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; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit | |||||||
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; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
|
|||||||
Train | an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG | |||||||
TUA | terminal use agreement |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
LNG revenues | $ | 2,913 | $ | 2,295 | $ | 5,912 | $ | 4,863 | |||||||||||||||||||||
Regasification revenues | 67 | 68 | 134 | 135 | |||||||||||||||||||||||||
Other revenues | 37 | 39 | 61 | 113 | |||||||||||||||||||||||||
Total revenues | 3,017 | 2,402 | 6,107 | 5,111 | |||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||
Cost of sales (excluding items shown separately below) | 2,154 | 803 | 3,540 | 1,527 | |||||||||||||||||||||||||
Operating and maintenance expense | 385 | 355 | 707 | 671 | |||||||||||||||||||||||||
Development expense | 2 | 1 | 3 | 5 | |||||||||||||||||||||||||
Selling, general and administrative expense | 73 | 73 | 154 | 154 | |||||||||||||||||||||||||
Depreciation and amortization expense | 258 | 233 | 494 | 466 | |||||||||||||||||||||||||
Impairment expense and loss (gain) on disposal of assets | (1) | — | (1) | 5 | |||||||||||||||||||||||||
Total operating costs and expenses | 2,871 | 1,465 | 4,897 | 2,828 | |||||||||||||||||||||||||
Income from operations | 146 | 937 | 1,210 | 2,283 | |||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (368) | (407) | (724) | (819) | |||||||||||||||||||||||||
Loss on modification or extinguishment of debt | (4) | (43) | (59) | (44) | |||||||||||||||||||||||||
Interest rate derivative loss, net | (2) | (25) | (1) | (233) | |||||||||||||||||||||||||
Other income, net | 4 | 5 | 10 | 14 | |||||||||||||||||||||||||
Total other expense | (370) | (470) | (774) | (1,082) | |||||||||||||||||||||||||
Income (loss) before income taxes and non-controlling interest | (224) | 467 | 436 | 1,201 | |||||||||||||||||||||||||
Less: income tax provision (benefit) | (93) | 63 | (4) | 194 | |||||||||||||||||||||||||
Net income (loss) | (131) | 404 | 440 | 1,007 | |||||||||||||||||||||||||
Less: net income attributable to non-controlling interest | 198 | 207 | 376 | 435 | |||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (329) | $ | 197 | $ | 64 | $ | 572 | |||||||||||||||||||||
Net income (loss) per share attributable to common stockholders—basic (1) | $ | (1.30) | $ | 0.78 | $ | 0.25 | $ | 2.27 | |||||||||||||||||||||
Net income (loss) per share attributable to common stockholders—diluted (1) | $ | (1.30) | $ | 0.78 | $ | 0.25 | $ | 2.26 | |||||||||||||||||||||
Weighted average number of common shares outstanding—basic | 253.5 | 252.1 | 253.2 | 252.6 | |||||||||||||||||||||||||
Weighted average number of common shares outstanding—diluted | 253.5 | 252.4 | 254.7 | 253.3 |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 1,806 | $ | 1,628 | |||||||
Restricted cash | 424 | 449 | |||||||||
Accounts and other receivables, net of current expected credit losses | 613 | 647 | |||||||||
Inventory | 363 | 292 | |||||||||
Current derivative assets | 178 | 32 | |||||||||
Other current assets | 281 | 121 | |||||||||
Total current assets | 3,665 | 3,169 | |||||||||
Property, plant and equipment, net of accumulated depreciation | 30,288 | 30,421 | |||||||||
Operating lease assets | 1,698 | 759 | |||||||||
Derivative assets | 96 | 376 | |||||||||
Goodwill | 77 | 77 | |||||||||
Deferred tax assets | 497 | 489 | |||||||||
Other non-current assets, net | 431 | 406 | |||||||||
Total assets | $ | 36,752 | $ | 35,697 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 83 | $ | 35 | |||||||
Accrued liabilities | 1,197 | 1,175 | |||||||||
Current debt, net of discount and debt issuance costs | 949 | 372 | |||||||||
Deferred revenue | 105 | 138 | |||||||||
Current operating lease liabilities | 365 | 161 | |||||||||
Current derivative liabilities | 822 | 313 | |||||||||
Other current liabilities | 5 | 2 | |||||||||
Total current liabilities | 3,526 | 2,196 | |||||||||
Long-term debt, net of premium, discount and debt issuance costs | 29,327 | 30,471 | |||||||||
Operating lease liabilities | 1,332 | 597 | |||||||||
Finance lease liabilities | 57 | 57 | |||||||||
Derivative liabilities | 145 | 151 | |||||||||
Other non-current liabilities | 8 | 7 | |||||||||
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; 275.0 million shares and 273.1 million shares issued at June 30, 2021 and December 31, 2020, respectively
|
1 | 1 | |||||||||
Treasury stock: 21.4 million shares and 20.8 million shares at June 30, 2021 and December 31, 2020, respectively, at cost
|
(915) | (872) | |||||||||
Additional paid-in-capital | 4,337 | 4,273 | |||||||||
Accumulated deficit | (3,529) | (3,593) | |||||||||
Total stockholders' deficit | (106) | (191) | |||||||||
Non-controlling interest | 2,463 | 2,409 | |||||||||
Total equity | 2,357 | 2,218 | |||||||||
Total liabilities and stockholders’ equity | $ | 36,752 | $ | 35,697 |
Three and Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
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, 2020 | 252.3 | $ | 1 | 20.8 | $ | (872) | $ | 4,273 | $ | (3,593) | $ | 2,409 | $ | 2,218 | |||||||||||||||||||||||||||||||||
Vesting of restricted stock units and performance stock units | 1.8 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 33 | — | — | 33 | |||||||||||||||||||||||||||||||||||||||
Issued shares withheld from employees related to share-based compensation, at cost | (0.6) | — | 0.6 | (42) | — | — | — | (42) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | — | — | 178 | 178 | |||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | (160) | (160) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 393 | — | 393 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 253.5 | 1 | 21.4 | (914) | 4,306 | (3,200) | 2,427 | 2,620 | |||||||||||||||||||||||||||||||||||||||
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 | — | — | — | (1) | — | — | — | (1) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | — | — | — | 198 | 198 | |||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | (162) | (162) | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (329) | — | (329) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 253.6 | $ | 1 | 21.4 | $ | (915) | $ | 4,337 | $ | (3,529) | $ | 2,463 | $ | 2,357 |
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | 440 | $ | 1,007 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization expense | 494 | 466 | |||||||||||||||
