Delaware | 95-4352386 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, $ 0.003 par value | LNG | NYSE American |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company | ☐ |
Bcf | billion cubic feet | |||||||
Bcf/d | billion cubic feet per day | |||||||
Bcf/yr | billion cubic feet per year | |||||||
Bcfe | billion cubic feet equivalent | |||||||
DOE | U.S. Department of Energy | |||||||
EPC | engineering, procurement and construction | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
FTA countries | countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas | |||||||
GAAP | generally accepted accounting principles in the United States | |||||||
Henry Hub | the final settlement price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LNG | liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state | |||||||
MMBtu | million British thermal units, an energy unit | |||||||
mtpa | million tonnes per annum | |||||||
non-FTA countries | countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
SPA | LNG sale and purchase agreement | |||||||
TBtu | trillion British thermal units, an energy unit | |||||||
Train | an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG | |||||||
TUA | terminal use agreement |
September 30, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 2,091 | $ | 2,474 | |||||||
Restricted cash | 522 | 520 | |||||||||
Accounts and other receivables, net | 390 | 491 | |||||||||
Inventory | 280 | 312 | |||||||||
Derivative assets | 195 | 323 | |||||||||
Other current assets | 154 | 92 | |||||||||
Total current assets | 3,632 | 4,212 | |||||||||
Property, plant and equipment, net | 30,201 | 29,673 | |||||||||
Operating lease assets, net | 630 | 439 | |||||||||
Non-current derivative assets | 592 | 174 | |||||||||
Goodwill | 77 | 77 | |||||||||
Deferred tax assets | 414 | 529 | |||||||||
Other non-current assets, net | 385 | 388 | |||||||||
Total assets | $ | 35,931 | $ | 35,492 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 41 | $ | 66 | |||||||
Accrued liabilities | 1,006 | 1,281 | |||||||||
Current debt | 338 | — | |||||||||
Deferred revenue | 179 | 161 | |||||||||
Current operating lease liabilities | 160 | 236 | |||||||||
Derivative liabilities | 164 | 117 | |||||||||
Other current liabilities | 29 | 13 | |||||||||
Total current liabilities | 1,917 | 1,874 | |||||||||
Long-term debt, net | 30,949 | 30,774 | |||||||||
Non-current operating lease liabilities | 473 | 189 | |||||||||
Non-current finance lease liabilities | 58 | 58 | |||||||||
Non-current derivative liabilities | 173 | 151 | |||||||||
Other non-current liabilities | 14 | 11 | |||||||||
Commitments and contingencies (see Note 18) | |||||||||||
Stockholders’ equity | |||||||||||
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued
|
— | — | |||||||||
Common stock, $0.003 par value, 480.0 million shares authorized
|
|||||||||||
Issued: 273.0 million shares at September 30, 2020 and 270.7 million shares at December 31, 2019
|
|||||||||||
Outstanding: 252.2 million shares at September 30, 2020 and 253.6 million shares at December 31, 2019
|
1 | 1 | |||||||||
Treasury stock: 20.8 million shares and 17.1 million shares at September 30, 2020 and December 31, 2019, respectively, at cost
|
(872) | (674) | |||||||||
Additional paid-in-capital | 4,246 | 4,167 | |||||||||
Accumulated deficit | (3,399) | (3,508) | |||||||||
Total stockholders' deficit | (24) | (14) | |||||||||
Non-controlling interest | 2,371 | 2,449 | |||||||||
Total equity | 2,347 | 2,435 | |||||||||
Total liabilities and stockholders’ equity | $ | 35,931 | $ | 35,492 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
LNG revenues | $ | 1,373 | $ | 2,059 | $ | 6,236 | $ | 6,375 | |||||||||||||||||||||
Regasification revenues | 67 | 66 | 202 | 199 | |||||||||||||||||||||||||
Other revenues | 20 | 45 | 133 | 149 | |||||||||||||||||||||||||
Total revenues | 1,460 | 2,170 | 6,571 | 6,723 | |||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||
Cost of sales (excluding items shown separately below) | 768 | 1,267 | 2,295 | 3,758 | |||||||||||||||||||||||||
Operating and maintenance expense | 317 | 308 | 988 | 824 | |||||||||||||||||||||||||
Development expense | — | 2 | 5 | 6 | |||||||||||||||||||||||||
Selling, general and administrative expense | 70 | 72 | 224 | 222 | |||||||||||||||||||||||||
Depreciation and amortization expense | 233 | 213 | 699 | 561 | |||||||||||||||||||||||||
Impairment expense and loss on disposal of assets | — | 1 | 5 | 7 | |||||||||||||||||||||||||
Total operating costs and expenses | 1,388 | 1,863 | 4,216 | 5,378 | |||||||||||||||||||||||||
Income from operations | 72 | 307 | 2,355 | 1,345 | |||||||||||||||||||||||||
Other expense | |||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (355) | (395) | (1,174) | (1,014) | |||||||||||||||||||||||||
Loss on modification or extinguishment of debt | (171) | (27) | (215) | (27) | |||||||||||||||||||||||||
Interest rate derivative loss, net | — | (78) | (233) | (187) | |||||||||||||||||||||||||
Other expense, net | (129) | (70) | (115) | (38) | |||||||||||||||||||||||||
Total other expense | (655) | (570) | (1,737) | (1,266) | |||||||||||||||||||||||||
Income (loss) before income taxes and non-controlling interest | (583) | (263) | 618 | 79 | |||||||||||||||||||||||||
Income tax benefit (provision) | 75 | 3 | (119) | — | |||||||||||||||||||||||||
Net income (loss) | (508) | (260) | 499 | 79 | |||||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interest | (45) | 58 | 390 | 370 | |||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (463) | $ | (318) | $ | 109 | $ | (291) | |||||||||||||||||||||
Net income (loss) per share attributable to common stockholders—basic and diluted (1) | $ | (1.84) | $ | (1.25) | $ | 0.43 | $ | (1.13) | |||||||||||||||||||||
Weighted average number of common shares outstanding—basic | 252.2 | 256.0 | 252.5 | 256.8 | |||||||||||||||||||||||||
Weighted average number of common shares outstanding—diluted | 252.2 | 256.0 | 253.2 | 256.8 |
Three and Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Non-controlling Interest |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 253.6 | $ | 1 | 17.1 | $ | (674) | $ | 4,167 | $ | (3,508) | $ | 2,449 | $ | 2,435 | |||||||||||||||||||||||||||||||||
Vesting of restricted stock units and performance stock units | 2.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 29 | — | — | 29 | |||||||||||||||||||||||||||||||||||||||
Issued shares withheld from employees related to share-based compensation, at cost | (0.7) | — | 0.7 | (39) | — | — | — | (39) | |||||||||||||||||||||||||||||||||||||||
Shares repurchased, at cost | (2.9) | — | 2.9 | (155) | — | — | — | (155) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | — | — | 228 | 228 | |||||||||||||||||||||||||||||||||||||||
Distributions and dividends to non-controlling interest | — | — | — | — | — | — | (154) | (154) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 375 | — | 375 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 252.1 | 1 | 20.7 | (868) | 4,196 | (3,133) | 2,523 | 2,719 | |||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units and performance stock units | 0.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 31 | — | — | 31 | |||||||||||||||||||||||||||||||||||||||
Issued shares withheld from employees related to share-based compensation, at cost | — | — | — | (2) | — | — | — | (2) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | — | — | 207 | 207 | |||||||||||||||||||||||||||||||||||||||
Distributions and dividends to non-controlling interest | — | — | — | — | — | — | (156) | (156) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 197 | — | 197 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 252.2 | 1 | 20.7 | (870) | 4,227 | (2,936) | 2,574 | 2,996 | |||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units and performance stock units | 0.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 26 | — | — | 26 | |||||||||||||||||||||||||||||||||||||||
Issued shares withheld from employees related to share-based compensation, at cost | (0.1) | — | 0.1 | (2) | — | — | — | (2) | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | — | — | — | — | (45) | (45) | |||||||||||||||||||||||||||||||||||||||
Reacquisition of equity component of convertible notes, net of tax | — | — | — | — | (7) | — | — | (7) | |||||||||||||||||||||||||||||||||||||||
Distributions and dividends to non-controlling interest | — | — | — | — | — | — | (158) | (158) | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (463) | — | (463) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 252.2 | $ | 1 | 20.8 | $ | (872) | $ | 4,246 | $ | (3,399) | $ | 2,371 | $ | 2,347 |
Three and Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Non-controlling Interest |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 257.0 | $ | 1 | 12.8 | $ | (406) | $ | 4,035 | $ | (4,156) | $ | 2,455 | $ | 1,929 | |||||||||||||||||||||||||||||||||
Vesting of restricted stock units | 0.6 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 28 | — | — | 28 | |||||||||||||||||||||||||||||||||||||||
Issued shares withheld from employees related to share-based compensation, at cost | (0.2) | — | 0.2 | (12) | — | — | — | (12) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | — | — | 196 | 196 | |||||||||||||||||||||||||||||||||||||||
