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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number 001-16383
colorlogoonwhitecmyka57.gif
CHENIERE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware95-4352386
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713375-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $ 0.003 par valueLNGNYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No   
As of July 27, 2023, the issuer had 240,623,212 shares of Common Stock outstanding.




CHENIERE ENERGY, INC.
TABLE OF CONTENTS

 
 
 
i

Table of Contents
DEFINITIONS

As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
ASUAccounting Standards Update
Bcfbillion cubic feet
Bcf/dbillion cubic feet per day
Bcf/yrbillion cubic feet per year
Bcfebillion cubic feet equivalent
DOEU.S. Department of Energy
EPCengineering, procurement and construction
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FIDfinal investment decision
FTA countriescountries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAPgenerally accepted accounting principles in the United States
Henry Hubthe 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
IPM agreementsintegrated production marketing agreements in which the gas producer sells to us gas on a global LNG index price, less a fixed liquefaction fee, shipping and other costs
LIBORLondon Interbank Offered Rate
LNGliquefied 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
MMBtumillion 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
mtpamillion tonnes per annum
non-FTA countriescountries 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
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPALNG 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
Trainan industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUAterminal use agreement

1

Table of Contents
Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of June 30, 2023, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
CEI Org Chart - Dec 2022 cropped.jpg

Unless the context requires otherwise, references to “Cheniere,” the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, CQP.

2

Table of Contents
PART I.    FINANCIAL INFORMATION 


ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenues
LNG revenues$3,919 $7,873 $11,010 $15,213 
Regasification revenues33 68 67 136 
Other revenues150 66 335 142 
Total revenues4,102 8,007 11,412 15,491 
Operating costs and expenses (recoveries)
Cost (recovery) of sales (excluding items shown separately below)912 5,752 (627)13,088 
Operating and maintenance expense487 419 931 808 
Selling, general and administrative expense87 77 194 173 
Depreciation and amortization expense297 276 594 547 
Other11 6 21 11 
Total operating costs and expenses1,794 6,530 1,113 14,627 
Income from operations2,308 1,477 10,299 864 
Other income (expense)
Interest expense, net of capitalized interest(291)(357)(588)(706)
Gain (loss) on modification or extinguishment of debt(2)(28)18 (46)
Interest rate derivative gain (loss), net (1) 2 
Interest income55 7 89 8 
Other income (expense), net (4)3  
Total other expense(238)(383)(478)(742)
Income before income taxes and non-controlling interest2,070 1,094 9,821 122 
Less: income tax provision (benefit)363 181 1,679 (10)
Net income1,707 913 8,142 132 
Less: net income attributable to non-controlling interest338 172 1,339 256 
Net income (loss) attributable to common stockholders$1,369 $741 $6,803 $(124)
Net income (loss) per share attributable to common stockholders—basic (1)
$5.65 $2.92 $27.99 $(0.49)
Net income (loss) per share attributable to common stockholders—diluted (1)
$5.61 $2.90 $27.79 $(0.49)
Weighted average number of common shares outstanding—basic242.3 253.6 243.1 253.8 
Weighted average number of common shares outstanding—diluted243.8 255.9 244.8 253.8 
___________________
(1)Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.

The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)
June 30,December 31,
20232022
ASSETS(unaudited) 
Current assets  
Cash and cash equivalents$4,529 $1,353 
Restricted cash and cash equivalents640 1,134 
Trade and other receivables, net of current expected credit losses709 1,944 
Inventory404 826 
Current derivative assets93 120 
Margin deposits36 134 
Other current assets129 97 
Total current assets6,540 5,608 
Property, plant and equipment, net of accumulated depreciation31,821 31,528 
Operating lease assets2,487 2,625 
Derivative assets282 35 
Goodwill77 77 
Deferred tax assets36 864 
Other non-current assets, net560 529 
Total assets$41,803 $41,266 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities 
Accounts payable$100 $124 
Accrued liabilities1,037 2,679 
Current debt, net of discount and debt issuance costs1,796 813 
Deferred revenue130 234 
Current operating lease liabilities598 616 
Current derivative liabilities1,215 2,301 
Other current liabilities37 28 
Total current liabilities4,913 6,795 
Long-term debt, net of premium, discount and debt issuance costs23,380 24,055 
Operating lease liabilities1,863 1,971 
Finance lease liabilities483 494 
Derivative liabilities3,740 7,947 
Deferred tax liabilities731  
Other non-current liabilities201 175 
Stockholders’ equity (deficit)
 
