Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

v3.20.2
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Revenues $ 1,470 $ 1,705 $ 3,188 $ 3,454
Revenues from contracts with customers 1,474 1,705 3,192 3,453
Operating costs and expenses        
Cost of sales (excluding items shown separately below) 398 880 1,097 1,759
Cost of sales—affiliate 5 0 5 0
Operating and maintenance expense 165 162 317 300
Operating and maintenance expense—affiliate 48 37 81 66
General and administrative expense 8 3 10 6
General and administrative expense—affiliate 24 27 49 48
Depreciation and amortization expense 138 138 276 252
Impairment expense and loss on disposal of assets 0 3 5 5
Total operating costs and expenses 786 1,250 1,840 2,436
Income from operations 684 455 1,348 1,018
Other income (expense)        
Interest expense, net of capitalized interest (236) (230) (470) (417)
Loss on modification or extinguishment of debt (42) 0 (43) 0
Other income, net 0 7 6 16
Total other expense (278) (223) (507) (401)
Net income $ 406 $ 232 $ 841 $ 617
Basic and diluted net income per common unit $ 0.78 $ 0.44 $ 1.62 $ 1.19
Weighted average number of common units outstanding used for basic and diluted net income per common unit calculation 348.6 348.6 348.6 348.6
LNG [Member]        
Revenues        
Revenues $ 1,332 $ 1,171 $ 2,781 $ 2,538
Revenues from contracts with customers [1] 1,336 1,171 2,785 2,537
LNG—affiliate [Member]        
Revenues        
Revenues from contracts with customers 61 455 249 760
Regasification [Member]        
Revenues        
Revenues from contracts with customers 68 67 135 133
Other [Member]        
Revenues        
Revenues from contracts with customers $ 9 $ 12 $ 23 $ 23
[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. LNG revenues during the three and six months ended June 30, 2020 included $388 million and $404 million, respectively, in revenues associated with LNG cargoes for which customers have notified us that they will not take delivery, of which $244 million would have otherwise been recognized subsequent to June 30, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended June 30, 2020 excluded $16 million that would have otherwise been recognized during the quarter if the cargoes were lifted pursuant to the delivery schedules with the customers. 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.