Distributions and dividends to non-controlling interest | — | — | — | — | — | — | (144) | (144) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 141 | — | 141 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | 257.4 | 1 | 13.0 | (418) | 4,063 | (4,015) | 2,507 | 2,138 | |||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | 0.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 33 | — | — | 33 | |||||||||||||||||||||||||||||||||||||||
Issued shares withheld from employees related to share-based compensation, at cost | — | — | — | (2) | — | — | — | (2) | |||||||||||||||||||||||||||||||||||||||
Shares repurchased, at cost | — | — | — | (3) | — | — | — | (3) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | — | — | 116 | 116 | |||||||||||||||||||||||||||||||||||||||
Equity portion of convertible notes, net | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
Distributions and dividends to non-controlling interest | — | — | — | — | — | — | (146) | (146) | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (114) | — | (114) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | 257.5 | 1 | 13.0 | (423) | 4,097 | (4,129) | 2,477 | 2,023 | |||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units | 0.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 33 | — | — | 33 | |||||||||||||||||||||||||||||||||||||||
Issued shares withheld from employees related to share-based compensation, at cost | (0.1) | — | 0.1 | (5) | — | — | — | (5) | |||||||||||||||||||||||||||||||||||||||
Shares repurchased, at cost | (2.5) | — | 2.5 | (156) | — | — | — | (156) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | — | — | 58 | 58 | |||||||||||||||||||||||||||||||||||||||
Distributions and dividends to non-controlling interest | — | — | — | — | — | — | (149) | (149) | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (318) | — | (318) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | 255.0 | $ | 1 | 15.6 | $ | (584) | $ | 4,130 | $ | (4,447) | $ | 2,386 | $ | 1,486 |
Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | 499 | $ | 79 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization expense | 699 | 561 | |||||||||||||||
Share-based compensation expense | 84 | 94 | |||||||||||||||
Non-cash interest expense | 43 | 122 | |||||||||||||||
Amortization of debt issuance costs, premium and discount | 94 | 71 | |||||||||||||||
Non-cash operating lease costs | 222 | 251 | |||||||||||||||
Loss on modification or extinguishment of debt | 215 | 27 | |||||||||||||||
Total losses (gains) on derivatives, net | (282) | 22 | |||||||||||||||
Net cash provided by settlement of derivative instruments | 61 | 108 | |||||||||||||||
Impairment expense and loss on disposal of assets | 5 | 7 | |||||||||||||||
Impairment or loss on equity method investments | 130 | 88 | |||||||||||||||
Deferred taxes | 115 | (2) | |||||||||||||||
Repayment of paid-in-kind interest related to repurchase of convertible notes | (911) | — | |||||||||||||||
Other | 2 | — | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts and other receivables, net | 101 | (5) | |||||||||||||||
Inventory | 31 | 35 | |||||||||||||||
Other current assets | (27) | (45) | |||||||||||||||
Accounts payable and accrued liabilities | (93) | (82) | |||||||||||||||
Deferred revenue | 18 | 33 | |||||||||||||||
Operating lease liabilities | (205) | (263) | |||||||||||||||
Finance lease liabilities | — | 1 | |||||||||||||||
Other, net | (36) | (10) | |||||||||||||||
Net cash provided by operating activities | 765 | 1,092 | |||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Property, plant and equipment, net | (1,437) | (2,587) | |||||||||||||||
Investment in equity method investment | (100) | (70) | |||||||||||||||
Other | (8) | (1) | |||||||||||||||
Net cash used in investing activities | (1,545) | (2,658) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Proceeds from issuances of debt | 7,683 | 4,420 | |||||||||||||||
Repayments of debt | (6,324) | (2,237) | |||||||||||||||
Debt issuance and other financing costs | (124) | (38) | |||||||||||||||
Debt modification or extinguishment costs | (170) | (4) | |||||||||||||||
Distributions and dividends to non-controlling interest | (468) | (439) | |||||||||||||||
Payments related to tax withholdings for share-based compensation | (43) | (19) | |||||||||||||||
Repurchase of common stock | (155) | (159) | |||||||||||||||
Other | — | 3 | |||||||||||||||
Net cash provided by financing activities | 399 | 1,527 | |||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | (381) | (39) | |||||||||||||||
Cash, cash equivalents and restricted cash—beginning of period | 2,994 | 3,156 | |||||||||||||||
Cash, cash equivalents and restricted cash—end of period | $ | 2,613 | $ | 3,117 |
September 30, | |||||||||||
2020 | |||||||||||
Cash and cash equivalents | $ | 2,091 | |||||||||
Restricted cash | 522 | ||||||||||
Total cash, cash equivalents and restricted cash | $ | 2,613 |
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Current restricted cash | ||||||||||||||
SPL Project | $ | 157 | $ | 181 | ||||||||||
CCL Project | 145 | 80 | ||||||||||||
Cash held by our subsidiaries restricted to Cheniere | 220 | 259 | ||||||||||||
Total current restricted cash | $ | 522 | $ | 520 | ||||||||||
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Trade receivables | ||||||||||||||
SPL and CCL | $ | 249 | $ | 328 | ||||||||||
Cheniere Marketing | 41 | 113 | ||||||||||||
Other accounts receivable | 100 | 50 | ||||||||||||
Total accounts and other receivables, net | $ | 390 | $ | 491 |
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Natural gas | $ | 21 | $ | 16 | ||||||||||
LNG | 45 | 67 | ||||||||||||
LNG in-transit | 69 | 93 | ||||||||||||
Materials and other | 145 | 136 | ||||||||||||
Total inventory | $ | 280 | $ | 312 |
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
LNG terminal costs | ||||||||||||||
LNG terminal and interconnecting pipeline facilities | $ | 27,435 | $ | 27,305 | ||||||||||
LNG site and related costs | 324 | 322 | ||||||||||||
LNG terminal construction-in-process | 4,977 | 3,903 | ||||||||||||
Accumulated depreciation | (2,716) | (2,049) | ||||||||||||
Total LNG terminal costs, net | 30,020 | 29,481 | ||||||||||||
Fixed assets and other | ||||||||||||||
Computer and office equipment | 25 | 23 | ||||||||||||
Furniture and fixtures | 19 | 22 | ||||||||||||
Computer software | 115 | 110 | ||||||||||||
Leasehold improvements | 47 | 42 | ||||||||||||
Land | 59 | 59 | ||||||||||||
Other | 24 | 21 | ||||||||||||
Accumulated depreciation | (162) | (141) | ||||||||||||
Total fixed assets and other, net | 127 | 136 | ||||||||||||
Assets under finance lease | ||||||||||||||
Tug vessels | 60 | 60 | ||||||||||||
Accumulated depreciation | (6) | (4) | ||||||||||||
Total assets under finance lease, net | 54 | 56 | ||||||||||||
Property, plant and equipment, net | $ | 30,201 | $ | 29,673 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Depreciation expense | $ | 231 | $ | 211 | $ | 694 | $ | 557 | ||||||||||||||||||
Offsets to LNG terminal costs (1) | — | 99 | — | 301 |
Fair Value Measurements as of | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets
(Level 1) |
Significant Other Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
Total |
Quoted Prices in Active Markets
(Level 1) |
Significant Other Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
Total | ||||||||||||||||||||||||||||||||||||||||
CCH Interest Rate Derivatives liability | $ | — | $ | (165) | $ | — | $ | (165) | $ | — | $ | (81) | $ | — | $ | (81) | |||||||||||||||||||||||||||||||
CCH Interest Rate Forward Start Derivatives liability | — | — | — | — | — | (8) | — | (8) | |||||||||||||||||||||||||||||||||||||||
Liquefaction Supply Derivatives asset (liability) | (7) | (5) | 533 | 521 | 5 | 6 | 138 | 149 | |||||||||||||||||||||||||||||||||||||||
LNG Trading Derivatives asset | 12 | 80 | — | 92 | — | 165 | — | 165 | |||||||||||||||||||||||||||||||||||||||
FX Derivatives asset | — | 2 | — | 2 | — | 4 | — | 4 | |||||||||||||||||||||||||||||||||||||||
Net Fair Value Asset
(in millions) |
Valuation Approach | Significant Unobservable Input | Range of Significant Unobservable Inputs / Weighted Average (1) | |||||||||||||||||||||||
Physical Liquefaction Supply Derivatives | $533 | Market approach incorporating present value techniques | Henry Hub basis spread |
$(0.557) - $0.055 / $(0.030)
|
||||||||||||||||||||||
Option pricing model | International LNG pricing spread, relative to Henry Hub (2) |
56% - 173% / 137%
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 590 | $ | 89 | $ | 138 | $ | (29) | ||||||||||||||||||||||||
Realized and mark-to-market gains (losses): | ||||||||||||||||||||||||||||||||
Included in cost of sales | (27) | (137) | 454 | (139) | ||||||||||||||||||||||||||||
Purchases and settlements: | ||||||||||||||||||||||||||||||||
Purchases | 1 | 17 | 2 | 93 | ||||||||||||||||||||||||||||
Settlements | (31) | — | (61) | 44 | ||||||||||||||||||||||||||||
Balance, end of period | $ | 533 | $ | (31) | $ | 533 | $ | (31) | ||||||||||||||||||||||||
Change in unrealized gains (losses) relating to instruments still held at end of period | $ | (27) | $ | (137) | $ | 454 | $ | (139) |
Notional Amounts | ||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | Maturity Date | Weighted Average Fixed Interest Rate Paid | Variable Interest Rate Received | ||||||||||||||||||||||||||||
