, in each case depending on the then-current rating of Cheniere Partners. Interest on LIBOR loans is due and payable at the end of each applicable LIBOR period (and at the end of every three -month period within the LIBOR period, if any), and interest on base rate loans is due and payable at the end of each calendar quarter. Cheniere Partners incurred $20 million of discounts and debt issuance costs in conjunction with the entry into the 2019 CQP Credit Facilities . Cheniere Partners pays a commitment fee equal to an annual rate of 30% of the margin for LIBOR loans multiplied by the average daily amount of the undrawn commitment, payable quarterly in arrears. The 2019 CQP Credit Facilities mature on May 29, 2024. The principal of any loans under the 2019 CQP Credit Facilities must be repaid in quarterly installments commencing on May 29, 2023 based on an amortization schedule. Any outstanding balance may be repaid, in whole or in part, at any time without premium or penalty, except for interest hedging and interest rate breakage costs. The 2019 CQP Credit Facilities contain conditions precedent for extensions of credit, as well as customary affirmative and negative covenants, and limit Cheniere Partners’ ability to make restricted payments, including distributions, to once per fiscal quarter and one true-up per fiscal quarter as long as certain conditions are satisfied. The 2019 CQP Credit Facilities are unconditionally guaranteed by each subsidiary of Cheniere Partners other than SPL, Sabine Pass LNG-LP, LLC and certain subsidiaries of Cheniere Partners owning other development projects, as well as certain other specified subsidiaries and members of the foregoing entities. Credit Facilities Below is a summary of our credit facilities outstanding as of June 30, 2019 (in millions): SPL Working Capital Facility (1) 2019 CQP Credit Facilities CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility Original facility size $ 1,200 $ 1,500 $ 8,404 $ 350 $ 750 Incremental commitments — — 1,566 850 500 Less: Outstanding balance — 649 6,138 — — Commitments prepaid or terminated — — 3,832 — — Letters of credit issued 415 — — 338 — Available commitment $ 785 $ 851 $ — $ 862 $ 1,250 Interest rate on outstanding balance LIBOR plus 1.75% or base rate plus 0.75% (2) LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% LIBOR plus 1.75% - 2.50% or base rate plus 0.75% - 1.50% Weighted average interest rate of outstanding balance n/a 3.92% 4.15% n/a n/a Maturity date December 31, 2020 May 29, 2024 June 30, 2024 June 29, 2023 December 23, 2022 (1) The SPL Working Capital Facility was amended in May 2019 in connection with commercialization and financing of Train 6 of the SPL Project. All terms of the SPL Working Capital Facility substantially remained unchanged. (2) LIBOR plus 1.50% or base rate plus 0.50% , with a 0.25% step-up beginning on May 29, 2022 for the CQP Term Facility. LIBOR plus 1.25% to 2.125% or base rate plus 0.25% to 1.125% , depending on the then-current rating of Cheniere Partners for the CQP Revolving Facility. Convertible Notes Below is a summary of our convertible notes outstanding as of June 30, 2019 (in millions): 2021 Cheniere Convertible Unsecured Notes 2025 CCH HoldCo II Convertible Senior Notes 2045 Cheniere Convertible Senior Notes Aggregate original principal $ 1,000 $ 1,000 $ 625 Debt component, net of discount and debt issuance costs $ 1,172 $ 1,519 $ 311 Equity component $ 210 $ — $ 194 Interest payment method Paid-in-kind Paid-in-kind (1) Cash Conversion by us (2) — (3) (4) Conversion by holders (2) (5) (6) (7) Conversion basis Cash and/or stock Stock Cash and/or stock Conversion value in excess of principal $ — $ — $ — Maturity date May 28, 2021 May 13, 2025 March 15, 2045 Contractual interest rate 4.875 % 11.0 % 4.25 % Effective interest rate (8) 8.4 % 11.9 % 9.4 % Remaining debt discount and debt issuance costs amortization period (9) 1.9 years 1.3 years 25.7 years (1) Prior to the substantial completion of Train 2 of the CCL Project, interest will be paid entirely in kind. Following this date, the interest generally must be paid in cash; however, a portion of the interest may be paid in kind under certain specified circumstances. (2) Conversion is subject to various limitations and conditions. (3) Convertible on or after the later of March 1, 2020 and the substantial completion of Train 2 of the CCL Project, provided that our market capitalization is not less than $10.0 billion (“Eligible Conversion Date”). The conversion price is the lower of (1) a 10% discount to the average of the daily volume-weighted average price (“VWAP”) of our common stock for the 90 trading day period prior to the date notice is provided, and (2) a 10% discount to the closing price of our common stock on the trading day preceding the date notice is provided. (4) Redeemable at any time after March 15, 2020 at a redemption price payable in cash equal to the accreted amount of the 2045 Cheniere Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to such redemption date. (5) Initially convertible at $93.64 (subject to adjustment upon the occurrence of certain specified events), provided that the closing price of our common stock is greater than or equal to the conversion price on the conversion date. (6) Convertible on or after the six -month anniversary of the Eligible Conversion Date, provided that our total market capitalization is not less than $10.0 billion , at a price equal to the average of the daily VWAP of our common stock for the 90 trading day period prior to the date on which notice of conversion is provided. (7) Prior to December 15, 2044, convertible only under certain circumstances as specified in the indenture; thereafter, holders may convert their notes regardless of these circumstances. The conversion rate will initially equal 7.2265 shares of our common stock per $1,000 principal amount of the 2045 Cheniere Convertible Senior Notes, which corresponds to an initial conversion price of approximately $138.38 per share of our common stock (subject to adjustment upon the occurrence of certain specified events). (8) Rate to accrete the discounted carrying value of the convertible notes to the face value over the remaining amortization period. (9) We amortize any debt discount and debt issuance costs using the effective interest over the period through contractual maturity except for the 2025 CCH HoldCo II Convertible Senior Notes , which are amortized through the date they are first convertible by holders into our common stock. Restrictive Debt Covenants As of June 30, 2019 , each of our issuers was in compliance with all covenants related to their respective debt agreements. Interest Expense Total interest expense, including interest expense related to our convertible notes, consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest cost on convertible notes: Interest per contractual rate $ 64 $ 58 $ 126 $ 116 Amortization of debt discount 9 8 19 16 Amortization of debt issuance costs 3 2 6 4 Total interest cost related to convertible notes 76 68 151 136 Interest cost on debt and finance leases excluding convertible notes 382 344 755 680 Total interest cost 458 412 906 816 Capitalized interest (86 ) (196 ) (287 ) (384 ) Total interest expense, net $ 372 $ 216 $ 619 $ 432 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): June 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Senior notes (1) $ 19,483 $ 21,499 $ 19,466 $ 19,901 2037 SPL Senior Notes (2) 791 912 791 817 Credit facilities (3) 6,668 6,668 5,294 5,294 2021 Cheniere Convertible Unsecured Notes (2) 1,172 1,302 1,126 1,236 2025 CCH HoldCo II Convertible Senior Notes (2) 1,519 1,771 1,432 1,612 2045 Cheniere Convertible Senior Notes (4) 311 489 310 431 (1) Includes 2021 SPL Senior Notes , 2022 SPL Senior Notes , 2023 SPL Senior Notes , 2024 SPL Senior Notes , 2025 SPL Senior Notes , 2026 SPL Senior Notes , 2027 SPL Senior Notes , 2028 SPL Senior Notes , 2025 CQP Senior Notes , 2026 CQP Senior Notes , 2024 CCH Senior Notes , 2025 CCH Senior Notes and 2027 CCH Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. (3) Includes SPL Working Capital Facility , 2016 CQP Credit Facilities , 2019 CQP Credit Facilities , CCH Credit Facility , CCH Working Capital Facility , Cheniere Revolving Credit Facility and Cheniere Marketing trade finance facilities . The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. (4) |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES Our leased assets consist primarily of (1) LNG vessel time charters (“vessel charters”), (2) tug vessels, (3) office space and facilities and (4) land sites, all of which are classified as operating leases except for our tug vessels at the Corpus Christi LNG terminal, which are classified as finance leases. ASC 842 requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. As our leases generally do not provide an implicit rate, in order to calculate the lease liability, we discounted our expected future lease payments using our relevant subsidiary’s incremental borrowing rate at the later of January 1, 2019 or the commencement date of the lease. The incremental borrowing rate is an estimate of the rate of interest that a given subsidiary would have to pay to borrow on a collateralized basis over a similar term to that of the lease term. Many of our leases contain renewal options exercisable at our sole discretion. Options to renew a lease are included in the lease term and recognized as part of the right-of-use asset and lease liability only to the extent they are reasonably certain to be exercised, such as when necessary to satisfy obligations that existed at the execution of the lease or when the non-renewal would otherwise result in an economic penalty. We have elected the practical expedient to omit leases with an initial term of 12 months or less (“short-term lease”) from recognition on the balance sheet. We recognize short-term lease payments on a straight-line basis over the lease term and variable payments under short-term leases in the period in which the obligation is incurred. Certain of our leases contain non-lease components which are not separated from the lease components when calculating the right-of-use asset and lease liability per our use of the practical expedient to combine both components of an arrangement for all classes of leased assets. Certain of our leases also contain variable payments, such as inflation, that are not included when calculating the right-of-use asset and lease liability unless the payments are in-substance fixed. We recognize lease expense for operating leases on a straight-line basis over the lease term. We recognize lease expense for finance leases as the sum of the amortization of the right-of-use asset s on a straight-line basis and the interest on lease liabilities using the effective interest method over the lease term. The following table shows the classification and location of our right-of-use asset s and lease liabilities on our Consolidated Balance Sheets (in millions): Consolidated Balance Sheet Location June 30, 2019 Right-of-use assets—Operating Operating lease assets, net $ 502 Right-of-use assets—Financing Property, plant and equipment, net 58 Total right-of-use assets $ 560 Current operating lease liabilities Current operating lease liabilities $ 292 Current finance lease liabilities Other current liabilities 1 Non-current operating lease liabilities Non-current operating lease liabilities 202 Non-current finance lease liabilities Non-current finance lease liabilities 58 Total lease liabilities $ 553 The following table shows the classification and location of our lease cost on our Consolidated Statements of Operations (in millions): Consolidated Statement of Operations Location Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) Operating costs and expenses (2) $ 140 $ 277 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 1 2 Interest on lease liabilities Interest expense, net of capitalized interest 3 5 Total lease cost $ 144 $ 284 (1) Includes $46 million and $93 million of short-term lease costs and $8 million and $13 million of variable lease costs incurred during the three and six months ended June 30, 2019 , respectively. (2) Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the nature of the asset under lease. Future annual minimum lease payments for operating and finance leases as of June 30, 2019 are as follows (in millions): Years Ending December 31, Operating Leases (1) Finance Leases 2019 $ 192 $ 5 2020 167 10 2021 39 10 2022 19 10 2023 19 10 Thereafter 166 146 Total lease payments 602 191 Less: Interest (108 ) (132 ) Present value of lease liabilities $ 494 $ 59 (1) Does not include $1.6 billion of legally binding minimum lease payments for vessel charters which were executed as of June 30, 2019 but will commence primarily between 2020 and 2021 and have lease terms of up to seven years . Future annual minimum lease payments for operating and capital leases as of December 31, 2018, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions): Years Ending December 31, Operating Leases (1) Capital Leases (2) 2019 (3) $ 380 $ 5 2020 184 5 2021 238 5 2022 264 5 2023 264 5 Thereafter 999 73 Total lease payments 2,329 98 Less: Interest — (39 ) Present value of lease liabilities $ 2,329 $ 59 (1) Includes certain lease option renewals that are reasonably assured and payments for certain non-lease components . Also includes $79 million in payments for short-term leases and $1.6 billion in payments for LNG vessel charters which were previously executed but will commence primarily between 2020 and 2021. (2) Does not include payments for non-lease components of $98 million . (3) Does not include $43 million in aggregate payments we will receive from our LNG vessel subcharters. The following table shows the weighted-average remaining lease term (in years) and the weighted-average discount rate for our operating leases and finance leases: June 30, 2019 Operating Leases Finance Leases Weighted-average remaining lease term (in years) 7.2 19.3 Weighted-average discount rate (1) 5.4% 16.2% (1) The finance leases commenced prior to the adoption of ASC 842. