Quarterly report pursuant to Section 13 or 15(d)

Revenues (Tables)

v3.23.3
Revenues (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Revenues from contracts with customers
LNG revenues $ 1,564  $ 3,133  $ 5,085  $ 8,576 
LNG revenues—affiliate 515  1,376  1,745  3,268 
LNG revenues—related party —  —  —  4 
Regasification revenues 34  455  101  591 
Other revenues 15  15  47  45 
Total revenues from contracts with customers 2,128  4,979  6,978  12,484 
Net derivative gain (loss) (1)
 —  (3) —  1 
Total revenues $ 2,128  $ 4,976  $ 6,978  $ 12,485 
(1)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, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):
September 30, December 31,
2023 2022
Contract assets, net of current expected credit losses $ 1  $ 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, 2023
Deferred revenue, beginning of period $ 144 
Cash received but not yet recognized in revenue 203 
Revenue recognized from prior period deferral (144)
Deferred revenue, end of period $ 203 

The following table reflects the changes in our contract liabilities to affiliate, which we classify as deferred revenue—affiliate and other non-current liabilities—affiliate on our Consolidated Balance Sheets (in millions):
Nine Months Ended September 30, 2023
Deferred revenue—affiliate, beginning of period $ 8 
Cash received but not yet recognized in revenue 6 
Revenue recognized from prior period deferral (8)
Deferred revenue—affiliate, end of period $ 6 
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:
September 30, 2023 December 31, 2022
Unsatisfied
Transaction Price
(in billions)		 Weighted Average Recognition Timing (years) (1) Unsatisfied
Transaction Price
(in billions)		 Weighted Average Recognition Timing (years) (1)
LNG revenues $ 48.4  8 $ 50.8  8
LNG revenues—affiliate 1.5  2 2.0  2
Regasification revenues 0.7  3 0.8  4
Total revenues $ 50.6  $ 53.6 
(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.
Revenue, Remaining Performance Obligation, Variable Consideration The following table summarizes the amount of variable consideration earned under contracts with customers included in the table above:
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
LNG revenues 53  % 78  % 55  % 74  %
LNG revenues—affiliate 64  % 77  % 68  % 76  %
Regasification revenues 7  % 1  % 7  % 2  %