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued
  
Common stock: $0.003 par value, 480.0 million shares authorized; 277.7 million shares and 276.7 million shares issued at June 30, 2023 and December 31, 2022, respectively
1 1 
Treasury stock: 36.8 million shares and 31.2 million shares at June 30, 2023 and December 31, 2022, respectively, at cost
(3,162)(2,342)
Additional paid-in-capital4,363 4,314 
Accumulated income (deficit)
1,666 (4,942)
Total Cheniere stockholders’ equity (deficit)
2,868 (2,969)
Non-controlling interest3,624 2,798 
Total stockholders’ equity (deficit)
6,492 (171)
Total liabilities and stockholders’ equity (deficit)
$41,803 $41,266 
(1)Amounts presented include balances held by our consolidated variable interest entity (“VIE”), CQP, as further discussed in Note 7—Non-controlling Interest and Variable Interest Entity. As of June 30, 2023, total assets and liabilities of CQP were $19.3 billion and $20.5 billion, respectively, including $1.8 billion of cash and cash equivalents and $241 million of restricted cash and cash equivalents.

The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(in millions)
(unaudited)

Three and Six Months Ended June 30, 2023
Total Stockholders’ Equity (Deficit)
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated Income (Deficit)Non-controlling InterestTotal Equity (Deficit)
 SharesPar Value AmountSharesAmount
Balance at December 31, 2022245.5 $1 31.2 $(2,342)$4,314 $(4,942)$2,798 $(171)
Vesting of share-based compensation awards1.0        
Share-based compensation—  —  43   43 
Issued shares withheld from employees related to share-based compensation, at cost(0.2) 0.2 (26)(29)  (55)
Shares repurchased, at cost(3.1) 3.1 (453)   (453)
Net income attributable to non-controlling interest—  —    1,001 1,001 
Distributions to non-controlling interest—  —    (261)(261)
Dividends declared ($0.33 per common share)
—  —   (98) (98)
Net income attributable to common stockholders—  —   5,434  5,434 
Balance at March 31, 2023243.2 1 34.5 (2,821)4,328 394 3,538 5,440 
Share-based compensation—  —  36   36 
Issued shares withheld from employees related to share-based compensation, at cost    (1)  (1)
Shares repurchased, at cost(2.3) 2.3 (341)   (341)
Net income attributable to non-controlling interest—  —    338 338 
Distributions to non-controlling interest—  —    (252)(252)
Dividends declared ($0.395 per common share)
—  —   (97) (97)
Net income attributable to common stockholders—  —   1,369  1,369 
Balance at June 30, 2023240.9 $1 36.8 $(3,162)$4,363 $1,666 $3,624 $6,492 