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 174 Operating cash flows from finance leases 5 Financing cash flows from finance leases — Right-of-use assets obtained in exchange for new operating lease liabilities 106 LNG Vessel Subcharters From time to time, we sublease certain LNG vessels under charter to third parties while retaining our existing obligation to the original lessor. We have elected the practical expedient for lessors to combine lease and non-lease components and since the lease component is the predominant component of each arrangement, these subleases are accounted for as operating leases. The subleases have lease terms of up to one year and many contain short-term renewal options exercisable at the discretion of the third party. As of June 30, 2019 , we had $13 million in future minimum sublease payments to be received from LNG vessel subcharters, which will be recognized entirely within 2019. We recognize fixed sublease income on a straight-line basis over the lease term of the sublease while variable sublease income is recognized when earned. We recognized $31 million and $68 million of sublease income, including $5 million and $10 million of variable lease payments, during the three and six months ended June 30, 2019 , respectively, in other revenues on our Consolidated Statements of Operations. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2019 and 2018 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 LNG revenues $ 2,080 $ 1,516 $ 4,147 $ 3,668 Regasification revenues 67 65 133 130 Other revenues 21 13 36 23 Total revenues from customers 2,168 1,594 4,316 3,821 Net derivative gains (losses) (1) 93 (64 ) 169 (60 ) Other revenues (2) 31 13 68 24 Total revenues $ 2,292 $ 1,543 $ 4,553 $ 3,785 (1) See Note 6—Derivative Instruments for additional information about our derivatives. (2) Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases. Contract Assets and Liabilities The following table shows our contract assets, which we classify as other non-current assets, net on our Consolidated Balance Sheets (in millions): June 30, December 31, 2019 2018 Contract assets $ 8 $ — Contract assets represent our right to consideration for transferring goods or services to the customer under the terms of a sales contract when the associated consideration is not yet due. Changes in contract assets during the six months ended June 30, 2019 were primarily attributable to revenue recognized due to the delivery of LNG under certain SPAs for which the associated consideration was not yet due. The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions): Six Months Ended June 30, 2019 Deferred revenues, beginning of period $ 139 Cash received but not yet recognized 136 Revenue recognized from prior period deferral (139 ) Deferred revenues, end of period $ 136 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 June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 108.4 11 $ 106.6 11 Regasification revenues 2.5 5 2.6 6 Total revenues $ 110.9 $ 109.2 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. 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 and TUAs. The amount of revenue from variable fees that is not included in the transaction price will vary based on the future prices of Henry Hub throughout the contract terms, to the extent customers elect to take delivery of their LNG, and adjustments to the consumer price index. Certain of our contracts contain additional variable consideration based on the outcome of contingent events and the movement of various indexes. We have not included such variable consideration in the transaction price to the extent the consideration is considered constrained due to the uncertainty of ultimate pricing and receipt. Approximately 52% and 55% of our LNG revenues from contracts with a duration of over one year during the three months ended June 30, 2019 and 2018 , respectively, and approximately 55% of our LNG revenues from contracts with a duration of over one year during each of the six months ended June 30, 2019 and 2018 , were related to variable consideration received from customers. During each of the three and six months ended June 30, 2019 and 2018 , approximately 3% of our regasification revenues 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 FID on a certain liquefaction Train, obtaining financing or achieving substantial completion of a Train and any related facilities. These contracts are considered completed contracts for revenue recognition purposes and are included in the transaction price above when the conditions are considered probable of being met. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We recorded an income tax benefit of zero and $3 million during the three months ended June 30, 2019 and 2018 , respectively, and an income tax provision of $3 million and $12 million during the six months ended June 30, 2019 and 2018 , respectively. Changes in the income tax recorded between comparative periods are primarily attributable to changes in the income earned and tax transfer pricing applied to our U.K. integrated marketing function. The effective tax rates during the three and six months ended June 30, 2019 and 2018 were lower than the 21% federal statutory rate during the 2019 and 2018 interim periods primarily as a result of maintaining a valuation allowance against our federal and state net deferred tax assets. Due to historical losses and other available evidence related to our ability to generate taxable income, we continue to maintain a valuation allowance against our federal and state net deferred tax assets at June 30, 2019 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION We have granted restricted stock shares, restricted stock units, performance stock units and phantom units to employees and non-employee directors under the 2011 Incentive Plan, as amended (the “2011 Plan”) and the 2015 Employee Inducement Incentive Plan. For the six months ended June 30, 2019 , we granted 1.3 million restricted stock units and 0.2 million performance stock units at target performance under the 2011 Plan to certain employees. Restricted stock units are stock awards that vest over a service period of three years and entitle the holder to receive shares of our common stock upon vesting, subject to restrictions on transfer and to a risk of forfeiture if the recipient terminates employment with us prior to the lapse of the restrictions. Performance stock units provide for cliff vesting after a period of three years with payouts based on metrics dependent upon market and performance achieved over the period from January 1, 2019 through December 31, 2021 compared to pre-established performance targets. The settlement amounts of the awards are based on market and performance metrics which include cumulative distributable cash flow per share, and in certain circumstances, total shareholder return (“TSR”) of our common stock. Where applicable, the compensation for performance stock units is based on fair value assigned to the market metric of TSR using a Monte Carlo model upon grant, which remains constant through the vesting period, and a performance metric, which will vary due to changing estimates regarding the expected achievement of the performance metric of cumulative distributable cash flow per share. The number of shares that may be earned at the end of the vesting period ranges from 25% up to 300% of the target award amount if the threshold performance is met. Both restricted stock units and performance stock units will be settled in Cheniere common stock (on a one-for-one basis) and are classified as equity awards. Total share-based compensation consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation costs, pre-tax: Equity awards $ 32 $ 22 $ 61 $ 39 Liability awards 2 15 5 32 Total share-based compensation 34 37 66 71 Capitalized share-based compensation (1 ) (7 ) (5 ) (13 ) Total share-based compensation expense $ 33 $ 30 $ 61 $ 58 Tax benefit associated with share-based compensation expense $ — $ — $ 1 $ 2 |
Net Income Per Share Attributab
Net Income Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Common Stockholders | NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic net income (loss) per share attributable to common stockholders (“EPS”) excludes dilution and is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the potential common shares had been issued. The dilutive effect of unvested stock is calculated using the treasury-stock method and the dilutive effect of convertible securities is calculated using the if-converted method. The following table reconciles basic and diluted weighted average common shares outstanding for the three and six months ended June 30, 2019 and 2018 (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares outstanding: Basic 257.4 242.8 257.3 239.2 Dilutive unvested stock — — 1.3 2.5 Diluted 257.4 242.8 258.6 241.7 Basic net income (loss) per share attributable to common stockholders $ (0.44 ) $ (0.07 ) $ 0.11 $ 1.42 Diluted net income (loss) per share attributable to common stockholders $ (0.44 ) $ (0.07 ) $ 0.11 $ 1.40 Potentially dilutive securities that were not included in the diluted net income (loss) per share computations because their effects would have been anti-dilutive were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Unvested stock (1) 3.8 5.2 3.8 2.6 Convertible notes (2) 17.8 17.2 17.8 17.2 Total potentially dilutive common shares 21.6 22.4 21.6 19.8 (1) Does not include 0.6 million shares for each of the three and six months ended June 30, 2019 and 0.4 million shares for each of the three and six months ended June 30, 2018 of unvested stock because the performance conditions had not yet been satisfied as of June 30, 2019 and 2018 , respectively. (2) Includes number of shares in aggregate issuable upon conversion of the 2021 Cheniere Convertible Unsecured Notes and the 2045 Cheniere Convertible Senior Notes . There were no shares included in the computation of diluted net income (loss) per share for the 2025 CCH HoldCo II Convertible Senior Notes because substantive non-market-based contingencies underlying the eligible conversion date have not been met as of June 30, 2019 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We have various contractual obligations which are recorded as liabilities in our Consolidated Financial Statements. Other items, such as certain purchase commitments and other executed contracts which do not meet the definition of a liability as of June 30, 2019 , are not recognized as liabilities but require disclosures in our Consolidated Financial Statements. Legal Proceedings We may in the future be involved as a party to various legal proceedings, which are incidental to the ordinary course of business. We regularly analyze current information and, as necessary, provide accruals for probable liabilities on the eventual disposition of these matters. Parallax Litigation In 2015, our wholly owned subsidiary, Cheniere LNG Terminals, LLC (“CLNGT”), entered into discussions with Parallax Enterprises, LLC (“Parallax Enterprises”) regarding the potential joint development of two liquefaction plants in Louisiana (the “Potential Liquefaction Transactions”). While the parties negotiated regarding the Potential Liquefaction Transactions, CLNGT loaned Parallax Enterprises approximately $46 million , as reflected in a secured note dated April 23, 2015, as amended on June 30, 2015, September 30, 2015 and November 4, 2015 (the “Secured Note”). The Secured Note was secured by all assets of Parallax Enterprises and its subsidiary entities. On June 30, 2015, Parallax Enterprises’ parent entity, Parallax Energy LLC (“Parallax Energy”), executed a Pledge and Guarantee Agreement further securing repayment of the Secured Note by providing a parent guaranty and a pledge of all of the equity of Parallax Enterprises in satisfaction of the Secured Note (the “Pledge Agreement”). CLNGT and Parallax Enterprises never executed a definitive agreement to pursue the Potential Liquefaction Transactions. The Secured Note matured on December 11, 2015, and Parallax Enterprises failed to make payment. On February 3, 2016, CLNGT filed an action against Parallax Energy, Parallax Enterprises and certain of Parallax Enterprises’ subsidiary entities, styled Cause No. 4:16-cv-00286, Cheniere LNG Terminals, LLC v. Parallax Energy LLC, et al., in the United States District Court for the Southern District of Texas (the “Texas Federal Suit”). CLNGT asserted claims in the Texas Federal Suit for (1) recovery of all amounts due under the Secured Note and (2) declaratory relief establishing that CLNGT is entitled to enforce its rights under the Secured Note and Pledge Agreement in accordance with each instrument’s terms and that CLNGT has no obligations of any sort to Parallax Enterprises concerning the Potential Liquefaction Transactions. On March 11, 2016, Parallax Enterprises and the other defendants in the Texas Federal Suit moved to dismiss the suit for lack of subject matter jurisdiction. On August 2, 2016, the court denied the defendants’ motion to dismiss without prejudice and permitted the parties to pursue jurisdictional discovery. On March 11, 2016, Parallax Enterprises filed a suit against us and CLNGT styled Civil Action No. 62-810, Parallax Enterprises LLP v. Cheniere Energy, Inc. and Cheniere LNG Terminals, LLC, in the 25th Judicial District Court of Plaquemines Parish, Louisiana (the “Louisiana Suit”), wherein Parallax Enterprises