Share-based compensation expense | 63 | 57 | |||||||||||||||
Non-cash interest expense | 14 | 34 | |||||||||||||||
Amortization of debt issuance costs, premium and discount | 40 | 70 | |||||||||||||||
Reduction of right-of-use assets | 172 | 166 | |||||||||||||||
Loss on modification or extinguishment of debt | 59 | 44 | |||||||||||||||
Total losses (gains) on derivatives, net | 748 | (361) | |||||||||||||||
Net cash provided by (used for) settlement of derivative instruments | (111) | 117 | |||||||||||||||
Impairment expense and loss (gain) on disposal of assets | (1) | 5 | |||||||||||||||
Impairment expense and loss (income) on equity method investments | (8) | 1 | |||||||||||||||
Deferred taxes | (7) | 192 | |||||||||||||||
Repayment of paid-in-kind interest related to repurchase of convertible notes | (190) | — | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts and other receivables, net of current expected credit losses | 33 | (155) | |||||||||||||||
Inventory | (66) | 104 | |||||||||||||||
Other current assets | (163) | (37) | |||||||||||||||
Accounts payable and accrued liabilities | 88 | (369) | |||||||||||||||
Deferred revenue | (33) | (138) | |||||||||||||||
Operating lease liabilities | (173) | (145) | |||||||||||||||
Other, net | (26) | (30) | |||||||||||||||
Net cash provided by operating activities | 1,373 | 1,028 | |||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Property, plant and equipment | (440) | (983) | |||||||||||||||
Proceeds from sale of fixed assets | 68 | — | |||||||||||||||
Investment in equity method investment | — | (100) | |||||||||||||||
Other | (11) | (7) | |||||||||||||||
Net cash used in investing activities | (383) | (1,090) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Proceeds from issuances of debt | 2,184 | 2,597 | |||||||||||||||
Repayments of debt | (2,603) | (2,380) | |||||||||||||||
Debt issuance and other financing costs | (20) | (59) | |||||||||||||||
Debt modification or extinguishment costs | (41) | (40) | |||||||||||||||
Distributions to non-controlling interest | (322) | (310) | |||||||||||||||
Payments related to tax withholdings for share-based compensation | (43) | (41) | |||||||||||||||
Repurchase of common stock | — | (155) | |||||||||||||||
Other | 8 | — | |||||||||||||||
Net cash used in financing activities | (837) | (388) | |||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 153 | (450) | |||||||||||||||
Cash, cash equivalents and restricted cash—beginning of period | 2,077 | 2,994 | |||||||||||||||
Cash, cash equivalents and restricted cash—end of period | $ | 2,230 | $ | 2,544 |
June 30, | |||||||||||
2021 | |||||||||||
Cash and cash equivalents | $ | 1,806 | |||||||||
Restricted cash | 424 | ||||||||||
Total cash, cash equivalents and restricted cash | $ | 2,230 |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Restricted cash | ||||||||||||||
SPL Project | $ | 65 | $ | 97 | ||||||||||
CCL Project | 122 | 70 | ||||||||||||
Cash held by our subsidiaries that is restricted to Cheniere | 237 | 282 | ||||||||||||
Total restricted cash | $ | 424 | $ | 449 | ||||||||||
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Trade receivables | ||||||||||||||
SPL and CCL | $ | 405 | $ | 482 | ||||||||||
Cheniere Marketing | 123 | 113 | ||||||||||||
Other accounts receivable, net of current expected credit losses | 85 | 52 | ||||||||||||
Total accounts and other receivables, net of current expected credit losses | $ | 613 | $ | 647 |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Materials | $ | 162 | $ | 150 | ||||||||||
LNG in-transit | 102 | 88 | ||||||||||||
LNG | 61 | 27 | ||||||||||||
Natural gas | 36 | 26 | ||||||||||||
Other | 2 | 1 | ||||||||||||
Total inventory | $ | 363 | $ | 292 |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
LNG terminal | ||||||||||||||
LNG terminal and interconnecting pipeline facilities | $ | 30,598 | $ | 27,475 | ||||||||||
LNG site and related costs | 343 | 324 | ||||||||||||
LNG terminal construction-in-process | 2,650 | 5,378 | ||||||||||||
Accumulated depreciation | (3,413) | (2,935) | ||||||||||||
Total LNG terminal, net of accumulated depreciation | 30,178 | 30,242 | ||||||||||||
Fixed assets and other | ||||||||||||||
Computer and office equipment | 27 | 25 | ||||||||||||
Furniture and fixtures | 20 | 19 | ||||||||||||
Computer software | 120 | 117 | ||||||||||||
Leasehold improvements | 45 | 45 | ||||||||||||
Land | 1 | 59 | ||||||||||||
Other | 20 | 25 | ||||||||||||
Accumulated depreciation | (175) | (164) | ||||||||||||
Total fixed assets and other, net of accumulated depreciation | 58 | 126 | ||||||||||||
Assets under finance lease | ||||||||||||||
Tug vessels | 60 | 60 | ||||||||||||
Accumulated depreciation | (8) | (7) | ||||||||||||
Total assets under finance lease, net of accumulated depreciation | 52 | 53 | ||||||||||||
Property, plant and equipment, net of accumulated depreciation | $ | 30,288 | $ | 30,421 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Depreciation expense | $ | 258 | $ | 231 | $ | 492 | $ | 463 | ||||||||||||||||||||||||
Offsets to LNG terminal costs (1) | 36 | — | 227 | — |
Fair Value Measurements as of | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | (91) | $ | — | $ | (91) | $ | — | $ | (140) | $ | — | $ | (140) | |||||||||||||||||||||||||||||||
Liquefaction Supply Derivatives asset (liability) | (7) | 4 | (194) | (197) | 5 | (6) | 241 | 240 | |||||||||||||||||||||||||||||||||||||||
LNG Trading Derivatives asset (liability) | 20 | (226) | (195) | (401) | (3) | (131) | — | (134) | |||||||||||||||||||||||||||||||||||||||
FX Derivatives liability | — | (4) | — | (4) | — | (22) | — | (22) | |||||||||||||||||||||||||||||||||||||||
Net Fair Value Liability
(in millions) |
Valuation Approach | Significant Unobservable Input | Range of Significant Unobservable Inputs / Weighted Average (1) | |||||||||||||||||||||||
Physical Liquefaction Supply Derivatives | $(194) | Market approach incorporating present value techniques | Henry Hub basis spread |
$(0.573) - $0.385 / $(0.009)
|
||||||||||||||||||||||
Option pricing model | International LNG pricing spread, relative to Henry Hub (2) |
137% - 297% / 175%
|
||||||||||||||||||||||||
Physical LNG Trading Derivatives | $(195) | Market approach incorporating present value techniques | International LNG pricing spread, relative to Henry Hub or TTF, as applicable (2) |
$(3.108) - $7.078 / $5.161
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 131 | $ | 674 | $ | 241 | $ | 138 | ||||||||||||||||||||||||
Realized and mark-to-market gains (losses): | ||||||||||||||||||||||||||||||||
