Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 254,139,054 | |
Entity Central Index Key | 0000003570 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | ||||
Revenues | |||||
Revenues | $ 7,484 | $ 3,090 | |||
Revenues from contracts with customers | 7,657 | 3,126 | |||
Operating costs and expenses | |||||
Cost of sales (excluding items shown separately below) | 7,336 | 1,386 | |||
Operating and maintenance expense | 389 | 322 | |||
Development expense | 5 | 1 | |||
Selling, general and administrative expense | 96 | 81 | |||
Depreciation and amortization expense | 271 | 236 | |||
Total operating costs and expenses | 8,097 | 2,026 | |||
Income (loss) from operations | (613) | 1,064 | |||
Other income (expense) | |||||
Interest expense, net of capitalized interest | (349) | (356) | |||
Loss on modification or extinguishment of debt | (18) | (55) | |||
Interest rate derivative gain, net | 3 | 1 | |||
Other income, net | 5 | 6 | |||
Total other expense | (359) | (404) | |||
Income (loss) before income taxes and non-controlling interest | (972) | 660 | |||
Less: income tax provision (benefit) | (191) | 89 | |||
Net income (loss) | (781) | 571 | |||
Less: net income attributable to non-controlling interest | 84 | 178 | |||
Net income (loss) attributable to common stockholders | $ (865) | $ 393 | |||
Net income (loss) per share attributable to common stockholders—basic (1) | $ (3.41) | [1] | $ 1.56 | [2] | |
Net income (loss) per share attributable to common stockholders—diluted (1) | [1] | $ (3.41) | $ 1.54 | ||
Weighted average number of common shares outstanding—basic | 254 | 252.9 | |||
Weighted average number of common shares outstanding—diluted | 254 | 258.9 | |||
LNG [Member] | |||||
Revenues | |||||
Revenues | $ 7,340 | $ 2,999 | |||
Revenues from contracts with customers | 7,564 | 3,039 | |||
Regasification [Member] | |||||
Revenues | |||||
Revenues from contracts with customers | 68 | 67 | |||
Other [Member] | |||||
Revenues | |||||
Revenues | 76 | 24 | |||
Revenues from contracts with customers | $ 25 | $ 20 | |||
[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] | Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash and cash equivalents | $ 2,487 | [1] | $ 1,404 |
Restricted cash and cash equivalents | 419 | [1] | 413 |
Trade and other receivables, net of current expected credit losses | 1,461 | 1,506 | |
Inventory | 571 | 706 | |
Current derivative assets | 215 | 55 | |
Margin deposits | 456 | 765 | |
Other current assets | 96 | 207 | |
Total current assets | 5,705 | 5,056 | |
Property, plant and equipment, net of accumulated depreciation | 30,314 | 30,288 | |
Operating lease assets | 1,975 | 2,102 | |
Derivative assets | 43 | 69 | |
Goodwill | 77 | 77 | |
Deferred tax assets | 1,450 | 1,204 | |
Other non-current assets, net | 491 | 462 | |
Total assets | 40,055 | [1] | 39,258 |
Current liabilities | |||
Accounts payable | 167 | 155 | |
Accrued liabilities | 1,963 | 2,299 | |
Current debt, net of discount and debt issuance costs | 62 | 366 | |
Deferred revenue | 120 | 155 | |
Current operating lease liabilities | 527 | 535 | |
Current derivative liabilities | 1,746 | 1,089 | |
Other current liabilities | 20 | 94 | |
Total current liabilities | 4,605 | 4,693 | |
Long-term debt, net of premium, discount and debt issuance costs | 28,907 | 29,449 | |
Operating lease liabilities | 1,423 | 1,541 | |
Finance lease liabilities | 57 | 57 | |
Derivative liabilities | 6,256 | 3,501 | |
Other non-current liabilities | 66 | 50 | |
Stockholders' deficit | |||
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued | 0 | 0 | |
Common stock: $0.003 par value, 480.0 million shares authorized; 276.5 million shares and 275.2 million shares issued at March 31, 2022 and December 31, 2021, respectively | 1 | 1 | |
Treasury stock: 22.1 million shares and 21.6 million shares at March 31, 2022 and December 31, 2021, respectively, at cost | (988) | (928) | |
Additional paid-in-capital | 4,244 | 4,377 | |
Accumulated deficit | (6,967) | (6,021) | |
Total stockholders' deficit | (3,710) | (2,571) | |
Non-controlling interest | 2,451 | 2,538 | |
Total deficit | (1,259) | (33) | |
Total liabilities and stockholders' deficit | $ 40,055 | [1] | $ 39,258 |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7 —Non-controlling Interest and Variable Interest Entity. As of March 31, 2022, total assets and liabilities of CQP, which are included in our Consolidated Balance Sheets, were $19.2 billion and $21.8 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash and cash equivalents. |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets | $ 40,055 | [1] | $ 39,258 |
Cash and cash equivalents | $ 2,487 | [1] | $ 1,404 |
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Common Stock, Par Value Per Share | $ 0.003 | $ 0.003 | |
Common stock, Shares Authorized | 480,000,000 | 480,000,000 | |
Common Stock, Shares, Issued | 276,500,000 | 275,200,000 | |
Treasury Stock, Shares | 22,100,000 | 21,600,000 | |
CQP [Member] | |||
Assets | $ 19,216 | $ 18,985 | |
Liabilities | 21,838 | 18,554 | |
Cash and cash equivalents | 1,156 | 876 | |
Restricted cash and cash equivalents | $ 136 | $ 98 | |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7 —Non-controlling Interest and Variable Interest Entity. As of March 31, 2022, total assets and liabilities of CQP, which are included in our Consolidated Balance Sheets, were $19.2 billion and $21.8 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash and cash equivalents. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Non-controlling Interest |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2020 | 252,300 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2020 | 20,800 | |||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2020 | $ 2,218 | $ 1 | $ (872) | $ 4,273 | $ (3,593) | $ 2,409 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units and performance stock units, shares | 1,800 | 0 | ||||
Vesting of restricted stock units and performance 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, common stock | (600) | |||||
Shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 600 | |||||
Shares withheld from employees related to share-based compensation, at cost | $ (42) | $ 0 | $ (42) | 0 | 0 | 0 |
Shares repurchased, at cost, shares | 0 | |||||
Net income attributable to non-controlling interest | $ 178 | 0 | 0 | 0 | 0 | 178 |
Distributions to non-controlling interest | (160) | 0 | 0 | 0 | 0 | (160) |
Net income (loss) | $ 393 | 0 | 0 | 0 | 393 | 0 |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2021 | 253,500 | |||||
Treasury Stock, Shares, End of Period at Mar. 31, 2021 | 21,400 | |||||
Stockholders' Equity, End of Period at Mar. 31, 2021 | $ 2,620 | 1 | (914) | 4,306 | (3,200) | 2,427 |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2021 | 253,600 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2021 | 21,600 | |||||
Stockholders' Equity, Beginning of Period at Dec. 31, 2021 | $ (33) | $ 1 | $ (928) | 4,377 | (6,021) | 2,538 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units and performance stock units, shares | 1,300 | 0 | ||||
Vesting of restricted stock units and performance stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 38 | $ 0 | $ 0 | 38 | 0 | 0 |
Shares withheld from employees related to share-based compensation, at cost, shares, common stock | (300) | |||||
Shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 300 | |||||
Shares withheld from employees related to share-based compensation, at cost | $ (53) | $ 0 | $ (35) | (18) | 0 | 0 |
Shares repurchased, at cost, shares | 240 | (200) | 200 | |||
Shares repurchased, at cost | $ (25) | $ 0 | $ (25) | 0 | 0 | 0 |
Reacquisition of equity component of convertible notes, net of tax | (149) | 0 | 0 | (153) | 4 | 0 |
Net income attributable to non-controlling interest | 84 | 0 | 0 | 0 | 0 | 84 |
Distributions to non-controlling interest | (171) | 0 | 0 | 0 | 0 | (171) |
Dividends declared ($0.33 per common share) | (85) | 0 | 0 | 0 | (85) | 0 |
Net income (loss) | $ (865) | 0 | 0 | 0 | (865) | 0 |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2022 | 254,400 | |||||
Treasury Stock, Shares, End of Period at Mar. 31, 2022 | 22,100 | |||||
Stockholders' Equity, End of Period at Mar. 31, 2022 | $ (1,259) | $ 1 | $ (988) | $ 4,244 | $ (6,967) | $ 2,451 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Parentheticals | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Common Stock | |
Common Stock, Dividends, Per Share, Declared | $ 0.33 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ (781) | $ 571 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization expense | 271 | 236 |
Share-based compensation expense | 43 | 32 |
Non-cash interest expense | 2 | 8 |
Amortization of debt issuance costs, premium and discount | 15 | 20 |
Reduction of right-of-use assets | 134 | 85 |
Loss on modification or extinguishment of debt | 18 | 55 |
Total losses on derivative instruments, net | 3,592 | 74 |
Net cash provided by (used for) settlement of derivative instruments | (314) | 5 |
Impairment expense and loss (income) on equity method investments | (5) | (7) |
Deferred taxes | (206) | 87 |
Repayment of paid-in-kind interest related to repurchase of convertible notes | (13) | 0 |
Other | 0 | 1 |
Changes in operating assets and liabilities: | ||
Trade and other receivables, net of current expected credit losses | (16) | (3) |
Inventory | 133 | (16) |
Margin deposits | 309 | (17) |
Other current assets | 99 | 16 |
Accounts payable and accrued liabilities | (386) | 52 |
Deferred revenue | (24) | (36) |
Operating lease liabilities | (134) | (86) |
Finance lease liabilities | 1 | 0 |
Other, net | (83) | (11) |
Net cash provided by operating activities | 2,655 | 1,066 |
Cash flows from investing activities | ||
Property, plant and equipment | (178) | (190) |
Other | 0 | (10) |
Net cash used in investing activities | (178) | (200) |
Cash flows from financing activities | ||
Proceeds from issuances of debt | 575 | 1,800 |
Redemptions and repayments of debt | (1,615) | (2,088) |
Debt issuance and other financing costs | 0 | (19) |
Debt modification or extinguishment costs | (13) | (40) |
Distributions to non-controlling interest | (171) | (160) |
Payments related to tax withholdings for share-based compensation | (53) | (42) |
Repurchase of common stock | (25) | 0 |
Cash dividends to shareholders | (86) | 0 |
Other | 0 | 4 |
Net cash used in financing activities | (1,388) | (545) |
Net increase in cash, cash equivalents and restricted cash and cash equivalents | 1,089 | 321 |
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period | 1,817 | 2,077 |
Cash, cash equivalents and restricted cash and cash equivalents—end of period | $ 2,906 | $ 2,398 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Balances per Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Balances per Consolidated Balance Sheets: | |||||
Cash and cash equivalents | $ 2,487 | [1] | $ 1,404 | ||
Restricted cash and cash equivalents | 419 | [1] | 413 | ||
Total cash, cash equivalents and restricted cash and cash equivalents | $ 2,906 | $ 1,817 | $ 2,398 | $ 2,077 | |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7 —Non-controlling Interest and Variable Interest Entity. As of March 31, 2022, total assets and liabilities of CQP, which are included in our Consolidated Balance Sheets, were $19.2 billion and $21.8 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash and cash equivalents. |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NATURE OF OPERATIONS AND BASIS OF PRESENTATION We operate two natural gas liquefaction and export facilities located in Cameron Parish, Louisiana at Sabine Pass and near Corpus Christi, Texas (respectively, the “Sabine Pass LNG Terminal” and “Corpus Christi LNG Terminal”). CQP owns the Sabine Pass LNG Terminal which has natural gas liquefaction facilities consisting of six operational Trains, with Train 6 achieving substantial completion on February 4, 2022, for a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”). The Sabine Pass LNG Terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers and two marine berths, with an additional marine berth that is under construction. CQP also owns a 94-mile pipeline that interconnects the Sabine Pass LNG Terminal with a number of large interstate pipelines (the “Creole Trail Pipeline”) through its subsidiary, CTPL. As of March 31, 2022, we owned 100% of the general partner interest and a 48.6% limited partner interest in CQP. The Corpus Christi LNG Terminal currently has three Trains, for a total production capacity of approximately 15 mtpa of LNG. We also own a 21.5-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the Trains, the “CCL Project”) through our subsidiary CCP, as part of the CCH Group. The CCL Project also includes three LNG storage tanks and two marine berths. 