asserted claims for breach of contract, fraudulent inducement, negligent misrepresentation, detrimental reliance, unjust enrichment and violation of the Louisiana Unfair Trade Practices Act. Parallax Enterprises predicated its claims in the Louisiana Suit on an allegation that we and CLNGT breached a purported agreement to jointly develop the Potential Liquefaction Transactions. Parallax Enterprises sought $400 million in alleged economic damages and rescission of the Secured Note. On April 15, 2016, we and CLNGT removed the Louisiana Suit to the United States District Court for the Eastern District of Louisiana, which subsequently transferred the Louisiana Suit to the United States District Court for the Southern District of Texas, where it was assigned Civil Action No. 4:16-cv-01628 and transferred to the same judge presiding over the Texas Federal Suit for coordinated handling. On August 22, 2016, Parallax Enterprises voluntarily dismissed all claims asserted against CLNGT and us in the Louisiana Suit without prejudice to refiling. On July 27, 2017, the Parallax entities named as defendants in the Texas Federal Suit reurged their motion to dismiss and simultaneously filed counterclaims against CLNGT and third party claims against us for breach of contract, breach of fiduciary duty, promissory estoppel, quantum meruit and fraudulent inducement of the Secured Note and Pledge Agreement, based on substantially the same factual allegations Parallax Enterprises made in the Louisiana Suit. These Parallax entities also simultaneously filed an action styled Cause No. 2017-49685, Parallax Enterprises, LLC, et al. v. Cheniere Energy, Inc., et al., in the 61st District Court of Harris County, Texas (the “Texas State Suit”), which asserts substantially the same claims these entities asserted in the Texas Federal Suit. On July 31, 2017, CLNGT withdrew its opposition to the dismissal of the Texas Federal Suit without prejudice on jurisdictional grounds and the federal court subsequently dismissed the Texas Federal Suit without prejudice. We and CLNGT simultaneously filed an answer and counterclaims in the Texas State Suit, asserting the same claims CLNGT had previously asserted in the Texas Federal Suit. Additionally, CLNGT filed third party claims against Parallax principals Martin Houston, Christopher Bowen Daniels, Howard Candelet and Mark Evans, as well as Tellurian Investments, Inc., Driftwood LNG, LLC, Driftwood LNG Pipeline LLC and Tellurian Services LLC, formerly known as Parallax Services LLC, including claims for tortious interference with CLNGT’s collateral rights under the Secured Note and Pledge Agreement, fraudulent transfer, conspiracy/aiding and abetting. Discovery in the Texas State Suit is ongoing. Trial is currently set for February 2020. On February 15, 2019, we filed an action with CLNGT against Charif Souki, our former Chairman of the Board and Chief Executive Officer, styled, Cause No. 2019-11529, Cheniere Energy, Inc. and Cheniere LNG Terminals, LLC v. Charif Souki , in the 55th District Court of Harris County, Texas, which asserts claims of breach of fiduciary duties, fraudulent transfer, tortious interference with CLNGT’s collateral rights under the Secured Note and Pledge Agreement and conspiracy/aiding and abetting. On April 29, 2019, the court consolidated the Souki matter with the earlier filed pending case against Parallax, Tellurian and the individual defendants in the Texas State Suit. We do not expect that the resolution of any of the foregoing litigation will have a material adverse impact on our financial results. |
Customer Concentration
Customer Concentration | 6 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | CUSTOMER CONCENTRATION The following table shows customers with revenues of 10% or greater of total revenues from external customers and customers with accounts receivable balances of 10% or greater of total accounts receivable from external customers: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable from External Customers Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2019 2018 2019 2018 2019 2018 Customer A 17% 21% 18% 19% 11% 21% Customer B 11% 17% 11% 14% 15% 14% Customer C 11% 18% 12% 22% 15% 18% Customer D 12% 16% 13% 11% 14% * Customer E * * * * 13% * Customer F * * * * * 10% * Less than 10% |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 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): Six Months Ended June 30, 2019 2018 Cash paid during the period for interest on debt and finance leases, net of amounts capitalized $ 271 $ 282 Cash paid for income taxes 20 4 The balance in property, plant and equipment, net funded with accounts payable and accrued liabilities was $958 million and $935 million as of June 30, 2019 and 2018 , respectively. See Note 11—Leases |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and 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 Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the year ended December 31, 2018 . In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation, have been included. |
Recent Accounting Standards | Recent Accounting Standards We adopted ASU 2016-02, Leases (Topic 842) , and subsequent amendments thereto (“ASC 842”) on January 1, 2019 using the optional transition approach to apply the standard at the beginning of the first quarter of 2019 with no retrospective adjustments to prior periods. The adoption of the standard resulted in the recognition of right-of-use assets and lease liabilities for operating leases of approximately $550 million on our Consolidated Balance Sheets, with no material impact on our Consolidated Statements of Operations or Consolidated Statements of Cash Flows. We have elected the practical expedients to (1) carryforward prior conclusions related to lease identification and classification for existing leases, (2) combine lease and non-lease components of an arrangement for all classes of leased assets, (3) omit short-term leases with a term of 12 months or less from recognition on the balance sheet and (4) carryforward our existing accounting for land easements not previously accounted for as leases. See Note 11—Leases |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash | As of June 30, 2019 and December 31, 2018 , restricted cash consisted of the following (in millions): June 30, December 31, 2019 2018 Current restricted cash SPL Project $ 596 $ 756 Cheniere Partners and cash held by guarantor subsidiaries — 785 CCL Project 279 289 Cash held by our subsidiaries restricted to Cheniere 286 345 Total current restricted cash $ 1,161 $ 2,175 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | As of June 30, 2019 and December 31, 2018 , accounts and other receivables consisted of the following (in millions): June 30, December 31, 2019 2018 Trade receivables SPL and CCL $ 257 $ 330 Cheniere Marketing 145 205 Other accounts receivable 31 50 Total accounts and other receivables $ 433 $ 585 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of June 30, 2019 and December 31, 2018 , inventory consisted of the following (in millions): June 30, December 31, 2019 2018 Natural gas $ 19 $ 30 LNG 38 24 LNG in-transit 104 173 Materials and other 129 89 Total inventory $ 290 $ 316 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | As of June 30, 2019 and December 31, 2018 , property, plant and equipment, net consisted of the following (in millions): June 30, December 31, 2019 2018 LNG terminal costs LNG terminal and interconnecting pipeline facilities $ 23,650 $ 13,386 LNG site and related costs 319 86 LNG terminal construction-in-process 6,529 14,864 Accumulated depreciation (1,625 ) (1,299 ) Total LNG terminal costs, net 28,873 27,037 Fixed assets and other Computer and office equipment 22 17 Furniture and fixtures 22 22 Computer software 104 100 Leasehold improvements 42 41 Land 59 59 Other 20 21 Accumulated depreciation (127 ) (111 ) Total fixed assets and other, net 142 149 Assets under finance lease Tug vessels 60 60 Accumulated depreciation (2 ) (1 ) Total assets under finance lease, net 58 59 Property, plant and equipment, net $ 29,073 $ 27,245 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Fair Value of Derivative Assets and Liabilities | The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , which are classified as derivative assets , non-current derivative assets , derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in millions): Fair Value Measurements as of June 30, 2019 December 31, 2018 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total CCH Interest Rate Derivatives asset (liability) $ — $ (88 ) $ — $ (88 ) $ — $ 18 $ — $ 18 CCH Interest Rate Forward Start Derivatives liability — (7 ) — (7 ) — — — — Liquefaction Supply Derivatives asset (liability) — 1 89 90 6 (19 ) (29 ) (42 ) LNG Trading Derivatives asset (liability) (4 ) 51 — 47 1 (25 ) — (24 ) FX Derivatives asset — 10 — 10 — 15 — 15 |
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 June 30, 2019 : Net Fair Value Asset (Liability) (in millions) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $89 Market approach incorporating present value techniques Henry Hub Basis Spread $(0.700) - $0.056 Option pricing model International pricing spread, relative to Henry Hub (1) 128% - 176% (1) Spread contemplates U.S. dollar-denominated pricing. |
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 and six months ended June 30, 2019 and 2018 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 31 $ 10 $ (29 ) $ 43 Realized and mark-to-market gains (losses): Included in cost of sales 7 (1 ) 23 (12 ) Purchases and settlements: Purchases 50 6 50 6 Settlements 1 (4 ) 45 (25 ) Transfers out of Level 3 (1) — 1 — — Balance, end of period $ 89 $ 12 $ 89 $ 12 Change in unrealized gains (losses) relating to instruments still held at end of period $ 7 $ (1 ) $ 23 $ (12 ) (1) Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. |
Derivative Net Presentation on Consolidated Balance Sheets | The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions): Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Offsetting Derivative Assets (Liabilities) As of June 30, 2019 CCH Interest Rate Derivatives $ (88 ) $ — $ (88 ) CCH Interest Rate Forward Start Derivatives (7 ) — (7 ) Liquefaction Supply Derivatives 121 (3 ) 118 Liquefaction Supply Derivatives (35 ) 7 (28 ) LNG Trading Derivatives 109 (8 ) 101 LNG Trading Derivatives (62 ) 8 (54 ) FX Derivatives 21 (10 ) 11 FX Derivatives (11 ) 10 (1 ) As of December 31, 2018 CCH Interest Rate Derivatives $ 19 $ (1 ) $ 18 Liquefaction Supply Derivatives 95 (36 ) 59 Liquefaction Supply Derivatives (121 ) 20 (101 ) LNG Trading Derivatives 112 (88 ) 24 LNG Trading Derivatives (92 ) 44 (48 ) FX Derivatives 30 (14 ) 16 FX Derivatives (2 ) 1 (1 ) |
Interest Rate Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of June 30, 2019 , we had the following Interest Rate Derivatives outstanding: Initial Notional Amount Maximum Notional Amount Effective Date Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received CCH Interest Rate Derivatives $29 million $4.7 billion May 20, 2015 May 31, 2022 2.30% One-month LIBOR CCH Interest Rate Forward Start Derivatives $1.0 billion $1.0 billion June 30, 2020 September 30, 2030 2.11% Three-month LIBOR |
Fair Value of Derivative Instruments by Balance Sheet Location | The following table shows the fair value and location of the Interest Rate Derivatives on our Consolidated Balance Sheets (in millions): June 30, 2019 December 31, 2018 CCH Interest Rate Derivatives CCH Interest Rate Forward Start Derivatives Total CCH Interest Rate Derivatives CCH Interest Rate Forward Start Derivatives Total Consolidated Balance Sheet Location Derivative assets $ — $ — $ — $ 10 $ — $ 10 Non-current derivative assets — — — 8 — 8 Total derivative assets — — — 18 — 18 Derivative liabilities (21 ) — (21 ) — — — Non-current derivative liabilities (67 ) (7 ) (74 ) — — — Total derivative liabilities (88 ) (7 ) (95 ) — — — Derivative asset (liability), net $ (88 ) $ (7 ) $ (95 ) $ 18 $ — $ 18 |
Derivative Instruments, Gain (Loss) | The following table shows the changes in the fair value and settlements of our Interest Rate Derivatives recorded in derivative gain (loss), net on our Consolidated Statements of Operations during the three and six months ended June 30, 2019 and 2018 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 CCH Interest Rate Derivatives gain (loss) $ (67 ) $ 29 $ (102 ) $ 98 CCH Interest Rate Forward Start Derivatives loss (7 ) — (7 ) — CQP Interest Rate Derivatives gain — 3 — 11 |
Commodity 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 and LNG Trading Derivatives (collectively, “Commodity Derivatives”) on our Consolidated Balance Sheets (in millions, except notional amount): June 30, 2019 December 31, 2018 Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) Total Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) Total Consolidated Balance Sheet Location Derivative assets $ 24 $ 92 $ 116 $ 13 $ 24 $ 37 Non-current derivative assets 94 9 103 46 — 46 Total derivative assets 118 101 219 59 24 83 Derivative liabilities (13 ) (50 ) (63 ) (79 ) (48 ) (127 ) Non-current derivative liabilities (15 ) (4 ) (19 ) (22 ) — (22 ) Total derivative liabilities (28 ) (54 ) (82 ) (101 ) (48 ) (149 ) Derivative asset (liability), net $ 90 $ 47 $ 137 $ (42 ) $ (24 ) $ (66 ) Notional amount, net (in TBtu) (3) 6,781 50 5,832 12 (1) Does not include collateral calls of $6 million and $5 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 , respectively. Includes derivative assets of $2 million and $2 million and non-current assets of $1 million and $3 million as of June 30, 2019 and December 31, 2018 , respectively, for a natural gas supply contract CCL has with a related party. (2) Does not include collateral of $15 million and $9 million deposited for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 , respectively. (3) SPL had secured up to approximately 3,437 TBtu and 3,464 TBtu as of June 30, 2019 and December 31, 2018 , respectively. CCL had secured up to approximately 2,787 TBtu and 2,801 TBtu of natural gas feedstock through natural gas supply contracts as of June 30, 2019 and December 31, 2018 , respectively, of which 57 TBtu and 55 TBtu, respectively, were for a natural gas supply contract CCL has with a related party. Corpus Christi Stage 3 had secured up to approximately 754 TBtu of natural gas feedstock through natural gas supply contracts as of June 30, 2019 . |