Included in cost of sales | (464) | (84) | (471) | 452 | ||||||||||||||||||||||||||||
Purchases and settlements: | ||||||||||||||||||||||||||||||||
Purchases | (58) | (4) | (187) | (3) | ||||||||||||||||||||||||||||
Settlements | 2 | 1 | 28 | (1) | ||||||||||||||||||||||||||||
Transfers into Level 3, net (1) | — | 3 | — | 4 | ||||||||||||||||||||||||||||
Balance, end of period | $ | (389) | $ | 590 | $ | (389) | $ | 590 | ||||||||||||||||||||||||
Change in unrealized gains (losses) relating to instruments still held at end of period | $ | (464) | $ | (84) | $ | (471) | $ | 452 |
Notional Amounts | ||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | Latest Maturity Date | Weighted Average Fixed Interest Rate Paid | Variable Interest Rate Received | ||||||||||||||||||||||||||||
CCH Interest Rate Derivatives | $4.6 billion | $4.6 billion | May 31, 2022 | 2.30% | One-month LIBOR | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
CCH Interest Rate Derivatives | $ | (2) | $ | (15) | $ | (1) | $ | (138) | ||||||||||||||||||||||||
CCH Interest Rate Forward Start Derivatives | — | (10) | — | (95) | ||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Liquefaction Supply Derivatives | LNG Trading Derivatives | Liquefaction Supply Derivatives | LNG Trading Derivatives | ||||||||||||||||||||
Notional amount, net (in TBtu) (1) | 10,631 | 14 | 10,483 | 20 | |||||||||||||||||||
Consolidated Statements of Operations Location (1) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
LNG Trading Derivatives | LNG revenues | $ | (379) | $ | (34) | $ | (441) | $ | 106 | ||||||||||||||||||||||||||
LNG Trading Derivatives | Cost of sales | 53 | 34 | 81 | — | ||||||||||||||||||||||||||||||
Liquefaction Supply Derivatives (2) | LNG revenues | — | (13) | 1 | (14) | ||||||||||||||||||||||||||||||
Liquefaction Supply Derivatives (2) | Cost of sales | (341) | (62) | (404) | 475 | ||||||||||||||||||||||||||||||
Consolidated Statements of Operations Location | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
FX Derivatives | LNG revenues | $ | (5) | $ | 2 | $ | 16 | $ | 27 | ||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
CCH Interest Rate Derivatives
|
Liquefaction Supply Derivatives (1)
|
LNG Trading Derivatives (2)
|
FX Derivatives
|
Total | |||||||||||||||||||||||||||||||
Consolidated Balance Sheets Location | |||||||||||||||||||||||||||||||||||
Current derivative assets | $ | — | $ | 53 | $ | 119 | $ | 6 | $ | 178 | |||||||||||||||||||||||||
Derivative assets | — | 96 | — | — | 96 | ||||||||||||||||||||||||||||||
Total derivative assets | — | 149 | 119 | 6 | 274 | ||||||||||||||||||||||||||||||
Current derivative liabilities | (91) | (201) | (520) | (10) | (822) | ||||||||||||||||||||||||||||||
Derivative liabilities | — | (145) | — | — | (145) | ||||||||||||||||||||||||||||||
Total derivative liabilities | (91) | (346) | (520) | (10) | (967) | ||||||||||||||||||||||||||||||
Derivative liability, net | $ | (91) | $ | (197) | $ | (401) | $ | (4) | $ | (693) | |||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
CCH Interest Rate Derivatives
|
Liquefaction Supply Derivatives (1)
|
LNG Trading Derivatives (2)
|
FX Derivatives
|
Total | |||||||||||||||||||||||||||||||
Consolidated Balance Sheets Location | |||||||||||||||||||||||||||||||||||
Current derivative assets | $ | — | $ | 27 | $ | — | $ | 5 | $ | 32 | |||||||||||||||||||||||||
Derivative assets | — | 376 | — | — | 376 | ||||||||||||||||||||||||||||||
Total derivative assets | — | 403 | — | 5 | 408 | ||||||||||||||||||||||||||||||
Current derivative liabilities | (100) | (54) | (134) | (25) | (313) | ||||||||||||||||||||||||||||||
Derivative liabilities | (40) | (109) | — | (2) | (151) | ||||||||||||||||||||||||||||||
Total derivative liabilities | (140) | (163) | (134) | (27) | (464) | ||||||||||||||||||||||||||||||
Derivative asset (liability), net | $ | (140) | $ | 240 | $ | (134) | $ | (22) | $ | (56) |
CCH Interest Rate Derivatives
|
Liquefaction Supply Derivatives
|
LNG Trading Derivatives
|
FX Derivatives
|
|||||||||||||||||||||||||||||
As of June 30, 2021 | ||||||||||||||||||||||||||||||||
Gross assets | $ | — | $ | 203 | $ | 131 | $ | 9 | ||||||||||||||||||||||||
Offsetting amounts | — | (54) | (12) | (3) | ||||||||||||||||||||||||||||
Net assets | $ | — | $ | 149 | $ | 119 | $ | 6 | ||||||||||||||||||||||||
Gross liabilities | $ | (91) | $ | (401) | $ | (614) | $ | (37) | ||||||||||||||||||||||||
Offsetting amounts | — | 55 | 94 | 27 | ||||||||||||||||||||||||||||
Net liabilities | $ | (91) | $ | (346) | $ | (520) | $ | (10) | ||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||
Gross assets | $ | — | $ | 452 | $ | — | $ | 6 | ||||||||||||||||||||||||
Offsetting amounts | — | (49) | — | (1) | ||||||||||||||||||||||||||||
Net assets | $ | — | $ | 403 | $ | — | $ | 5 | ||||||||||||||||||||||||
Gross liabilities | $ | (140) | $ | (184) | $ | (163) | $ | (62) | ||||||||||||||||||||||||
Offsetting amounts | — | 21 | 29 | 35 | ||||||||||||||||||||||||||||
Net liabilities | $ | (140) | $ | (163) | $ | (134) | $ | (27) | ||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Contract assets, net of current expected credit losses | $ | 105 | $ | 80 | ||||||||||
Advances made to municipalities for water system enhancements | 82 | 84 | ||||||||||||
Equity method investments | 88 | 81 | ||||||||||||
Advances and other asset conveyances to third parties to support LNG terminals | 69 | 60 | ||||||||||||
Debt issuance costs and debt discount, net of accumulated amortization | 30 | 42 | ||||||||||||
Advances made under EPC and non-EPC contracts | 2 | 9 | ||||||||||||
Advance tax-related payments and receivables | 18 | 20 | ||||||||||||
Other | 37 | 30 | ||||||||||||
Total other non-current assets, net | $ | 431 | $ | 406 |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 1,239 | $ | 1,210 | ||||||||||
Restricted cash | 65 | 97 | ||||||||||||
Accounts and other receivables, net of current expected credit losses | 285 | 318 | ||||||||||||
Other current assets | 236 | 182 | ||||||||||||
Total current assets | 1,825 | 1,807 | ||||||||||||
Property, plant and equipment, net of accumulated depreciation | 16,789 | 16,723 | ||||||||||||
Other non-current assets, net | 289 | 287 | ||||||||||||
Total assets | $ | 18,903 | $ | 18,817 | ||||||||||
LIABILITIES | ||||||||||||||
Current liabilities | ||||||||||||||
Accrued liabilities | $ | 649 | $ | 658 | ||||||||||
Current debt, net of premium, discount and debt issuance costs | 654 | — | ||||||||||||