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”) through our subsidiary CCL Stage III, for up to seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG. We received approval from FERC in November 2019 to site, construct and operate the expansion project. In March 2022, CCL Stage III issued limited notice to proceed to Bechtel Oil, Gas and Chemicals, Inc. to commence early engineering, procurement and site works. We have increased available liquefaction capacity at the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) as a result of debottlenecking and other optimization projects. We hold significant land positions at both the Sabine Pass LNG Terminal and the Corpus Christi LNG Terminal which provide opportunity for further liquefaction capacity expansion. The development of these sites or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a 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 in accordance 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 fiscal year ended December 31, 202 1 . Reclassifications that are not material to our Consolidated Financial Statements, if any, are made to prior period financial information to conform to the current year presentation. Results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2022. Recent Accounting Standards ASU 2020-06 In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This guidance simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the debt host. The guidance also amends and simplifies the calculation of earnings per share relating to convertible instruments. This guidance is effective for annual periods beginning after December 15, 2021, including interim periods within that reporting period, with earlier adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within that reporting period, using either a full or modified retrospective approach. We adopted this guidance on January 1, 2022 using the modified retrospective approach. The adoption of ASU 2020-06 primarily resulted in the reclassification of the previously bifurcated equity component associated with the 4.25% Convertible Senior Notes due 2045 (the “2045 Cheniere Convertible Senior Notes”) to debt as a result of the elimination of the cash conversion model. As of January 1, 2022, the reclassification resulted in: (1) a $194 million reduction of the equity component recorded in additional paid-in capital, before offsetting tax effect of $41 million, (2) a $189 million increase in the carrying value of our 2045 Cheniere Convertible Senior Notes and (3) a $5 million decrease in accumulated deficit, before offsetting tax effect of $1 million. In December 2021, we issued a notice of redemption for all $625 million aggregate principal amount outstanding of our 2045 Cheniere Convertible Senior Notes, which were redeemed on January 5, 2022. See Note 9 —Debt for further discussion of the 2045 Cheniere Convertible Senior Notes. The adoption of ASU 2020-06 also impacted the calculation of the dilutive effect of our 2045 Cheniere Convertible Senior Notes on our net loss per share for the three months ended March 31, 2022, as further discussed in Note 14—Net Income (Loss) per Share Attributable to Common Stockholders . ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing contracts expected to arise from the market transition from LIBOR to alternative reference rates. The transition period under this standard is effective March 12, 2020 and will apply through December 31, 2022. We have interest rate swaps and various credit facilities indexed to LIBOR, as further described in Note 6 —Derivative Instruments and Note 9 —Debt , respectively. To date, we have amended certain of our credit facilities to incorporate a fallback replacement rate indexed to SOFR as a result of the expected LIBOR transition. We elected to apply the optional expedients as applicable to certain modified terms, however the impact of applying the optional expedients was not material, and we do not expect the transition to a replacement rate indexed to SOFR to have a material impact on our future cash flows. We will continue to elect to apply the optional expedients to qualifying contract modifications in the future. |
Restricted Cash and Cash Equiva
Restricted Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2022 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Cash Equivalents | RESTRICTED CASH AND CASH EQUIVALENTS Restricted cash and cash equivalents consist of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. Restricted cash and cash equivalents consisted of the following (in millions): March 31, December 31, 2022 2021 Restricted cash and cash equivalents SPL Project $ 136 $ 98 CCL Project 50 44 Cash held by our subsidiaries that is restricted to Cheniere 233 271 Total restricted cash and cash equivalents $ 419 $ 413 Pursuant to the accounts agreements entered into with the collateral trustees for the benefit of SPL’s debt holders and CCH’s debt holders, SPL and CCH are required to deposit all cash received into reserve accounts controlled by the collateral trustees. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Projects and other restricted payments. The majority of the cash held by our subsidiaries that is restricted to Cheniere relates to advance funding for operation and construction needs of the Liquefaction Projects. |
Trade and Other Receivables, Ne
Trade and Other Receivables, Net of Current Expected Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Trade and Other Receivables, Net of Current Expected Credit Losses | TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES Trade and other receivables, net of current expected credit losses consisted of the following (in millions): March 31, December 31, 2022 2021 Trade receivables SPL and CCL $ 571 $ 802 Cheniere Marketing 750 640 Other receivables 140 64 Total trade and other receivables, net of current expected credit losses $ 1,461 $ 1,506 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY Inventory consisted of the following (in millions): March 31, December 31, 2022 2021 Materials $ 178 $ 174 LNG in-transit 210 312 LNG 135 153 Natural gas 44 64 Other 4 3 Total inventory $ 571 $ 706 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net of Accumulated Depreciation | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions): March 31, December 31, 2022 2021 LNG terminal LNG terminal and interconnecting pipeline facilities $ 33,138 $ 30,660 LNG site and related costs 442 441 LNG terminal construction-in-process 809 2,995 Accumulated depreciation (4,176) (3,912) Total LNG terminal, net of accumulated depreciation 30,213 30,184 Fixed assets and other Computer and office equipment 26 25 Furniture and fixtures 19 20 Computer software 123 120 Leasehold improvements 46 45 Land 1 1 Other 18 19 Accumulated depreciation (181) (176) Total fixed assets and other, net of accumulated depreciation 52 54 Assets under finance lease Tug vessels 60 60 Accumulated depreciation (11) (10) Total assets under finance lease, net of accumulated depreciation 49 50 Property, plant and equipment, net of accumulated depreciation $ 30,314 $ 30,288 The following table shows depreciation expense and offsets to LNG terminal costs (in millions): Three Months Ended March 31, 2022 2021 Depreciation expense $ 270 $ 234 Offsets to LNG terminal costs (1) 204 191 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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 (“Interest Rate Derivatives”) to hedge the exposure to volatility in a portion of the floating-rate interest payments on CCH’s amended and restated term loan credit facility (the “CCH Credit Facility”); • commodity derivatives consisting of natural gas supply contracts, including those under our IPM agreements, for the commissioning and operation of the Liquefaction Projects and potential future development of Corpus Christi Stage 3 (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (“Financial Liquefaction Supply Derivatives,” and collectively with the Physical Liquefaction Supply Derivatives, the “Liquefaction Supply Derivatives”); • physical derivatives consisting of liquified natural gas contracts in which we have contractual net settlement (“Physical LNG Trading Derivatives”) and financial derivatives to hedge the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”); and • foreign currency exchange (“FX”) contracts to hedge exposure to currency risk associated with cash flows denominated in currencies other than United States dollar (“FX Derivatives”), associated with both LNG Trading Derivatives and operations in countries outside of the United States. We recognize our derivative instruments as either assets or liabilities and measure those instruments at fair value. None of our derivative instruments are designated as cash flow or fair value hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Operations to the extent not utilized for the commissioning process, in which case it is capitalized. The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis (in millions): Fair Value Measurements as of March 31, 2022 December 31, 2021 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 Interest Rate Derivatives liability $ — $ (12) $ — $ (12) $ — $ (40) $ — $ (40) Liquefaction Supply Derivatives asset (liability) (75) 9 (7,423) (7,489) 7 (9) (4,036) (4,038) LNG Trading Derivatives liability (8) (260) — (268) (22) (378) — (400) FX Derivatives asset — 25 — 25 — 12 — 12 We value our Interest Rate 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 and LNG Trading Derivatives are predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair value, including, but not limited to, evaluation of whether the respective market exists from the perspective of market participants as infrastructure is developed. We include our Physical LNG Trading Derivatives and 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 and volatility. The Level 3 fair value measurements of our Physical LNG Trading Derivatives and the 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 March 31, 2022: Net Fair Value Liability Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Physical Liquefaction Supply Derivatives $(7,423) Market approach incorporating present value techniques Henry Hub basis spread $(1.578) - $0.215 / $(0.094) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 101% - 533% / 190% (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Spread contemplates U.S. dollar-denominated pricing. Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of our Physical LNG Trading Derivatives and our Physical Liquefaction Supply Derivatives. The following table shows the changes in the fair value of our Level 3 Physical LNG Trading Derivatives and Physical Liquefaction Supply Derivatives (in millions): Three Months Ended March 31, 2022 2021 Balance, beginning of period $ (4,036) $ 241 Realized and mark-to-market losses: Included in cost of sales (3,540) (129) Purchases and settlements: Purchases (3) (14) Settlements 156 33 Balance, end of period $ (7,423) $ 131 Change in unrealized losses relating to instruments still held at end of period $ (3,540) $ (129) Except for Interest Rate Derivatives, all counterparty derivative contracts provide for the unconditional right of set-off in the event of default. We have elected to report derivative assets and liabilities arising from those derivative contracts with the same counterparty and the unconditional contractual right of set-off on a net basis. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments in instances when our derivative instruments are in an asset position. Additionally, counterparties are at risk that we will be unable to meet our commitments in instances where our derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees. Interest Rate Derivatives CCH has entered into interest rate swaps to protect against volatility of future cash flows and hedge a portion of the variable interest payments on the CCH Credit Facility. As of March 31, 2022, we had the following Interest Rate Derivatives outstanding: Notional Amounts March 31, 2022 December 31, 2021 Latest Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received Interest Rate Derivatives $4.5 billion $4.5 billion May 31, 2022 2.30% One-month LIBOR The following table shows the effect and location of our Interest Rate Derivatives on our Consolidated Statements of Operations (in millions): Gain Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended March 31, 2022 2021 Interest Rate Derivatives Interest rate derivative gain, net $ 3 $ 1 Commodity Derivatives SPL, CCL and CCL Stage III have entered into Liquefaction Supply Derivatives which are primarily indexed to the natural gas market and international LNG indices. The remaining minimum terms of the index-based physical natural gas supply contracts range up to approximately 16 years, some of which commence upon the satisfaction of certain events or states of affairs. The terms of the Financial Liquefaction Supply Derivatives range up to approximately three years. Commencing in first quarter of 2021, we have entered into physical LNG transactions that provide for contractual net settlement. Such transactions are accounted for as LNG Trading Derivatives, and are designed to economically hedge exposure to the commodity markets in which we sell LNG. 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. The terms of LNG Trading Derivatives range up to approximately two years. The following table shows the notional amounts of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”): March 31, 2022 December 31, 2021 Liquefaction Supply Derivatives (1) LNG Trading Derivatives Liquefaction Supply Derivatives LNG Trading Derivatives Notional amount, net (in TBtu) 13,036 36 11,238 33 (1) Excludes notional amounts associated with extension options that were uncertain to be taken as of March 31, 2022. The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location (1) Three Months Ended March 31, 2022 2021 LNG Trading Derivatives LNG revenues $ (247) $ (62) LNG Trading Derivatives Cost of sales 90 28 Liquefaction Supply Derivatives (2) LNG revenues (5) 1 Liquefaction Supply Derivatives (2) Cost of sales (3,461) (63) (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. FX Derivatives Cheniere Marketing has entered into FX Derivatives to protect against the volatility in future cash flows attributable to changes in international currency exchange rates. The FX Derivatives economically hedge the foreign currency exposure arising from cash flows expended for both physical and financial LNG transactions that are denominated in a currency other than the United States dollar. The terms of FX Derivatives range up to approximately one year. The total notional amount of our FX Derivatives was $920 million and $762 million as of March 31, 2022 and December 31, 2021, respectively. The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended March 31, 2022 2021 FX Derivatives LNG revenues $ 28 $ 21 Fair Value and Location of Derivative Assets and Liabilities on the Consolidated Balance Sheets The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions): March 31, 2022 Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ — $ 45 $ 145 $ 25 $ 215 Derivative assets — 43 — — 43 Total derivative assets — 88 145 25 258 Current derivative liabilities (12) (1,321) (413) — (1,746) Derivative liabilities — (6,256) — — (6,256) Total derivative liabilities (12) (7,577) (413) — (8,002) Derivative asset (liability), net $ (12) $ (7,489) $ (268) $ 25 $ (7,744) December 31, 2021 Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ — $ 38 $ 2 $ 15 $ 55 Derivative assets — 69 — — 69 Total derivative assets — 107 2 15 124 Current derivative liabilities (40) (644) (402) (3) (1,089) Derivative liabilities — (3,501) — — (3,501) Total derivative liabilities (40) (4,145) (402) (3) (4,590) Derivative asset (liability), net $ (40) $ (4,038) $ (400) $ 12 $ (4,466) (1) Does not include collateral posted with counterparties by us of $96 million and $20 million as of March 31, 2022 and December 31, 2021, respectively, which are included in margin deposits in our Consolidated Balance Sheets. (2) Does not include collateral posted with counterparties by us of $360 million and $745 million, as of March 31, 2022 and December 31, 2021, respectively, which are included in margin deposits in our Consolidated Balance Sheets. Consolidated Balance Sheets Presentation The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions) for our derivative instruments that are presented on a net basis on our Consolidated Balance Sheets: Liquefaction Supply Derivatives LNG Trading Derivatives FX Derivatives As of March 31, 2022 Gross assets $ 113 $ 198 $ 62 Offsetting amounts (25) (53) (37) Net assets $ 88 $ 145 $ 25 Gross liabilities $ (8,072) $ (419) $ — Offsetting amounts 495 6 — Net liabilities $ (7,577) $ (413) $ — As of December 31, 2021 Gross assets $ 155 $ 10 $ 48 Offsetting amounts (48) (8) (33) Net assets $ 107 $ 2 $ 15 Gross liabilities $ (4,382) $ (551) $ (10) Offsetting amounts 237 149 7 Net liabilities $ (4,145) $ (402) $ (3) |