Derivative Instruments, Gain (Loss) | The following table shows the changes in the fair value, settlements and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations during the three and six months ended June 30, 2019 and 2018 (in millions): Consolidated Statements of Operations Location (1) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 LNG Trading Derivatives gain (loss) LNG revenues $ 94 $ (76 ) $ 158 $ (70 ) LNG Trading Derivatives loss Cost of sales (51 ) — (51 ) — Liquefaction Supply Derivatives gain (loss) (2) LNG revenues (1 ) — 1 — Liquefaction Supply Derivatives gain (loss) (2)(3) Cost of sales 57 (3 ) 139 (53 ) (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. (3) Includes $24 million and $36 million that CCL recorded in cost of sales under a natural gas supply contract with a related party during the three and six months ended June 30, 2019 , respectively. Of this amount, $4 million was included in accrued liabilities as of June 30, 2019 . CCL did no t have any transactions during the three and six months ended June 30, 2018 under this contract. |
FX 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 FX Derivatives on our Consolidated Balance Sheets (in millions): Fair Value Measurements as of Consolidated Balance Sheet Location June 30, 2019 December 31, 2018 FX Derivatives Derivative assets $ 11 $ 16 FX Derivatives Derivative liabilities — (1 ) FX Derivatives Non-current derivative liabilities (1 ) — |
Derivative Instruments, Gain (Loss) | The following table shows the changes in the fair value, settlements and location of our FX Derivatives recorded on our Consolidated Statements of Operations during the three and six months ended June 30, 2019 and 2018 (in millions): Three Months Ended June 30, Six Months Ended June 30, Consolidated Statements of Operations Location 2019 2018 2019 2018 FX Derivatives gain LNG revenues $ — $ 12 $ 9 $ 10 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Non-Current Assets | As of June 30, 2019 and December 31, 2018 , other non-current assets, net consisted of the following (in millions): June 30, December 31, 2019 2018 Advances made to municipalities for water system enhancements $ 89 $ 90 Advances and other asset conveyances to third parties to support LNG terminals 55 54 Tax-related payments and receivables 21 21 Equity method investments 124 94 Advances made under EPC and non-EPC contracts 11 14 Other 37 32 Total other non-current assets, net $ 337 $ 305 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | As of June 30, 2019 and December 31, 2018 , accrued liabilities consisted of the following (in millions): June 30, December 31, 2019 2018 Interest costs and related debt fees $ 405 $ 233 Accrued natural gas purchases 402 610 LNG terminals and related pipeline costs 630 125 Compensation and benefits 58 117 Accrued LNG inventory 3 14 Other accrued liabilities 74 70 Total accrued liabilities $ 1,572 $ 1,169 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | As of June 30, 2019 and December 31, 2018 , our debt consisted of the following (in millions): June 30, December 31, 2019 2018 Long-term debt: SPL 5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”) $ 2,000 $ 2,000 6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”) 1,000 1,000 5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”) 1,500 1,500 5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”) 2,000 2,000 5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”) 2,000 2,000 5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”) 1,500 1,500 5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”) 1,500 1,500 4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”) 1,350 1,350 5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”) 800 800 Cheniere Partners 5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”) 1,500 1,500 5.625% Senior Notes due 2026 (“2026 CQP Senior Notes”) 1,100 1,100 2016 CQP Credit Facilities — — 2019 CQP Credit Facilities 649 — CCH 7.000% Senior Secured Notes due 2024 (“2024 CCH Senior Notes”) 1,250 1,250 5.875% Senior Secured Notes due 2025 (“2025 CCH Senior Notes”) 1,500 1,500 5.125% Senior Secured Notes due 2027 (“2027 CCH Senior Notes”) 1,500 1,500 CCH Credit Facility 6,138 5,156 CCH HoldCo II 11.0% Convertible Senior Secured Notes due 2025 (“2025 CCH HoldCo II Convertible Senior Notes”) 1,536 1,455 Cheniere 4.875% Convertible Unsecured Notes due 2021 (“2021 Cheniere Convertible Unsecured Notes”) 1,248 1,218 4.25% Convertible Senior Notes due 2045 (“2045 Cheniere Convertible Senior Notes”) 625 625 $1.25 billion Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”) — — Unamortized premium, discount and debt issuance costs, net (752 ) (775 ) Total long-term debt, net 29,944 28,179 Current debt: $1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”) — — $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) — 168 Cheniere Marketing trade finance facilities — 71 Total current debt — 239 Total debt, net $ 29,944 $ 28,418 |
Schedule of Line of Credit Facilities | Below is a summary of our credit facilities outstanding as of June 30, 2019 (in millions): SPL Working Capital Facility (1) 2019 CQP Credit Facilities CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility Original facility size $ 1,200 $ 1,500 $ 8,404 $ 350 $ 750 Incremental commitments — — 1,566 850 500 Less: Outstanding balance — 649 6,138 — — Commitments prepaid or terminated — — 3,832 — — Letters of credit issued 415 — — 338 — Available commitment $ 785 $ 851 $ — $ 862 $ 1,250 Interest rate on outstanding balance LIBOR plus 1.75% or base rate plus 0.75% (2) LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% LIBOR plus 1.75% - 2.50% or base rate plus 0.75% - 1.50% Weighted average interest rate of outstanding balance n/a 3.92% 4.15% n/a n/a Maturity date December 31, 2020 May 29, 2024 June 30, 2024 June 29, 2023 December 23, 2022 (1) The SPL Working Capital Facility was amended in May 2019 in connection with commercialization and financing of Train 6 of the SPL Project. All terms of the SPL Working Capital Facility substantially remained unchanged. (2) LIBOR plus 1.50% or base rate plus 0.50% , with a 0.25% step-up beginning on May 29, 2022 for the CQP Term Facility. LIBOR plus 1.25% to 2.125% or base rate plus 0.25% to 1.125% , depending on the then-current rating of Cheniere Partners for the CQP Revolving Facility. |
Schedule of Convertible Debt | Below is a summary of our convertible notes outstanding as of June 30, 2019 (in millions): 2021 Cheniere Convertible Unsecured Notes 2025 CCH HoldCo II Convertible Senior Notes 2045 Cheniere Convertible Senior Notes Aggregate original principal $ 1,000 $ 1,000 $ 625 Debt component, net of discount and debt issuance costs $ 1,172 $ 1,519 $ 311 Equity component $ 210 $ — $ 194 Interest payment method Paid-in-kind Paid-in-kind (1) Cash Conversion by us (2) — (3) (4) Conversion by holders (2) (5) (6) (7) Conversion basis Cash and/or stock Stock Cash and/or stock Conversion value in excess of principal $ — $ — $ — Maturity date May 28, 2021 May 13, 2025 March 15, 2045 Contractual interest rate 4.875 % 11.0 % 4.25 % Effective interest rate (8) 8.4 % 11.9 % 9.4 % Remaining debt discount and debt issuance costs amortization period (9) 1.9 years 1.3 years 25.7 years (1) Prior to the substantial completion of Train 2 of the CCL Project, interest will be paid entirely in kind. Following this date, the interest generally must be paid in cash; however, a portion of the interest may be paid in kind under certain specified circumstances. (2) Conversion is subject to various limitations and conditions. (3) Convertible on or after the later of March 1, 2020 and the substantial completion of Train 2 of the CCL Project, provided that our market capitalization is not less than $10.0 billion (“Eligible Conversion Date”). The conversion price is the lower of (1) a 10% discount to the average of the daily volume-weighted average price (“VWAP”) of our common stock for the 90 trading day period prior to the date notice is provided, and (2) a 10% discount to the closing price of our common stock on the trading day preceding the date notice is provided. (4) Redeemable at any time after March 15, 2020 at a redemption price payable in cash equal to the accreted amount of the 2045 Cheniere Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to such redemption date. (5) Initially convertible at $93.64 (subject to adjustment upon the occurrence of certain specified events), provided that the closing price of our common stock is greater than or equal to the conversion price on the conversion date. (6) Convertible on or after the six -month anniversary of the Eligible Conversion Date, provided that our total market capitalization is not less than $10.0 billion , at a price equal to the average of the daily VWAP of our common stock for the 90 trading day period prior to the date on which notice of conversion is provided. (7) Prior to December 15, 2044, convertible only under certain circumstances as specified in the indenture; thereafter, holders may convert their notes regardless of these circumstances. The conversion rate will initially equal 7.2265 shares of our common stock per $1,000 principal amount of the 2045 Cheniere Convertible Senior Notes, which corresponds to an initial conversion price of approximately $138.38 per share of our common stock (subject to adjustment upon the occurrence of certain specified events). (8) Rate to accrete the discounted carrying value of the convertible notes to the face value over the remaining amortization period. (9) We amortize any debt discount and debt issuance costs using the effective interest over the period through contractual maturity except for the 2025 CCH HoldCo II Convertible Senior Notes , which are amortized through the date they are first convertible by holders into our common stock. |
Schedule of Interest Expense | Total interest expense, including interest expense related to our convertible notes, consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest cost on convertible notes: Interest per contractual rate $ 64 $ 58 $ 126 $ 116 Amortization of debt discount 9 8 19 16 Amortization of debt issuance costs 3 2 6 4 Total interest cost related to convertible notes 76 68 151 136 Interest cost on debt and finance leases excluding convertible notes 382 344 755 680 Total interest cost 458 412 906 816 Capitalized interest (86 ) (196 ) (287 ) (384 ) Total interest expense, net $ 372 $ 216 $ 619 $ 432 |
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): June 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Senior notes (1) $ 19,483 $ 21,499 $ 19,466 $ 19,901 2037 SPL Senior Notes (2) 791 912 791 817 Credit facilities (3) 6,668 6,668 5,294 5,294 2021 Cheniere Convertible Unsecured Notes (2) 1,172 1,302 1,126 1,236 2025 CCH HoldCo II Convertible Senior Notes (2) 1,519 1,771 1,432 1,612 2045 Cheniere Convertible Senior Notes (4) 311 489 310 431 (1) Includes 2021 SPL Senior Notes , 2022 SPL Senior Notes , 2023 SPL Senior Notes , 2024 SPL Senior Notes , 2025 SPL Senior Notes , 2026 SPL Senior Notes , 2027 SPL Senior Notes , 2028 SPL Senior Notes , 2025 CQP Senior Notes , 2026 CQP Senior Notes , 2024 CCH Senior Notes , 2025 CCH Senior Notes and 2027 CCH Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. (3) Includes SPL Working Capital Facility , 2016 CQP Credit Facilities , 2019 CQP Credit Facilities , CCH Credit Facility , CCH Working Capital Facility , Cheniere Revolving Credit Facility and Cheniere Marketing trade finance facilities . The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. (4) The Level 1 estimated fair value was based on unadjusted quoted prices in active markets for identical liabilities that we had the ability to access at the measurement date. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Leases, Balance Sheet Location | The following table shows the classification and location of our right-of-use asset s and lease liabilities on our Consolidated Balance Sheets (in millions): Consolidated Balance Sheet Location June 30, 2019 Right-of-use assets—Operating Operating lease assets, net $ 502 Right-of-use assets—Financing Property, plant and equipment, net 58 Total right-of-use assets $ 560 Current operating lease liabilities Current operating lease liabilities $ 292 Current finance lease liabilities Other current liabilities 1 Non-current operating lease liabilities Non-current operating lease liabilities 202 Non-current finance lease liabilities Non-current finance lease liabilities 58 Total lease liabilities $ 553 |
Schedule of Lease Cost, Income Statement Location | The following table shows the classification and location of our lease cost on our Consolidated Statements of Operations (in millions): Consolidated Statement of Operations Location Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) Operating costs and expenses (2) $ 140 $ 277 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 1 2 Interest on lease liabilities Interest expense, net of capitalized interest 3 5 Total lease cost $ 144 $ 284 (1) Includes $46 million and $93 million of short-term lease costs and $8 million and $13 million of variable lease costs incurred during the three and six months ended June 30, 2019 , respectively. (2) Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the nature of the asset under lease. |
