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 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Revenues $ 982 $ 1,476 $ 4,170 $ 4,930
Revenues from contracts with customers 975 1,475 4,167 4,928
Operating costs and expenses        
Cost of sales (excluding items shown separately below) 454 742 1,551 2,501
Cost of sales—affiliate 33 6 38 6
Operating and maintenance expense 146 172 463 472
Operating and maintenance expense—affiliate 34 34 115 100
General and administrative expense 2 3 12 9
General and administrative expense—affiliate 24 34 73 82
Depreciation and amortization expense 137 138 413 390
Impairment expense and loss on disposal of assets 0 1 5 6
Total operating costs and expenses 830 1,130 2,670 3,566
Income from operations 152 346 1,500 1,364
Other income (expense)        
Interest expense, net of capitalized interest (221) (231) (691) (648)
Loss on modification or extinguishment of debt 0 (13) (43) (13)
Other income, net 2 8 8 24
Total other expense (219) (236) (726) (637)
Net income (loss) $ (67) $ 110 $ 774 $ 727
Basic and diluted net income (loss) per common unit $ (0.08) $ 0.19 $ 1.55 $ 1.38
Weighted average number of common units outstanding used for basic and diluted net income (loss) per common unit calculation 414.8 348.6 370.9 348.6
LNG [Member]        
Revenues        
Revenues $ 807 $ 1,140 $ 3,588 $ 3,678
Revenues from contracts with customers [1] 800 1,139 3,585 3,676
LNG—affiliate [Member]        
Revenues        
Revenues from contracts with customers 103 257 352 1,017
Regasification [Member]        
Revenues        
Revenues from contracts with customers 67 66 202 199
Other [Member]        
Revenues        
Revenues from contracts with customers $ 5 $ 13 $ 28 $ 36
[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 nine months ended September 30, 2020 included $109 million and $513 million, respectively, in revenues associated with LNG cargoes for which customers have notified us that they will not take delivery, of which $21 million would have otherwise been recognized subsequent to September 30, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2020 excluded $244 million in prior period cancellations 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.