Non-Controlling Interest and Va
Non-Controlling Interest and Variable Interest Entity | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest and Variable Interest Entity [Abstract] | |
Non-Controlling Interest and Variable Interest Entity | NON-CONTROLLING INTEREST AND VARIABLE INTEREST ENTITY We own a 48.6% limited partner interest in CQP in the form of 239.9 million common units, with the remaining non-controlling limited partner interest held by Blackstone Inc., Brookfield Asset Management Inc. and the public. We also own 100% of the general partner interest and the incentive distribution rights in CQP. CQP is accounted for as a consolidated VIE. The following table presents the summarized assets and liabilities (in millions) of CQP, our consolidated VIE, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of CQP. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include third party assets and liabilities of CQP only and exclude intercompany balances that eliminate in consolidation. March 31, December 31, 2022 2021 ASSETS Current assets Cash and cash equivalents $ 1,156 $ 876 Restricted cash and cash equivalents 136 98 Trade and other receivables, net of current expected credit losses 434 580 Other current assets 266 285 Total current assets 1,992 1,839 Property, plant and equipment, net of accumulated depreciation 16,915 16,830 Other non-current assets, net 309 316 Total assets $ 19,216 $ 18,985 LIABILITIES Current liabilities Accrued liabilities $ 1,164 $ 1,077 Other current liabilities 404 200 Total current liabilities 1,568 1,277 Long-term debt, net of premium, discount and debt issuance costs 17,184 17,177 Other non-current liabilities 3,086 100 Total liabilities $ 21,838 $ 18,554 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consisted of the following (in millions): March 31, December 31, 2022 2021 Accrued natural gas purchases $ 1,162 $ 1,323 Accrued derivative settlements 35 329 Interest costs and related debt fees 367 214 LNG terminals and related pipeline costs 281 144 Compensation and benefits 46 180 Accrued LNG inventory 7 34 Other accrued liabilities 65 75 Total accrued liabilities $ 1,963 $ 2,299 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Our debt consisted of the following (in millions): March 31, December 31, 2022 2021 SPL: Senior Secured Notes: 5.625% due 2023 $ 1,500 $ 1,500 5.75% due 2024 2,000 2,000 5.625% due 2025 2,000 2,000 5.875% due 2026 1,500 1,500 5.00% due 2027 1,500 1,500 4.200% due 2028 1,350 1,350 4.500% due 2030 2,000 2,000 4.27% weighted average rate due 2037 1,282 1,282 Total SPL Senior Secured Notes 13,132 13,132 $1.2 billion Working Capital Revolving Credit and Letter of Credit Reimbursement Agreement (the “2020 SPL Working Capital Facility”) — — Total debt - SPL 13,132 13,132 CQP: Senior Notes: 4.500% due 2029 1,500 1,500 4.000% due 2031 1,500 1,500 3.25% due 2032 1,200 1,200 Total CQP Senior Notes 4,200 4,200 CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”) — — Total debt - CQP 4,200 4,200 CCH: Senior Secured Notes: 7.000% due 2024 1,250 1,250 5.875% due 2025 1,500 1,500 5.125% due 2027 1,500 1,500 3.700% due 2029 1,500 1,500 3.72% weighted average rate due 2039 2,721 2,721 Total CCH Senior Secured Notes 8,471 8,471 CCH Credit Facility (1) 1,439 1,728 $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) (2) — 250 Total debt - CCH 9,910 10,449 Cheniere: 4.625% Senior Secured Notes due 2028 2,000 2,000 2045 Cheniere Convertible Senior Notes (3) — 625 $1.25 billion Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”) — — Total debt - Cheniere 2,000 2,625 Cheniere Marketing: trade finance facilities and letter of credit facility (2) — — Total debt 29,242 30,406 Current portion of long-term debt (62) (117) Short-term debt — (250) Unamortized premium, discount and debt issuance costs, net (273) (590) Total long-term debt, net of premium, discount and debt issuance costs $ 28,907 $ 29,449 (1) A portion of the outstanding balance that is due within one year is classified as current portion of long-term debt. (2) These debt instruments are classified as short-term debt. (3) The redemption of these notes was financed with borrowings under the Cheniere Revolving Credit Facility, which is a long-term debt instrument. Therefore, the 2045 Cheniere Convertible Senior Notes were classified as long-term debt as of December 31, 2021. See Convertible Notes section below for further discussion of the redemption. Credit Facilities Below is a summary of our committed credit facilities outstanding as of March 31, 2022 (in millions): 2020 SPL Working Capital Facility 2019 CQP Credit Facilities CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility Total facility size $ 1,200 $ 750 $ 1,439 $ 1,200 $ 1,250 Less: Outstanding balance — — 1,439 — — Letters of credit issued 368 — — 276 — Available commitment $ 832 $ 750 $ — $ 924 $ 1,250 Priority ranking Senior secured Senior secured Senior secured Senior secured Senior secured Interest rate on available balance LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750% LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125% LIBOR plus 1.75% or base rate plus 0.75% (1) LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% (1) LIBOR plus 1.250% - 2.375% or base rate plus 0.250% - 1.375% (1) Weighted average interest rate of outstanding balance n/a n/a 2.21% n/a n/a Commitment fees on undrawn balance 0.20% 0.49% n/a 0.50% 0.25% Maturity date March 19, 2025 May 29, 2024 June 30, 2024 June 29, 2023 October 28, 2026 (1) These facilities were amended in 2021 to establish a SOFR-indexed replacement rate for LIBOR. Convertible Notes On December 6, 2021, we issued a notice of redemption for all $625 million aggregate principal amount outstanding of the 2045 Cheniere Convertible Senior Notes. The notice of redemption allowed holders to elect to convert their notes at any time prior to a specified deadline on December 31, 2021, with settlement of such converted notes in cash, as elected by us, on January 5, 2022. The impact of holders electing conversion was immaterial to the Consolidated Financial Statements. The 2045 Cheniere Convertible Senior Notes not converted were redeemed on January 5, 2022 with borrowings under the Cheniere Revolving Credit Facility. Restrictive Debt Covenants The indentures governing our senior notes and other agreements underlying our debt contain customary terms and events of default and certain covenants that, among other things, may limit us, our subsidiaries’ and its restricted subsidiaries’ ability to make certain investments or pay dividends or distributions. SPL, CQP and CCH are restricted from making distributions under agreements governing their respective indebtedness generally until, among other requirements, deposits are made into any required debt service reserve accounts and a historical debt service coverage ratio and projected debt service coverage ratio of at least 1.25:1.00 is satisfied. As of March 31, 2022, each of our issuers was in compliance with all covenants related to their respective debt agreements. Interest Expense Total interest expense, net of capitalized interest, including interest expense related to our convertible notes, consisted of the following (in millions): Three Months Ended March 31, 2022 2021 Interest cost on convertible notes: Interest per contractual rate $ — $ 12 Amortization of debt discount — 5 Amortization of debt issuance costs — — Total interest cost related to convertible notes — 17 Interest cost on debt and finance leases excluding convertible notes 372 400 Total interest cost 372 417 Capitalized interest (23) (61) Total interest expense, net of capitalized interest $ 349 $ 356 Fair Value Disclosures The following table shows the carrying amount and estimated fair value of our debt (in millions): March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Senior notes — Level 2 (1) $ 24,550 $ 25,196 $ 24,550 $ 26,725 Senior notes — Level 3 (2) 3,253 3,356 3,253 3,693 2045 Cheniere Convertible Senior Notes — Level 1 (3) — — 625 526 (1) 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) 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. The estimated fair value of our credit facilities approximates the principal amount outstanding because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | LEASES Our leased assets consist primarily of LNG vessel time charters (“vessel charters”) and additionally include tug vessels, office space and facilities and land sites. All of our leases are classified as operating leases except for our tug vessels supporting the Corpus Christi LNG Terminal, which are classified as finance leases. The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions): March 31, December 31, Consolidated Balance Sheets Location 2022 2021 Right-of-use assets—Operating Operating lease assets $ 1,975 $ 2,102 Right-of-use assets—Financing Property, plant and equipment, net of accumulated depreciation 49 50 Total right-of-use assets $ 2,024 $ 2,152 Current operating lease liabilities Current operating lease liabilities $ 527 $ 535 Current finance lease liabilities Other current liabilities 2 2 Non-current operating lease liabilities Operating lease liabilities 1,423 1,541 Non-current finance lease liabilities Finance lease liabilities 57 57 Total lease liabilities $ 2,009 $ 2,135 The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions): Consolidated Statements of Operations Location Three Months Ended March 31, 2022 2021 Operating lease cost (a) Operating costs and expenses (1) $ 202 $ 151 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 1 1 Interest on lease liabilities Interest expense, net of capitalized interest 2 2 Total lease cost $ 205 $ 154 (a) Included in operating lease cost: Short-term lease costs $ 41 $ 51 Variable lease costs 9 2 (1) 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 March 31, 2022 are as follows (in millions): Years Ending December 31, Operating Leases (1) Finance Leases 2022 $ 450 $ 10 2023 514 10 2024 457 10 2025 244 10 2026 218 10 Thereafter 294 117 Total lease payments 2,177 167 Less: Interest (227) (108) Present value of lease liabilities $ 1,950 $ 59 (1) Does not include approximately $3.2 billion of legally binding minimum payments primarily for vessel charters which were executed as of March 31, 2022 but will commence in future periods and have fixed minimum lease terms of up to 10 years. The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases: March 31, 2022 December 31, 2021 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 5.4 16.4 5.6 16.7 Weighted-average discount rate (1) 3.5% 16.2% 3.6% 16.2% (1) The finance leases commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 151 $ 97 Operating cash flows from finance leases 2 2 Right-of-use assets obtained in exchange for operating lease liabilities 7 507 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. As of March 31, 2022 and December 31, 2021, we had $4 million and $15 million future minimum sublease payments to be received from LNG vessel subcharters. The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2022 2021 Fixed income $ 32 $ 3 Variable income 19 1 Total sublease income $ 51 $ 4 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