CCH Interest Rate Derivatives | $4.7 billion | $4.5 billion | May 31, 2022 | 2.30% | One-month LIBOR | |||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
CCH Interest Rate Derivatives | CCH Interest Rate Forward Start Derivatives | Total | CCH Interest Rate Derivatives | CCH Interest Rate Forward Start Derivatives | Total | ||||||||||||||||||||||||||||||
Consolidated Balance Sheets Location | |||||||||||||||||||||||||||||||||||
Derivative liabilities | $ | (99) | $ | — | $ | (99) | $ | (32) | $ | (8) | $ | (40) | |||||||||||||||||||||||
Non-current derivative liabilities | (66) | — | (66) | (49) | — | (49) | |||||||||||||||||||||||||||||
Total derivative liabilities | $ | (165) | $ | — | $ | (165) | $ | (81) | $ | (8) | $ | (89) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
CCH Interest Rate Derivatives loss | $ | — | $ | (17) | $ | (138) | $ | (119) | ||||||||||||||||||||||||
CCH Interest Rate Forward Start Derivatives loss | — | (61) | (95) | (68) | ||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Liquefaction Supply Derivatives (1) | LNG Trading Derivatives (2) | Total | Liquefaction Supply Derivatives (1) | LNG Trading Derivatives (2) | Total | ||||||||||||||||||||||||||||||
Consolidated Balance Sheets Location | |||||||||||||||||||||||||||||||||||
Derivative assets | $ | 96 | $ | 91 | $ | 187 | $ | 93 | $ | 225 | $ | 318 | |||||||||||||||||||||||
Non-current derivative assets | 584 | 8 | 592 | 174 | — | 174 | |||||||||||||||||||||||||||||
Total derivative assets | 680 | 99 | 779 | 267 | 225 | 492 | |||||||||||||||||||||||||||||
Derivative liabilities | (53) | (7) | (60) | (16) | (60) | (76) | |||||||||||||||||||||||||||||
Non-current derivative liabilities | (106) | — | (106) | (102) | — | (102) | |||||||||||||||||||||||||||||
Total derivative liabilities | (159) | (7) | (166) | (118) | (60) | (178) | |||||||||||||||||||||||||||||
Derivative asset, net | $ | 521 | $ | 92 | $ | 613 | $ | 149 | $ | 165 | $ | 314 | |||||||||||||||||||||||
Notional amount, net (in TBtu) (3) | 8,818 | 4 | 9,177 | 4 | |||||||||||||||||||||||||||||||
Consolidated Statements of Operations Location (1) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
LNG Trading Derivatives gain | LNG revenues | $ | 13 | $ | 22 | $ | 119 | $ | 180 | ||||||||||||||||||||||||||
LNG Trading Derivatives loss | Cost of sales | (5) | (17) | (5) | (68) | ||||||||||||||||||||||||||||||
Liquefaction Supply Derivatives gain (2) | LNG revenues | 21 | — | 7 | 1 | ||||||||||||||||||||||||||||||
Liquefaction Supply Derivatives gain (loss) (2) | Cost of sales | (103) | (139) | 372 | — | ||||||||||||||||||||||||||||||
Fair Value Measurements as of | |||||||||||||||||
Consolidated Balance Sheets Location | September 30, 2020 | December 31, 2019 | |||||||||||||||
FX Derivatives | Derivative assets | $ | 8 | $ | 5 | ||||||||||||
FX Derivatives | Derivative liabilities | (5) | (1) | ||||||||||||||
FX Derivatives | Non-current derivative liabilities | (1) | — | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations Location | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
FX Derivatives gain (loss) | LNG revenues | $ | (5) | $ | 43 | $ | 22 | $ | 52 | ||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | ||||||||||||||||||
Offsetting Derivative Assets (Liabilities) | ||||||||||||||||||||
As of September 30, 2020 | ||||||||||||||||||||
CCH Interest Rate Derivatives | $ | (165) | $ | — | $ | (165) | ||||||||||||||
Liquefaction Supply Derivatives | 687 | (7) | 680 | |||||||||||||||||
Liquefaction Supply Derivatives | (177) | 18 | (159) | |||||||||||||||||
LNG Trading Derivatives | 111 | (12) | 99 | |||||||||||||||||
LNG Trading Derivatives | (14) | 7 | (7) | |||||||||||||||||
FX Derivatives | 17 | (9) | 8 | |||||||||||||||||
FX Derivatives | (21) | 15 | (6) | |||||||||||||||||
As of December 31, 2019 | ||||||||||||||||||||
CCH Interest Rate Derivatives | $ | (81) | $ | — | $ | (81) | ||||||||||||||
CCH Interest Rate Forward Start Derivatives | (8) | — | (8) | |||||||||||||||||
Liquefaction Supply Derivatives | 281 | (14) | 267 | |||||||||||||||||
Liquefaction Supply Derivatives | (126) | 8 | (118) | |||||||||||||||||
LNG Trading Derivatives | 229 | (4) | 225 | |||||||||||||||||
LNG Trading Derivatives | (60) | — | (60) | |||||||||||||||||
FX Derivatives | 9 | (4) | 5 | |||||||||||||||||
FX Derivatives | (6) | 5 | (1) |
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Advances made to municipalities for water system enhancements | $ | 85 | $ | 87 | ||||||||||
Advances and other asset conveyances to third parties to support LNG terminals | 61 | 55 | ||||||||||||
Advances made under EPC and non-EPC contracts | 5 | 29 | ||||||||||||
Equity method investments | 77 | 108 | ||||||||||||
Debt issuance costs and debt discount, net | 46 | 45 | ||||||||||||
Tax-related payments and receivables | 20 | 20 | ||||||||||||
Contract assets, net | 64 | 18 | ||||||||||||
Other | 27 | 26 | ||||||||||||
Total other non-current assets, net | $ | 385 | $ | 388 |
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Interest costs and related debt fees | $ | 375 | $ | 293 | ||||||||||
Accrued natural gas purchases | 350 | 460 | ||||||||||||
LNG terminals and related pipeline costs | 106 | 327 | ||||||||||||
Compensation and benefits | 88 | 115 | ||||||||||||
Accrued LNG inventory | 3 | 6 | ||||||||||||
Other accrued liabilities | 84 | 80 | ||||||||||||
Total accrued liabilities | $ | 1,006 | $ | 1,281 |
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Long-term debt: | ||||||||||||||
SPL — 4.200% to 6.25% senior secured notes due through 2037 and working capital facility (“2020 SPL Working Capital Facility”)
|
$ | 13,650 | $ | 13,650 | ||||||||||
Cheniere Partners — 4.500% to 5.625% senior notes due through 2029 and credit facilities (“2019 CQP Credit Facilities”)
|
4,100 | 4,100 | ||||||||||||
CCH — 3.52% to 7.000% senior secured notes due through 2039 and CCH Credit Facility
|
10,240 | 10,235 | ||||||||||||
CCH HoldCo II —11.0% Convertible Senior Secured Notes due 2025 (“2025 CCH HoldCo II Convertible Senior Notes”)
|
— | 1,578 | ||||||||||||
Cheniere — 4.625% Senior Secured Notes due 2028 (the “2028 Cheniere Senior Secured Notes”), convertible notes, revolving credit facility (“Cheniere Revolving Credit Facility”) and term loan facility (“Cheniere Term Loan Facility”)
|
3,620 | 1,903 | ||||||||||||
Unamortized premium, discount and debt issuance costs, net | (661) | (692) | ||||||||||||
Total long-term debt, net | 30,949 | 30,774 | ||||||||||||
Current debt: | ||||||||||||||
SPL — $1.2 billion Amended and Restated SPL Working Capital Facility (“2015 SPL Working Capital Facility”)
|
— | — | ||||||||||||
CCH — $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) and current portion of CCH Credit Facility
|
249 | — | ||||||||||||
Cheniere Marketing — trade finance facilities
|
— | — | ||||||||||||
Cheniere — current portion of 4.875% Convertible Unsecured Notes due 2021 (“2021 Cheniere Convertible Unsecured Notes”)
|
93 | — | ||||||||||||
Unamortized premium, discount and debt issuance costs, net | (4) | — | ||||||||||||
Total current debt | 338 | — | ||||||||||||
Total debt, net | $ | 31,287 | $ | 30,774 |
Maturity Date | Interest Rate | Principal Amount Issued (in millions) | ||||||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||
SPL — 4.500% Senior Secured Notes due 2030 (the “2030 SPL Senior Notes”) (1)
|
May 15, 2030 | 4.500% | $ | 2,000 | ||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||
CCH — 3.52% Senior Secured Notes due 2039 (the “3.52% CCH Senior Secured Notes”) (2)
|
December 31, 2039 | 3.52% | 769 | |||||||||||||||||
Cheniere — 2028 Cheniere Senior Secured Notes (3)
|
October 15, 2028 | 4.625% | 2,000 | |||||||||||||||||
Nine Months Ended September 30, 2020 total | $ | 4,769 |
2020 SPL Working Capital Facility (1) | 2019 CQP Credit Facilities | CCH Credit Facility (2) | CCH Working Capital Facility | Cheniere Revolving Credit Facility | Cheniere Term Loan Facility (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Original facility size | $ | 1,200 | $ | 1,500 | $ | 8,404 | $ | 350 | $ | 750 | $ | 2,620 | ||||||||||||||||||||||||||||||||||||||||||||
Incremental commitments | — | — | 1,566 | 850 | 500 | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance | — | — | 2,627 | 141 | 375 | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments prepaid or terminated | — | 750 | 7,343 | — | — | 2,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit issued | 413 | — | — | 293 | 182 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Available commitment | $ | 787 | $ | 750 | $ | — | $ | 766 | $ | 693 | $ | 372 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate on available balance |
LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750%
|
LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125%
|
LIBOR plus 1.75% or base rate plus 0.75%
|
LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75%
|
LIBOR plus 1.75% - 2.50% or base rate plus 0.75% - 1.50%
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate of outstanding balance | n/a | n/a | 1.90% | 1.41% | 1.90% | 2.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | March 19, 2025 | May 29, 2024 | June 30, 2024 | June 29, 2023 | December 13, 2022 | June 18, 2023 |
2021 Cheniere Convertible Unsecured Notes | 2045 Cheniere Convertible Senior Notes | |||||||||||||||||||