Schedule of Maturity of Lease Liabilities | Future annual minimum lease payments for operating and finance leases as of June 30, 2019 are as follows (in millions): Years Ending December 31, Operating Leases (1) Finance Leases 2019 $ 192 $ 5 2020 167 10 2021 39 10 2022 19 10 2023 19 10 Thereafter 166 146 Total lease payments 602 191 Less: Interest (108 ) (132 ) Present value of lease liabilities $ 494 $ 59 (1) Does not include $1.6 billion of legally binding minimum lease payments for vessel charters which were executed as of June 30, 2019 but will commence primarily between 2020 and 2021 and have lease terms of up to seven years . Future annual minimum lease payments for operating and capital leases as of December 31, 2018, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions): Years Ending December 31, Operating Leases (1) Capital Leases (2) 2019 (3) $ 380 $ 5 2020 184 5 2021 238 5 2022 264 5 2023 264 5 Thereafter 999 73 Total lease payments 2,329 98 Less: Interest — (39 ) Present value of lease liabilities $ 2,329 $ 59 (1) Includes certain lease option renewals that are reasonably assured and payments for certain non-lease components . Also includes $79 million in payments for short-term leases and $1.6 billion in payments for LNG vessel charters which were previously executed but will commence primarily between 2020 and 2021. (2) Does not include payments for non-lease components of $98 million . (3) Does not include $43 million in aggregate payments we will receive from our LNG vessel subcharters. |
Lease, Other Quantitative Information | The following table shows the weighted-average remaining lease term (in years) and the weighted-average discount rate for our operating leases and finance leases: June 30, 2019 Operating Leases Finance Leases Weighted-average remaining lease term (in years) 7.2 19.3 Weighted-average discount rate (1) 5.4% 16.2% (1) The finance leases commenced prior to the adoption of ASC 842. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 174 Operating cash flows from finance leases 5 Financing cash flows from finance leases — Right-of-use assets obtained in exchange for new operating lease liabilities 106 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2019 and 2018 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 LNG revenues $ 2,080 $ 1,516 $ 4,147 $ 3,668 Regasification revenues 67 65 133 130 Other revenues 21 13 36 23 Total revenues from customers 2,168 1,594 4,316 3,821 Net derivative gains (losses) (1) 93 (64 ) 169 (60 ) Other revenues (2) 31 13 68 24 Total revenues $ 2,292 $ 1,543 $ 4,553 $ 3,785 (1) See Note 6—Derivative Instruments for additional information about our derivatives. (2) Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases. |
Contract Assets | The following table shows our contract assets, which we classify as other non-current assets, net on our Consolidated Balance Sheets (in millions): June 30, December 31, 2019 2018 Contract assets $ 8 $ — |
Contract Liabilities | The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions): Six Months Ended June 30, 2019 Deferred revenues, beginning of period $ 139 Cash received but not yet recognized 136 Revenue recognized from prior period deferral (139 ) Deferred revenues, end of period $ 136 |
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 June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 108.4 11 $ 106.6 11 Regasification revenues 2.5 5 2.6 6 Total revenues $ 110.9 $ 109.2 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation Expense, Net | Total share-based compensation consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation costs, pre-tax: Equity awards $ 32 $ 22 $ 61 $ 39 Liability awards 2 15 5 32 Total share-based compensation 34 37 66 71 Capitalized share-based compensation (1 ) (7 ) (5 ) (13 ) Total share-based compensation expense $ 33 $ 30 $ 61 $ 58 Tax benefit associated with share-based compensation expense $ — $ — $ 1 $ 2 |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles basic and diluted weighted average common shares outstanding for the three and six months ended June 30, 2019 and 2018 (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares outstanding: Basic 257.4 242.8 257.3 239.2 Dilutive unvested stock — — 1.3 2.5 Diluted 257.4 242.8 258.6 241.7 Basic net income (loss) per share attributable to common stockholders $ (0.44 ) $ (0.07 ) $ 0.11 $ 1.42 Diluted net income (loss) per share attributable to common stockholders $ (0.44 ) $ (0.07 ) $ 0.11 $ 1.40 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities that were not included in the diluted net income (loss) per share computations because their effects would have been anti-dilutive were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Unvested stock (1) 3.8 5.2 3.8 2.6 Convertible notes (2) 17.8 17.2 17.8 17.2 Total potentially dilutive common shares 21.6 22.4 21.6 19.8 (1) Does not include 0.6 million shares for each of the three and six months ended June 30, 2019 and 0.4 million shares for each of the three and six months ended June 30, 2018 of unvested stock because the performance conditions had not yet been satisfied as of June 30, 2019 and 2018 , respectively. (2) Includes number of shares in aggregate issuable upon conversion of the 2021 Cheniere Convertible Unsecured Notes and the 2045 Cheniere Convertible Senior Notes . There were no shares included in the computation of diluted net income (loss) per share for the 2025 CCH HoldCo II Convertible Senior Notes because substantive non-market-based contingencies underlying the eligible conversion date have not been met as of June 30, 2019 . |
Customer Concentration (Tables)
Customer Concentration (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue and Accounts Receivable by Major Customers | The following table shows customers with revenues of 10% or greater of total revenues from external customers and customers with accounts receivable balances of 10% or greater of total accounts receivable from external customers: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable from External Customers Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2019 2018 2019 2018 2019 2018 Customer A 17% 21% 18% 19% 11% 21% Customer B 11% 17% 11% 14% 15% 14% Customer C 11% 18% 12% 22% 15% 18% Customer D 12% 16% 13% 11% 14% * Customer E * * * * 13% * Customer F * * * * * 10% * Less than 10% |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental disclosure of cash flow information (in millions): Six Months Ended June 30, 2019 2018 Cash paid during the period for interest on debt and finance leases, net of amounts capitalized $ 271 $ 282 Cash paid for income taxes 20 4 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Details) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2019USD ($)miitemmilliontonnes / yrunittrains | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Number Of Natural Gas Liquefaction And Export Facilities | unit | 2 | ||||
Operating Lease, Right-of-Use Asset | $ | $ 502 | $ 0 | |||
Operating Lease, Liability | $ | $ 494 | [1] | $ 2,329 | [2] | |
Accounting Standards Update 2016-02 [Member] | |||||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ | $ 550 | ||||
Operating Lease, Liability | $ | $ 550 | ||||
Corpus Christi Pipeline [Member] | |||||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Length of Natural Gas Pipeline | mi | 23 | ||||
Corpus Christi LNG Terminal [Member] | |||||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Number of Liquefaction LNG Trains | 3 | ||||
Corpus Christi LNG Terminal [Member] | Stage 1 [Member] | |||||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Number of Liquefaction LNG Trains | 2 | ||||
Number of LNG Storage Tanks | item | 2 | ||||
Number of marine berths | item | 1 | ||||
Corpus Christi LNG Terminal [Member] | Stage 2 [Member] | |||||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Number of Liquefaction LNG Trains | 1 | ||||
Number of LNG Storage Tanks | item | 1 | ||||
Corpus Christi LNG Terminal Expansion [Member] | |||||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Number of Liquefaction LNG Trains | 7 | ||||
Number of LNG Storage Tanks | item | 1 | ||||
Train Nominal Capacity | milliontonnes / yr | 9.5 | ||||
Cheniere Partners [Member] | Sabine Pass LNG Terminal [Member] | |||||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Number of Liquefaction LNG Trains | 6 | ||||
CTPL [Member] | |||||
Nature of Operations and Basis of Presentation [Line Items] | |||||
Length of Natural Gas Pipeline | mi | 94 | ||||
[1] | Does not include $1.6 billion of legally binding minimum lease payments for vessel charters which were executed as of June 30, 2019 but will commence primarily between 2020 and 2021 and have lease terms of up to seven years . | ||||
[2] | Includes certain lease option renewals that are reasonably assured and payments for certain non-lease components . Also includes $79 million in payments for short-term leases and $1.6 billion in payments for LNG vessel charters which were previously executed but will commence primarily between 2020 and 2021. |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | $ 1,161 | $ 2,175 |
SPL Project [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | 596 | 756 |
Cheniere Partners and cash held by guarantor subsidiaries [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | 0 | 785 |
CCL Project [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | 279 | 289 |
Cash held by our subsidiaries restricted to Cheniere [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | $ 286 | $ 345 |
Accounts and Other Receivable_2
Accounts and Other Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts and Other Receivables [Line Items] | ||
Other accounts receivable | $ 31 | $ 50 |
Total accounts and other receivables | 433 | 585 |
SPL and CCL | ||
Accounts and Other Receivables [Line Items] | ||
Trade receivables | 257 | 330 |
Cheniere Marketing | ||
Accounts and Other Receivables [Line Items] | ||
Trade receivables | $ 145 | $ 205 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Inventory | $ 290 | $ 316 |
Natural gas [Member] | ||
Inventory [Line Items] | ||
Inventory | 19 | 30 |
LNG [Member] | ||
Inventory [Line Items] | ||
Inventory | 38 | 24 |
LNG in-transit [Member] | ||
Inventory [Line Items] | ||
Inventory | 104 | 173 |
Materials and other [Member] | ||
Inventory [Line Items] | ||
Inventory | $ 129 | $ 89 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 29,073 | $ 27,245 |
LNG terminal costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (1,625) | (1,299) |
Property, plant and equipment, net | 28,873 | 27,037 |
LNG terminal and interconnecting pipeline facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 23,650 | 13,386 |
LNG site and related costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 319 | 86 |
LNG terminal construction-in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,529 | 14,864 |
Fixed assets and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (127) | (111) |
Property, plant and equipment, net | 142 | 149 |
Computer and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 22 | 17 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 22 | 22 |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 104 | 100 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 42 | 41 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 59 | 59 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 20 | 21 |
Tug vessels under finance lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 60 | 60 |
Accumulated depreciation | (2) | (1) |
Property, plant and equipment, net | $ 58 | $ 59 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 203 | $ 111 | $ 346 | $ 219 |
Offsets to LNG terminal costs | $ 0 | $ 0 | $ 202 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Liquefaction Supply Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 15 years | |
FX Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | $ 942 | $ 379 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
CCH Interest Rate Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (88) | $ 18 |
CCH Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
CCH Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (88) | 18 |
CCH Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
CCH Interest Rate Forward Start Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (7) | 0 |
CCH Interest Rate Forward Start Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
CCH Interest Rate Forward Start Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (7) | 0 |
CCH Interest Rate Forward Start Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Liquefaction Supply Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 90 | (42) |
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 6 |
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1 | (19) |
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 89 | (29) |
LNG Trading Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 47 | (24) |
LNG Trading Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (4) | 1 |
LNG Trading Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 51 | (25) |
LNG Trading Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
FX Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 10 | 15 |
FX Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
FX Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 10 | 15 |
FX Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 0 | $ 0 |
Derivative Instruments - Fair_2
Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Liquefaction Supply Derivatives [Member] - Fair Value, Inputs, Level 3 [Member] | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | |
Net Fair Value Asset | $ 89,000,000 |