Other current liabilities | 154 | 171 | ||||||||||||
Total current liabilities | 1,457 | 829 | ||||||||||||
Long-term debt, net of premium, discount and debt issuance costs | 16,935 | 17,580 | ||||||||||||
Other non-current liabilities | 95 | 126 | ||||||||||||
Total liabilities | $ | 18,487 | $ | 18,535 | ||||||||||
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Interest costs and related debt fees | $ | 236 | $ | 245 | ||||||||||
Accrued natural gas purchases | 559 | 576 | ||||||||||||
LNG terminals and related pipeline costs | 169 | 147 | ||||||||||||
Compensation and benefits | 69 | 123 | ||||||||||||
Accrued LNG inventory | 49 | 4 | ||||||||||||
Other accrued liabilities | 115 | 80 | ||||||||||||
Total accrued liabilities | $ | 1,197 | $ | 1,175 |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Long-term debt: | ||||||||||||||
SPL — 4.200% to 6.25% senior secured notes due between March 2022 and September 2037 and working capital facility (“2020 SPL Working Capital Facility”)
|
$ | 12,994 | $ | 13,650 | ||||||||||
Cheniere Partners — 4.000% to 5.625% senior notes due between October 2025 and March 2031 and credit facilities (“2019 CQP Credit Facilities”)
|
4,100 | 4,100 | ||||||||||||
CCH — 3.52% to 7.000% senior secured notes due between June 2024 and December 2039 and CCH Credit Facility
|
10,216 | 10,217 | ||||||||||||
Cheniere — 4.625% senior secured notes due October 2028 (the “2028 Cheniere Senior Notes”), convertible notes, revolving credit facility (“Cheniere Revolving Credit Facility”) and term loan facility (“Cheniere Term Loan Facility”)
|
2,625 | 3,145 | ||||||||||||
Unamortized premium, discount and debt issuance costs, net of accumulated amortization | (608) | (641) | ||||||||||||
Total long-term debt, net of premium, discount and debt issuance costs | 29,327 | 30,471 | ||||||||||||
Current debt: | ||||||||||||||
SPL — current portion of 6.25% senior secured notes due March 2022 (“2022 SPL Senior Notes”) (1)
|
656 | — | ||||||||||||
CCH — $1.2 billion CCH working capital facility (“CCH Working Capital Facility”) and current portion of CCH Credit Facility
|
132 | 271 | ||||||||||||
Cheniere Marketing — trade finance facilities and letter of credit facility
|
30 | — | ||||||||||||
Cheniere — current portion of the 4.875% convertible unsecured notes due May 2021 (“2021 Cheniere Convertible Notes”) and Cheniere Revolving Credit Facility (2)
|
134 | 104 | ||||||||||||
Unamortized discount and debt issuance costs, net of accumulated amortization | (3) | (3) | ||||||||||||
Total current debt, net of discount and debt issuance costs | 949 | 372 | ||||||||||||
Total debt, net of premium, discount and debt issuance costs | $ | 30,276 | $ | 30,843 |
Issuances | Principal Amount Issued | |||||||
Three Months Ended March 31, 2021 | ||||||||
Cheniere Partners — 4.000% Senior Notes due 2031 (the “2031 CQP Senior Notes”) (1)
|
$ | 1,500 | ||||||
Three Months Ended June 30, 2021 | ||||||||
Cheniere — Cheniere Term Loan Facility (2)
|
220 | |||||||
Cheniere — Cheniere Revolving Credit Facility
|
134 | |||||||
Six Months Ended June 30, 2021 total
|
$ | 1,854 | ||||||
Redemptions and Repayments | Principal Amount Redeemed/Repaid | |||||||
Three Months Ended March 31, 2021 | ||||||||
Cheniere Partners — 5.250% Senior Notes due 2025 (the “2025 CQP Senior Notes”) (1)
|
$ | 1,500 | ||||||
Cheniere — Cheniere Term Loan Facility (3)
|
148 | |||||||
Three Months Ended June 30, 2021 | ||||||||
Cheniere — 2021 Cheniere Convertible Notes (2)
|
476 | |||||||
Cheniere — Cheniere Term Loan Facility (3)
|
220 | |||||||
Six Months Ended June 30, 2021 total | $ | 2,344 |
2020 SPL Working Capital Facility (1) | 2019 CQP Credit Facilities | CCH Credit Facility | CCH Working Capital Facility | Cheniere Revolving Credit Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Original facility size | $ | 1,200 | $ | 1,500 | $ | 8,404 | $ | 350 | $ | 750 | ||||||||||||||||||||||||||||||||||||||||||||||
Incremental commitments | — | — | 1,566 | 850 | 500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance | — | — | 2,627 | — | 134 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments prepaid or terminated | — | 750 | 7,343 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit issued | 396 | — | — | 293 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Available commitment | $ | 804 | $ | 750 | $ | — | $ | 907 | $ | 1,116 | ||||||||||||||||||||||||||||||||||||||||||||||
Priority ranking | Senior secured | Senior secured | Senior secured | Senior secured | Senior secured | |||||||||||||||||||||||||||||||||||||||||||||||||||
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%
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate of outstanding balance | n/a | n/a | 1.85% | n/a | 1.82% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | March 19, 2025 | May 29, 2024 | June 30, 2024 | June 29, 2023 | December 13, 2022 |
2045 Cheniere Convertible Senior Notes | ||||||||||||||||||||
Aggregate original principal | $ | 625 | ||||||||||||||||||
Debt component, net of discount and debt issuance costs | $ | 319 | ||||||||||||||||||
Equity component | $ | 194 | ||||||||||||||||||
Interest payment method | Cash | |||||||||||||||||||
Conversion by us (1) | (2) | |||||||||||||||||||
Conversion by holders (1) | (3) | |||||||||||||||||||
Conversion basis | Cash and/or stock | |||||||||||||||||||
Conversion value in excess of principal | $ | — | ||||||||||||||||||
Maturity date | March 15, 2045 | |||||||||||||||||||
Contractual interest rate | 4.25 | % | ||||||||||||||||||
Effective interest rate (4) | 9.4 | % | ||||||||||||||||||
Remaining debt discount and debt issuance costs amortization period (5) | 23.7 years |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Interest cost on convertible notes: | ||||||||||||||||||||||||||||||||
Interest per contractual rate | $ | 11 | $ | 57 | $ | 23 | $ | 120 | ||||||||||||||||||||||||
Amortization of debt discount | 3 | 20 | 8 | 34 | ||||||||||||||||||||||||||||
Amortization of debt issuance costs | — | 4 | — | 7 | ||||||||||||||||||||||||||||
Total interest cost related to convertible notes | 14 | 81 | 31 | 161 | ||||||||||||||||||||||||||||
Interest cost on debt and finance leases excluding convertible notes | 387 | 388 | 787 | 779 | ||||||||||||||||||||||||||||
Total interest cost | 401 | 469 | 818 | 940 | ||||||||||||||||||||||||||||
Capitalized interest | (33) | (62) | (94) | (121) | ||||||||||||||||||||||||||||
Total interest expense, net of capitalized interest | $ | 368 | $ | 407 | $ | 724 | $ | 819 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Carrying