Three and Six Months Ended June 30, 2022
Total Stockholders’ Deficit
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal Deficit
 SharesPar Value AmountSharesAmount
Balance at December 31, 2021253.6 $1 21.6 $(928)$4,377 $(6,021)$2,538 $(33)
Vesting of share-based compensation awards1.3        
Share-based compensation—  —  38   38 
Issued shares withheld from employees related to share-based compensation, at cost(0.3) 0.3 (35)(18)  (53)
Shares repurchased, at cost(0.2) 0.2 (25)   (25)
Adoption of ASU 2020-06, net of tax—  —  (153)4  (149)
Net income attributable to non-controlling interest—  —    84 84 
Distributions to non-controlling interest—  —    (171)(171)
Dividends declared ($0.33 per common share)
—  —   (85) (85)
Net loss attributable to common stockholders—  —   (865) (865)
Balance at March 31, 2022254.4 1 22.1 (988)4,244 (6,967)2,451 (1,259)
Vesting of share-based compensation awards0.1        
Share-based compensation—  —  34   34 
Issued shares withheld from employees related to share-based compensation, at cost   (1)(1)  (2)
Shares repurchased, at cost(4.1) 4.1 (540)   (540)
Net income attributable to non-controlling interest—  —    172 172 
Dividends declared ($0.33 per common share)
—  —    (256)(256)
Distributions to non-controlling interest—  —   (85) (85)
Net income attributable to common stockholders—  —   741  741 
Balance at June 30, 2022250.4 $1 26.2 $(1,529)$4,277 $(6,311)$2,367 $(1,195)
The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Six Months Ended June 30,
20232022
Cash flows from operating activities
Net income
$8,142 $132 
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized foreign currency exchange gain, net
(2) 
Depreciation and amortization expense594 547 
Share-based compensation expense85 79 
Amortization of debt issuance costs, premium and discount23 29 
Reduction of right-of-use assets315 280 
Loss (gain) on modification or extinguishment of debt
(18)46 
Total losses (gains) on derivative instruments, net
(5,411)4,530 
Net cash used for settlement of derivative instruments
(102)(487)
Deferred taxes1,581 (32)
Repayment of paid-in-kind interest related to repurchase of convertible notes (13)
Other, net6 6 
Changes in operating assets and liabilities:
Trade and other receivables1,249 (445)
Inventory418 (44)
Margin deposits98 596 
Other current assets(36)40 
Accounts payable and accrued liabilities(1,551)278 
Total deferred revenue(78)9 
Total operating lease liabilities(305)(286)
Other, net(8)(93)
Net cash provided by operating activities
5,000 5,172 
Cash flows from investing activities
Property, plant and equipment, net(1,044)(1,023)
Investment in equity method investment(18) 
Other, net(6)(10)
Net cash used in investing activities
(1,068)(1,033)
Cash flows from financing activities
Proceeds from issuances of debt1,397 1,015 
Redemptions, repayments and repurchases of debt(1,098)(2,715)
Debt issuance and other financing costs(27)(43)
Debt modification or extinguishment gains (costs)26 (30)
Distributions to non-controlling interest(513)(427)
Payments related to tax withholdings for share-based compensation(56)(55)
Repurchase of common stock(774)(565)
Dividends to stockholders(195)(170)
Payments of finance lease liabilities(13) 
Net cash used in financing activities
(1,253)(2,990)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents3  
Net increase in cash, cash equivalents and restricted cash and cash equivalents
2,682 1,149 
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period2,487 1,817 
Cash, cash equivalents and restricted cash and cash equivalents—end of period$5,169 $2,966 

Balances per Consolidated Balance Sheet:
June 30, 2023
Cash and cash equivalents$4,529 
Restricted cash and cash equivalents640 
Total cash, cash equivalents and restricted cash and cash equivalents$5,169 
The accompanying notes are an integral part of these consolidated financial statements.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


NOTE 1—NATURE OF OPERATIONS AND BASIS OF PRESENTATION

We operate two natural gas liquefaction and export facilities located in Cameron Parish, Louisiana at Sabine Pass and near Corpus Christi, Texas (respectively, the “Sabine Pass LNG Terminal” and “Corpus Christi LNG Terminal”).

CQP owns the Sabine Pass LNG Terminal, which has natural gas liquefaction facilities consisting of six operational Trains, for a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”). The Sabine Pass LNG Terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers and three marine berths. Additionally, the Sabine Pass LNG Terminal includes a 94-mile pipeline owned by CTPL, a subsidiary of CQP, that interconnects our facilities with a number of large interstate and intrastate pipelines. As of June 30, 2023, we owned 100% of the general partner interest and a 48.6% limited partner interest in CQP.

