Cheniere Energy Partners, L.P. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Revenues from Contracts with Customers (Tables)

Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

The following table represents a disaggregation of revenue earned from contracts with customers during the three and nine months ended September 30, 2021 and 2020 (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
LNG revenues (1)	$	1,791	$	800	$	5,057	$	3,585
LNG revenues—affiliate	453		103		878		352
Regasification revenues	68		67		202		202
Other revenues	12		5		39		28

Total revenues from customers	2,324		975		6,176		4,167
Net derivative loss (2)	—		7		—		3
Total revenues	$	2,324	$	982	$	6,176	$	4,170

(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.(2)See Note 7—Derivative Instruments for additional information about our derivatives.

Contract with Customer, Asset

The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions):



	September 30,		December 31,
	2021		2020
Contract assets, net of current expected credit losses	$	1	$	—

Contract Balances Reconciliation

The following table reflects the changes in our contract liabilities, which we classify as deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions):


	Nine Months Ended September 30, 2021

Deferred revenue, beginning of period	$	137
Cash received but not yet recognized in revenue	166
Revenue recognized from prior period deferral	(137)
Deferred revenue, end of period	$	166

The following table reflects the changes in our contract liabilities to affiliate, which we classify as deferred revenue—affiliate on our Consolidated Balance Sheets (in millions):


	Nine Months Ended September 30, 2021

Deferred revenue—affiliate, beginning of period	$	1
Cash received but not yet recognized in revenue	4
Revenue recognized from prior period deferral	(1)
Deferred revenue—affiliate, end of period	$	4

Transaction Price Allocated to Future Performance Obligations

The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of September 30, 2021 and December 31, 2020:


	September 30, 2021			December 31, 2020
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	50.1	9	$	52.1	9
LNG revenues—affiliate	0.7		3	0.1		1
Regasification revenues	1.9		4	2.1		5
Total revenues	$	52.7		$	54.3

(1)The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.