Aggregate original principal | $ | 1,000 | $ | 625 | ||||||||||||||||
Add: interest paid-in-kind | 309 | — | ||||||||||||||||||
Less: aggregate principal redeemed | (844) | — | ||||||||||||||||||
Aggregate remaining principal | $ | 465 | $ | 625 | ||||||||||||||||
Debt component, net of discount and debt issuance costs | $ | 453 | $ | 316 | ||||||||||||||||
Equity component | $ | 201 | $ | 194 | ||||||||||||||||
Interest payment method | Paid-in-kind | Cash | ||||||||||||||||||
Conversion by us (1) | — | (2) | ||||||||||||||||||
Conversion by holders (1) | (3) | (4) | ||||||||||||||||||
Conversion basis | Cash and/or stock | Cash and/or stock | ||||||||||||||||||
Conversion value in excess of principal | $ | — | $ | — | ||||||||||||||||
Maturity date | May 28, 2021 | March 15, 2045 | ||||||||||||||||||
Contractual interest rate | 4.875 | % | 4.25 | % | ||||||||||||||||
Effective interest rate (5) | 8.1 | % | 9.4 | % | ||||||||||||||||
Remaining debt discount and debt issuance costs amortization period (6) | 0.7 years | 24.5 years |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Interest cost on convertible notes: | ||||||||||||||||||||||||||||||||
Interest per contractual rate | $ | 20 | $ | 65 | $ | 140 | $ | 191 | ||||||||||||||||||||||||
Amortization of debt discount | 7 | 10 | 41 | 29 | ||||||||||||||||||||||||||||
Amortization of debt issuance costs | 1 | 3 | 8 | 9 | ||||||||||||||||||||||||||||
Total interest cost related to convertible notes | 28 | 78 | 189 | 229 | ||||||||||||||||||||||||||||
Interest cost on debt and finance leases excluding convertible notes | 388 | 390 | 1,167 | 1,145 | ||||||||||||||||||||||||||||
Total interest cost | 416 | 468 | 1,356 | 1,374 | ||||||||||||||||||||||||||||
Capitalized interest | (61) | (73) | (182) | (360) | ||||||||||||||||||||||||||||
Total interest expense, net of capitalized interest | $ | 355 | $ | 395 | $ | 1,174 | $ | 1,014 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Carrying
Amount |
Estimated
Fair Value |
Carrying
Amount |
Estimated
Fair Value |
|||||||||||||||||||||||
Senior notes — Level 2 (1)
|
$ | 24,700 | $ | 27,109 | $ | 22,700 | $ | 24,650 | ||||||||||||||||||
Senior notes — Level 3 (2)
|
2,771 | 3,090 | 2,002 | 2,259 | ||||||||||||||||||||||
Credit facilities (3) | 3,391 | 3,391 | 3,283 | 3,283 | ||||||||||||||||||||||
2021 Cheniere Convertible Unsecured Notes (2) | 465 | 474 | 1,278 | 1,312 | ||||||||||||||||||||||
2025 CCH HoldCo II Convertible Senior Notes (2) | — | — | 1,578 | 1,807 | ||||||||||||||||||||||
2045 Cheniere Convertible Senior Notes (4) | 625 | 452 | 625 | 498 |
Consolidated Balance Sheets Location | September 30, 2020 | December 31, 2019 | |||||||||||||||
Right-of-use assets—Operating | Operating lease assets, net | $ | 630 | $ | 439 | ||||||||||||
Right-of-use assets—Financing | Property, plant and equipment, net | 54 | 56 | ||||||||||||||
Total right-of-use assets | $ | 684 | $ | 495 | |||||||||||||
Current operating lease liabilities | Current operating lease liabilities | $ | 160 | $ | 236 | ||||||||||||
Current finance lease liabilities | Other current liabilities | 2 | 1 | ||||||||||||||
Non-current operating lease liabilities | Non-current operating lease liabilities | 473 | 189 | ||||||||||||||
Non-current finance lease liabilities | Non-current finance lease liabilities | 58 | 58 | ||||||||||||||
Total lease liabilities | $ | 693 | $ | 484 |
Consolidated Statements of Operations Location | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Operating lease cost (a) | Operating costs and expenses (1) | $ | 77 | $ | 163 | $ | 316 | $ | 440 | ||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||||||||
Amortization of right-of-use assets | Depreciation and amortization expense | — | 1 | 2 | 3 | ||||||||||||||||||||||||
Interest on lease liabilities | Interest expense, net of capitalized interest | 2 | 2 | 7 | 7 | ||||||||||||||||||||||||
Total lease cost | $ | 79 | $ | 166 | $ | 325 | $ | 450 | |||||||||||||||||||||
(a) Included in operating lease cost: | |||||||||||||||||||||||||||||
Short-term lease costs | $ | 9 | $ | 57 | $ | 60 | $ | 150 | |||||||||||||||||||||
Variable lease costs paid to the lessor | 3 | 8 | 12 | 21 |
Years Ending December 31, | Operating Leases (1) | Finance Leases | |||||||||
2020 | $ | 74 | $ | 3 | |||||||
2021 | 145 | 10 | |||||||||
2022 | 109 | 10 | |||||||||
2023 | 96 | 10 | |||||||||
2024 | 95 | 10 | |||||||||
Thereafter | 284 | 136 | |||||||||
Total lease payments | 803 | 179 | |||||||||
Less: Interest | (170) | (119) | |||||||||
Present value of lease liabilities | $ | 633 | $ | 60 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||||||||||||
Weighted-average remaining lease term (in years) | 8.6 | 17.9 | 8.4 | 18.7 | |||||||||||||||||||
Weighted-average discount rate (1) | 5.7% | 16.2% | 5.2% | 16.2% |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 226 | $ | 280 | |||||||
Operating cash flows from finance leases | 8 | 6 | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 412 | 189 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | $ | 9 | $ | 23 | $ | 61 | $ | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||
Variable Income | 1 | 5 | 24 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total sublease income | $ | 10 | $ | 28 | $ | 85 | $ | 96 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
LNG revenues (1) | $ | 1,344 | $ | 1,995 | $ | 6,088 | $ | 6,142 | ||||||||||||||||||||||||
Regasification revenues | 67 | 66 | 202 | 199 | ||||||||||||||||||||||||||||
Other revenues | 10 | 17 | 48 | 53 | ||||||||||||||||||||||||||||
Total revenues from customers | 1,421 | 2,078 | 6,338 | 6,394 | ||||||||||||||||||||||||||||
Net derivative gains (2) | 29 | 64 | 148 | 233 | ||||||||||||||||||||||||||||
Other (3) | 10 | 28 | 85 | 96 | ||||||||||||||||||||||||||||
Total revenues | $ | 1,460 | $ | 2,170 | $ | 6,571 | $ | 6,723 |
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Contract assets, net | $ | 64 | $ | 18 |
Nine Months Ended September 30, 2020 | ||||||||||||||
Deferred revenues, beginning of period | $ | 161 | ||||||||||||
Cash received but not yet recognized | 179 | |||||||||||||
Revenue recognized from prior period deferral | (161) | |||||||||||||
Deferred revenues, end of period | $ | 179 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Unsatisfied Transaction Price (in billions) | Weighted Average Recognition Timing (years) (1) | Unsatisfied Transaction Price (in billions) | Weighted Average Recognition Timing (years) (1) | |||||||||||||||||||||||
LNG revenues | $ | 103.2 | 10 | $ | 106.4 | 11 | ||||||||||||||||||||
Regasification revenues | 2.2 | 5 | 2.4 | 5 | ||||||||||||||||||||||
Total revenues | $ | 105.4 | $ | 108.8 |
September 30, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Derivative assets | $ | 1 | $ | 3 | |||||||
Non-current derivative assets | — | 2 | |||||||||
Notional amount, net (in TBtu) | 74 | 120 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Cost of sales (a) | $ | 29 | $ | 23 | $ | 77 | $ | 59 | |||||||||||||||||||||
(a) Included in costs of sales: | |||||||||||||||||||||||||||||
Liquefaction Supply Derivative loss
|
$ | (5) | $ | (1) | $ | (3) | $ | (4) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Share-based compensation costs, pre-tax: | ||||||||||||||||||||||||||||||||
Equity awards | $ | 26 | $ | 33 | $ | 86 | $ | 94 | ||||||||||||||||||||||||
Liability awards | 1 | 2 | 2 | 7 | ||||||||||||||||||||||||||||
Total share-based compensation | 27 | 35 | 88 | 101 | ||||||||||||||||||||||||||||
Capitalized share-based compensation | — | (2) | (4) | (7) | ||||||||||||||||||||||||||||
Total share-based compensation expense | $ | 27 | $ | 33 | $ | 84 | $ | 94 | ||||||||||||||||||||||||
Tax benefit associated with share-based compensation expense | $ | 2 | $ | 2 | $ | 21 | $ | 3 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 252.2 | 256.0 | 252.5 | 256.8 | ||||||||||||||||||||||||||||
Dilutive unvested stock | — | — | 0.7 | — | ||||||||||||||||||||||||||||
Diluted | 252.2 | 256.0 | 253.2 | 256.8 | ||||||||||||||||||||||||||||
Basic and diluted net income (loss) per share attributable to common stockholders | $ | (1.84) | $ | (1.25) | $ | 0.43 | $ | (1.13) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Unvested stock (1) | 3.1 | 3.9 | 2.4 | 3.9 | ||||||||||||||||||||||||||||
Convertible notes | ||||||||||||||||||||||||||||||||
2021 Cheniere Convertible Unsecured Notes (2) | — | 13.3 | — | 13.3 | ||||||||||||||||||||||||||||
2025 CCH HoldCo II Convertible Senior Notes (3) | — | 24.4 | — | 24.4 | ||||||||||||||||||||||||||||
2045 Cheniere Convertible Senior Notes | 4.5 | 4.5 | 4.5 | 4.5 | ||||||||||||||||||||||||||||
Total potentially dilutive common shares | 7.6 | 46.1 | 6.9 | 46.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Aggregate common stock repurchased | — | 2,477,724 | 2,875,376 | 2,522,324 | |||||||||||||||||||||||||
Weighted average price paid per share | $ | — | $ | 62.99 | $ | 53.88 | $ | 63.09 | |||||||||||||||||||||
Total amount paid (in millions) | $ | — | $ | 156 | $ | 155 | $ | 159 |
Percentage of Total Revenues from External Customers | Percentage of Accounts Receivable, Net and Contract Assets, Net from External Customers | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | September 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Customer A | * | 14% | 13% | 17% | * | 12% | ||||||||||||||||||||||||||||||||||||||