Amount |
Estimated
Fair Value |
Carrying
Amount |
Estimated
Fair Value |
|||||||||||||||||||||||
Senior notes — Level 2 (1)
|
$ | 24,700 | $ | 27,503 | $ | 24,700 | $ | 27,897 | ||||||||||||||||||
Senior notes — Level 3 (2)
|
2,771 | 3,350 | 2,771 | 3,423 | ||||||||||||||||||||||
Credit facilities — Level 3 (3) | 2,791 | 2,791 | 2,915 | 2,915 | ||||||||||||||||||||||
2021 Cheniere Convertible Notes — Level 3 (2) | — | — | 476 | 480 | ||||||||||||||||||||||
2045 Cheniere Convertible Senior Notes — Level 1 (4) | 625 | 527 | 625 | 496 |
June 30, | December 31, | ||||||||||||||||
Consolidated Balance Sheets Location | 2021 | 2020 | |||||||||||||||
Right-of-use assets—Operating | Operating lease assets | $ | 1,698 | $ | 759 | ||||||||||||
Right-of-use assets—Financing | Property, plant and equipment, net of accumulated depreciation | 52 | 53 | ||||||||||||||
Total right-of-use assets | $ | 1,750 | $ | 812 | |||||||||||||
Current operating lease liabilities | Current operating lease liabilities | $ | 365 | $ | 161 | ||||||||||||
Current finance lease liabilities | Other current liabilities | 2 | 2 | ||||||||||||||
Non-current operating lease liabilities | Operating lease liabilities | 1,332 | 597 | ||||||||||||||
Non-current finance lease liabilities | Finance lease liabilities | 57 | 57 | ||||||||||||||
Total lease liabilities | $ | 1,756 | $ | 817 |
Consolidated Statements of Operations Location | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Operating lease cost (a) | Operating costs and expenses (1) | $ | 145 | $ | 98 | $ | 296 | $ | 239 | ||||||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||||||||||||||
Amortization of right-of-use assets | Depreciation and amortization expense | 1 | 1 | 2 | 2 | ||||||||||||||||||||||||||||||
Interest on lease liabilities | Interest expense, net of capitalized interest | 3 | 3 | 5 | 5 | ||||||||||||||||||||||||||||||
Total lease cost | $ | 149 | $ | 102 | $ | 303 | $ | 246 | |||||||||||||||||||||||||||
(a) Included in operating lease cost: | |||||||||||||||||||||||||||||||||||
Short-term lease costs | $ | 30 | $ | 16 | $ | 81 | $ | 51 | |||||||||||||||||||||||||||
Variable lease costs | 11 | 4 | 13 | 9 |
Years Ending December 31, | Operating Leases (1) | Finance Leases | |||||||||
2021 | $ | 227 | $ | 5 | |||||||
2022 | 397 | 10 | |||||||||
2023 | 358 | 10 | |||||||||
2024 | 313 | 10 | |||||||||
2025 | 213 | 10 | |||||||||
Thereafter | 448 | 127 | |||||||||
Total lease payments | 1,956 | 172 | |||||||||
Less: Interest | (259) | (113) | |||||||||
Present value of lease liabilities | $ | 1,697 | $ | 59 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||||||||||||
Weighted-average remaining lease term (in years) | 6.4 | 17.2 | 8.2 | 17.7 | |||||||||||||||||||
Weighted-average discount rate (1) | 4.1% | 16.2% | 5.4% | 16.2% |
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows used in operating leases | $ | 201 | $ | 157 | |||||||||||||
Operating cash flows used in finance leases | 5 | 5 | |||||||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | 1,112 | 246 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Fixed income | $ | 8 | $ | 15 | $ | 11 | $ | 52 | ||||||||||||||||||||||||
Variable income | 5 | 8 | 6 | 23 | ||||||||||||||||||||||||||||
Total sublease income | $ | 13 | $ | 23 | $ | 17 | $ | 75 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
LNG revenues (1) | $ | 3,297 | $ | 2,340 | $ | 6,336 | $ | 4,744 | ||||||||||||||||||||||||
Regasification revenues | 67 | 68 | 134 | 135 | ||||||||||||||||||||||||||||
Other revenues | 24 | 16 | 44 | 38 | ||||||||||||||||||||||||||||
Total revenues from customers | 3,388 | 2,424 | 6,514 | 4,917 | ||||||||||||||||||||||||||||
Net derivative gain (loss) (2) | (384) | (45) | (424) | 119 | ||||||||||||||||||||||||||||
Other (3) | 13 | 23 | 17 | 75 | ||||||||||||||||||||||||||||
Total revenues | $ | 3,017 | $ | 2,402 | $ | 6,107 | $ | 5,111 |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Contract assets, net of current expected credit losses | $ | 109 | $ | 80 |
Six Months Ended June 30, 2021 | ||||||||||||||
Deferred revenue, beginning of period | $ | 138 | ||||||||||||
Cash received but not yet recognized in revenue | 105 | |||||||||||||
Revenue recognized from prior period deferral | (138) | |||||||||||||
Deferred revenue, end of period | $ | 105 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Unsatisfied Transaction Price (in billions) | Weighted Average Recognition Timing (years) (1) | Unsatisfied Transaction Price (in billions) | Weighted Average Recognition Timing (years) (1) | |||||||||||||||||||||||
LNG revenues | $ | 101.1 | 10 | $ | 102.3 | 10 | ||||||||||||||||||||
Regasification revenues | 2.0 | 4 | 2.1 | 5 | ||||||||||||||||||||||
Total revenues | $ | 103.1 | $ | 104.4 |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Current derivative assets | $ | 4 | $ | 3 | |||||||
Derivative assets | 7 | 1 | |||||||||
Notional amount (in TBtu) | 132 | 60 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Cost of sales (a) | $ | 36 | $ | 25 | $ | 71 | $ | 48 | |||||||||||||||||||||
(a) Included in costs of sales: | |||||||||||||||||||||||||||||
Liquefaction Supply Derivative gain
|
$ | 6 | $ | 1 | $ | 7 | $ | 2 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Share-based compensation costs, pre-tax: | ||||||||||||||||||||||||||||||||
Equity awards | $ | 31 | $ | 31 | $ | 64 | $ | 60 | ||||||||||||||||||||||||
Liability awards | 1 | 1 | 2 | 1 | ||||||||||||||||||||||||||||
Total share-based compensation | 32 | 32 | 66 | 61 | ||||||||||||||||||||||||||||
Capitalized share-based compensation | (1) | (3) | (3) | (4) | ||||||||||||||||||||||||||||
Total share-based compensation expense | $ | 31 | $ | 29 | $ | 63 | $ | 57 | ||||||||||||||||||||||||
Tax benefit associated with share-based compensation expense | $ | 1 | $ | 1 | $ | 27 | $ | 19 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (329) | $ | 197 | $ | 64 | $ | 572 | ||||||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 253.5 | 252.1 | 253.2 | 252.6 | ||||||||||||||||||||||||||||
Dilutive unvested stock | — | 0.3 | 1.5 | 0.7 | ||||||||||||||||||||||||||||
Diluted | 253.5 | 252.4 | 254.7 | 253.3 | ||||||||||||||||||||||||||||
Net income (loss) per share attributable to common stockholders—basic (1) | $ | (1.30) | $ | 0.78 | $ | 0.25 | $ | 2.27 | ||||||||||||||||||||||||
Net income (loss) per share attributable to common stockholders—diluted (1) | $ | (1.30) | $ | 0.78 | $ | 0.25 | $ | 2.26 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Unvested stock (1) | 1.5 | 2.8 | — | 2.5 | ||||||||||||||||||||||||||||