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 (in millions): Three Months Ended March 31, 2022 2021 LNG revenues $ 7,564 $ 3,039 Regasification revenues 68 67 Other revenues 25 20 Total revenues from customers 7,657 3,126 Net derivative loss (1) (224) (40) Other (2) 51 4 Total revenues $ 7,484 $ 3,090 (1) See Note 6 —Derivative Instruments for additional information about our derivatives. (2) Includes revenues from LNG vessel subcharters. See Note 1 0 —Leases for additional information about our subleases. Contract Assets and Liabilities The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions): March 31, December 31, 2022 2021 Contract assets, net of current expected credit losses $ 149 $ 140 The following table reflects the changes in our contract liabilities, which we classify as deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions): Three Months Ended March 31, 2022 Deferred revenue, beginning of period $ 194 Cash received but not yet recognized in revenue 169 Revenue recognized from prior period deferral (194) Deferred revenue, end of period $ 169 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: March 31, 2022 December 31, 2021 Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 107.1 9 $ 107.1 9 Regasification revenues 1.8 4 1.9 4 Total revenues $ 108.9 $ 109.0 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. We have elected the following exemptions which omit certain potential future sources of revenue from the table above: (1) We omit from the table above all performance obligations that are part of a contract that has an original expected duration of one year or less. (2) The table above excludes substantially all variable consideration under our SPAs and TUAs. We omit from the table above all variable consideration that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price will vary based on the future prices of Henry Hub throughout the contract terms, to the extent customers elect to take delivery of their LNG, and adjustments to the consumer price index. Certain of our contracts contain additional variable consideration based on the outcome of contingent events and the movement of various indexes. We have not included such variable consideration in the transaction price to the extent the consideration is considered constrained due to the uncertainty of ultimate pricing and receipt. Approximately 66% and 51% of our LNG revenues from contracts included in the table above during the three months ended March 31, 2022 and 2021, respectively, were related to variable consideration received from customers. During the three months ended March 31, 2022 and 2021, approximately 6% and 3%, respectively, of our regasification revenues were related to variable consideration received from customers. We may enter 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Natural Gas Supply Agreements CCL Natural Gas Supply Agreement CCL was party to a natural gas supply agreement with a related party in the ordinary course of business, to obtain a fixed minimum daily volume of feed gas for the operation of the CCL Project. The related party entity was acquired by a non-related party on November 1, 2021; therefore, as of such date, this agreement ceased to be considered a related party agreement. During the three months ended March 31, 2021, we recorded $35 million of cost of sales related to this agreement, of which $1 millionwas related to Liquefaction Supply Derivatives gain. Natural Gas Transportation and Storage Agreements SPL is party to various natural gas transportation and storage agreements and CTPL is party to an operational balancing agreement with a related party in the ordinary course of business for the operation of the SPL Project, with initial primary terms of up to 10 years with extension rights. This related party is partially owned by Brookfield Asset Management, Inc., who indirectly acquired a portion of CQP’s limited partner interests in September 2020. We recorded operating and maintenance expense of $12 million and $10 million during the three months ended March 31, 2022 and 2021, respectively. Additionally, we recorded accrued liabilities of $5 million and $4 million as of March 31, 2022 and December 31, 2021, respectively, with this related party. CCL is party to natural gas transportation agreements with Midship Pipeline Company, LLC (“Midship Pipeline”) in the ordinary course of business for the operation of the CCL Project, for a period of 10 years which began in May 2020. We account for our investment in Midship Holdings, LLC, which manages the business and affairs of Midship Pipeline, as an equity method investment. We recorded operating and maintenance expense of $2 million during both the three months ended March 31, 2022 and 2021. Additionally, we recorded accrued liabilities of $1 million as of both March 31, 2022 and December 31, 2021 with this related party. Operation and Maintenance Service Agreements |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We recorded an income tax benefit of $191 million and income tax provision of $89 million during the three months ended March 31, 2022 and 2021, respectively. Our effective tax rate of 19.7% for the three months ended March 31, 2022 corresponds to an income tax benefit recorded for the period and was lower than the statutory income tax rate primarily due to income allocated to non-controlling interest that is not taxable to Cheniere partially offset by tax benefits related to stock-based compensation awards that vested in the quarter. Our effective tax rate of 13.5% for the three months ended March 31, 2021 corresponds to an income tax provision recorded for the period and was lower than the statutory income tax rate primarily due to income allocated to non-controlling interest that is not taxable to Cheniere. Our effective tax rate is subject to variation prospectively due to variability in our pre-tax and taxable earnings and the proportion of such earnings attributable to non-controlling interests. |
Net Income (Loss) Per Share Att
Net Income (Loss) Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share Attributable to Common Stockholders | NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table reconciles basic and diluted weighted average common shares outstanding (in millions, except per share data): Three Months Ended March 31, 2022 2021 Net income (loss) attributable to common stockholders $ (865) $ 393 Weighted average common shares outstanding: Basic 254.0 252.9 Dilutive unvested stock — 1.5 Dilutive convertible securities — 4.5 Diluted 254.0 258.9 Net income (loss) per share attributable to common stockholders—basic (1) $ (3.41) $ 1.56 Net income (loss) per share attributable to common stockholders—diluted (1) $ (3.41) $ 1.54 (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. 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 March 31, 2022 2021 Unvested stock (1) 2.0 1.9 2045 Cheniere Convertible Senior Notes (2) 0.3 — Total potentially dilutive common shares 2.3 1.9 (1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates. (2) As described in Note 9—Debt, the 2045 Cheniere Convertible Senior Notes were redeemed or converted in cash on January 5, 2022. However, the adoption of ASU 2020-06 on January 1, 2022 required a presumption of share settlement for the purpose of calculating the impact to diluted earnings per share during the period the notes were outstanding in 2022. Such impact was anti-dilutive as a result of the reported net loss attributable to common shareholders during the period. See Note 1—Nature of Operations and Basis of Presentation |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ DEFICIT Share Repurchase Programs On September 7, 2021, the Board of Directors authorized a reset in the previously existing share repurchase program to $1.0 billion, inclusive of any amounts remaining under the previous authorization as of September 30, 2021, for an additional three years beginning on October 1, 2021. The following table presents information with respect to repurchases of common stock (in millions, except per share data): Three Months Ended March 31, 2022 2021 Aggregate common stock repurchased 0.24 — Weighted average price paid per share $ 104.21 $ — Total amount paid $ 25 $ — As of March 31, 2022, we had up to $973 million of the share repurchase program available. Dividends On January 25, 2022, we declared a quarterly dividend of $0.33 per share of common stock that was paid on February 28, 2022 to shareholders of record as of February 7, 2022. On April 26, 2022, we declared a quarterly dividend of $0.33 per share of common stock that is payable on May 17, 2022 to shareholders of record as of May 10, 2022. |
Customer Concentration
Customer Concentration | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | CUSTOMER CONCENTRATION The following table shows external customers with revenues of 10% or greater of total revenues from external customers and external customers with trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses balances of 10% or greater of total trade and other receivables, net of current expected credit losses from external customers and contract assets, net of current expected credit losses from external customers, respectively: Percentage of Total Revenues from External Customers Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers Three Months Ended March 31, March 31, December 31, 2022 2021 2022 2021 Customer A * 15% * 10% Customer B * 12% * * Customer C * 13% * * Customer D * * 10% * * Less than 10% |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The following table provides supplemental disclosure of cash flow information (in millions): Three Months Ended March 31, 2022 2021 Cash paid during the period for interest on debt, net of amounts capitalized $ 195 $ 211 Cash paid for income taxes, net of refunds 4 — Non-cash investing and financing activities: Property, plant and equipment, net of accumulated depreciation funded with accounts payable and accrued liabilities 400 360 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 202 1 . Reclassifications that are not material to our Consolidated Financial Statements, if any, are made to prior period financial information to conform to the current year presentation. Results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2022. |
Recent Accounting Standards | Recent Accounting Standards ASU 2020-06 In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This guidance simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the debt host. The guidance also amends and simplifies the calculation of earnings per share relating to convertible instruments. This guidance is effective for annual periods beginning after December 15, 2021, including interim periods within that reporting period, with earlier adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within that reporting period, using either a full or modified retrospective approach. We adopted this guidance on January 1, 2022 using the modified retrospective approach. The adoption of ASU 2020-06 primarily resulted in the reclassification of the previously bifurcated equity component associated with the 4.25% Convertible Senior Notes due 2045 (the “2045 Cheniere Convertible Senior Notes”) to debt as a result of the elimination of the cash conversion model. As of January 1, 2022, the reclassification resulted in: (1) a $194 million reduction of the equity component recorded in additional paid-in capital, before offsetting tax effect of $41 million, (2) a $189 million increase in the carrying value of our 2045 Cheniere Convertible Senior Notes and (3) a $5 million decrease in accumulated deficit, before offsetting tax effect of $1 million. In December 2021, we issued a notice of redemption for all $625 million aggregate principal amount outstanding of our 2045 Cheniere Convertible Senior Notes, which were redeemed on January 5, 2022. See Note 9 —Debt for further discussion of the 2045 Cheniere Convertible Senior Notes. The adoption of ASU 2020-06 also impacted the calculation of the dilutive effect of our 2045 Cheniere Convertible Senior Notes on our net loss per share for the three months ended March 31, 2022, as further discussed in Note 14—Net Income (Loss) per Share Attributable to Common Stockholders . ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing contracts expected to arise from the market transition from LIBOR to alternative reference rates. The transition period under this standard is effective March 12, 2020 and will apply through December 31, 2022. We have interest rate swaps and various credit facilities indexed to LIBOR, as further described in Note 6 —Derivative Instruments and Note 9 —Debt , respectively. To date, we have amended certain of our credit facilities to incorporate a fallback replacement rate indexed to SOFR as a result of the expected LIBOR transition. We elected to apply the optional expedients as applicable to certain modified terms, however the impact of applying the optional expedients was not material, and we do not expect the transition to a replacement rate indexed to SOFR to have a material impact on our future cash flows. We will continue to elect to apply the optional expedients to qualifying contract modifications in the future. |
Restricted Cash and Cash Equi_2
Restricted Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | Restricted cash and cash equivalents consisted of the following (in millions): March 31, December 31, 2022 2021 Restricted cash and cash equivalents SPL Project $ 136 $ 98 CCL Project 50 44 Cash held by our subsidiaries that is restricted to Cheniere 233 271 Total restricted cash and cash equivalents $ 419 $ 413 |
Trade and Other Receivables, _2
Trade and Other Receivables, Net of Current Expected Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables, Net of Current Expected Credit Losses | Trade and other receivables, net of current expected credit losses consisted of the following (in millions): March 31, December 31, 2022 2021 Trade receivables SPL and CCL $ 571 $ 802 Cheniere Marketing 750 640 Other receivables 140 64 Total trade and other receivables, net of current expected credit losses $ 1,461 $ 1,506 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consisted of the following (in millions): March 31, December 31, 2022 2021 Materials $ 178 $ 174 LNG in-transit 210 312 LNG 135 153 Natural gas 44 64 Other 4 3 Total inventory $ 571 $ 706 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net of Accumulated Depreciation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions): March 31, December 31, 2022 2021 LNG terminal LNG terminal and interconnecting pipeline facilities $ 33,138 $ 30,660 LNG site and related costs 442 441 LNG terminal construction-in-process 809 2,995 Accumulated depreciation (4,176) (3,912) Total LNG terminal, net of accumulated depreciation 30,213 30,184 Fixed assets and other Computer and office equipment 26 25 Furniture and fixtures 19 20 Computer software 123 120 Leasehold improvements 46 45 Land 1 1 Other 18 19 Accumulated depreciation (181) (176) Total fixed assets and other, net of accumulated depreciation 52 54 Assets under finance lease Tug vessels 60 60 Accumulated depreciation (11) (10) Total assets under finance lease, net of accumulated depreciation 49 50 Property, plant and equipment, net of accumulated depreciation $ 30,314 $ 30,288 |
