Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

v3.21.2
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Revenues $ 2,324 $ 982 $ 6,176 $ 4,170
Revenues from contracts with customers 2,324 975 6,176 4,167
Operating costs and expenses        
Cost of sales (excluding items shown separately below) 1,342 454 3,178 1,551
Cost of sales—affiliate 8 33 62 38
Cost of sales—related party 0 0 1 0
Operating and maintenance expense 148 146 465 463
Operating and maintenance expense—affiliate 34 34 103 115
Operating and maintenance expense—related party 12 0 34 0
Development expense 0 0 1 0
General and administrative expense 2 2 7 12
General and administrative expense—affiliate 22 24 64 73
Depreciation and amortization expense 140 137 417 413
Impairment expense and loss on disposal of assets 0 0 6 5
Total operating costs and expenses 1,708 830 4,338 2,670
Income from operations 616 152 1,838 1,500
Other income (expense)        
Interest expense, net of capitalized interest (210) (221) (636) (691)
Loss on modification or extinguishment of debt (27) 0 (81) (43)
Other income, net 2 2 2 8
Total other expense (235) (219) (715) (726)
Net income (loss) $ 381 $ (67) $ 1,123 $ 774
Basic and diluted net income (loss) per common unit $ 0.69 $ (0.08) $ 2.07 $ 1.55
Weighted average number of common units outstanding used for basic and diluted net income (loss) per common unit calculation 484.0 414.8 484.0 370.9
LNG [Member]        
Revenues        
Revenues $ 1,791 $ 807 $ 5,057 $ 3,588
Revenues from contracts with customers [1] 1,791 800 5,057 3,585
LNG—affiliate [Member]        
Revenues        
Revenues from contracts with customers 453 103 878 352
Regasification [Member]        
Revenues        
Revenues from contracts with customers 68 67 202 202
Other [Member]        
Revenues        
Revenues from contracts with customers $ 12 $ 5 $ 39 $ 28
[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 nine months ended September 30, 2020, we recognized $109 million and $513 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $21 million would have been recognized subsequent to September 30, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2020 excluded $244 million that would have otherwise been recognized during the period 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 nine months ended September 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.