Minimum [Member] | Valuation, Market Approach [Member] | |
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | |
Significant Unobservable Inputs Range | $ (0.700) |
Minimum [Member] | Valuation Technique, Option Pricing Model [Member] | |
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | |
Fair Value Inputs Basis Spread Percentage | 128.00% |
Maximum [Member] | Valuation, Market Approach [Member] | |
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | |
Significant Unobservable Inputs Range | $ 0.056 |
Maximum [Member] | Valuation Technique, Option Pricing Model [Member] | |
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | |
Fair Value Inputs Basis Spread Percentage | 176.00% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Level 3 Derivatives Activity (Details) - Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of period | $ 31 | $ 10 | $ (29) | $ 43 | |
Realized and mark-to-market gains (losses): | |||||
Included in costs of sales | 7 | (1) | 23 | (12) | |
Purchases and settlements: | |||||
Purchases | 50 | 6 | 50 | 6 | |
Settlements | 1 | (4) | 45 | (25) | |
Transfers out of Level 3 | [1] | 0 | 1 | 0 | 0 |
Balance, end of period | 89 | 12 | 89 | 12 | |
Change in unrealized gains (losses) relating to instruments still held at end of period | $ 7 | $ (1) | $ 23 | $ (12) | |
[1] | Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
CCH Interest Rate Derivatives [Member] | |
Derivative [Line Items] | |
Initial Notional Amount | $ 29 |
Effective Date | May 20, 2015 |
Maturity Date | May 31, 2022 |
Weighted Average Fixed Interest Rate Paid | 2.30% |
Variable Interest Rate Received | One-month LIBOR |
CCH Interest Rate Derivatives [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Initial Notional Amount | $ 4,700 |
CCH Interest Rate Forward Start Derivatives [Member] | |
Derivative [Line Items] | |
Initial Notional Amount | $ 1,000 |
Effective Date | Jun. 30, 2020 |
Maturity Date | Sep. 30, 2030 |
Weighted Average Fixed Interest Rate Paid | 2.11% |
Variable Interest Rate Received | Three-month LIBOR |
CCH Interest Rate Forward Start Derivatives [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Initial Notional Amount | $ 1,000 |
Derivative Instruments - Fair_3
Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) $ in Millions | Jun. 30, 2019USD ($)tbtu | Dec. 31, 2018USD ($)tbtu | |
Derivatives, Fair Value [Line Items] | |||
Derivative assets | $ 127 | $ 63 | |
Non-current derivative assets | 103 | 54 | |
Derivative liabilities | (84) | (128) | |
Non-current derivative liabilities | (94) | (22) | |
Derivative asset (liability), net | |||
Interest Rate Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 0 | 18 | |
Total derivative liabilities | (95) | 0 | |
Derivative asset (liability), net | (95) | 18 | |
Interest Rate Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 10 | |
Interest Rate Derivatives [Member] | Non-current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | 0 | 8 | |
Interest Rate Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (21) | 0 | |
Interest Rate Derivatives [Member] | Non-current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | (74) | 0 | |
CCH Interest Rate Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 0 | 18 | |
Total derivative liabilities | (88) | 0 | |
Derivative asset (liability), net | (88) | 18 | |
CCH Interest Rate Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 10 | |
CCH Interest Rate Derivatives [Member] | Non-current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | 0 | 8 | |
CCH Interest Rate Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (21) | 0 | |
CCH Interest Rate Derivatives [Member] | Non-current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | (67) | 0 | |
CCH Interest Rate Forward Start Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 0 | 0 | |
Total derivative liabilities | (7) | 0 | |
Derivative asset (liability), net | (7) | 0 | |
CCH Interest Rate Forward Start Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 0 | |
CCH Interest Rate Forward Start Derivatives [Member] | Non-current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | 0 | 0 | |
CCH Interest Rate Forward Start Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | 0 | 0 | |
CCH Interest Rate Forward Start Derivatives [Member] | Non-current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | (7) | 0 | |
Commodity Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 219 | 83 | |
Total derivative liabilities | (82) | (149) | |
Derivative asset (liability), net | 137 | (66) | |
Commodity Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 116 | 37 | |
Commodity Derivatives [Member] | Non-current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | 103 | 46 | |
Commodity Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (63) | (127) | |
Commodity Derivatives [Member] | Non-current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | (19) | (22) | |
Liquefaction Supply Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [1] | 118 | 59 |
Total derivative liabilities | [1] | (28) | (101) |
Derivative asset (liability), net | [1] | $ 90 | $ (42) |
Notional amount | tbtu | [2] | 6,781 | 5,832 |
Derivative, collateral deposit (call) | $ (6) | $ (5) | |
Liquefaction Supply Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 24 | 13 |
Liquefaction Supply Derivatives [Member] | Non-current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | [1] | 94 | 46 |
Liquefaction Supply Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [1] | (13) | (79) |
Liquefaction Supply Derivatives [Member] | Non-current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | [1] | (15) | (22) |
LNG Trading Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [3] | 101 | 24 |
Total derivative liabilities | [3] | (54) | (48) |
Derivative asset (liability), net | [3] | $ 47 | $ (24) |
Notional amount | tbtu | 50 | 12 | |
Derivative, collateral deposit (call) | $ 15 | $ 9 | |
LNG Trading Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [3] | 92 | 24 |
LNG Trading Derivatives [Member] | Non-current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | [3] | 9 | 0 |
LNG Trading Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [3] | (50) | (48) |
LNG Trading Derivatives [Member] | Non-current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | [3] | (4) | 0 |
FX Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 11 | 16 | |
FX Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | 0 | (1) | |
FX Derivatives [Member] | Non-current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | $ (1) | $ 0 | |
SPL [Member] | Maximum [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Energy Units Secured Through Natural Gas Supply Contracts | tbtu | 3,437 | 3,464 | |
CCL [Member] | Natural Gas Supply Agreement [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | $ 2 | $ 2 | |
Non-current derivative assets | $ 1 | $ 3 | |
Energy Units Secured Through Natural Gas Supply Contracts | tbtu | 57 | 55 | |
CCL [Member] | Maximum [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Energy Units Secured Through Natural Gas Supply Contracts | tbtu | 2,787 | 2,801 | |
Corpus Christi Stage 3 Liquefaction [Member] | Maximum [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Energy Units Secured Through Natural Gas Supply Contracts | tbtu | 754 | ||
[1] | Does not include collateral calls of $6 million and $5 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 , respectively. Includes derivative assets of $2 million and $2 million and non-current assets of $1 million and $3 million as of June 30, 2019 and December 31, 2018 , respectively, for a natural gas supply contract CCL has with a related party. | ||
[2] | SPL had secured up to approximately 3,437 TBtu and 3,464 TBtu as of June 30, 2019 and December 31, 2018 , respectively. CCL had secured up to approximately 2,787 TBtu and 2,801 TBtu of natural gas feedstock through natural gas supply contracts as of June 30, 2019 and December 31, 2018 , respectively, of which 57 TBtu and 55 TBtu, respectively, were for a natural gas supply contract CCL has with a related party. Corpus Christi Stage 3 had secured up to approximately 754 TBtu of natural gas feedstock through natural gas supply contracts as of June 30, 2019 . | ||
[3] | Does not include collateral of $15 million and $9 million deposited for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 , respectively. |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cost of sales | $ 1,277 | $ 873 | $ 2,491 | $ 2,051 | ||
Accrued liabilities | 1,572 | 1,572 | $ 1,169 | |||
CCH Interest Rate Derivatives [Member] | Derivative gain (loss), net [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative gain (loss), net | (67) | 29 | (102) | 98 | ||
CCH Interest Rate Forward Start Derivatives [Member] | Derivative gain (loss), net [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative gain (loss), net | (7) | 0 | (7) | 0 | ||
CQP Interest Rate Derivatives [Member] | Derivative gain (loss), net [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative gain (loss), net | 0 | 3 | 0 | 11 | ||
LNG Trading Derivatives [Member] | LNG revenues [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative gain (loss), net | [1] | 94 | (76) | 158 | (70) | |
LNG Trading Derivatives [Member] | Cost of sales [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative gain (loss), net | [1] | (51) | 0 | (51) | 0 | |
Liquefaction Supply Derivatives [Member] | LNG revenues [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative gain (loss), net | [1],[2] | (1) | 0 | 1 | 0 | |
Liquefaction Supply Derivatives [Member] | Cost of sales [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative gain (loss), net | [1],[2] | 57 | (3) | 139 | (53) | |
FX Derivatives [Member] | LNG revenues [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative gain (loss), net | 0 | 12 | 9 | 10 | ||
CCL [Member] | Natural Gas Supply Agreement [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cost of sales | 24 | $ 0 | 36 | $ 0 | ||
Accrued liabilities | $ 4 | $ 4 | ||||
[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. (3) Includes $24 million and $36 million that CCL recorded in cost of sales under a natural gas supply contract with a related party during the three and six months ended June 30, 2019 , respectively. Of this amount, $4 million was included in accrued liabilities as of June 30, 2019 . CCL did no t have any transactions during the three and six months ended June 30, 2018 under this contract. |
Derivative Instruments - Deri_2
Derivative Instruments - Derivative Net Presentation on Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
CCH Interest Rate Derivative Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | $ 19 | |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | 1 | |
Derivative Assets (Liabilities), at Fair Value, Net | 18 | |
CCH Interest Rate Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | $ (88) | |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | |
Derivative Assets (Liabilities), at Fair Value, Net | (88) | |
CCH Interest Rate Forward Start Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (7) | |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | |
Derivative Assets (Liabilities), at Fair Value, Net | (7) | 0 |
Liquefaction Supply Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 121 | 95 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (3) | (36) |
Derivative Assets (Liabilities), at Fair Value, Net | 118 | 59 |
Liquefaction Supply Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (35) | (121) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 7 | 20 |
Derivative Assets (Liabilities), at Fair Value, Net | (28) | (101) |
LNG Trading Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 109 | 112 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (8) | (88) |
Derivative Assets (Liabilities), at Fair Value, Net | 101 | 24 |
LNG Trading Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (62) | (92) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 8 | 44 |
Derivative Assets (Liabilities), at Fair Value, Net | (54) | (48) |
FX Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 21 | 30 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (10) | (14) |
Derivative Assets (Liabilities), at Fair Value, Net | 11 | 16 |
FX Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (11) | (2) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 10 | 1 |
Derivative Assets (Liabilities), at Fair Value, Net | $ (1) | $ (1) |
Other Non-Current Assets - Sche
Other Non-Current Assets - Schedule of Non-Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Other Assets, Noncurrent [Abstract] | ||
Advances made to municipalities for water system enhancements | $ 89 | $ 90 |
Advances and other asset conveyances to third parties to support LNG terminals | 55 | 54 |
Tax-related payments and receivables | 21 | 21 |
Equity method investments | 124 | 94 |
Advances made under EPC and non-EPC contracts | 11 | 14 |
Other | 37 | 32 |
Other non-current assets, net | $ 337 | $ 305 |
Other Non-Current Assets - Equi
Other Non-Current Assets - Equity Method Investments (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)mi | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | May 31, 2018USD ($) | |
Investment [Line Items] | ||||||
Equity method investment | $ 124,000,000 | $ 124,000,000 | $ 94,000,000 | |||
Other revenues | 2,292,000,000 | $ 1,543,000,000 | 4,553,000,000 | $ 3,785,000,000 | ||
Accounts and other receivables | 433,000,000 | 433,000,000 | 585,000,000 | |||
Midship Holdings [Member] | ||||||
Investment [Line Items] | ||||||
Equity method investment | 117,000,000 | 117,000,000 | 85,000,000 | |||
O&M Services [Member] | Midship Pipeline [Member] | Service Agreements [Member] | ||||||
Investment [Line Items] | ||||||