Schedule of Depreciation and Offsets to LNG Terminal Costs | The following table shows depreciation expense and offsets to LNG terminal costs (in millions): Three Months Ended March 31, 2022 2021 Depreciation expense $ 270 $ 234 Offsets to LNG terminal costs (1) 204 191 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Fair Value of Derivative Assets and Liabilities | The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis (in millions): Fair Value Measurements as of March 31, 2022 December 31, 2021 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 Interest Rate Derivatives liability $ — $ (12) $ — $ (12) $ — $ (40) $ — $ (40) Liquefaction Supply Derivatives asset (liability) (75) 9 (7,423) (7,489) 7 (9) (4,036) (4,038) LNG Trading Derivatives liability (8) (260) — (268) (22) (378) — (400) FX Derivatives asset — 25 — 25 — 12 — 12 |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of March 31, 2022: Net Fair Value Liability Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Physical Liquefaction Supply Derivatives $(7,423) Market approach incorporating present value techniques Henry Hub basis spread $(1.578) - $0.215 / $(0.094) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 101% - 533% / 190% (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Spread contemplates U.S. dollar-denominated pricing. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table shows the changes in the fair value of our Level 3 Physical LNG Trading Derivatives and Physical Liquefaction Supply Derivatives (in millions): Three Months Ended March 31, 2022 2021 Balance, beginning of period $ (4,036) $ 241 Realized and mark-to-market losses: Included in cost of sales (3,540) (129) Purchases and settlements: Purchases (3) (14) Settlements 156 33 Balance, end of period $ (7,423) $ 131 Change in unrealized losses relating to instruments still held at end of period $ (3,540) $ (129) |
Fair Value of Derivative Instruments by Balance Sheet Location | The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions): March 31, 2022 Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ — $ 45 $ 145 $ 25 $ 215 Derivative assets — 43 — — 43 Total derivative assets — 88 145 25 258 Current derivative liabilities (12) (1,321) (413) — (1,746) Derivative liabilities — (6,256) — — (6,256) Total derivative liabilities (12) (7,577) (413) — (8,002) Derivative asset (liability), net $ (12) $ (7,489) $ (268) $ 25 $ (7,744) December 31, 2021 Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ — $ 38 $ 2 $ 15 $ 55 Derivative assets — 69 — — 69 Total derivative assets — 107 2 15 124 Current derivative liabilities (40) (644) (402) (3) (1,089) Derivative liabilities — (3,501) — — (3,501) Total derivative liabilities (40) (4,145) (402) (3) (4,590) Derivative asset (liability), net $ (40) $ (4,038) $ (400) $ 12 $ (4,466) (1) Does not include collateral posted with counterparties by us of $96 million and $20 million as of March 31, 2022 and December 31, 2021, respectively, which are included in margin deposits in our Consolidated Balance Sheets. (2) Does not include collateral posted with counterparties by us of $360 million and $745 million, as of March 31, 2022 and December 31, 2021, respectively, which are included in margin deposits in our Consolidated Balance Sheets. |
Derivative Net Presentation on Consolidated Balance Sheets | The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions) for our derivative instruments that are presented on a net basis on our Consolidated Balance Sheets: Liquefaction Supply Derivatives LNG Trading Derivatives FX Derivatives As of March 31, 2022 Gross assets $ 113 $ 198 $ 62 Offsetting amounts (25) (53) (37) Net assets $ 88 $ 145 $ 25 Gross liabilities $ (8,072) $ (419) $ — Offsetting amounts 495 6 — Net liabilities $ (7,577) $ (413) $ — As of December 31, 2021 Gross assets $ 155 $ 10 $ 48 Offsetting amounts (48) (8) (33) Net assets $ 107 $ 2 $ 15 Gross liabilities $ (4,382) $ (551) $ (10) Offsetting amounts 237 149 7 Net liabilities $ (4,145) $ (402) $ (3) |
Interest Rate Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of March 31, 2022, we had the following Interest Rate Derivatives outstanding: Notional Amounts March 31, 2022 December 31, 2021 Latest Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received Interest Rate Derivatives $4.5 billion $4.5 billion May 31, 2022 2.30% One-month LIBOR |
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our Interest Rate Derivatives on our Consolidated Statements of Operations (in millions): Gain Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended March 31, 2022 2021 Interest Rate Derivatives Interest rate derivative gain, net $ 3 $ 1 |
Commodity Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table shows the notional amounts of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”): March 31, 2022 December 31, 2021 Liquefaction Supply Derivatives (1) LNG Trading Derivatives Liquefaction Supply Derivatives LNG Trading Derivatives Notional amount, net (in TBtu) 13,036 36 11,238 33 (1) Excludes notional amounts associated with extension options that were uncertain to be taken as of March 31, 2022. |
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location (1) Three Months Ended March 31, 2022 2021 LNG Trading Derivatives LNG revenues $ (247) $ (62) LNG Trading Derivatives Cost of sales 90 28 Liquefaction Supply Derivatives (2) LNG revenues (5) 1 Liquefaction Supply Derivatives (2) Cost of sales (3,461) (63) (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. |
FX Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended March 31, 2022 2021 FX Derivatives LNG revenues $ 28 $ 21 |
Non-Controlling Interest and _2
Non-Controlling Interest and Variable Interest Entity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
CQP [Member] | |
Noncontrolling Interest and Variable Interest Entity [Line Items] | |
Condensed Balance Sheet of Cheniere Partners | The following table presents the summarized assets and liabilities (in millions) of CQP, our consolidated VIE, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of CQP. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include third party assets and liabilities of CQP only and exclude intercompany balances that eliminate in consolidation. March 31, December 31, 2022 2021 ASSETS Current assets Cash and cash equivalents $ 1,156 $ 876 Restricted cash and cash equivalents 136 98 Trade and other receivables, net of current expected credit losses 434 580 Other current assets 266 285 Total current assets 1,992 1,839 Property, plant and equipment, net of accumulated depreciation 16,915 16,830 Other non-current assets, net 309 316 Total assets $ 19,216 $ 18,985 LIABILITIES Current liabilities Accrued liabilities $ 1,164 $ 1,077 Other current liabilities 404 200 Total current liabilities 1,568 1,277 Long-term debt, net of premium, discount and debt issuance costs 17,184 17,177 Other non-current liabilities 3,086 100 Total liabilities $ 21,838 $ 18,554 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in millions): March 31, December 31, 2022 2021 Accrued natural gas purchases $ 1,162 $ 1,323 Accrued derivative settlements 35 329 Interest costs and related debt fees 367 214 LNG terminals and related pipeline costs 281 144 Compensation and benefits 46 180 Accrued LNG inventory 7 34 Other accrued liabilities 65 75 Total accrued liabilities $ 1,963 $ 2,299 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Our debt consisted of the following (in millions): March 31, December 31, 2022 2021 SPL: Senior Secured Notes: 5.625% due 2023 $ 1,500 $ 1,500 5.75% due 2024 2,000 2,000 5.625% due 2025 2,000 2,000 5.875% due 2026 1,500 1,500 5.00% due 2027 1,500 1,500 4.200% due 2028 1,350 1,350 4.500% due 2030 2,000 2,000 4.27% weighted average rate due 2037 1,282 1,282 Total SPL Senior Secured Notes 13,132 13,132 $1.2 billion Working Capital Revolving Credit and Letter of Credit Reimbursement Agreement (the “2020 SPL Working Capital Facility”) — — Total debt - SPL 13,132 13,132 CQP: Senior Notes: 4.500% due 2029 1,500 1,500 4.000% due 2031 1,500 1,500 3.25% due 2032 1,200 1,200 Total CQP Senior Notes 4,200 4,200 CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”) — — Total debt - CQP 4,200 4,200 CCH: Senior Secured Notes: 7.000% due 2024 1,250 1,250 5.875% due 2025 1,500 1,500 5.125% due 2027 1,500 1,500 3.700% due 2029 1,500 1,500 3.72% weighted average rate due 2039 2,721 2,721 Total CCH Senior Secured Notes 8,471 8,471 CCH Credit Facility (1) 1,439 1,728 $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) (2) — 250 Total debt - CCH 9,910 10,449 Cheniere: 4.625% Senior Secured Notes due 2028 2,000 2,000 2045 Cheniere Convertible Senior Notes (3) — 625 $1.25 billion Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”) — — Total debt - Cheniere 2,000 2,625 Cheniere Marketing: trade finance facilities and letter of credit facility (2) — — Total debt 29,242 30,406 Current portion of long-term debt (62) (117) Short-term debt — (250) Unamortized premium, discount and debt issuance costs, net (273) (590) Total long-term debt, net of premium, discount and debt issuance costs $ 28,907 $ 29,449 (1) A portion of the outstanding balance that is due within one year is classified as current portion of long-term debt. (2) These debt instruments are classified as short-term debt. (3) The redemption of these notes was financed with borrowings under the Cheniere Revolving Credit Facility, which is a long-term debt instrument. Therefore, the 2045 Cheniere Convertible Senior Notes were classified as long-term debt as of December 31, 2021. See Convertible Notes section below for further discussion of the redemption. |
Schedule of Line of Credit Facilities and Delayed Draw Term Loan | Below is a summary of our committed credit facilities outstanding as of March 31, 2022 (in millions): 2020 SPL Working Capital Facility 2019 CQP Credit Facilities CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility Total facility size $ 1,200 $ 750 $ 1,439 $ 1,200 $ 1,250 Less: Outstanding balance — — 1,439 — — Letters of credit issued 368 — — 276 — Available commitment $ 832 $ 750 $ — $ 924 $ 1,250 Priority ranking Senior secured Senior secured Senior secured Senior secured Senior secured Interest rate on available balance LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750% LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125% LIBOR plus 1.75% or base rate plus 0.75% (1) LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% (1) LIBOR plus 1.250% - 2.375% or base rate plus 0.250% - 1.375% (1) Weighted average interest rate of outstanding balance n/a n/a 2.21% n/a n/a Commitment fees on undrawn balance 0.20% 0.49% n/a 0.50% 0.25% Maturity date March 19, 2025 May 29, 2024 June 30, 2024 June 29, 2023 October 28, 2026 (1) These facilities were amended in 2021 to establish a SOFR-indexed replacement rate for LIBOR. |
Schedule of Interest Expense | Total interest expense, net of capitalized interest, including interest expense related to our convertible notes, consisted of the following (in millions): Three Months Ended March 31, 2022 2021 Interest cost on convertible notes: Interest per contractual rate $ — $ 12 Amortization of debt discount — 5 Amortization of debt issuance costs — — Total interest cost related to convertible notes — 17 Interest cost on debt and finance leases excluding convertible notes 372 400 Total interest cost 372 417 Capitalized interest (23) (61) Total interest expense, net of capitalized interest $ 349 $ 356 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table shows the carrying amount and estimated fair value of our debt (in millions): March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Senior notes — Level 2 (1) $ 24,550 $ 25,196 $ 24,550 $ 26,725 Senior notes — Level 3 (2) 3,253 3,356 3,253 3,693 2045 Cheniere Convertible Senior Notes — Level 1 (3) — — 625 526 (1) 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. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Leases, Balance Sheet Location | The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions): March 31, December 31, Consolidated Balance Sheets Location 2022 2021 Right-of-use assets—Operating Operating lease assets $ 1,975 $ 2,102 Right-of-use assets—Financing Property, plant and equipment, net of accumulated depreciation 49 50 Total right-of-use assets $ 2,024 $ 2,152 Current operating lease liabilities Current operating lease liabilities $ 527 $ 535 Current finance lease liabilities Other current liabilities 2 2 Non-current operating lease liabilities Operating lease liabilities 1,423 1,541 Non-current finance lease liabilities Finance lease liabilities 57 57 Total lease liabilities $ 2,009 $ 2,135 |
Schedule of Lease Cost, Income Statement Location | The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions): Consolidated Statements of Operations Location Three Months Ended March 31, 2022 2021 Operating lease cost (a) Operating costs and expenses (1) $ 202 $ 151 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 1 1 Interest on lease liabilities Interest expense, net of capitalized interest 2 2 Total lease cost $ 205 $ 154 (a) Included in operating lease cost: Short-term lease costs $ 41 $ 51 Variable lease costs 9 2 |
Schedule of Maturity of Lease Liabilities | Future annual minimum lease payments for operating and finance leases as of March 31, 2022 are as follows (in millions): Years Ending December 31, Operating Leases (1) Finance Leases 2022 $ 450 $ 10 2023 514 10 2024 457 10 2025 244 10 2026 218 10 Thereafter 294 117 Total lease payments 2,177 167 Less: Interest (227) (108) Present value of lease liabilities $ 1,950 $ 59 (1) Does not include approximately $3.2 billion of legally binding minimum payments primarily for vessel charters which were executed as of March 31, 2022 but will commence in future periods and have fixed minimum lease terms of up to 10 years. |
Lease, Other Quantitative Information | The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases: March 31, 2022 December 31, 2021 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 5.4 16.4 5.6 16.7 Weighted-average discount rate (1) 3.5% 16.2% 3.6% 16.2% (1) The finance leases commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 151 $ 97 Operating cash flows from finance leases 2 2 Right-of-use assets obtained in exchange for operating lease liabilities 7 507 |