Customer B | 11% | 10% | 10% | 11% | * | * | ||||||||||||||||||||||||||||||||||||||
Customer C | 15% | 13% | 11% | 12% | * | 13% | ||||||||||||||||||||||||||||||||||||||
Customer D | 13% | 10% | 10% | 12% | 15% | * | ||||||||||||||||||||||||||||||||||||||
Customer E | * | * | * | * | 10% | * | ||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Cash paid during the period for interest on debt, net of amounts capitalized | $ | 977 | $ | 771 | ||||||||||||||||
Cash paid for income taxes | 2 | 22 | ||||||||||||||||||
September 30, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Cash and cash equivalents (1) | $ | 2,091 | $ | 2,474 | |||||||
Restricted cash designated for the following purposes: | |||||||||||
SPL Project | 157 | 181 | |||||||||
CCL Project | 145 | 80 | |||||||||
Other | 220 | 259 | |||||||||
Available commitments under the following credit facilities: | |||||||||||
$1.2 billion Amended and Restated SPL Working Capital Facility (“2015 SPL Working Capital Facility”) | — | 786 | |||||||||
2020 SPL Working Capital Facility | 787 | — | |||||||||
CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”) | 750 | 750 | |||||||||
$1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) | 766 | 729 | |||||||||
$1.25 billion Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”) | 693 | 665 | |||||||||
Cheniere Term Loan Facility | 372 | — |
SPL Train 6 | |||||||||||
Overall project completion percentage | 70.9% | ||||||||||
Completion percentage of: | |||||||||||
Engineering | 97.8% | ||||||||||
Procurement | 98.2% | ||||||||||
Subcontract work | 48.0% | ||||||||||
Construction | 34.6% | ||||||||||
Date of expected substantial completion | 2H 2022 |
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Senior notes (1) | $ | 17,750 | $ | 17,750 | ||||||||||
Credit facilities outstanding balance (2) | — | — | ||||||||||||
Letters of credit issued (3) | 413 | 414 | ||||||||||||
Available commitments under credit facilities (3) | 1,537 | 1,536 | ||||||||||||
Total capital resources from borrowings and available commitments (4) | $ | 19,700 | $ | 19,700 |
CCL Train 3 | |||||||||||||||||
Overall project completion percentage | 96.7% | ||||||||||||||||
Completion percentage of: | |||||||||||||||||
Engineering | 100.0% | ||||||||||||||||
Procurement | 100.0% | ||||||||||||||||
Subcontract work | 98.2% | ||||||||||||||||
Construction | 91.1% | ||||||||||||||||
Expected date of substantial completion | 1Q 2021 | ||||||||||||||||
September 30, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Senior notes (1) | $ | 7,721 | $ | 6,952 | ||||||||||
2025 CCH HoldCo II Convertible Senior Notes (2)
|
— | 1,000 | ||||||||||||
Credit facilities outstanding balance (3) | 2,768 | 3,283 | ||||||||||||
Letters of credit issued (3) | 293 | 471 | ||||||||||||
Available commitments under credit facilities (3) | 766 | 729 | ||||||||||||
Total capital resources from borrowings and available commitments (4) | $ | 11,548 | $ | 12,435 |
Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Operating cash flows | $ | 765 | $ | 1,092 | |||||||||||||
Investing cash flows | (1,545) | (2,658) | |||||||||||||||
Financing cash flows | 399 | 1,527 | |||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | (381) | (39) | |||||||||||||||
Cash, cash equivalents and restricted cash—beginning of period | 2,994 | 3,156 | |||||||||||||||
Cash, cash equivalents and restricted cash—end of period | $ | 2,613 | $ | 3,117 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||
(in TBtu) | Operational | Commissioning | Operational | Commissioning | |||||||||||||||||||
Volumes loaded during the current period | 187 | — | 920 | — | |||||||||||||||||||
Volumes loaded during the prior period but recognized during the current period | 2 | — | 33 | — | |||||||||||||||||||
Less: volumes loaded during the current period and in transit at the end of the period | (21) | — | (21) | — | |||||||||||||||||||
Total volumes recognized in the current period | 168 | — | 932 | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||||||||||||||||||||||||||||
LNG revenues | $ | 1,373 | $ | 2,059 | $ | (686) | $ | 6,236 | $ | 6,375 | $ | (139) | |||||||||||||||||||||||||||||||||||
Regasification revenues | 67 | 66 | 1 | 202 | 199 | 3 | |||||||||||||||||||||||||||||||||||||||||
Other revenues | 20 | 45 | (25) | 133 | 149 | (16) | |||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 1,460 | $ | 2,170 | $ | (710) | $ | 6,571 | $ | 6,723 | $ | (152) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
LNG revenues (in millions):
|
|||||||||||||||||||||||||||||
LNG from the Liquefaction Projects sold under third party long-term agreements (1) | $ | 780 | $ | 1,496 | $ | 3,931 | $ | 4,406 | |||||||||||||||||||||
LNG from the Liquefaction Projects sold by our integrated marketing function under short-term agreements | 65 | 398 | 540 | 1,303 | |||||||||||||||||||||||||
LNG procured from third parties | 85 | 31 | 288 | 215 | |||||||||||||||||||||||||
LNG revenues associated with cargoes not delivered per customer notification (2) | 171 | — | 932 | — | |||||||||||||||||||||||||
Other revenues and derivative gains | 272 | 134 | 545 | 451 | |||||||||||||||||||||||||
Total LNG revenues | $ | 1,373 | $ | 2,059 | $ | 6,236 | $ | 6,375 | |||||||||||||||||||||
Volumes delivered as LNG revenues (in TBtu):
|
|||||||||||||||||||||||||||||
LNG from the Liquefaction Projects sold under third party long-term agreements (1) | 145 | 276 | 764 | 753 | |||||||||||||||||||||||||
LNG from the Liquefaction Projects sold by our integrated marketing function under short-term agreements | 23 | 88 | 168 | 245 | |||||||||||||||||||||||||
LNG procured from third parties | 31 | 8 | 79 | 31 | |||||||||||||||||||||||||
Total volumes delivered as LNG revenues | 199 | 372 | 1,011 | 1,029 | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | $ | 768 | $ | 1,267 | $ | (499) | $ | 2,295 | $ | 3,758 | $ | (1,463) | |||||||||||||||||||||||||||||||||||
Operating and maintenance expense | 317 | 308 | 9 | 988 | 824 | 164 | |||||||||||||||||||||||||||||||||||||||||
Development expense | — | 2 | (2) | 5 | 6 | (1) | |||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 70 | 72 | (2) | 224 | 222 | 2 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 233 | 213 | 20 | 699 | 561 | 138 | |||||||||||||||||||||||||||||||||||||||||
Impairment expense and loss on disposal of assets | — | 1 | (1) | 5 | 7 | (2) | |||||||||||||||||||||||||||||||||||||||||
Total operating costs and expenses | $ | 1,388 | $ | 1,863 | $ | (475) | $ | 4,216 | $ | 5,378 | $ | (1,162) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 355 | $ | 395 | $ | (40) | $ | 1,174 | $ | 1,014 | $ | 160 | |||||||||||||||||||||||||||||||||||
Loss on modification or extinguishment of debt | 171 | 27 | 144 | 215 | 27 | 188 | |||||||||||||||||||||||||||||||||||||||||
Interest rate derivative loss, net | — | 78 | (78) | 233 | 187 | 46 | |||||||||||||||||||||||||||||||||||||||||
Other expense, net | 129 | 70 | 59 | 115 | 38 | 77 | |||||||||||||||||||||||||||||||||||||||||
Total other expense | $ | 655 | $ | 570 | $ | 85 | $ | 1,737 | $ | 1,266 | $ | 471 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and non-controlling interest | $ | (583) | $ | (263) | $ | (320) | $ | 618 | $ | 79 | $ | 539 | |||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | 75 | 3 | 72 | (119) | — | (119) | |||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 12.9 | % | 1.1 | % | 19.3 | % | — | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest | $ | (45) | $ | 58 | $ | (103) | $ | 390 | $ | 370 | $ | 20 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Fair Value | Change in Fair Value | Fair Value | Change in Fair Value | ||||||||||||||||||||
Liquefaction Supply Derivatives | $ | 521 | $ | 193 | $ | 149 | $ | 179 | |||||||||||||||
LNG Trading Derivatives | 92 | 16 | 165 | 22 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Fair Value | Change in Fair Value | Fair Value | Change in Fair Value | ||||||||||||||||||||
CCH Interest Rate Derivatives | $ | (165) | $ | 1 | $ | (81) | $ | 19 | |||||||||||||||
CCH Interest Rate Forward Start Derivatives | — | — | (8) | 15 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Fair Value | Change in Fair Value | Fair Value | Change in Fair Value | ||||||||||||||||||||
FX Derivatives | $ | 2 | $ | — | $ | 4 | $ | — |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (2) | Total Number of Shares Purchased as a Part of Publicly Announced Plans | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans (3) | ||||||||||||||||||||||
July 1 - 31, 2020 | 43,867 | $48.11 | — | $595,952,809 | ||||||||||||||||||||||
August 1 - 31, 2020 | 891 | $52.05 | — | $595,952,809 | ||||||||||||||||||||||
September 1 - 30, 2020 | — | $— | — | $595,952,809 | ||||||||||||||||||||||
Total
|
44,758 | $48.19 | — |
* | Filed herewith. | ||||
** | Furnished herewith. |
CHENIERE ENERGY, INC. | |||||||||||
Date: | November 5, 2020 | By: | /s/ Zach Davis | ||||||||
Zach Davis | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(on behalf of the registrant and
as principal financial officer) |
|||||||||||
Date: | November 5, 2020 | By: | /s/ Leonard E. Travis | ||||||||
Leonard E. Travis | |||||||||||
Senior Vice President and Chief Accounting Officer | |||||||||||
(on behalf of the registrant and
as principal accounting officer) |
CHENIERE ENERGY PARTNERS, L.P.
