Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Revenues $ 1,889 $ 1,470 $ 3,852 $ 3,188
Revenues from contracts with customers 1,889 1,474 3,852 3,192
Operating costs and expenses        
Cost of sales (excluding items shown separately below) 888 398 1,836 1,097
Cost of sales—affiliate 12 5 54 5
Cost of sales—related party 1 0 1 0
Operating and maintenance expense 168 165 317 317
Operating and maintenance expense—affiliate 35 48 69 81
Operating and maintenance expense—related party 12 0 22 0
Development expense 1 0 1 0
General and administrative expense 3 8 5 10
General and administrative expense—affiliate 21 24 42 49
Depreciation and amortization expense 138 138 277 276
Impairment expense and loss on disposal of assets 6 0 6 5
Total operating costs and expenses 1,285 786 2,630 1,840
Income from operations 604 684 1,222 1,348
Other income (expense)        
Interest expense, net of capitalized interest (209) (236) (426) (470)
Loss on modification or extinguishment of debt 0 (42) (54) (43)
Other income, net 0 0 0 6
Total other expense (209) (278) (480) (507)
Net income $ 395 $ 406 $ 742 $ 841
Basic and diluted net income per common unit $ 0.73 $ 0.78 $ 1.38 $ 1.62
Weighted average number of common units outstanding used for basic and diluted net income per common unit calculation 484.0 348.6 484.0 348.6
LNG [Member]        
Revenues        
Revenues $ 1,597 $ 1,332 $ 3,266 $ 2,781
Revenues from contracts with customers [1] 1,597 1,336 3,266 2,785
LNG—affiliate [Member]        
Revenues        
Revenues from contracts with customers 211 61 425 249
Regasification [Member]        
Revenues        
Revenues from contracts with customers 67 68 134 135
Other [Member]        
Revenues        
Revenues from contracts with customers $ 14 $ 9 $ 27 $ 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. During the three and six months ended June 30, 2020, we recognized $388 million and $404 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $244 million would have been recognized subsequent to June 30, 2020 had the cargoes been 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. We did not have revenues associated with LNG cargoes for which customers notified us that they would not take delivery during the three and six months ended June 30, 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.