2045 Cheniere Convertible Senior Notes | 4.5 | 4.5 | 4.5 | 4.5 | ||||||||||||||||||||||||||||
Total potentially dilutive common shares | 6.0 | 7.3 | 4.5 | 7.0 |
Percentage of Total Revenues from External Customers | Percentage of Accounts Receivable, Net and Contract Assets, Net from External Customers | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | June 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Customer A | 14% | 15% | 15% | 15% | * | 14% | ||||||||||||||||||||||||||||||||||||||
Customer B | 12% | 12% | 12% | 10% | * | 12% | ||||||||||||||||||||||||||||||||||||||
Customer C | * | 10% | 11% | * | * | * | ||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Cash paid during the period for interest on debt, net of amounts capitalized | $ | 675 | $ | 750 | ||||||||||||||||
Cash paid for income taxes, net of refunds | 1 | 1 | ||||||||||||||||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||
(in TBtu) | Operational | Commissioning | Operational | Commissioning | |||||||||||||||||||
Volumes loaded during the current period | 499 | — | 947 | 28 | |||||||||||||||||||
Volumes loaded during the prior period but recognized during the current period | 32 | 6 | 26 | 3 | |||||||||||||||||||
Less: volumes loaded during the current period and in transit at the end of the period | (23) | — | (23) | — | |||||||||||||||||||
Total volumes recognized in the current period | 508 | 6 | 950 | 31 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (329) | $ | 197 | $ | (526) | $ | 64 | $ | 572 | $ | (508) | |||||||||||||||||||||||||||||||||||
Net income (loss) per share attributable to common stockholders—basic | (1.30) | 0.78 | (2.08) | 0.25 | 2.27 | (2.02) | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share attributable to common stockholders—diluted | (1.30) | 0.78 | (2.08) | 0.25 | 2.26 | (2.01) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||
LNG revenues | $ | 2,913 | $ | 2,295 | $ | 618 | $ | 5,912 | $ | 4,863 | $ | 1,049 | |||||||||||||||||||||||||||||||||||
Regasification revenues | 67 | 68 | (1) | 134 | 135 | (1) | |||||||||||||||||||||||||||||||||||||||||
Other revenues | 37 | 39 | (2) | 61 | 113 | (52) | |||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 3,017 | $ | 2,402 | $ | 615 | $ | 6,107 | $ | 5,111 | $ | 996 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
LNG revenues (in millions):
|
|||||||||||||||||||||||||||||
LNG from the Liquefaction Projects sold under third party long-term agreements (1) | $ | 2,482 | $ | 1,244 | $ | 4,801 | $ | 3,151 | |||||||||||||||||||||
LNG from the Liquefaction Projects sold by our integrated marketing function under short-term agreements | 683 | 150 | 1,202 | 475 | |||||||||||||||||||||||||
LNG procured from third parties | 88 | 132 | 185 | 203 | |||||||||||||||||||||||||
LNG revenues associated with cargoes not delivered per customer notification (2) | — | 708 | — | 761 | |||||||||||||||||||||||||
Other revenues and net derivative gains (losses) | (340) | 61 | (276) | 273 | |||||||||||||||||||||||||
Total LNG revenues | $ | 2,913 | $ | 2,295 | $ | 5,912 | $ | 4,863 | |||||||||||||||||||||
Volumes delivered as LNG revenues (in TBtu):
|
|||||||||||||||||||||||||||||
LNG from the Liquefaction Projects sold under third party long-term agreements (1) | 403 | 253 | 784 | 619 | |||||||||||||||||||||||||
LNG from the Liquefaction Projects sold by our integrated marketing function under short-term agreements | 105 | 52 | 166 | 145 | |||||||||||||||||||||||||
LNG procured from third parties | 14 | 34 | 28 | 48 | |||||||||||||||||||||||||
Total volumes delivered as LNG revenues | 522 | 339 | 978 | 812 | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | $ | 2,154 | $ | 803 | $ | 1,351 | $ | 3,540 | $ | 1,527 | $ | 2,013 | |||||||||||||||||||||||||||||||||||
Operating and maintenance expense | 385 | 355 | 30 | 707 | 671 | 36 | |||||||||||||||||||||||||||||||||||||||||
Development expense | 2 | 1 | 1 | 3 | 5 | (2) | |||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 73 | 73 | — | 154 | 154 | — | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 258 | 233 | 25 | 494 | 466 | 28 | |||||||||||||||||||||||||||||||||||||||||
Impairment expense and loss (gain) on disposal of assets | (1) | — | (1) | (1) | 5 | (6) | |||||||||||||||||||||||||||||||||||||||||
Total operating costs and expenses | $ | 2,871 | $ | 1,465 | $ | 1,406 | $ | 4,897 | $ | 2,828 | $ | 2,069 | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 368 | $ | 407 | $ | (39) | $ | 724 | $ | 819 | $ | (95) | |||||||||||||||||||||||||||||||||||
Loss on modification or extinguishment of debt | 4 | 43 | (39) | 59 | 44 | 15 | |||||||||||||||||||||||||||||||||||||||||
Interest rate derivative loss, net | 2 | 25 | (23) | 1 | 233 | (232) | |||||||||||||||||||||||||||||||||||||||||
Other income, net | (4) | (5) | 1 | (10) | (14) | 4 | |||||||||||||||||||||||||||||||||||||||||
Total other expense | $ | 370 | $ | 470 | $ | (100) | $ | 774 | $ | 1,082 | $ | (308) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and non-controlling interest | $ | (224) | $ | 467 | $ | (691) | $ | 436 | $ | 1,201 | $ | (765) | |||||||||||||||||||||||||||||||||||
Income tax provision (benefit) | (93) | 63 | (156) | (4) | 194 | (198) | |||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 41.5 | % | 13.5 | % | (0.9) | % | 16.2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | $ | 198 | $ | 207 | $ | (9) | $ | 376 | $ | 435 | $ | (59) |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Cash and cash equivalents (1) | $ | 1,806 | $ | 1,628 | |||||||
Restricted cash designated for the following purposes: | |||||||||||
SPL Project | 65 | 97 | |||||||||
CCL Project | 122 | 70 | |||||||||
Other | 237 | 282 | |||||||||
Available commitments under the following credit facilities: | |||||||||||
$1.2 billion Working Capital Revolving Credit and Letter of Credit Reimbursement Agreement (the “2020 SPL Working Capital Facility”)
|
804 | 787 | |||||||||
CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”) | 750 | 750 | |||||||||
$1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) | 907 | 767 | |||||||||
$1.25 billion Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”)
|
1,116 | 1,126 | |||||||||
Cheniere Term Loan Facility | — | 372 |
SPL Train 6 | |||||||||||
Overall project completion percentage | 89.6% | ||||||||||
Completion percentage of: | |||||||||||
Engineering | 99.7% | ||||||||||
Procurement | 99.9% | ||||||||||
Subcontract work | 70.2% | ||||||||||
