Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

v3.20.1
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues    
Revenues $ 1,718 $ 1,749
Revenues from contracts with customers 1,718 1,748
Operating costs and expenses    
Cost of sales (excluding items shown separately below) 699 879
Operating and maintenance expense 152 138
Operating and maintenance expense—affiliate 33 29
General and administrative expense 2 3
General and administrative expense—affiliate 25 21
Depreciation and amortization expense 138 114
Impairment expense and loss on disposal of assets 5 2
Total operating costs and expenses 1,054 1,186
Income from operations 664 563
Other income (expense)    
Interest expense, net of capitalized interest (234) (187)
Loss on modification or extinguishment of debt (1) 0
Other income, net 6 9
Total other expense (229) (178)
Net income $ 435 $ 385
Basic and diluted net income per common unit $ 0.84 $ 0.75
Weighted average number of common units outstanding used for basic and diluted net income per common unit calculation 348.6 348.6
LNG [Member]    
Revenues    
Revenues $ 1,449 $ 1,367
Revenues from contracts with customers [1] 1,449 1,366
LNG—affiliate [Member]    
Revenues    
Revenues from contracts with customers 188 305
Regasification [Member]    
Revenues    
Revenues from contracts with customers 67 66
Other [Member]    
Revenues    
Revenues from contracts with customers $ 14 $ 11
[1]
LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. If contractually the customer cannot make up unexercised quantities in future periods, our performance obligation with respect to declined volumes is satisfied, and revenue associated with any unexercised quantities is generally recognized upon notice of customer cancellation.