Schedule of Sublease Income | The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2022 2021 Fixed income $ 32 $ 3 Variable income 19 1 Total sublease income $ 51 $ 4 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents a disaggregation of revenue earned from contracts with customers (in millions): Three Months Ended March 31, 2022 2021 LNG revenues $ 7,564 $ 3,039 Regasification revenues 68 67 Other revenues 25 20 Total revenues from customers 7,657 3,126 Net derivative loss (1) (224) (40) Other (2) 51 4 Total revenues $ 7,484 $ 3,090 (1) See Note 6 —Derivative Instruments for additional information about our derivatives. (2) Includes revenues from LNG vessel subcharters. See Note 1 0 —Leases for additional information about our subleases. |
Contract Assets | The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions): March 31, December 31, 2022 2021 Contract assets, net of current expected credit losses $ 149 $ 140 |
Contract Liabilities | The following table reflects the changes in our contract liabilities, which we classify as deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions): Three Months Ended March 31, 2022 Deferred revenue, beginning of period $ 194 Cash received but not yet recognized in revenue 169 Revenue recognized from prior period deferral (194) Deferred revenue, end of period $ 169 |
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: March 31, 2022 December 31, 2021 Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 107.1 9 $ 107.1 9 Regasification revenues 1.8 4 1.9 4 Total revenues $ 108.9 $ 109.0 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. |
Net Income (Loss) Per Share A_2
Net Income (Loss) Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles basic and diluted weighted average common shares outstanding (in millions, except per share data): Three Months Ended March 31, 2022 2021 Net income (loss) attributable to common stockholders $ (865) $ 393 Weighted average common shares outstanding: Basic 254.0 252.9 Dilutive unvested stock — 1.5 Dilutive convertible securities — 4.5 Diluted 254.0 258.9 Net income (loss) per share attributable to common stockholders—basic (1) $ (3.41) $ 1.56 Net income (loss) per share attributable to common stockholders—diluted (1) $ (3.41) $ 1.54 |
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 March 31, 2022 2021 Unvested stock (1) 2.0 1.9 2045 Cheniere Convertible Senior Notes (2) 0.3 — Total potentially dilutive common shares 2.3 1.9 (1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates. (2) As described in Note 9—Debt, the 2045 Cheniere Convertible Senior Notes were redeemed or converted in cash on January 5, 2022. However, the adoption of ASU 2020-06 on January 1, 2022 required a presumption of share settlement for the purpose of calculating the impact to diluted earnings per share during the period the notes were outstanding in 2022. Such impact was anti-dilutive as a result of the reported net loss attributable to common shareholders during the period. See Note 1—Nature of Operations and Basis of Presentation |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Share Repurchases Under the Share Repurchase Program | The following table presents information with respect to repurchases of common stock (in millions, except per share data): Three Months Ended March 31, 2022 2021 Aggregate common stock repurchased 0.24 — Weighted average price paid per share $ 104.21 $ — Total amount paid $ 25 $ — |
Customer Concentration (Tables)
Customer Concentration (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue and Accounts Receivable by Major Customers | The following table shows external customers with revenues of 10% or greater of total revenues from external customers and external customers with trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses balances of 10% or greater of total trade and other receivables, net of current expected credit losses from external customers and contract assets, net of current expected credit losses from external customers, respectively: Percentage of Total Revenues from External Customers Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers Three Months Ended March 31, March 31, December 31, 2022 2021 2022 2021 Customer A * 15% * 10% Customer B * 12% * * Customer C * 13% * * Customer D * * 10% * * Less than 10% |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental disclosure of cash flow information (in millions): Three Months Ended March 31, 2022 2021 Cash paid during the period for interest on debt, net of amounts capitalized $ 195 $ 211 Cash paid for income taxes, net of refunds 4 — Non-cash investing and financing activities: Property, plant and equipment, net of accumulated depreciation funded with accounts payable and accrued liabilities 400 360 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Details) $ in Millions | Jan. 01, 2022USD ($) | Mar. 31, 2022USD ($)itemunitmilliontonnes / yrmitrains | Dec. 31, 2021USD ($) |
Nature of Operations and Basis of Presentation [Line Items] | |||
Number Of Natural Gas Liquefaction And Export Facilities | unit | 2 | ||
Accumulated deficit | $ (6,967) | $ (6,021) | |
2045 Cheniere Convertible Senior Notes [Member] | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||
Repayments of Debt | $ 625 | ||
Accounting Standards Update 2020-06 | 2045 Cheniere Convertible Senior Notes [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Equity component of convertible notes | $ 194 | ||
Convertible Notes Payable | 189 | ||
Accumulated deficit | 5 | ||
Accounting Standards Update 2020-06 | 2045 Cheniere Convertible Senior Notes [Member] | Additional Paid-in Capital | Cumulative Effect, Period of Adoption, Adjustment | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Tax effect of ASU 2020-06 adoption | 41 | ||
Accounting Standards Update 2020-06 | 2045 Cheniere Convertible Senior Notes [Member] | Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Tax effect of ASU 2020-06 adoption | $ 1 | ||
Sabine Pass LNG Terminal [Member] | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Number of Liquefaction LNG Trains Operating | trains | 6 | ||
Total Production Capability | milliontonnes / yr | 30 | ||
Number of LNG Storage Tanks | unit | 5 | ||
Number of Marine Berths Operating | item | 2 | ||
Number of Marine Berths Constructing | item | 1 | ||
Creole Trail Pipeline [Member] | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Length of Natural Gas Pipeline | mi | 94 | ||
Corpus Christi LNG Terminal [Member] | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Number of Liquefaction LNG Trains Operating | trains | 3 | ||
Total Production Capability | milliontonnes / yr | 15 | ||
Number of LNG Storage Tanks | unit | 3 | ||
Number of Marine Berths Operating | item | 2 | ||
Corpus Christi Pipeline [Member] | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Length of Natural Gas Pipeline | mi | 21.5 | ||
Corpus Christi LNG Terminal Expansion [Member] | Maximum [Member] | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Number of Liquefaction LNG Trains | trains | 7 | ||
Corpus Christi LNG Terminal Expansion [Member] | Minimum [Member] | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
Total Production Capability | milliontonnes / yr | 10 | ||
CQP [Member] | |||
Nature of Operations and Basis of Presentation [Line Items] | |||
General Partner ownership percentage | 100.00% | ||
Limited Partner ownership percentage | 48.60% |
Restricted Cash and Cash Equi_3
Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and cash equivalents | $ 419 | [1] | $ 413 |
SPL Project [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and cash equivalents | 136 | 98 | |
CCL Project [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and cash equivalents | 50 | 44 | |
Cash held by our subsidiaries restricted to Cheniere [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and cash equivalents | $ 233 | $ 271 | |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7 —Non-controlling Interest and Variable Interest Entity. As of March 31, 2022, total assets and liabilities of CQP, which are included in our Consolidated Balance Sheets, were $19.2 billion and $21.8 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash and cash equivalents. |
Trade and Other Receivables, _3
Trade and Other Receivables, Net of Current Expected Credit Losses (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts and Other Receivables [Line Items] | ||
Other receivables | $ 140 | $ 64 |
Total trade and other receivables, net of current expected credit losses | 1,461 | 1,506 |
SPL and CCL | ||
Accounts and Other Receivables [Line Items] | ||
Trade receivables | 571 | 802 |
Cheniere Marketing | ||
Accounts and Other Receivables [Line Items] | ||
Trade receivables | $ 750 | $ 640 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Inventory | $ 571 | $ 706 |
Materials [Member] | ||
Inventory [Line Items] | ||
Inventory | 178 | 174 |
LNG in-transit [Member] | ||
Inventory [Line Items] | ||
Inventory | 210 | 312 |
LNG [Member] | ||
Inventory [Line Items] | ||
Inventory | 135 | 153 |
Natural gas [Member] | ||
Inventory [Line Items] | ||
Inventory | 44 | 64 |
Other [Member] | ||
Inventory [Line Items] | ||
Inventory | $ 4 | $ 3 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Property, Plant and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net of accumulated depreciation | $ 30,314 | $ 30,288 |
LNG terminal [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (4,176) | (3,912) |
Property, plant and equipment, net of accumulated depreciation | 30,213 | 30,184 |
LNG terminal and interconnecting pipeline facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 33,138 | 30,660 |
LNG site and related costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 442 | 441 |
LNG terminal construction-in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 809 | 2,995 |
Fixed assets and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (181) | (176) |
Property, plant and equipment, net of accumulated depreciation | 52 | 54 |
Computer and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 26 | 25 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19 | 20 |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 123 | 120 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 46 | 45 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1 | 1 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18 | 19 |
Tug vessels under finance lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 60 | 60 |
Accumulated depreciation | (11) | (10) |
Property, plant and equipment, net of accumulated depreciation | $ 49 | $ 50 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Depreciation and Offsets to LNG Terminal Costs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 270 | $ 234 | |
Offsets to LNG terminal costs | [1] | $ 204 | $ 191 |
[1] | We recognize offsets to LNG terminal costs related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Projects during the testing phase for its construction. |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 16 years | |
Financial Liquefaction Supply Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 3 years | |
LNG Trading Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 2 years | |
FX Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 920 | $ 762 |
FX Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 1 year |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Interest Rate Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (12) | $ (40) |
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 |
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 | (12) | (40) |
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 |
Liquefaction Supply Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (7,489) | (4,038) |
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 | (75) | 7 |
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 | 9 | (9) |
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 | (7,423) | (4,036) |
LNG Trading Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (268) | (400) |
LNG Trading Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (8) | (22) |
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 | (260) | (378) |
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 | 25 | 12 |
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 | 25 | 12 |
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) - Physical Liquefaction Supply Derivatives [Member] - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended | |
Mar. 31, 2022USD ($) | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Net Fair Value Liabilities | $ (7,423,000,000) | |
Valuation, Market Approach [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | (1.578) | |
Valuation, Market Approach [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | 0.215 | |
Valuation, Market Approach [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | $ (0.094) | [1] |
Valuation Technique, Option Pricing Model [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread Percentage | 101.00% | [2] |
Valuation Technique, Option Pricing Model [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread Percentage | 533.00% | [2] |
Valuation Technique, Option Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread Percentage | 190.00% | [1],[2] |
[1] | Unobservable inputs were weighted by the relative fair value of the instruments. | |
[2] | Spread contemplates U.S. dollar-denominated pricing. |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Level 3 Derivatives Activity (Details) - Physical Liquefaction Supply Derivatives and Physical LNG Trading Derivative - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ (4,036) | $ 241 |
Realized and mark-to-market losses: | ||
Included in cost of sales | (3,540) | (129) |
Purchases and settlements: | ||
Purchases | (3) | (14) |
Settlements | 156 | 33 |
Balance, end of period | (7,423) | 131 |
Change in unrealized losses relating to instruments still held at end of period | $ (3,540) | $ (129) |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) $ in Billions | 3 Months Ended | ||
Mar. 31, 2022USD ($)tbtu | Dec. 31, 2021USD ($)tbtu | ||
Interest Rate Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ | $ 4.5 | $ 4.5 | |
Maturity Date | May 31, 2022 | ||
Weighted Average Fixed Interest Rate Paid | 2.30% | ||
Liquefaction Supply Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 13,036 | [1] | 11,238 |
LNG Trading Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 36 | 33 | |