Construction | 79.3% | ||||||||||
Date of expected substantial completion | 1H 2022 |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Senior notes (1) | $ | 17,750 | $ | 17,750 | ||||||||||
Letters of credit issued (2) | 396 | 413 | ||||||||||||
Available commitments under credit facilities (2) | 1,554 | 1,537 | ||||||||||||
Total capital resources from borrowings and available commitments (3) | $ | 19,700 | $ | 19,700 |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Senior notes (1) | $ | 7,721 | $ | 7,721 | ||||||||||
Credit facilities outstanding balance (2) | 2,627 | 2,767 | ||||||||||||
Letters of credit issued (2) | 293 | 293 | ||||||||||||
Available commitments under credit facilities (2) | 907 | 767 | ||||||||||||
Total capital resources from borrowings and available commitments (3) | $ | 11,548 | $ | 11,548 |
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Sources of cash, cash equivalents and restricted cash: | |||||||||||||||||
Net cash provided by operating activities | $ | 1,373 | $ | 1,028 | |||||||||||||
Proceeds from sale of fixed assets | 68 | — | |||||||||||||||
Proceeds from issuances of debt | 2,184 | 2,597 | |||||||||||||||
Other | 8 | — | |||||||||||||||
$ | 3,633 | $ | 3,625 | ||||||||||||||
Uses of cash, cash equivalents and restricted cash: | |||||||||||||||||
Property, plant and equipment | $ | (440) | $ | (983) | |||||||||||||
Investment in equity method investment | — | (100) | |||||||||||||||
Repayments of debt | (2,603) | (2,380) | |||||||||||||||
Debt issuance and other financing costs | (20) | (59) | |||||||||||||||
Debt modification or extinguishment costs | (41) | (40) | |||||||||||||||
Distributions to non-controlling interest | (322) | (310) | |||||||||||||||
Payments related to tax withholdings for share-based compensation | (43) | (41) | |||||||||||||||
Repurchase of common stock | — | (155) | |||||||||||||||
Other | (11) | (7) | |||||||||||||||
(3,480) | (4,075) | ||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 153 | $ | (450) |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Fair Value | Change in Fair Value | Fair Value | Change in Fair Value | ||||||||||||||||||||
Liquefaction Supply Derivatives | $ | (197) | $ | 246 | $ | 240 | $ | 204 | |||||||||||||||
LNG Trading Derivatives | (401) | 49 | (134) | 44 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Fair Value | Change in Fair Value | Fair Value | Change in Fair Value | ||||||||||||||||||||
CCH Interest Rate Derivatives | $ | (91) | $ | 1 | $ | (140) | $ | 1 | |||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Fair Value | Change in Fair Value | Fair Value | Change in Fair Value | ||||||||||||||||||||
FX Derivatives | $ | (4) | $ | — | $ | (22) | $ | 2 |
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) | ||||||||||||||||||||||
April 1 - 30, 2021 | 4,734 | $72.83 | — | $595,952,809 | ||||||||||||||||||||||
May 1 - 31, 2021 | 2,624 | $77.52 | — | $595,952,809 | ||||||||||||||||||||||
June 1 - 30, 2021 | — | $— | — | $595,952,809 | ||||||||||||||||||||||
Total
|
7,358 | $74.50 | — |
* | Filed herewith. | ||||
** | Furnished herewith. | ||||
† | Management contract or compensatory plan or arrangement. |
CHENIERE ENERGY, INC. | |||||||||||
Date: | August 4, 2021 | By: | /s/ Zach Davis | ||||||||
Zach Davis | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(on behalf of the registrant and
as principal financial officer) |
|||||||||||
Date: | August 4, 2021 | 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, INC. | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
By: | ||||||||
Address: | ||||||||
CHENIERE CORPUS CHRISTI HOLDINGS, LLC, as the Company
|
||||||||
By: | /s/ Lisa C. Cohen | |||||||
Name: | Lisa C. Cohen | |||||||
Title: | Treasurer |
CORPUS CHRISTI LIQUEFACTION, LLC, as Guarantor
|
||||||||
By: | /s/ Lisa C. Cohen | |||||||
Name: | Lisa C. Cohen | |||||||
Title: | Treasurer |
CHENIERE CORPUS CHRISTI PIPELINE, L.P., as Guarantor
|
||||||||
By: | /s/ Lisa C. Cohen | |||||||
Name: | Lisa C. Cohen | |||||||
Title: | Treasurer |
CORPUS CHRISTI PIPELINE GP, LLC, as Guarantor
|
||||||||
By: | /s/ Lisa C. Cohen | |||||||
Name: | Lisa C. Cohen | |||||||
Title: | Treasurer |
SOCIÉTÉ GÉNÉRALE,
as Security Trustee
|
|||||
By: | /s/ Karla Navas | ||||
Name: | Karla Navas | ||||
Title: | Vice President |
SOCIÉTÉ GÉNÉRALE,
as Intercreditor Agent, on its own behalf and on behalf of the Intercreditor Parties, solely for purposes of consenting to the Security Trustee’s execution of the amendment pursuant to Section 7.2(a)(i) of the Common Security and Account Agreement
|
|||||
By: | /s/ Karla Navas | ||||
Name: | Karla Navas | ||||
Title: | Vice President |
CHENIERE CORPUS CHRISTI HOLDINGS, LLC, as the Borrower
|
||||||||
By: | /s/ Lisa C. Cohen | |||||||
Name: | Lisa C. Cohen | |||||||
Title: | Treasurer |
CORPUS CHRISTI LIQUEFACTION, LLC, as Guarantor
|
||||||||
By: | /s/ Lisa C. Cohen | |||||||
Name: | Lisa C. Cohen | |||||||
Title: | Treasurer |
CHENIERE CORPUS CHRISTI PIPELINE, L.P., as Guarantor
|
||||||||
By: | /s/ Lisa C. Cohen | |||||||
Name: | Lisa C. Cohen | |||||||
Title: | Treasurer |
CORPUS CHRISTI PIPELINE GP, LLC, as Guarantor
|
||||||||
By: | /s/ Lisa C. Cohen | |||||||
Name: | Lisa C. Cohen | |||||||
Title: | Treasurer |
SOCIÉTÉ GÉNÉRALE,
as Intercreditor Agent on behalf of itself, each Facility Agent and the Requisite Intercreditor Parties
|
|||||
By: | /s/ Karla Navas | ||||
Name: | Karla Navas | ||||
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-00043
DATE OF CHANGE ORDER: April 9, 2021
|
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, 28-29, 31-32, 34-35, 38, 41-42) | $ | 12,798,754 | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was | $ | 2,029,691,327 | ||||||||
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 | $ | 2,029,691,327 |
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, 30-31, 33, 36-37, 39-40) | $ | (6,158,350) | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was | $ | 451,537,650 | ||||||||
10. | The Contract Price Applicable to Subproject 6(b) will be increased by this Change Order | $ | 1,590,204 | ||||||||
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 | $ | 453,127,854 |
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) | $ | 2,481,228,977 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 1,590,204 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15) | $ | 2,482,819,181 |
/s/ David Craft | /s/ Kane McIntosh | |||||||
Owner | Contractor | |||||||
David Craft | Kane McIntosh | |||||||
Name | Name | |||||||