Other revenues | 3,000,000 | $ 3,000,000 | 7,000,000 | $ 4,000,000 | ||
Accounts and other receivables | 2,000,000 | $ 2,000,000 | $ 4,000,000 | |||
CCL [Member] | Midship Pipeline [Member] | Natural Gas Transportation Agreement [Member] | ||||||
Investment [Line Items] | ||||||
Long-term Purchase Commitment, Period | 10 years | |||||
Midship Pipeline [Member] | ||||||
Investment [Line Items] | ||||||
Length of Natural Gas Pipeline | mi | 200 | |||||
Midship Pipeline [Member] | CCL [Member] | Midship Pipeline Letter of Credit [Member] | ||||||
Investment [Line Items] | ||||||
Letter of Credit, Maximum Borrowing Capacity | $ 16,000,000 | |||||
Letters of credit issued | $ 0 | $ 0 |
Non-Controlling Interest (Detai
Non-Controlling Interest (Details) - Cheniere Partners [Member] shares in Millions | 6 Months Ended |
Jun. 30, 2019shares | |
Noncontrolling Interest [Line Items] | |
Limited Partner ownership percentage | 48.60% |
General Partner ownership percentage | 100.00% |
Common Units [Member] | |
Noncontrolling Interest [Line Items] | |
Partners Capital Account, Units, Units Held | 104.5 |
Subordinated Units [Member] | |
Noncontrolling Interest [Line Items] | |
Partners Capital Account, Units, Units Held | 135.4 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Interest costs and related debt fees | $ 405 | $ 233 |
Accrued natural gas purchases | 402 | 610 |
LNG terminals and related pipeline costs | 630 | 125 |
Compensation and benefits | 58 | 117 |
Accrued LNG inventory | 3 | 14 |
Other accrued liabilities | 74 | 70 |
Total accrued liabilities | $ 1,572 | $ 1,169 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized premium, discount and debt issuance costs, net | $ (752,000,000) | $ (775,000,000) |
Long-Term Debt, Net | 29,944,000,000 | 28,179,000,000 |
Current Debt, Net | 0 | 239,000,000 |
Total Debt, Net | 29,944,000,000 | 28,418,000,000 |
2021 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2022 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
2023 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2024 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
2025 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2026 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |
2027 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
2028 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,350,000,000 | 1,350,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
2037 SPL Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 800,000,000 | 800,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
2025 CQP Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
2026 CQP Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,100,000,000 | 1,100,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
2016 CQP Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 0 | 0 |
2019 CQP Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 649,000,000 | 0 |
2024 CCH Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
2025 CCH 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 CCH 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 | 5.125% | |
CCH Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 6,138,000,000 | 5,156,000,000 |
2025 CCH Holdco II Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,536,000,000 | 1,455,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |
2021 Cheniere Convertible Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,248,000,000 | 1,218,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |
2045 Cheniere Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 625,000,000 | 625,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |
Cheniere Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 0 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,250,000,000 | |
SPL Working Capital Facility [Member] | ||
Debt Instrument [Line Items] | ||
Current Debt, Net | 0 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000,000 | |
CCH Working Capital Facility [Member] | ||
Debt Instrument [Line Items] | ||
Current Debt, Net | 0 | 168,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000,000 | |
Cheniere Marketing Trade Finance Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Current Debt, Net | $ 0 | $ 71,000,000 |
Debt - Issuances and Terminatio
Debt - Issuances and Terminations (Details) - USD ($) | 1 Months Ended | 6 Months Ended |
May 31, 2019 | Jun. 30, 2019 | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | May 29 2022 [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Increase | 0.25% | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |
Cheniere Partners [Member] | 2016 CQP Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Loss on early extinguishment of debt | $ 0 | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or the base rate | |
Discounts and Debt Issuance Costs | $ 20,000,000 | |
Line Of Credit Facility, Unused Capacity, Commitment Fee Percentage Of Margin On Undrawn Commitment | 30.00% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Line Of Credit Facility, Number Of Months Period Within LIBOR Period Interest Due | 3 months | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities [Member] | Base Rate Determination Federal Funds Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities [Member] | Base Rate Determination LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Term Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Term Facility [Member] | May 29 2022 [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Increase | 0.25% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Term Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Revolving Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000,000 | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |
Cheniere Partners [Member] | 2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.125% |
Debt - Credit Facilities Table
Debt - Credit Facilities Table (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Outstanding balance - current | $ 0 | $ 239 |
SPL Working Capital Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | 1,200 | |
Incremental commitments | 0 | |
Outstanding balance - current | 0 | 0 |
Commitments prepaid or terminated | 0 | |
Letters of credit issued | 415 | |
Available commitment | $ 785 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Maturity date | Dec. 31, 2020 | |
SPL Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
SPL Working Capital Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
2019 CQP Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 1,500 | |
Incremental commitments | 0 | |
Outstanding balance | 649 | 0 |
Commitments prepaid or terminated | 0 | |
Letters of credit issued | 0 | |
Available commitment | $ 851 | |
Weighted average interest rate on current debt | 3.92% | |
Maturity date | May 29, 2024 | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | May 29 2022 [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Increase | 0.25% | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
2019 CQP Credit Facilities - CQP Term Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |
2019 CQP Credit Facilities - CQP Revolving Facility [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |
CCH Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 8,404 | |
Incremental commitments | 1,566 | |
Outstanding balance | 6,138 | 5,156 |
Commitments prepaid or terminated | 3,832 | |
Letters of credit issued | 0 | |
Available commitment | $ 0 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Weighted average interest rate on current debt | 4.15% | |
Maturity date | Jun. 30, 2024 | |
CCH Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
CCH Credit Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
CCH Working Capital Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 350 | |
Incremental commitments | 850 | |
Outstanding balance - current | 0 | 168 |
Commitments prepaid or terminated | 0 | |
Letters of credit issued | 338 | |
Available commitment | $ 862 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Maturity date | Jun. 29, 2023 | |
CCH Working Capital Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
CCH Working Capital Facility [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
CCH Working Capital Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
CCH Working Capital Facility [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Cheniere Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 750 | |
Incremental commitments | 500 | |
Outstanding balance | 0 | $ 0 |
Commitments prepaid or terminated | 0 | |
Letters of credit issued | 0 | |
Available commitment | $ 1,250 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Maturity date | Dec. 23, 2022 | |
Cheniere Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Cheniere Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Cheniere Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Cheniere Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Debt - Convertible Notes Table
Debt - Convertible Notes Table (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)d$ / shares | ||
2021 Cheniere Convertible Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate original principal | $ 1,000,000,000 | |
Debt component, net of discount and debt issuance costs | 1,172,000,000 | |
Equity component | 210,000,000 | |
Conversion value in excess of principal | $ 0 | |
Maturity date | May 28, 2021 | |
Contractual interest rate | 4.875% | |
Effective interest rate | 8.40% | [1] |
Remaining debt discount and debt issuance costs amortization period | 1 year 10 months 24 days | [2] |
2021 Cheniere Convertible Unsecured Notes [Member] | Note Holders [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 93.64 | |
2025 CCH Holdco II Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate original principal | $ 1,000,000,000 | |
Debt component, net of discount and debt issuance costs | 1,519,000,000 | |
Equity component | 0 | |
Conversion value in excess of principal | $ 0 | |
Maturity date | May 13, 2025 | |
Contractual interest rate | 11.00% | |
Effective interest rate | 11.90% | [1] |
Remaining debt discount and debt issuance costs amortization period | 1 year 3 months 18 days | [2] |
2025 CCH Holdco II Convertible Senior Notes [Member] | CCH Holdco II [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Convertible, Threshold Market Capitalization of Cheniere Common Stock | $ 10,000,000,000 | |
Debt Instrument, Convertible, Percentage of Conversion 1, Discount to VWAP of Cheniere Common Stock | 10.00% | |
Debt Instrument, Convertible, Threshold Consecutive Trading Days of Cheniere Common Stock | d | 90 | |
Debt Instrument, Convertible, Percentage Of Conversion 2, Discount to closing price of Cheniere Common Stock | 10.00% | |
2025 CCH Holdco II Convertible Senior Notes [Member] | Note Holders [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Convertible, Threshold Market Capitalization of Cheniere Common Stock | $ 10,000,000,000 | |
Debt Instrument, Convertible, Threshold Consecutive Trading Days of Cheniere Common Stock | d | 90 | |
Debt Instrument, Convertible, Earliest date of conversion, Period after closing | 6 months | |
2045 Cheniere Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate original principal | $ 625,000,000 | |
Debt component, net of discount and debt issuance costs | 311,000,000 | |
Equity component | 194,000,000 | |
Conversion value in excess of principal | $ 0 | |
Maturity date | Mar. 15, 2045 | |
Contractual interest rate | 4.25% | |
Effective interest rate | 9.40% | [1] |
Remaining debt discount and debt issuance costs amortization period | 25 years 8 months 12 days | [2] |
2045 Cheniere Convertible Senior Notes [Member] | Note Holders [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 138.38 | |
Debt Instrument, Convertible, Conversion Ratio per $1,000 principal amount, in shares | 7.2265 | |
[1] | Rate to accrete the discounted carrying value of the convertible notes to the face value over the remaining amortization period. | |
[2] | We amortize any debt discount and debt issuance costs using the effective interest over the period through contractual maturity except for the 2025 CCH HoldCo II Convertible Senior Notes , which are amortized through the date they are first convertible by holders into our common stock. |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | ||||
Total interest cost | $ 458 | $ 412 | $ 906 | $ 816 |
Capitalized interest | (86) | (196) | (287) | (384) |
Total interest expense, net | 372 | 216 | 619 | 432 |
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest per contractual rate | 64 | 58 | 126 | 116 |
Amortization of debt discount | 9 | 8 | 19 | 16 |
Amortization of debt issuance costs | 3 | 2 | 6 | 4 |
Total interest cost | 76 | 68 | 151 | 136 |
Debt and Finance Leases Excluding Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total interest cost | $ 382 | $ 344 | $ 755 | $ 680 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | $ 29,944 | $ 28,418 | |
Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [1] | 19,483 | 19,466 |
Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes, Estimated Fair Value | [1] | 21,499 | 19,901 |
2037 SPL Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [2] | 791 | 791 |
2037 SPL Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes, Estimated Fair Value | [2] | 912 | 817 |
Credit facilities [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [3] | 6,668 | 5,294 |
Credit facilities [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Credit Facilities, Estimated Fair Value | [3] | 6,668 | 5,294 |
2021 Cheniere Convertible Unsecured Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [2] | 1,172 | 1,126 |
2021 Cheniere Convertible Unsecured Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible Debt, Estimated Fair Value | [2] | 1,302 | 1,236 |
2025 CCH Holdco II Convertible Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [2] | 1,519 | 1,432 |