[1] | Excludes notional amounts associated with extension options that were uncertain to be taken as of March 31, 2022. |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Interest Rate Derivatives [Member] | Interest rate derivative loss, net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gain (loss), net | $ 3 | $ 1 | |
Liquefaction Supply Derivatives [Member] | LNG Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gain (loss), net | [1],[2] | (5) | 1 |
Liquefaction Supply Derivatives [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gain (loss), net | [1],[2] | (3,461) | (63) |
LNG Trading Derivatives [Member] | LNG Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gain (loss), net | [2] | (247) | (62) |
LNG Trading Derivatives [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gain (loss), net | [2] | 90 | 28 |
FX Derivatives [Member] | LNG Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gain (loss), net | $ 28 | $ 21 | |
[1] | Does not include the realized value associated with derivative instruments that settle through physical delivery. | ||
[2] | Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. |
Derivative Instruments - Fair_3
Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | $ 215 | $ 55 | |
Derivative assets | 43 | 69 | |
Total derivative assets | 258 | 124 | |
Current derivative liabilities | (1,746) | (1,089) | |
Derivative liabilities | (6,256) | (3,501) | |
Total derivative liabilities | (8,002) | (4,590) | |
Derivative asset (liability), net | (7,744) | (4,466) | |
Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 215 | 55 | |
Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 43 | 69 | |
Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | (1,746) | (1,089) | |
Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (6,256) | (3,501) | |
Interest Rate Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 0 | 0 | |
Total derivative liabilities | (12) | (40) | |
Derivative asset (liability), net | (12) | (40) | |
Interest Rate Derivatives [Member] | Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 0 | 0 | |
Interest Rate Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 0 | |
Interest Rate Derivatives [Member] | Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | (12) | (40) | |
Interest Rate Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Liquefaction Supply Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [1] | 88 | 107 |
Total derivative liabilities | [1] | (7,577) | (4,145) |
Derivative asset (liability), net | [1] | (7,489) | (4,038) |
Derivative, collateral posted by us | 96 | 20 | |
Liquefaction Supply Derivatives [Member] | Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | [1] | 45 | 38 |
Liquefaction Supply Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 43 | 69 |
Liquefaction Supply Derivatives [Member] | Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | [1] | (1,321) | (644) |
Liquefaction Supply Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [1] | (6,256) | (3,501) |
LNG Trading Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [2] | 145 | 2 |
Total derivative liabilities | [2] | (413) | (402) |
Derivative asset (liability), net | [2] | (268) | (400) |
Derivative, collateral posted by us | 360 | 745 | |
LNG Trading Derivatives [Member] | Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | [2] | 145 | 2 |
LNG Trading Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [2] | 0 | 0 |
LNG Trading Derivatives [Member] | Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | [2] | (413) | (402) |
LNG Trading Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [2] | 0 | 0 |
FX Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 25 | 15 | |
Total derivative liabilities | 0 | (3) | |
Derivative asset (liability), net | 25 | 12 | |
FX Derivatives [Member] | Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 25 | 15 | |
FX Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 0 | |
FX Derivatives [Member] | Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | 0 | (3) | |
FX Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | $ 0 | $ 0 | |
[1] | Does not include collateral posted with counterparties by us of $96 million and $20 million as of March 31, 2022 and December 31, 2021, respectively, which are included in margin deposits in our Consolidated Balance Sheets. | ||
[2] | Does not include collateral posted with counterparties by us of $360 million and $745 million, as of March 31, 2022 and December 31, 2021, respectively, which are included in margin deposits in our Consolidated Balance Sheets. |
Derivative Instruments - Deri_2
Derivative Instruments - Derivative Net Presentation on Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Liquefaction Supply Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | $ 113 | $ 155 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (25) | (48) |
Derivative Assets (Liabilities), at Fair Value, Net | 88 | 107 |
Liquefaction Supply Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (8,072) | (4,382) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 495 | 237 |
Derivative Assets (Liabilities), at Fair Value, Net | (7,577) | (4,145) |
LNG Trading Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 198 | 10 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (53) | (8) |
Derivative Assets (Liabilities), at Fair Value, Net | 145 | 2 |
LNG Trading Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (419) | (551) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 6 | 149 |
Derivative Assets (Liabilities), at Fair Value, Net | (413) | (402) |
FX Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 62 | 48 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (37) | (33) |
Derivative Assets (Liabilities), at Fair Value, Net | 25 | 15 |
FX Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | 0 | (10) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 7 |
Derivative Assets (Liabilities), at Fair Value, Net | $ 0 | $ (3) |
Non-Controlling Interest and _3
Non-Controlling Interest and Variable Interest Entity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | ||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | $ 2,487 | [1] | $ 1,404 |
Trade and other receivables, net of current expected credit losses | 1,461 | 1,506 | |
Other current assets | 96 | 207 | |
Total current assets | 5,705 | 5,056 | |
Property, plant and equipment, net of accumulated depreciation | 30,314 | 30,288 | |
Other non-current assets, net | 491 | 462 | |
Total assets | 40,055 | [1] | 39,258 |
Accrued liabilities | 1,963 | 2,299 | |
Other current liabilities | 20 | 94 | |
Total current liabilities | 4,605 | 4,693 | |
Long-term debt, net of premium, discount and debt issuance costs | 28,907 | 29,449 | |
Other non-current liabilities | $ 66 | 50 | |
CQP [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Limited Partner ownership percentage | 48.60% | ||
General Partner ownership percentage | 100.00% | ||
CQP [Member] | Common Units [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Partners Capital Account, Units, Units Held | 239.9 | ||
CQP [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | $ 1,156 | 876 | |
Restricted cash and cash equivalents | 136 | 98 | |
Trade and other receivables, net of current expected credit losses | 434 | 580 | |
Other current assets | 266 | 285 | |
Total current assets | 1,992 | 1,839 | |
Property, plant and equipment, net of accumulated depreciation | 16,915 | 16,830 | |
Other non-current assets, net | 309 | 316 | |
Total assets | 19,216 | 18,985 | |
Accrued liabilities | 1,164 | 1,077 | |
Other current liabilities | 404 | 200 | |
Total current liabilities | 1,568 | 1,277 | |
Long-term debt, net of premium, discount and debt issuance costs | 17,184 | 17,177 | |
Other non-current liabilities | 3,086 | 100 | |
Total liabilities | $ 21,838 | $ 18,554 | |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7 —Non-controlling Interest and Variable Interest Entity. As of March 31, 2022, total assets and liabilities of CQP, which are included in our Consolidated Balance Sheets, were $19.2 billion and $21.8 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash and cash equivalents. |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued natural gas purchases | $ 1,162 | $ 1,323 |
Accrued derivative settlements | 35 | 329 |
Interest costs and related debt fees | 367 | 214 |
LNG terminals and related pipeline costs | 281 | 144 |
Compensation and benefits | 46 | 180 |
Accrued LNG inventory | 7 | 34 |
Other accrued liabilities | 65 | 75 |
Total accrued liabilities | $ 1,963 | $ 2,299 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 29,242 | $ 30,406 | ||
Current portion of long-term debt | (62) | (117) | ||
Short-term Debt | 0 | (250) | ||
Unamortized premium, discount and debt issuance costs, net | (273) | (590) | ||
Total Long-Term Debt, Net of Premium, Discount and Debt Issuance Costs | 28,907 | 29,449 | ||
SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 13,132 | 13,132 | ||
2023 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||
2024 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,000 | 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||
2025 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,000 | 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||
2026 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
2027 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
2028 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,350 | 1,350 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||
2030 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,000 | 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
2037 SPL Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,282 | 1,282 | ||
2037 SPL Senior Notes [Member] | Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.27% | |||
2020 SPL Working Capital Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | |||
CQP Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 4,200 | 4,200 | ||
2029 CQP Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
2031 CQP Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
2032 CQP Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,200 | 1,200 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||
2019 CQP Credit Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 0 | ||
CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 8,471 | 8,471 | ||
2024 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,250 | 1,250 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||
2025 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
2027 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||
2029 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500 | 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||
2039 CCH Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,721 | 2,721 | ||
2039 CCH Senior Notes [Member] | Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.72% | |||
CCH Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | [1] | $ 1,439 | 1,728 | |
CCH Working Capital Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | [2] | 0 | 250 | |
Short-term Debt | 0 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | |||
2028 Cheniere Senior Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,000 | 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||
2045 Cheniere Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 625 | [3] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||
Cheniere Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,250 | |||
Cheniere Marketing Trade Finance Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | [2] | 0 | 0 | |
SPL [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 13,132 | 13,132 | ||
CQP [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 4,200 | 4,200 | ||
CCH [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 9,910 | 10,449 | ||
Cheniere [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 2,000 | $ 2,625 | ||
[1] | A portion of the outstanding balance that is due within one year is classified as current portion of long-term debt. | |||
[2] | These debt instruments are classified as short-term debt. | |||
[3] | The redemption of these notes was financed with borrowings under the Cheniere Revolving Credit Facility, which is a long-term debt instrument. Therefore, the 2045 Cheniere Convertible Senior Notes were classified as long-term debt as of December 31, 2021. See Convertible Notes section below for further discussion of the redemption. |
Debt - Credit Facilities Table
Debt - Credit Facilities Table (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | ||
Line of Credit Facility [Line Items] | |||
Outstanding balance - current | $ 0 | $ 250 | |
2020 SPL Working Capital Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Original facility size | 1,200 | ||
Outstanding balance | 0 | ||
Letters of credit issued | 368 | ||
Available commitment | $ 832 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
Maturity date | Mar. 19, 2025 | ||
2020 SPL Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | ||
2020 SPL Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
2020 SPL Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | ||
2020 SPL Working Capital Facility [Member] | Base Rate [Member] | Maximum [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 | $ 750 | ||
Outstanding balance | 0 | ||
Letters of credit issued | 0 | ||
Available commitment | $ 750 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.49% | ||
Maturity date | May 29, 2024 | ||
2019 CQP Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
2019 CQP Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | ||
2019 CQP Credit Facilities [Member] | Base Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
2019 CQP Credit Facilities [Member] | Base Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | ||
CCH Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Original facility size | $ 1,439 | ||
Outstanding balance | 1,439 | ||
Letters of credit issued | 0 | ||
Available commitment | $ 0 | ||
Weighted average interest rate on current debt | 2.21% | ||
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] | 1.75% | |
CCH Credit Facility [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 0.75% | |
CCH Working Capital Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Original facility size | $ 1,200 | ||
Outstanding balance - current | 0 | ||
Letters of credit issued | 276 | ||