The Corpus Christi LNG Terminal currently has three operational Trains for a total production capacity of approximately 15 mtpa of LNG, three LNG storage tanks and two marine berths. Additionally, we are constructing an expansion of the Corpus Christi LNG Terminal (the “Corpus Christi Stage 3 Project”) for up to seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG. Through our subsidiary CCP, we also own a 21.5-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the Corpus Christi LNG Terminal and the Corpus Christi Stage 3 Project, the “CCL Project”).

We have increased available liquefaction capacity at the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) as a result of debottlenecking and other optimization projects. We hold significant land positions at both the Sabine Pass LNG Terminal and the Corpus Christi LNG Terminal which provide opportunity for further liquefaction capacity expansion. In March 2023, certain of our subsidiaries submitted an application with the FERC under the Natural Gas Act for an expansion adjacent to the CCL Project consisting of two midscale Trains with an expected total production capacity of approximately 3 mtpa of LNG. In May 2023, certain subsidiaries of CQP entered the pre-filing review process with the FERC under the National Environmental Policy Act for an expansion adjacent to the SPL Project consisting of up to three Trains with an expected total production capacity of approximately 20 mtpa of LNG (the “SPL Expansion Project”). The development of these sites or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a positive FID.

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2022.

Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023.

Recent Accounting Standards

ASU 2020-04

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing contracts expected to arise from the market transition from LIBOR to alternative reference rates. The temporary optional expedients under the standard became effective March 12, 2020 and will be available until December 31, 2024 following a subsequent amendment to the standard.

As further detailed in Note 9—Debt, our existing credit facilities include a variable interest rate indexed to SOFR, incorporated through amendments or replacements of previous credit facilities subsequent to the effective date of ASU
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
2020-04. We elected to apply the optional expedients as applicable to certain modified or replaced facilities; however, the impact of applying the optional expedients was not material, and the transition to SOFR did not have a material impact on our cash flows.

NOTE 2—RESTRICTED CASH AND CASH EQUIVALENTS
 
Restricted cash and cash equivalents consisted of the following (in millions):
June 30,December 31,
20232022
Restricted cash and cash equivalents
SPL Project $241 $92 
CCL Project152 738 
Cash held by our subsidiaries that is restricted to Cheniere247 304 
Total restricted cash and cash equivalents$640 $1,134 

Pursuant to the accounts agreements entered into with the collateral trustees for the benefit of SPL’s debt holders and CCH’s debt holders, SPL and CCH are required to deposit all cash received into reserve accounts controlled by the collateral trustees.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Projects and other restricted payments. The majority of the cash held by our subsidiaries that is restricted to Cheniere relates to advance funding for operation and construction needs of the Liquefaction Projects.
NOTE 3—TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES

Trade and other receivables, net of current expected credit losses consisted of the following (in millions):
June 30,December 31,
20232022
Trade receivables
SPL and CCL$282 $922 
Cheniere Marketing369 917 
Other receivables58 105 
Total trade and other receivables, net of current expected credit losses$709 $1,944 

NOTE 4—INVENTORY

Inventory consisted of the following (in millions):
June 30,December 31,
20232022
LNG in-transit$82 $356 
LNG94 212 
Materials194 194 
Natural gas31 60 
Other3 4 
Total inventory$404 $826 

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 5—PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
 
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
June 30,December 31,
20232022
LNG terminal  
Terminal and interconnecting pipeline facilities$33,918 $33,815 
Site and related costs452 451 
Construction-in-process2,446 1,685 
Accumulated depreciation(5,542)(4,985)
Total LNG terminal, net of accumulated depreciation31,274 30,966 
Fixed assets and other  
Computer and office equipment35 33 
Furniture and fixtures20 20 
Computer software123 121 
Leasehold improvements55 48 
Land1 1 
Other20 19 
Accumulated depreciation(198)(191)
Total fixed assets and other, net of accumulated depreciation56 51 
Assets under finance leases
Marine assets529 533 
Accumulated depreciation(38)(22)
Total assets under finance lease, net of accumulated depreciation491 511 
Property, plant and equipment, net of accumulated depreciation$31,821 $31,528 

The following table shows depreciation expense and offsets to LNG terminal costs (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Depreciation expense$295 $274 $591 $544 
Offsets to LNG terminal costs (1)   204 
(1)We recognize offsets to LNG terminal costs related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Projects during the testing phase for its construction.