|
|||||
By its general partner, CHENIERE ENERGY
|
|||||
PARTNERS GP, LLC
|
|||||
/s/ Zach Davis
|
|||||
Name: | Zach Davis | ||||
Title: |
Senior Vice President and Chief
|
||||
Financial Officer | |||||
CHENIERE ENERGY INVESTMENTS, LLC
|
|||||
/s/ Zach Davis
|
|||||
Name: | Zach Davis | ||||
Title: |
President and Chief Financial Officer
|
||||
SABINE PASS LNG-GP, LLC
|
|||||
/s/ Zach Davis
|
|||||
Name: | Zach Davis | ||||
Title: |
Chief Financial Officer
|
||||
SABINE PASS LNG, L.P.
|
|||||
By its general partner, SABINE PASS LNG-
|
|||||
GP, LLC
|
|||||
/s/ Zach Davis
|
|||||
Name: | Zach Davis | ||||
Title: |
Chief Financial Officer
|
SABINE PASS TUG SERVICES, LLC
|
|||||
/s/ Zach Davis
|
|||||
Name: | Zach Davis | ||||
Title: |
Chief Financial Officer
|
||||
CHENIERE PIPELINE GP INTERESTS, LLC
|
|||||
/s/ Zach Davis
|
|||||
Name: | Zach Davis | ||||
Title: |
President and Chief Financial Officer
|
||||
CHENIERE CREOLE TRAIL PIPELINE, L.P.
|
|||||
/s/ Zach Davis
|
|||||
Name: | Zach Davis | ||||
Title: |
Chief Financial Officer
|
THE BANK OF NEW YORK MELLON,
|
|||||
as Trustee | |||||
/s/ Francine J. Kincaid
|
|||||
Name: | Francine J. Kincaid | ||||
Title: |
Vice President
|
PROJECT NAME: Sabine Pass LNG Stage 4 Liquefaction Facility
OWNER: Sabine Pass Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: November 7, 2018
|
CHANGE ORDER NUMBER: CO-00023
DATE OF CHANGE ORDER: June 22, 2020
|
1. | The original Contract Price Applicable to Subproject 6(a) was................................................................. | $ | 2,016,892,573 | ||||||||
2. | Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#00001-00008, 00010-00013, 00015, 00017-00018, and 00021-00022) | $ | (17,997,214) | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was................................... | $ | 1,998,895,359 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
5. | The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
6. | The Contract Price Applicable to Subproject 6(a) including this Change Order will be................... | $ | 1,998,895,359 |
7. | The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was | $ | 457,696,000 | ||||||||
8. | Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#00014, 00016, and 00019-00020) | $ | 20,551,502 | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was.................................. | $ | 478,247,502 | ||||||||
10. | The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order................... | $ | — | ||||||||
11. | The Provisional Sum Applicable to Subproject 6(b) will be decreased by this Change Order................ | $ | (16,812,660) | ||||||||
12. | The new Contract Price Applicable to Subproject 6(b) including this Change Order will be................... | $ | 461,434,842 |
13. | The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) | $ | 2,474,588,573 | ||||||||
14. | The Contract Price prior to this Change Order was (add lines 3 and 9).................................................... | $ | 2,477,142,861 | ||||||||
15. | The Contract Price will be decreased by this Change Order in the amount of (add lines 4, 5, 10 and 11)......... | $ | (16,812,660) | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15) | $ | 2,460,330,201 |
/s/ David Craft | /s/ Maurissa D. Rogers | |||||||
Owner | Contractor | |||||||
David Craft | Maurissa D. Rogers | |||||||
Name | Name | |||||||
SVP E&C | Sr Project Manager, PVP | |||||||
Title | Title | |||||||
June 24, 2020 | June 22, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Sabine Pass LNG Stage 4 Liquefaction Facility
OWNER: Sabine Pass Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: November 7, 2018
|
CHANGE ORDER NUMBER: CO-00024
DATE OF CHANGE ORDER: June 22, 2020
|
1. | The original Contract Price Applicable to Subproject 6(a) was................................................................. | $ | 2,016,892,573 | ||||||||
2. | Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18 & 21-22) | $ | (17,997,214) | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was................................... | $ | 1,998,895,359 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of.................................................................................................................................................... | $ | 205,198 | ||||||||
5. | The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
6. | The Contract Price Applicable to Subproject 6(a) including this Change Order will be................... | $ | 1,999,100,557 |
7. | The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was | $ | 457,696,000 | ||||||||
8. | Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20 & 23) | $ | 3,738,842 | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was.................................. | $ | 461,434,842 | ||||||||
10. | The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order................... | $ | — | ||||||||
11. | The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order................ | $ | — | ||||||||
12. | The new Contract Price Applicable to Subproject 6(b) including this Change Order will be................... | $ | 461,434,842 |
13. | The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) | $ | 2,474,588,573 | ||||||||
14. | The Contract Price prior to this Change Order was (add lines 3 and 9).................................................... | $ | 2,460,330,201 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 205,198 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,460,535,399 |
/s/ David Craft | /s/ Maurissa D. Rogers | |||||||
Owner | Contractor | |||||||
David Craft | Maurissa D. Rogers | |||||||
Name | Name | |||||||
SVP E&C | Sr Project Mgr, PVP | |||||||
Title | Title | |||||||
June 24, 2020 | June 22, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Sabine Pass LNG Stage 4 Liquefaction Facility
OWNER: Sabine Pass Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: November 7, 2018
|
CHANGE ORDER NUMBER: CO-00025
DATE OF CHANGE ORDER: June 22, 2020
|
1. | The original Contract Price Applicable to Subproject 6(a) was................................................................. | $ | 2,016,892,573 | ||||||||
2. | Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, & 24)) | $ | (17,792,016) | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was................................... | $ | 1,999,100,557 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
5. | The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of ................ | $ | — | ||||||||
6. | The Contract Price Applicable to Subproject 6(a) including this Change Order will be................... | $ | 1,999,100,557 |
7. | The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was................................................................ | $ | 457,696,000 | ||||||||
8. | Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20 & 23) | $ | 3,738,842 | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was.................................. | $ | 461,434,842 | ||||||||
10. | The Contract Price Applicable to Subproject 6(b) will be increased by this Change Order | $ | 2,991,140 | ||||||||
11. | The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order | $ | — | ||||||||
12. | The new Contract Price Applicable to Subproject 6(b) including this Change Order will be | $ | 464,425,982 |
13. | The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) | $ | 2,474,588,573 | ||||||||
14. | The Contract Price prior to this Change Order was (add lines 3 and 9).................................................... | $ | 2,460,535,399 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 2,991,140 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,463,526,539 |
/s/ David Craft | /s/ Maurissa D. Rogers | |||||||
Owner | Contractor | |||||||
David Craft | Maurissa D. Rogers | |||||||
Name | Name | |||||||
SVP E&C | Sr Project Mgr, PVP | |||||||
Title | Title | |||||||
June 24, 2020 | June 22, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Sabine Pass LNG Stage 4 Liquefaction Facility
OWNER: Sabine Pass Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: November 7, 2018
|
CHANGE ORDER NUMBER: CO-00026
DATE OF CHANGE ORDER: July 14, 2020
|
1. | The original Contract Price Applicable to Subproject 6(a) was................................................................. | $ | 2,016,892,573 | ||||||||
2. | Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, & 24) | $ | (17,792,016) | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was................................... | $ | 1,999,100,557 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
5. | The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
6. | The Contract Price Applicable to Subproject 6(a) including this Change Order will be................... | $ | 1,999,100,557 |
7. | The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was | $ | 457,696,000 | ||||||||
8. | Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20, 23 & 25) | $ | 6,729,982 | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was.................................. | $ | 464,425,982 | ||||||||
10. | The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order................... | $ | — | ||||||||
11. | The Provisional Sum Applicable to Subproject 6(b) will be decreased by this Change Order................ | $ | (314,574) | ||||||||
12. | The new Contract Price Applicable to Subproject 6(b) including this Change Order will be................... | $ | 464,111,408 |
13. | The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) | $ | 2,474,588,573 | ||||||||
14. | The Contract Price prior to this Change Order was (add lines 3 and 9).................................................... | $ | 2,463,526,539 | ||||||||
15. | The Contract Price will be decreased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | (314,574) | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,463,211,965 |
/s/ David Craft | /s/ Maurissa D. Rogers | |||||||
Owner | Contractor | |||||||
David Craft | Maurissa D. Rogers | |||||||
Name | Name | |||||||
SVP E&C | Sr Project Mgr, PVP | |||||||
Title | Title | |||||||
July 23, 2020 | July 14, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Sabine Pass LNG Stage 4 Liquefaction Facility
OWNER: Sabine Pass Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: November 7, 2018
|
CHANGE ORDER NUMBER: CO-00027
DATE OF CHANGE ORDER: July 20, 2020
|
1. | The original Contract Price Applicable to Subproject 6(a) was................................................................. | $ | 2,016,892,573 | ||||||||
2. | Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, & 24) | $ | (17,792,016) | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was................................... | $ | 1,999,100,557 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
5. | The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
6. | The Contract Price Applicable to Subproject 6(a) including this Change Order will be................... | $ | 1,999,100,557 |
7. | The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was | $ | 457,696,000 | ||||||||
8. | Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20, 23, & 25-26) | $ | 6,415,408 | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was.................................. | $ | 464,111,408 | ||||||||
10. | The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order................... | $ | — | ||||||||
11. | The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order................ | $ | (303,955) | ||||||||
12. | The new Contract Price Applicable to Subproject 6(b) including this Change Order will be................... | $ | 463,807,453 |
13. | The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) | $ | 2,474,588,573 | ||||||||
14. | The Contract Price prior to this Change Order was (add lines 3 and 9).................................................... | $ | 2,463,211,965 | ||||||||
15. | The Contract Price will be decreased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | (303,955) | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,462,908,010 |
/s/ David Craft | /s/ Maurissa D. Rogers | |||||||
