Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues      
Revenues $ 9,434 $ 6,167 $ 6,838
Revenues from contracts with customers 9,435 6,167 6,837
Operating costs and expenses      
Cost of sales (excluding items shown separately below) 5,290 2,505 3,374
Cost of sales—affiliate 84 77 7
Cost of sales—related party 17 0 0
Operating and maintenance expense 635 629 632
Operating and maintenance expense—affiliate 142 152 138
Operating and maintenance expense—related party 46 13 0
Development expense 1 0 0
Development expense—affiliate 1 0 0
General and administrative expense 9 14 11
General and administrative expense—affiliate 85 96 102
Depreciation and amortization expense 557 551 527
Impairment expense and loss on disposal of assets 10 5 7
Total operating costs and expenses 6,877 4,042 4,798
Income from operations 2,557 2,125 2,040
Other income (expense)      
Interest expense, net of capitalized interest (831) (909) (885)
Loss on modification or extinguishment of debt (101) (43) (13)
Other income, net 3 8 31
Other income—affiliate 2 2 2
Total other expense (927) (942) (865)
Net income $ 1,630 $ 1,183 $ 1,175
Basic and diluted net income per common unit $ 3.00 $ 2.32 $ 2.25
Weighted average number of common units outstanding used for basic and diluted net income per common unit calculation 484.0 399.3 348.6
LNG [Member]      
Revenues      
Revenues $ 7,639 $ 5,195 $ 5,211
Revenues from contracts with customers [1] 7,640 5,195 5,210
LNG—affiliate [Member]      
Revenues      
Revenues from contracts with customers 1,472 662 1,312
LNG—related party[Member]      
Revenues      
Revenues from contracts with customers 1 0 0
Regasification [Member]      
Revenues      
Revenues from contracts with customers 269 269 266
Other [Member]      
Revenues      
Revenues from contracts with customers $ 53 $ 41 $ 49
[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 year ended December 31, 2020, we recognized $553 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery. We did not have revenues associated with LNG cargoes for which customers notified us that they would not take delivery during the years ended December 31, 2021 and 2019. 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.