NOTE 6—DERIVATIVE INSTRUMENTS
 
We have entered into the following derivative instruments:
commodity derivatives consisting of natural gas and power supply contracts, including those under our IPM agreements, for the development, commissioning and operation of the Liquefaction Projects and associated economic hedges (collectively, “Liquefaction Supply Derivatives”);
LNG derivatives in which we have contractual net settlement and economic hedges on the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”); and
foreign currency exchange (“FX”) contracts to hedge exposure to currency risk associated with cash flows denominated in currencies other than United States dollar (“FX Derivatives”), associated with both LNG Trading Derivatives and operations in countries outside of the United States.

We recognize our derivative instruments as either assets or liabilities and measure those instruments at fair value. None of our derivative instruments are designated as cash flow or fair value hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Operations to the extent not utilized for the commissioning process, in which case such changes are capitalized.
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis (in millions):
Fair Value Measurements as of
June 30, 2023December 31, 2022
Quoted Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
TotalQuoted Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Liquefaction Supply Derivatives asset (liability)
$23 $47 $(4,611)$(4,541)$(66)$(29)$(9,924)$(10,019)
LNG Trading Derivatives asset (liability)
(8)(27) (35)1 (47) (46)
FX Derivatives liability
 (4) (4) (28) (28)

We value our Liquefaction Supply Derivatives and LNG Trading Derivatives using a market or option-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data. We value our FX Derivatives with a market approach using observable FX rates and other relevant data.

The fair value of our Liquefaction Supply Derivatives and LNG Trading Derivatives are predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair value, including, but not limited to, evaluation of whether the respective market exists from the perspective of market participants as infrastructure is developed.

We include a significant portion of our Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity and volatility.

The Level 3 fair value measurements of our natural gas positions within our Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. The following table includes quantitative information for the unobservable inputs for our Level 3 Liquefaction Supply Derivatives as of June 30, 2023:
Net Fair Value Liability
(in millions)
Valuation ApproachSignificant Unobservable InputRange of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives$(4,611)Market approach incorporating present value techniquesHenry Hub basis spread
$(1.733) - $0.660 / $(0.054)
Option pricing modelInternational LNG pricing spread, relative to Henry Hub (2)
83% - 484% / 191%
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)Spread contemplates U.S. dollar-denominated pricing.

Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of our Liquefaction Supply Derivatives.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
The following table shows the changes in the fair value of our Level 3 Liquefaction Supply Derivatives and LNG Trading Derivatives (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023
2022
2023
2022
Balance, beginning of period$(5,426)$(7,423)$(9,924)$(4,036)
Realized and change in fair value gains (losses) included in net income (loss) (1):
Included in cost of sales, existing deals (2)635 (1,407)4,518 (4,482)
Included in cost of sales, new deals (3)3  9  
Purchases and settlements:
Purchases (4) 90  (242)
Settlements (5)175 278 780 298 
Transfers in and/or out of level 3
Transfers out of level 3 (6)2  6  
Balance, end of period$(4,611)$(8,462)$(4,611)$(8,462)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period
$638 $(1,407)$4,527 $(4,482)
(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to contractually fixed price from trade date multiplied by contractual volume.  See settlements line item in this table.
(2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.
(3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.
(4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing to exist at the end of the period.
(5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.
(6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.

All existing counterparty derivative contracts provide for the unconditional right of set-off in the event of default. We have elected to report derivative assets and liabilities arising from those derivative contracts with the same counterparty and the unconditional contractual right of set-off on a net basis. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments, in instances when our derivative instruments are in an asset position. Additionally, counterparties are at risk that we will be unable to meet our commitments in instances where our derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements depending on the position of the derivative. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees.
Commodity Derivatives

SPL and CCL hold Liquefaction Supply Derivatives which are primarily indexed to the natural gas market and international LNG indices. The terms of the Liquefaction Supply Derivatives range up to approximately 15 years, some of which commence upon the satisfaction of certain events or states of affairs.

