Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

v3.21.1
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues    
Revenues $ 1,963 $ 1,718
Operating costs and expenses    
Cost of sales (excluding items shown separately below) 948 699
Cost of sales—affiliate 42 0
Operating and maintenance expense 149 152
Operating and maintenance expense—affiliate 34 33
Operating and maintenance expense—related party 10 0
General and administrative expense 2 2
General and administrative expense—affiliate 21 25
Depreciation and amortization expense 139 138
Impairment expense and loss on disposal of assets 0 5
Total operating costs and expenses 1,345 1,054
Income from operations 618 664
Other income (expense)    
Interest expense, net of capitalized interest (217) (234)
Loss on modification or extinguishment of debt (54) (1)
Other income, net 0 6
Total other expense (271) (229)
Net income $ 347 $ 435
Basic and diluted net income per common unit $ 0.64 $ 0.84
Weighted average number of common units outstanding used for basic and diluted net income per common unit calculation 484.0 348.6
LNG [Member]    
Revenues    
Revenues $ 1,669 $ 1,449
Revenues from contracts with customers [1] 1,669 1,449
LNG—affiliate [Member]    
Revenues    
Revenues from contracts with customers 214 188
Regasification [Member]    
Revenues    
Revenues from contracts with customers 67 67
Other [Member]    
Revenues    
Revenues from contracts with customers $ 13 $ 14
[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. During the three months ended March 31, 2020, we recognized $16 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, which would have been recognized subsequent to March 31, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. We did not have such revenues during the three months ended March 31, 2021. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied.