Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.20.4
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues      
Revenues $ 6,167 $ 6,838 $ 6,426
Revenues from contracts with customers 6,167 6,837 6,427
Operating costs and expenses      
Cost of sales (excluding items shown separately below) 2,505 3,374 3,403
Cost of sales—affiliate 77 7 0
Operating and maintenance expense 629 632 409
Operating and maintenance expense—affiliate 152 138 117
Operating and maintenance expense—related party 13 0 0
Development expense 0 0 2
General and administrative expense 14 11 11
General and administrative expense—affiliate 96 102 73
Depreciation and amortization expense 551 527 424
Impairment expense and loss on disposal of assets 5 7 8
Total operating costs and expenses 4,042 4,798 4,447
Income from operations 2,125 2,040 1,979
Other income (expense)      
Interest expense, net of capitalized interest (909) (885) (733)
Loss on modification or extinguishment of debt (43) (13) (12)
Derivative gain, net 0 0 14
Other income, net 8 31 26
Other income—affiliate 2 2 0
Total other income (expense) (942) (865) (705)
Net income $ 1,183 $ 1,175 $ 1,274
Basic and diluted net income per common unit $ 2.32 $ 2.25 $ 2.51
Weighted average number of common units outstanding used for basic and diluted net income per common unit calculation 399.3 348.6 348.6
LNG [Member]      
Revenues      
Revenues $ 5,195 $ 5,211 $ 4,827
Revenues from contracts with customers [1] 5,195 5,210 4,828
LNG—affiliate [Member]      
Revenues      
Revenues from contracts with customers 662 1,312 1,299
Regasification [Member]      
Revenues      
Revenues from contracts with customers 269 266 261
Other [Member]      
Revenues      
Revenues from contracts with customers $ 41 $ 49 $ 39
[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. 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.