Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.22.4
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Revenues $ 17,206 $ 9,434 $ 6,167
Revenues from contracts with customers 17,205 9,435 6,167
Operating costs and expenses      
Cost of sales (excluding items shown separately below) 11,887 5,290 2,505
Cost of sales—affiliate 213 84 77
Cost of sales—related party 0 17 0
Operating and maintenance expense 757 635 629
Operating and maintenance expense—affiliate 166 142 152
Operating and maintenance expense—related party 72 46 13
General and administrative expense 5 9 14
General and administrative expense—affiliate 92 85 96
Depreciation and amortization expense 634 557 551
Other 0 11 5
Other—affiliate 0 1 0
Total operating costs and expenses 13,826 6,877 4,042
Income from operations 3,380 2,557 2,125
Other income (expense)      
Interest expense, net of capitalized interest (870) (831) (909)
Loss on modification or extinguishment of debt (33) (101) (43)
Other income, net 21 3 8
Other income—affiliate 0 2 2
Total other expense (882) (927) (942)
Net income $ 2,498 $ 1,630 $ 1,183
Basic and diluted net income per common unit [1] $ 3.27 $ 3.00 $ 2.32
Weighted average basic and diluted number of common units outstanding 484.0 484.0 399.3
LNG [Member]      
Revenues      
Revenues $ 11,507 $ 7,639 $ 5,195
Revenues from contracts with customers [2] 11,506 7,640 5,195
LNG—affiliate [Member]      
Revenues      
Revenues from contracts with customers 4,568 1,472 662
LNG—related party[Member]      
Revenues      
Revenues from contracts with customers 0 1 0
Regasification [Member]      
Revenues      
Revenues from contracts with customers 1,068 269 269
Other [Member]      
Revenues      
Revenues from contracts with customers $ 63 $ 53 $ 41
[1] In computing basic and diluted net income per common unit, net income is reduced by the amount of undistributed net income allocated to participating securities other than common units, as required under the two-class method. See Note 15—Net Income per Common Unit.
[2] 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, 2022 and 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.