Quarterly report pursuant to Section 13 or 15(d)

Revenues

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Revenues
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenues REVENUES
The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Revenues from contracts with customers
LNG revenues $ 1,454  $ 1,415  $ 3,174  $ 3,521 
LNG revenues—affiliate 391  469  915  1,230 
Regasification revenues 34  33  68  67 
Other revenues 15  16  32  32 
Total revenues from contracts with customers $ 1,894  $ 1,933  $ 4,189  $ 4,850 
Contract Assets and Liabilities

The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):
June 30, December 31,
2024 2023
Contract assets, net of current expected credit losses $ 1  $ 1 

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):
Six Months Ended June 30, 2024
Deferred revenue, beginning of period $ 190 
Cash received but not yet recognized in revenue 95 
Revenue recognized from prior period deferral (114)
Deferred revenue, end of period $ 171 

The following table reflects the changes in our contract liabilities to affiliate, which we classify as deferred revenue—affiliate and other non-current liabilities—affiliate on our Consolidated Balance Sheets (in millions):
Six Months Ended June 30, 2024
Deferred revenue—affiliate, beginning of period $ 5 
Cash received but not yet recognized in revenue 1 
Revenue recognized from prior period deferral — 
Deferred revenue—affiliate, end of period $ 6 

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:
June 30, 2024 December 31, 2023
Unsatisfied
Transaction Price
(in billions)		 Weighted Average Recognition Timing (years) (1) Unsatisfied
Transaction Price
(in billions)		 Weighted Average Recognition Timing (years) (1)
LNG revenues (2) $ 45.9  7 $ 47.6  8
LNG revenues—affiliate 1.0  1 1.4  2
Regasification revenues 0.6  3 0.7  3
Total revenues $ 47.5  $ 49.7 
(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.
(2)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 included in the transaction price above when the conditions are considered probable of being met and consideration is not otherwise constrained from ultimate pricing and receipt.

The following potential future sources of revenue are omitted from the table above under exemptions we have elected: (1) all performance obligations that are part of a contract that has an original expected duration of one year or less and (2) substantially all variable consideration under our SPAs and TUAs as well as 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 the underlying variable index, primarily 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. Additionally, we have excluded variable consideration related to volumes that are contractually subject to additional liquefaction capacity beyond what is currently in construction or operation.

The following table summarizes the amount of variable consideration earned under contracts with customers included in the table above:
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
LNG revenues 46  % 49  % 48  % 57  %
LNG revenues—affiliate 61  % 66  % 62  % 70  %
Regasification revenues 8  % 7  % 8  % 7  %