Cheniere Marketing has historically entered into, and may from time to time enter into, LNG transactions that provide for contractual net settlement. Such transactions are accounted for as LNG Trading Derivatives along with financial commodity contracts in the form of swaps or futures. The terms of LNG Trading Derivatives range up to approximately one year.
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
The following table shows the notional amounts of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”):
June 30, 2023December 31, 2022
Liquefaction Supply Derivatives (1)LNG Trading DerivativesLiquefaction Supply DerivativesLNG Trading Derivatives
Notional amount, net (in TBtu)13,947 10 14,504 50 
(1)Excludes notional amounts associated with extension options that were uncertain to be taken as of June 30, 2023.

The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions):
Gain (Loss) Recognized in Consolidated Statements of Operations
Consolidated Statements of Operations Location (1)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
LNG Trading DerivativesLNG revenues$(46)$30 $15 $(217)
LNG Trading DerivativesRecovery (cost) of sales(3)17 (87)107 
Liquefaction Supply Derivatives (2)LNG revenues(1)16 (6)11 
Liquefaction Supply Derivatives (2)Recovery (cost) of sales826 (1,039)5,497 (4,500)
(1)Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.
(2)Does not include the realized value associated with Liquefaction Supply Derivatives that settle through physical delivery.

FX Derivatives

Cheniere Marketing holds FX Derivatives to protect against the volatility in future cash flows attributable to changes in international currency exchange rates. The FX Derivatives economically hedge the foreign currency exposure arising from cash flows expended for both physical and financial LNG transactions that are denominated in a currency other than the United States dollar. The terms of FX Derivatives range up to approximately one year.

The total notional amount of our FX Derivatives was $414 million and $619 million as of June 30, 2023 and December 31, 2022, respectively.

The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions):
Gain (Loss) Recognized in Consolidated Statements of Operations
Consolidated Statements of Operations LocationThree Months Ended June 30,Six Months Ended June 30,
2023202220232022
FX DerivativesLNG revenues$(6)$39 $(8)$67 

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Fair Value and Location of Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions):
June 30, 2023
Liquefaction Supply Derivatives (1)
LNG Trading Derivatives (2)
FX Derivatives
Total
Consolidated Balance Sheets Location
Current derivative assets$67 $26 $ $93 
Derivative assets282   282 
Total derivative assets349 26  375 
Current derivative liabilities(1,150)(61)(4)(1,215)
Derivative liabilities(3,740)  (3,740)
Total derivative liabilities(4,890)(61)(4)(4,955)
Derivative liability, net$(4,541)$(35)$(4)$(4,580)
December 31, 2022
Liquefaction Supply Derivatives (1)
LNG Trading Derivatives (2)
FX Derivatives
Total
Consolidated Balance Sheets Location
Current derivative assets$36 $84 $ $120 
Derivative assets35   35 
Total derivative assets71 84  155 
Current derivative liabilities(2,143)(130)(28)(2,301)
Derivative liabilities(7,947)  (7,947)
Total derivative liabilities(10,090)(130)(28)(10,248)
Derivative liability, net$(10,019)$(46)$(28)$(10,093)
(1)Does not include collateral posted with counterparties by us of $3 million and $111 million as of June 30, 2023 and December 31, 2022, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $3 million and zero as of June 30, 2023 and December 31, 2022, respectively, which are included in other current liabilities on our Consolidated Balance Sheets.
(2)Does not include collateral posted with counterparties by us of $33 million and $23 million, as of June 30, 2023 and December 31, 2022, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $2 million and zero as of June 30, 2023 and December 31, 2022, respectively, which are included in other current liabilities on our Consolidated Balance Sheets.
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Table of Contents     
CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Consolidated Balance Sheets Presentation

The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions) for our derivative instruments that are presented on a net basis on our Consolidated Balance Sheets:
Liquefaction Supply Derivatives
LNG Trading Derivatives
FX Derivatives
As of June 30, 2023
Gross assets$