Owner | Contractor | |||||||
David Craft | Maurissa D. Rogers | |||||||
Name | Name | |||||||
SVP E&C | Sr Project Mgr, PVP | |||||||
Title | Title | |||||||
July 30, 2020 | July 20, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Sabine Pass LNG Stage 4 Liquefaction Facility
OWNER: Sabine Pass Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: November 7, 2018
|
CHANGE ORDER NUMBER: CO-00028
DATE OF CHANGE ORDER: August 11, 2020
|
1. | The original Contract Price Applicable to Subproject 6(a) was................................................................. | $ | 2,016,892,573 | ||||||||
2. | Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, & 24) | $ | (17,792,016) | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was................................... | $ | 1,999,100,557 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of.................................................................................................................................................... | $ | 231,381 | ||||||||
5. | The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
6. | The new Contract Price Applicable to Subproject 6(a) including this Change Order will be................... | $ | 1,999,331,938 |
7. | The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was | $ | 457,696,000 | ||||||||
8. | Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20, 23, & 25-27) | $ | 6,111,453 | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was.................................. | $ | 463,807,453 | ||||||||
10. | The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order................... | $ | — | ||||||||
11. | The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order................ | $ | — | ||||||||
12. | The Contract Price Applicable to Subproject 6(b) including this Change Order will be................... | $ | 463,807,453 |
13. | The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) | $ | 2,474,588,573 | ||||||||
14. | The Contract Price prior to this Change Order was (add lines 3 and 9).................................................... | $ | 2,462,908,010 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 231,381 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,463,139,391 |
/s/ David Craft | /s/ Maurissa D. Rogers | |||||||
Owner | Contractor | |||||||
David Craft | Maurissa D. Rogers | |||||||
Name | Name | |||||||
SVP E&C | Sr Project Mgr, PVP | |||||||
Title | Title | |||||||
August 24, 2020 | August 11, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Sabine Pass LNG Stage 4 Liquefaction Facility
OWNER: Sabine Pass Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: November 7, 2018
|
CHANGE ORDER NUMBER: CO-00029
DATE OF CHANGE ORDER: August 25, 2020
|
1. | The original Contract Price Applicable to Subproject 6(a) was................................................................. | $ | 2,016,892,573 | ||||||||
2. | Net change for Contract Price Applicable to Subproject 6(a) by previously authorized Change Orders (#01-08, 10-13, 15, 17-18, 21-22, 24, & 28) | $ | (17,560,635) | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was................................... | $ | 1,999,331,938 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of.................................................................................................................................................... | $ | 718,581 | ||||||||
5. | The Provisional Sum Applicable to Subproject 6(a) will be unchanged by this Change Order in the amount of.................................................................................................................................................... | $ | — | ||||||||
6. | The new Contract Price Applicable to Subproject 6(a) including this Change Order will be................... | $ | 2,000,050,519 |
7. | The original Contract Price Applicable to Subproject 6(b) (in CO-00009) was | $ | 457,696,000 | ||||||||
8. | Net change for Contract Price Applicable to Subproject 6(b) by previously authorized Change Orders (#14, 16, 19-20, 23, & 25-27) | $ | 6,111,453 | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was.................................. | $ | 463,807,453 | ||||||||
10. | The Contract Price Applicable to Subproject 6(b) will be unchanged by this Change Order................... | $ | — | ||||||||
11. | The Provisional Sum Applicable to Subproject 6(b) will be unchanged by this Change Order................ | $ | — | ||||||||
12. | The Contract Price Applicable to Subproject 6(b) including this Change Order will be................... | $ | 463,807,453 |
13. | The original Contract Price for Subproject 6(a) and Subproject 6(b) was (add lines 1 and 7) | $ | 2,474,588,573 | ||||||||
14. | The Contract Price prior to this Change Order was (add lines 3 and 9).................................................... | $ | 2,463,139,391 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 718,581 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,463,857,972 |
/s/ David Craft | /s/ Maurissa D. Rogers | |||||||
Owner | Contractor | |||||||
David Craft | Maurissa D. Rogers | |||||||
Name | Name | |||||||
SVP, Engineering and Construction | Sr Project Mgr, PVP | |||||||
Title | Title | |||||||
August 26, 2020 | August 25, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Corpus Christi Stage 2 Liquefaction Facility
OWNER: Corpus Christi Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: December 12, 2017
|
CHANGE ORDER NUMBER: 00035
DATE OF CHANGE ORDER: July 6, 2020
|
The original Contract Price was......................................................................................................................... | $ | 2,360,000,000 | ||||||
Net change by previously authorized Change Orders (00001-00034)............................................................... | $ | 46,284,073 | ||||||
The Contract Price prior to this Change Order was........................................................................................... | $ | 2,406,284,073 | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Contract Price including this Change Order will be........................................................................... | $ | 2,406,531,240 |
The original Aggregate Equipment Price was................................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00034)............................................................... | $ | [***] | ||||||
The Aggregate Equipment Price prior to this Change Order was...................................................................... | $ | [***] | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The new Aggregate Equipment Price including this Change Order will be ..................................................... | $ | [***] |
The original Aggregate Labor and Skills Price was.......................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00034)............................................................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price prior to this Change Order was............................................................. | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Aggregate Labor and Skills Price including this Change Order will be............................................. | $ | [***] |
The original Aggregate Provisional Sum was.................................................................................................... | $ | 295,549,906 | ||||||
Net change by previously authorized Change Orders (00001-00034)............................................................... | $ | (15,701,306) | ||||||
The Aggregate Provisional Sum prior to this Change Order was...................................................................... | $ | 279,848,600 | ||||||
The Aggregate Provisional Sum will be changed by this Change Order in the amount of............................... | $ | — | ||||||
The new Aggregate Provisional Sum including this Change Order will be...................................................... | $ | 279,848,600 |
/s/ David Craft | /s/ Bhupesh Thakkar | |||||||
Owner | Contractor | |||||||
David Craft | Bhupesh Thakkar | |||||||
Name | Name | |||||||
SVP, Engineering and Construction | Cheniere Program Manager | |||||||
Title | Title | |||||||
July 14, 2020 | July 8, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Corpus Christi Stage 2 Liquefaction Facility
OWNER: Corpus Christi Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: December 12, 2017
|
CHANGE ORDER NUMBER: 00036
DATE OF CHANGE ORDER: August 5, 2020
|
The original Contract Price was......................................................................................................................... | $ | 2,360,000,000 | ||||||
Net change by previously authorized Change Orders (00001-00035)............................................................... | $ | 46,531,240 | ||||||
The Contract Price prior to this Change Order was........................................................................................... | $ | 2,406,531,240 | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Contract Price including this Change Order will be........................................................................... | $ | 2,406,627,759 |
The original Aggregate Equipment Price was................................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00035)............................................................... | $ | [***] | ||||||
The Aggregate Equipment Price prior to this Change Order was...................................................................... | $ | [***] | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The new Aggregate Equipment Price including this Change Order will be ..................................................... | $ | [***] |
The original Aggregate Labor and Skills Price was.......................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00035)............................................................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price prior to this Change Order was............................................................. | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Aggregate Labor and Skills Price including this Change Order will be............................................. | $ | [***] |
The original Aggregate Provisional Sum was.................................................................................................... | $ | 295,549,906 | ||||||
Net change by previously authorized Change Orders (00001-00035)............................................................... | $ | (15,701,306) | ||||||
The Aggregate Provisional Sum prior to this Change Order was...................................................................... | $ | 279,848,600 | ||||||
The Aggregate Provisional Sum will be changed by this Change Order in the amount of............................... | $ | — | ||||||
The new Aggregate Provisional Sum including this Change Order will be...................................................... | $ | 279,848,600 |
/s/ David Craft | /s/ Bhupesh Thakkar | |||||||
Owner | Contractor | |||||||
David Craft | Bhupesh Thakkar | |||||||
Name | Name | |||||||
SVP, E&C | Cheniere Program Manager | |||||||
Title | Title | |||||||
August 14, 2020 | August 6, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Corpus Christi Stage 2 Liquefaction Facility
OWNER: Corpus Christi Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: December 12, 2017
|
CHANGE ORDER NUMBER: 00037
DATE OF CHANGE ORDER: August 14, 2020
|
The original Contract Price was......................................................................................................................... | $ | 2,360,000,000 | ||||||
Net change by previously authorized Change Orders (00001-00036)............................................................... | $ | 46,627,759 | ||||||
The Contract Price prior to this Change Order was........................................................................................... | $ | 2,406,627,759 | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Contract Price including this Change Order will be........................................................................... | $ | 2,406,697,584 |