2025 CCH Holdco II Convertible Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible Debt, Estimated Fair Value | [2] | 1,771 | 1,612 |
2045 Cheniere Convertible Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [4] | 311 | 310 |
2045 Cheniere Convertible Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible Debt, Estimated Fair Value | [4] | $ 489 | $ 431 |
[1] | Includes 2021 SPL Senior Notes , 2022 SPL Senior Notes , 2023 SPL Senior Notes , 2024 SPL Senior Notes , 2025 SPL Senior Notes , 2026 SPL Senior Notes , 2027 SPL Senior Notes , 2028 SPL Senior Notes , 2025 CQP Senior Notes , 2026 CQP Senior Notes , 2024 CCH Senior Notes , 2025 CCH Senior Notes and 2027 CCH Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. | ||
[2] | The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. | ||
[3] | Includes SPL Working Capital Facility , 2016 CQP Credit Facilities , 2019 CQP Credit Facilities , CCH Credit Facility , CCH Working Capital Facility , Cheniere Revolving Credit Facility and Cheniere Marketing trade finance facilities | ||
[4] | The Level 1 estimated fair value was based on unadjusted quoted prices in active markets for identical liabilities that we had the ability to access at the measurement date. |
Leases - Balance Sheet Location
Leases - Balance Sheet Location Table (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Operating | $ 502 | $ 0 |
Total right-of-use assets | 560 | |
Current operating lease liabilities | 292 | 0 |
Non-current operating lease liabilities | 202 | 0 |
Non-current finance lease liabilities | 58 | $ 57 |
Total lease liabilities | 553 | |
Operating lease assets, net [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Operating | 502 | |
Property, plant and equipment, net [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Financing | 58 | |
Current operating lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Current operating lease liabilities | 292 | |
Other current liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Current finance lease liabilities | 1 | |
Non-current operating lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non-current operating lease liabilities | 202 | |
Non-current finance lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non-current finance lease liabilities | $ 58 |
Leases - Income Statement Locat
Leases - Income Statement Location Table (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Finance lease cost: | |||
Total lease cost | $ 144 | $ 284 | |
Short-term lease cost | 46 | 93 | |
Variable lease cost | 8 | 13 | |
Operating costs and expenses [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | [1],[2] | 140 | 277 |
Depreciation and amortization expense [Member] | |||
Finance lease cost: | |||
Amortization of right-of-use assets | 1 | 2 | |
Interest expense, net of capitalized interest [Member] | |||
Finance lease cost: | |||
Interest on lease liabilities | $ 3 | $ 5 | |
[1] | Includes $46 million and $93 million of short-term lease costs and $8 million and $13 million of variable lease costs incurred during the three and six months ended June 30, 2019 , respectively. | ||
[2] | Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the nature of the asset under lease. |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Table (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |||
Operating Leases, Future Minimum Payments | |||||
Remainder of 2019 | [1] | $ 192 | |||
2019 | [2],[3] | $ 380 | |||
2020 | 167 | [1] | 184 | [3] | |
2021 | 39 | [1] | 238 | [3] | |
2022 | 19 | [1] | 264 | [3] | |
2023 | 19 | [1] | 264 | [3] | |
Thereafter | 166 | [1] | 999 | [3] | |
Total lease payments | 602 | [1] | 2,329 | [3] | |
Less: Interest | (108) | [1] | 0 | [3] | |
Present value of lease liabilities | 494 | [1] | 2,329 | [3] | |
Finance Leases, Future Minimum Payments | |||||
Remainder of 2019 | 5 | ||||
2019 | [4] | 5 | |||
2020 | 10 | 5 | [4] | ||
2021 | 10 | 5 | [4] | ||
2022 | 10 | 5 | [4] | ||
2023 | 10 | 5 | [4] | ||
Thereafter | 146 | 73 | [4] | ||
Total lease payments | 191 | 98 | [4] | ||
Less: Interest | (132) | (39) | [4] | ||
Present value of lease liabilities | 59 | 59 | [4] | ||
Operating Lease, Lease Not yet Commenced, Payments Due | $ 1,600 | 1,600 | |||
Operating Leases, Payments for Short-term Leases | 79 | ||||
Operating Leases, Payments for Non-lease Components | 98 | ||||
Operating Leases, Future Minimum Sublease Payments Receivable | $ 43 | ||||
Maximum [Member] | |||||
Finance Leases, Future Minimum Payments | |||||
Operating Leases, Lease Not yet Commenced, Term of Contract | 7 years | ||||
[1] | Does not include $1.6 billion of legally binding minimum lease payments for vessel charters which were executed as of June 30, 2019 but will commence primarily between 2020 and 2021 and have lease terms of up to seven years . | ||||
[2] | Does not include $43 million in aggregate payments we will receive from our LNG vessel subcharters. | ||||
[3] | Includes certain lease option renewals that are reasonably assured and payments for certain non-lease components . Also includes $79 million in payments for short-term leases and $1.6 billion in payments for LNG vessel charters which were previously executed but will commence primarily between 2020 and 2021. | ||||
[4] | Does not include payments for non-lease components of $98 million . |
Leases - Other Quantitative Inf
Leases - Other Quantitative Information (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($) | ||
Operating Leases | ||
Weighted-average remaining lease term | 7 years 2 months 12 days | |
Weighted-average discount rate | 5.40% | |
Finance Leases | ||
Weighted-average remaining lease term | 19 years 3 months 18 days | |
Weighted-average discount rate | 16.20% | [1] |
Operating cash flows from operating leases | $ 174 | |
Operating cash flows from finance leases | 5 | |
Financing cash flows from finance leases | 0 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 106 | |
[1] | The finance leases commenced prior to the adoption of ASC 842. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. |
Leases - Subleases (Details)
Leases - Subleases (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Sublease Payments Receivable in 2019 | $ 13 | $ 13 |
Sublease Income, Total | 31 | 68 |
Sublease Income, Variable | $ 5 | $ 10 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
LNG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Variable Consideration Received From Customers, Percentage | 52.00% | 55.00% | 55.00% | 55.00% |
Regasification [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Variable Consideration Received From Customers, Percentage | 3.00% | 3.00% | 3.00% | 3.00% |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | $ 2,168 | $ 1,594 | $ 4,316 | $ 3,821 | |
Total revenues | 2,292 | 1,543 | 4,553 | 3,785 | |
LNG [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 2,080 | 1,516 | 4,147 | 3,668 | |
Total revenues | 2,173 | 1,442 | 4,316 | 3,608 | |
Regasification [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 67 | 65 | 133 | 130 | |
Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 21 | 13 | 36 | 23 | |
Total revenues | 52 | 36 | 104 | 47 | |
Gains (losses) from derivative Instruments [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 93 | (64) | 169 | (60) |
LNG vessel subcharter and other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [2] | $ 31 | $ 13 | $ 68 | $ 24 |
[1] | See Note 6—Derivative Instruments for additional information about our derivatives. | ||||
[2] | Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases. |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 8 | $ 0 |
Change In Contract With Customer, Liability [Roll Forward] | ||
Deferred revenues, beginning of period | 139 | |
Cash received but not yet recognized | 136 | |
Revenue recognized from prior period deferral | (139) | |
Deferred revenues, end of period | $ 136 |
Revenues from Contracts with _6
Revenues from Contracts with Customers - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in Billions | Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 110.9 | $ 109.2 | |
LNG [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 108.4 | $ 106.6 | |
Weighted Average Recognition Timing | [1] | 11 years | 11 years |
Regasification [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 2.5 | $ 2.6 | |
Weighted Average Recognition Timing | [1] | 5 years | 6 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. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 0 | $ (3) | $ 3 | $ 12 |
U.S. corporate income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Share-based Compensation - Narr
Share-based Compensation - Narrative (Details) - 2011 Incentive Plan [Member] shares in Millions | 6 Months Ended |
Jun. 30, 2019shares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Granted | 1.3 |
Award Vesting Period, Vests Ratably Over Service Period | 3 years |
Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Granted | 0.2 |
Award Vesting Period, Cliff Vesting | 3 years |
Performance Units [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Target Amount Earned Upon Vesting If Threshold Performance is Met | 25.00% |
Performance Units [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Target Amount Earned Upon Vesting If Threshold Performance is Met | 300.00% |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | $ 34 | $ 37 | $ 66 | $ 71 |
Capitalized share-based compensation | (1) | (7) | (5) | (13) |
Total share-based compensation expense | 33 | 30 | 61 | 58 |
Tax benefit associated with share-based compensation expense | 0 | 0 | 1 | 2 |
Equity Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | 32 | 22 | 61 | 39 |
Liability Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | $ 2 | $ 15 | $ 5 | $ 32 |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Common Stockholders (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Weighted Average Number of Common Shares Outstanding, Basic | 257,400,000 | 242,800,000 | 257,300,000 | 239,200,000 | |
Dilutive Unvested Stock | 0 | 0 | 1,300,000 | 2,500,000 | |
Weighted Average Number of Shares Outstanding, Diluted | 257,400,000 | 242,800,000 | 258,600,000 | 241,700,000 | |
Basic net income (loss) per share attributable to common stockholders | [1] | $ (0.44) | $ (0.07) | $ 0.11 | $ 1.42 |
Diluted net income (loss) per share attributable to common stockholders | [1] | $ (0.44) | $ (0.07) | $ 0.11 | $ 1.40 |
Antidilutive securities excluded from computation of earnings per share | 21,600,000 | 22,400,000 | 21,600,000 | 19,800,000 | |
Unvested stock [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share | [2] | 3,800,000 | 5,200,000 | 3,800,000 | 2,600,000 |
2021 Cheniere Convertible Notes And 2045 Cheniere Convertible Notes [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share | [3] | 17,800,000 | 17,200,000 | 17,800,000 | 17,200,000 |
Restricted Stock With Unsatisfied Performance Conditions [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share | 600,000 | 400,000 | 600,000 | 400,000 | |
2025 CCH Holdco II Convertible Senior Notes [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 | |
[1] | Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. | ||||
[2] | Does not include 0.6 million shares for each of the three and six months ended June 30, 2019 and 0.4 million shares for each of the three and six months ended June 30, 2018 of unvested stock because the performance conditions had not yet been satisfied as of June 30, 2019 and 2018 , respectively. | ||||
[3] | Includes number of shares in aggregate issuable upon conversion of the 2021 Cheniere Convertible Unsecured Notes and the 2045 Cheniere Convertible Senior Notes . There were no shares included in the computation of diluted net income (loss) per share for the 2025 CCH HoldCo II Convertible Senior Notes because substantive non-market-based contingencies underlying the eligible conversion date have not been met as of June 30, 2019 . |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Cheniere LNG Terminals, LLC [Member] - Parallax Enterprises [Member] - USD ($) $ in Millions | Mar. 11, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Secured notes receivable | $ 46 | |
Loss Contingency, Damages Sought, Value | $ 400 |
Customer Concentration (Details
Customer Concentration (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Customer A [Member] | Total Revenues from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 17.00% | 21.00% | 18.00% | 19.00% | |
Customer A [Member] | Accounts Receivable from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 11.00% | 21.00% | |||
Customer B [Member] | Total Revenues from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 11.00% | 17.00% | 11.00% | 14.00% | |
Customer B [Member] | Accounts Receivable from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 15.00% | 14.00% | |||
Customer C [Member] | Total Revenues from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 11.00% | 18.00% | 12.00% | 22.00% | |
Customer C [Member] | Accounts Receivable from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 15.00% | 18.00% | |||
Customer D [Member] | Total Revenues from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | 16.00% | 13.00% | 11.00% | |
Customer D [Member] | Accounts Receivable from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 14.00% | ||||
Customer E [Member] | Accounts Receivable from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 13.00% | ||||
Customer F [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 | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest on debt and finance leases, net of amounts capitalized | $ 271 | $ 282 |
Balance in property, plant and equipment, net funded with accounts payable and accrued liabilities | 958 | 935 |
Cash paid for income taxes | $ 20 | $ 4 |