SVP E&C | Senior Project Manager | |||||||
Title | Title | |||||||
April 20, 2021 | April 9, 2021 | |||||||
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-00044
DATE OF CHANGE ORDER: April 9, 2021
|
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, 28-29, 31-32, 34-35, 38, 41-42) | $ | 12,798,754 | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was | $ | 2,029,691,327 | ||||||||
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 | $ | 2,029,691,327 |
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, 30-31, 33, 36-37, 39-40, 43) | $ | (4,568,146) | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was | $ | 453,127,854 | ||||||||
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 | $ | (371,000) | ||||||||
12. | The Contract Price Applicable to Subproject 6(b) including this Change Order will be | $ | 452,756,854 |
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) | $ | 2,482,819,181 | ||||||||
15. | The Contract Price will be decreased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | (371,000) | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15) | $ | 2,482,448,181 |
/s/ David Craft | /s/ Kane McIntosh | |||||||
Owner | Contractor | |||||||
David Craft | Kane McIntosh | |||||||
Name | Name | |||||||
SVP E&C | Senior Project Manager | |||||||
Title | Title | |||||||
April 21, 2021 | April 9, 2021 | |||||||
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-00045
DATE OF CHANGE ORDER: April 9, 2021
|
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, 28-29, 31-32, 34-35, 38, 41-42) | $ | 12,798,754 | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was | $ | 2,029,691,327 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of | $ | 1,095,477 | ||||||||
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 | $ | 2,030,786,804 |
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, 30-31, 33, 36-37, 39-40, 43-44) | $ | (4,939,146) | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was | $ | 452,756,854 | ||||||||
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 | $ | 452,756,854 |
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).................................................... | $ | 2,482,448,181 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 1,095,477 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,483,543,658 |
/s/ David Craft | /s/ Kane McIntosh | |||||||
Owner | Contractor | |||||||
David Craft | Kane McIntosh | |||||||
Name | Name | |||||||
SVP E&C | Senior Project Manager | |||||||
Title | Title | |||||||
April 21, 2021 | April 9, 2021 | |||||||
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-00046
DATE OF CHANGE ORDER: June 15, 2021
|
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, 28-29, 31-32, 34-35, 38, 41-42, 45) | $ | 13,894,231 | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was | $ | 2,030,786,804 | ||||||||
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 increased by this Change Order in the amount of | $ | 21,049 | ||||||||
6. | The Contract Price Applicable to Subproject 6(a) including this Change Order will be | $ | 2,030,807,853 |
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, 30-31, 33, 36-37, 39-40, 43-44) | $ | (4,939,146) | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was | $ | 452,756,854 | ||||||||
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 | $ | 452,756,854 |
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).................................................... | $ | 2,483,543,658 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 21,049 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,483,564,707 |
/s/ David Craft | /s/ Kane McIntosh | |||||||
Owner | Contractor | |||||||
David Craft | Kane McIntosh | |||||||
Name | Name | |||||||
SVP E&C | Project Manager | |||||||
Title | Title | |||||||
June 17, 2021 | June 15, 2021 | |||||||
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-00047
DATE OF CHANGE ORDER: June 15, 2021
|
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, 28-29, 31-32, 34-35, 38, 41-42, 45-46) | $ | 13,915,280 | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was | $ | 2,030,807,853 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of | $ | 1,033,706 | ||||||||
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 | $ | 2,031,841,559 |
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, 30-31, 33, 36-37, 39-40, 43-44) | $ | (4,939,146) | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was | $ | 452,756,854 | ||||||||
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 | $ | 452,756,854 |
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).................................................... | $ | 2,483,564,707 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 1,033,706 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15)................................ | $ | 2,484,598,413 |
/s/ David Craft | /s/ Kane McIntosh | |||||||
Owner | Contractor | |||||||
David Craft | Kane McIntosh | |||||||
Name | Name | |||||||
SVP E&C | Project Manager | |||||||
Title | Title | |||||||
June 17, 2021 | June 15, 2021 | |||||||
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-00048
DATE OF CHANGE ORDER: June 15, 2021
|
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, 28-29, 31-32, 34-35, 38, 41-42, 45-47) | $ | 14,948,986 | ||||||||
3. | The Contract Price Applicable to Subproject 6(a) prior to this Change Order was | $ | 2,031,841,559 | ||||||||
4. | The Contract Price Applicable to Subproject 6(a) will be increased by this Change Order in the amount of | $ | 600,743 | ||||||||
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 | $ | 2,032,442,302 |
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, 30-31, 33, 36-37, 39-40, 43-44) | $ | (4,939,146) | ||||||||
9. | The Contract Price Applicable to Subproject 6(b) prior to this Change Order was | $ | 452,756,854 | ||||||||
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 | $ | 452,756,854 |
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) | $ | 2,484,598,413 | ||||||||
15. | The Contract Price will be increased by this Change Order in the amount of (add lines 4, 5, 10 and 11) | $ | 600,743 | ||||||||
16. | The new Contract Price including this Change Order will be (add lines 14 and 15) | $ | 2,485,199,156 |
/s/ David Craft | /s/ Kane McIntosh | |||||||
Owner | Contractor | |||||||
David Craft | Kane McIntosh | |||||||
Name | Name | |||||||
SVP E&C | Project Manager | |||||||
Title | Title | |||||||
June 17, 2021 | June 15, 2021 | |||||||
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. |