The original Aggregate Equipment Price was................................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00036)............................................................... | $ | [***] | ||||||
The Aggregate Equipment Price prior to this Change Order was...................................................................... | $ | [***] | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The new Aggregate Equipment Price including this Change Order will be ..................................................... | $ | [***] |
The original Aggregate Labor and Skills Price was.......................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00036)............................................................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price prior to this Change Order was............................................................. | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Aggregate Labor and Skills Price including this Change Order will be............................................. | $ | [***] |
The original Aggregate Provisional Sum was.................................................................................................... | $ | 295,549,906 | ||||||
Net change by previously authorized Change Orders (00001-00036)............................................................... | $ | (15,701,306) | ||||||
The Aggregate Provisional Sum prior to this Change Order was...................................................................... | $ | 279,848,600 | ||||||
The Aggregate Provisional Sum will be changed by this Change Order in the amount of............................... | $ | — | ||||||
The new Aggregate Provisional Sum including this Change Order will be...................................................... | $ | 279,848,600 |
/s/ David Craft | /s/ Bhupesh Thakkar | |||||||
Owner | Contractor | |||||||
David Craft | Bhupesh Thakkar | |||||||
Name | Name | |||||||
SVP, Engineering and Construction | Cheniere Program Manager | |||||||
Title | Title | |||||||
August 28, 2020 | August 14, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Corpus Christi Stage 2 Liquefaction Facility
OWNER: Corpus Christi Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: December 12, 2017
|
CHANGE ORDER NUMBER: 00038
DATE OF CHANGE ORDER: August 14, 2020
|
The original Contract Price was......................................................................................................................... | $ | 2,360,000,000 | ||||||
Net change by previously authorized Change Orders (00001-00037)............................................................... | $ | 46,697,584 | ||||||
The Contract Price prior to this Change Order was........................................................................................... | $ | 2,406,697,584 | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Contract Price including this Change Order will be........................................................................... | $ | 2,406,934,288 |
The original Aggregate Equipment Price was................................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00037)............................................................... | $ | [***] | ||||||
The Aggregate Equipment Price prior to this Change Order was...................................................................... | $ | [***] | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The new Aggregate Equipment Price including this Change Order will be ..................................................... | $ | [***] |
The original Aggregate Labor and Skills Price was.......................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00037)............................................................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price prior to this Change Order was............................................................. | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Aggregate Labor and Skills Price including this Change Order will be............................................. | $ | [***] |
The original Aggregate Provisional Sum was.................................................................................................... | $ | 295,549,906 | ||||||
Net change by previously authorized Change Orders (00001-00037)............................................................... | $ | (15,701,306) | ||||||
The Aggregate Provisional Sum prior to this Change Order was...................................................................... | $ | 279,848,600 | ||||||
The Aggregate Provisional Sum will be changed by this Change Order in the amount of............................... | $ | — | ||||||
The new Aggregate Provisional Sum including this Change Order will be...................................................... | $ | 279,848,600 |
/s/ David Craft | /s/ Bhupesh Thakkar | |||||||
Owner | Contractor | |||||||
David Craft | Bhupesh Thakkar | |||||||
Name | Name | |||||||
SVP, Engineering & Construction | Cheniere Program Manager | |||||||
Title | Title | |||||||
September 3, 2020 | August 14, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Corpus Christi Stage 2 Liquefaction Facility
OWNER: Corpus Christi Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: December 12, 2017
|
CHANGE ORDER NUMBER: 00039
DATE OF CHANGE ORDER: August 20, 2020
|
The original Contract Price was......................................................................................................................... | $ | 2,360,000,000 | ||||||
Net change by previously authorized Change Orders (00001-00038)............................................................... | $ | 46,934,288 | ||||||
The Contract Price prior to this Change Order was........................................................................................... | $ | 2,406,934,288 | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Contract Price including this Change Order will be........................................................................... | $ | 2,409,111,104 |
The original Aggregate Equipment Price was................................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00038)............................................................... | $ | [***] | ||||||
The Aggregate Equipment Price prior to this Change Order was...................................................................... | $ | [***] | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The new Aggregate Equipment Price including this Change Order will be ..................................................... | $ | [***] |
The original Aggregate Labor and Skills Price was.......................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00038)............................................................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price prior to this Change Order was............................................................. | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Aggregate Labor and Skills Price including this Change Order will be............................................. | $ | [***] |
The original Aggregate Provisional Sum was.................................................................................................... | $ | 295,549,906 | ||||||
Net change by previously authorized Change Orders (00001-00038)............................................................... | $ | (15,701,306) | ||||||
The Aggregate Provisional Sum prior to this Change Order was...................................................................... | $ | 279,848,600 | ||||||
The Aggregate Provisional Sum will be changed by this Change Order in the amount of............................... | $ | — | ||||||
The new Aggregate Provisional Sum including this Change Order will be...................................................... | $ | 279,848,600 |
/s/ David Craft | /s/ Bhupesh Thakkar | |||||||
Owner | Contractor | |||||||
David Craft | Bhupesh Thakkar | |||||||
Name | Name | |||||||
SVP, Engineering & Construction | Cheniere Program Manager | |||||||
Title | Title | |||||||
September 4, 2020 | August 20, 2020 | |||||||
Date of Signing | Date of Signing |
PROJECT NAME: Corpus Christi Stage 2 Liquefaction Facility
OWNER: Corpus Christi Liquefaction, LLC
CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
DATE OF AGREEMENT: December 12, 2017
|
CHANGE ORDER NUMBER: 00040
DATE OF CHANGE ORDER: September 15, 2020
|
The original Contract Price was......................................................................................................................... | $ | 2,360,000,000 | ||||||
Net change by previously authorized Change Orders (00001-00039)............................................................... | $ | 49,111,104 | ||||||
The Contract Price prior to this Change Order was........................................................................................... | $ | 2,409,111,104 | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Contract Price including this Change Order will be........................................................................... | $ | 2,416,774,972 |
The original Aggregate Equipment Price was................................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00039)............................................................... | $ | [***] | ||||||
The Aggregate Equipment Price prior to this Change Order was...................................................................... | $ | [***] | ||||||
The Aggregate Equipment Price will be changed by this Change Order in the amount of............................... | $ | [***] | ||||||
The new Aggregate Equipment Price including this Change Order will be ..................................................... | $ | [***] |
The original Aggregate Labor and Skills Price was.......................................................................................... | $ | [***] | ||||||
Net change by previously authorized Change Orders (00001-00039)............................................................... | $ | [***] | ||||||
The Aggregate Labor and Skills Price prior to this Change Order was............................................................. | $ | [***] | ||||||
The Aggregate Labor and Skills Price will be changed by this Change Order in the amount of...................... | $ | [***] | ||||||
The new Aggregate Labor and Skills Price including this Change Order will be............................................. | $ | [***] |
The original Aggregate Provisional Sum was.................................................................................................... | $ | 295,549,906 | ||||||
Net change by previously authorized Change Orders (00001-00039)............................................................... | $ | (15,701,306) | ||||||
The Aggregate Provisional Sum prior to this Change Order was...................................................................... | $ | 279,848,600 | ||||||
The Aggregate Provisional Sum will be changed by this Change Order in the amount of............................... | $ | — | ||||||
The new Aggregate Provisional Sum including this Change Order will be...................................................... | $ | 279,848,600 |
/s/ David Craft | /s/ Bhupesh Thakkar | |||||||
Owner | Contractor | |||||||
David Craft | Bhupesh Thakkar | |||||||
Name | Name | |||||||
SVP, Engineering & Construction | Cheniere Program Manager | |||||||
Title | Title | |||||||
September 30, 2020 | September 15, 2020 | |||||||
Date of Signing | Date of Signing |
/s/ Jack A. Fusco | ||
Jack A. Fusco
Chief Executive Officer of |
||
Cheniere Energy, Inc. |
/s/ Zach Davis | ||
Zach Davis
Chief Financial Officer of |
||
Cheniere Energy, Inc. |
/s/ Jack A. Fusco | ||
Jack A. Fusco
Chief Executive Officer of |
||
Cheniere Energy, Inc. |
/s/ Zach Davis | ||
Zach Davis
Chief Financial Officer of |
||
Cheniere Energy, Inc. |