Available commitment | $ 924 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||
Maturity date | Jun. 29, 2023 | ||
CCH Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.25% | |
CCH Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.75% | |
CCH Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 0.25% | |
CCH Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 0.75% | |
Cheniere Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Original facility size | $ 1,250 | ||
Outstanding balance | 0 | ||
Letters of credit issued | 0 | ||
Available commitment | $ 1,250 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||
Maturity date | Oct. 28, 2026 | ||
Cheniere Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.25% | |
Cheniere Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.375% | |
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 0.25% | |
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.375% | |
[1] | These facilities were amended in 2021 to establish a SOFR-indexed replacement rate for LIBOR. |
Debt - Convertible Notes (Detai
Debt - Convertible Notes (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)unit | |
Debt Instrument [Line Items] | |
Debt, Minimum Historical Debt Service Coverage Ratio And Projected Debt Service Coverage Ratio | unit | 1.25 |
2045 Cheniere Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Repayments of Debt | $ | $ 625 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Total interest cost | $ 372 | $ 417 |
Capitalized interest | (23) | (61) |
Total interest expense, net of capitalized interest | 349 | 356 |
Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest per contractual rate | 0 | 12 |
Amortization of debt discount | 0 | 5 |
Amortization of debt issuance costs | 0 | 0 |
Total interest cost | 0 | 17 |
Debt and Finance Leases Excluding Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total interest cost | $ 372 | $ 400 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying Amount, Debt | $ 29,242 | $ 30,406 | ||
Senior Notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying Amount, Debt | [1] | 24,550 | 24,550 | |
Senior Notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying Amount, Debt | [2] | 3,253 | 3,253 | |
Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior Notes, Estimated Fair Value | [1] | 25,196 | 26,725 | |
Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior Notes, Estimated Fair Value | [2] | 3,356 | 3,693 | |
2045 Cheniere Convertible Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying Amount, Debt | 0 | 625 | [3] | |
2045 Cheniere Convertible Senior Notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying Amount, Debt | [4] | 0 | 625 | |
2045 Cheniere Convertible Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible Debt, Estimated Fair Value | [4] | $ 0 | $ 526 | |
[1] | 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] | The redemption of these notes was financed with borrowings under the Cheniere Revolving Credit Facility, which is a long-term debt instrument. Therefore, the 2045 Cheniere Convertible Senior Notes were classified as long-term debt as of December 31, 2021. See Convertible Notes section below for further discussion of the redemption. | |||
[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 | Mar. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Operating | $ 1,975 | $ 2,102 |
Total right-of-use assets | 2,024 | 2,152 |
Current operating lease liabilities | 527 | 535 |
Non-current operating lease liabilities | 1,423 | 1,541 |
Non-current finance lease liabilities | 57 | 57 |
Total lease liabilities | 2,009 | 2,135 |
Operating lease assets, net [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Operating | 1,975 | 2,102 |
Property, plant and equipment, net of accumulated depreciation [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Financing | 49 | 50 |
Current operating lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Current operating lease liabilities | 527 | 535 |
Other current liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Current finance lease liabilities | 2 | 2 |
Operating lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non-current operating lease liabilities | 1,423 | 1,541 |
Finance lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non-current finance lease liabilities | $ 57 | $ 57 |
Leases - Income Statement Locat
Leases - Income Statement Location Table (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Finance lease cost: | |||
Total lease cost | $ 205 | $ 154 | |
Operating costs and expenses [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | [1] | 202 | 151 |
Finance lease cost: | |||
Short-term lease costs | 41 | 51 | |
Variable lease costs | 9 | 2 | |
Depreciation and amortization expense [Member] | |||
Finance lease cost: | |||
Amortization of right-of-use assets | 1 | 1 | |
Interest expense, net of capitalized interest [Member] | |||
Finance lease cost: | |||
Interest on lease liabilities | $ 2 | $ 2 | |
[1] | 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) $ in Millions | Mar. 31, 2022USD ($) | |
Operating Leases, Future Minimum Payments | ||
2022 | $ 450 | [1] |
2023 | 514 | [1] |
2024 | 457 | [1] |
2025 | 244 | [1] |
2026 | 218 | [1] |
Thereafter | 294 | [1] |
Total lease payments | 2,177 | [1] |
Less: Interest | (227) | [1] |
Present value of lease liabilities | 1,950 | [1] |
Finance Leases, Future Minimum Payments | ||
2022 | 10 | |
2023 | 10 | |
2024 | 10 | |
2025 | 10 | |
2026 | 10 | |
Thereafter | 117 | |
Total lease payments | 167 | |
Less: Interest | (108) | |
Present value of lease liabilities | 59 | |
Operating Lease, Lease Not yet Commenced, Payments Due | $ 3,200 | |
Maximum [Member] | ||
Finance Leases, Future Minimum Payments | ||
Operating Leases, Lease Not yet Commenced, Term of Contract | 10 years | |
[1] | Does not include approximately $3.2 billion of legally binding minimum payments primarily for vessel charters which were executed as of March 31, 2022 but will commence in future periods and have fixed minimum lease terms of up to 10 years. |
Leases - Other Quantitative Inf
Leases - Other Quantitative Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Operating Leases | ||||
Weighted-average remaining lease term | 5 years 4 months 24 days | 5 years 7 months 6 days | ||
Weighted-average discount rate | [1] | 3.50% | 3.60% | |
Finance Leases | ||||
Weighted-average remaining lease term | 16 years 4 months 24 days | 16 years 8 months 12 days | ||
Weighted-average discount rate | [1] | 16.20% | 16.20% | |
Operating cash flows from operating leases | $ 151 | $ 97 | ||
Operating cash flows from finance leases | 2 | 2 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 7 | $ 507 | ||
[1] | The finance leases commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. |
Leases - Subleases (Details)
Leases - Subleases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Sublease payments to be received | $ 4 | $ 15 | |
Sublease Income, Fixed | 32 | $ 3 | |
Sublease Income, Variable | 19 | 1 | |
Sublease Income, Total | $ 51 | $ 4 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ 7,657 | $ 3,126 | |
Net derivative gain (loss) | [1] | (224) | (40) |
Other revenues | [2] | 51 | 4 |
Total revenues | 7,484 | 3,090 | |
LNG [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 7,564 | 3,039 | |
Total revenues | 7,340 | 2,999 | |
Regasification [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 68 | 67 | |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 25 | 20 | |
Total revenues | $ 76 | $ 24 | |
[1] | See Note 6 —Derivative Instruments for additional information about our derivatives. | ||
[2] | Includes revenues from LNG vessel subcharters. See Note 1 0 —Leases for additional information about our subleases. |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets, net of current expected credit losses | $ 149 | $ 140 |
Change In Contract With Customer, Liability [Roll Forward] | ||
Deferred revenue, beginning of period | 194 | |
Cash received but not yet recognized in revenue | 169 | |
Revenue recognized from prior period deferral | (194) | |
Deferred revenue, end of period | $ 169 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in Billions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Unsatisfied Transaction Price | $ 109 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Unsatisfied Transaction Price | $ 108.9 | |||
LNG [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Variable Consideration Received From Customers, Percentage | 66.00% | 51.00% | ||
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Unsatisfied Transaction Price | $ 107.1 | |||
Weighted Average Recognition Timing | [1] | 9 years | ||
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Unsatisfied Transaction Price | $ 107.1 | |||
Weighted Average Recognition Timing | [1] | 9 years | ||
Regasification [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Variable Consideration Received From Customers, Percentage | 6.00% | 3.00% | ||
Regasification [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Unsatisfied Transaction Price | $ 1.9 | |||
Weighted Average Recognition Timing | [1] | 4 years | ||
Regasification [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Unsatisfied Transaction Price | $ 1.8 | |||
Weighted Average Recognition Timing | [1] | 4 years | ||
[1] | The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Cost of sales | $ 7,336 | $ 1,386 | |
Operating and maintenance expense | 389 | 322 | |
Accrued liabilities | 1,963 | $ 2,299 | |
Revenues | 7,484 | 3,090 | |
Trade and other receivables, net of current expected credit losses | 1,461 | 1,506 | |
Other [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | $ 76 | 24 | |
CCL [Member] | Natural Gas Supply Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Liquefaction Supply Derivative gain | 35 | ||
CCL [Member] | Natural Gas Supply Agreement [Member] | Liquefaction Supply Derivatives [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of sales | 1 | ||
CCL [Member] | Natural Gas Transportation and Storage Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Agreement Term | 10 years | ||
Operating and maintenance expense | $ 2 | 2 | |
Accrued liabilities | 1 | 1 | |
Sabine Pass Liquefaction LLC and Cheniere Creole Trail Pipeline LP [Member] | Natural Gas Transportation and Storage Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Operating and maintenance expense | 12 | 10 | |
Accrued liabilities | $ 5 | 4 | |
Sabine Pass Liquefaction LLC and Cheniere Creole Trail Pipeline LP [Member] | Natural Gas Transportation and Storage Agreements [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Agreement Term | 10 years | ||
Cheniere LNG O&M Services, LLC [Member] | Operation and Maintenance Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Trade and other receivables, net of current expected credit losses | $ 1 | $ 2 | |
Cheniere LNG O&M Services, LLC [Member] | Operation and Maintenance Agreement [Member] | Other [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | $ 2 | $ 2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision (benefit) | $ (191) | $ 89 |
Effective Income Tax Rate | 19.70% | 13.50% |
Net Income (Loss) Per Share A_3
Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Net income (loss) attributable to common stockholders | $ (865) | $ 393 | |||
Weighted average number of common shares outstanding, basic | 254 | 252.9 | |||
Dilutive Unvested Stock | 0 | 1.5 | |||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 4.5 | |||
Weighted Average Number of Shares Outstanding, Diluted | 254 | 258.9 | |||
Net income (loss) per share attributable to common stockholders—basic (1) | $ (3.41) | [1] | $ 1.56 | [2] | |
Net income (loss) per share attributable to common stockholders—diluted (1) | [1] | $ (3.41) | $ 1.54 | ||
Antidilutive securities excluded from computation of earnings per share | 2.3 | 1.9 | |||
Unvested stock | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share | [3] | 2 | 1.9 | ||
2045 Cheniere Convertible Senior Notes [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share | [4] | 0.3 | 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] | 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. | ||||
[3] | Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates. | ||||
[4] | As described in Note 9—Debt, the 2045 Cheniere Convertible Senior Notes were redeemed or converted in cash on January 5, 2022. However, the adoption of ASU 2020-06 on January 1, 2022 required a presumption of share settlement for the purpose of calculating the impact to diluted earnings per share during the period the notes were outstanding in 2022. Such impact was anti-dilutive as a result of the reported net loss attributable to common shareholders during the period. See Note 1—Nature of Operations and Basis of Presentation |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Equity [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ 1,000 |
Stock Repurchase Program, Period in Force | 3 years |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 973 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Aggregate common stock repurchased | 240 | 0 |
Weighted average price paid per share | $ 104.21 | $ 0 |
Total amount paid | $ 25 | $ 0 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - $ / shares | Apr. 26, 2022 | Jan. 25, 2022 |
Dividends Payable [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.33 | |
Subsequent Event [Member] | ||
Dividends Payable [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.33 |
Customer Concentration - Schedu
Customer Concentration - Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Customer A [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15.00% | ||
Customer A [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Customer B [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | ||
Customer C [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | ||
Customer D [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest on debt, net of amounts capitalized | $ 195 | $ 211 |
Cash paid for income taxes, net of refunds | 4 | 0 |
Balance in property, plant and equipment, net of accumulated depreciation funded with accounts payable and accrued liabilities | $ 400 | $ 360 |