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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 March 31, 2024
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.)
845 Texas Avenue, Suite 1250
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 valueLNGNew York Stock Exchange

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 April 25, 2024, the issuer had 228,912,501 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
AFSIadjusted financial statement income
Bcf/dbillion cubic feet per day
Bcf/yrbillion cubic feet per year
Bcfebillion cubic feet equivalent
CAMTcorporate alternative minimum tax
DOEU.S. Department of Energy
EPCengineering, procurement and construction
ESGenvironmental, social and governance
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 U.S. dollars 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 or natural gas index price, less a fixed liquefaction fee, shipping and other costs
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 March 31, 2024, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:

CEI_OrgChart_Q1_2024.jpg

Unless the context requires otherwise, references to 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 

BES
ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended March 31,
20242023
Revenues
LNG revenues$4,037 $7,091 
Regasification revenues34 34 
Other revenues182 185 
Total revenues4,253 7,310 
Operating costs and expenses (recoveries)
Cost (recovery) of sales (excluding items shown separately below)2,236 (1,539)
Operating and maintenance expense451 444 
Selling, general and administrative expense101 107 
Depreciation and amortization expense302 297 
Other9 10 
Total operating costs and expenses (recoveries)3,099 (681)
Income from operations1,154 7,991 
Other income (expense)
Interest expense, net of capitalized interest(266)(297)
Gain on modification or extinguishment of debt 20 
Interest and dividend income61 35 
Other income (expense), net(1)2 
Total other expense(206)(240)
Income before income taxes and non-controlling interest948 7,751 
Less: income tax provision109 1,316 
Net income839 6,435 
Less: net income attributable to non-controlling interest337 1,001 
Net income attributable to Cheniere$502 $5,434 
Net income per share attributable to common stockholders—basic (1)
$2.14 $22.28 
Net income per share attributable to common stockholders—diluted (1)
$2.13 $22.10 
Weighted average number of common shares outstanding—basic234.2 243.9 
Weighted average number of common shares outstanding—diluted235.0 245.8 
___________________
(1)Earnings per share may not recalculate 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.

3

Table of Contents

CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)
March 31,December 31,
20242023
(unaudited) 
ASSETS
Current assets  
Cash and cash equivalents$4,411 $4,066 
Restricted cash and cash equivalents427 459 
Trade and other receivables, net of current expected credit losses675 1,106 
Inventory363 445 
Current derivative assets122 141 
Margin deposits34 18 
Other current assets, net77 96 
Total current assets6,109 6,331 
Property, plant and equipment, net of accumulated depreciation32,705 32,456 
Operating lease assets2,924 2,641 
Derivative assets367 863 
Deferred tax assets27 26 
Other non-current assets, net779 759 
Total assets$42,911 $43,076 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities 
Accounts payable$102 $181 
Accrued liabilities1,097 1,780 
Current debt, net of unamortized debt issuance costs3,633 300 
Deferred revenue125 179 
Current operating lease liabilities678 655 
Current derivative liabilities536 750 
Other current liabilities41 43 
Total current liabilities6,212 3,888 
Long-term debt, net of unamortized discount and debt issuance costs21,401 23,397 
Operating lease liabilities2,247 1,971 
Finance lease liabilities458 467 
Derivative liabilities2,359 2,378 
Deferred tax liabilities1,534 1,545 
Other non-current liabilities402 410 
Total liabilities34,613 34,056 
Redeemable non-controlling interest4  
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; 278.5 million shares and 277.9 million shares issued at March 31, 2024 and December 31, 2023, respectively
1 1 
Treasury stock: 48.4 million shares and 40.9 million shares at March 31, 2024 and December 31, 2023, respectively, at cost
(5,067)(3,864)
Additional paid-in-capital4,371 4,377 
Retained earnings
4,945 4,546 
Total Cheniere stockholders’ equity
4,250 5,060 
Non-controlling interest4,044 3,960 
Total stockholders’ equity
8,294 9,020 
Total liabilities, redeemable non-controlling interest and stockholders’ equity
$42,911 $43,076 
(1)Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), substantially all of which are related to CQP, as further discussed in Note 7—Non-controlling Interests and Variable Interest Entities. As of March 31, 2024, total assets and liabilities of our VIEs were $17.4 billion and $18.3 billion, respectively, including $333 million of cash and cash equivalents and $64 million of restricted cash and cash equivalents.
The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) AND REDEEMABLE NON-CONTROLLING INTEREST
(in millions)
(unaudited)
Three Months Ended March 31, 2024
Total Stockholders’ Equity
 Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsNon-controlling InterestTotal EquityRedeemable Non-Controlling Interest (1)
 SharesPar Value AmountSharesAmount
Balance at December 31, 2023237.0 $1 40.9 $(3,864)$4,377 $4,546 $3,960 $9,020 $ 
Vesting of share-based compensation awards0.6        — 
Share-based compensation—  —  34   34 — 
Issued shares withheld from employees related to share-based compensation, at cost    (40)  (40)— 
Shares repurchased, at cost(7.5) 7.5 (1,203)   (1,203)— 
Net income—  —   502 337 839 — 
Contributions from redeemable non-controlling interest— — — — — — — — 4 
Distributions to non-controlling interest—  —    (253)(253)— 
Dividends declared ($0.435 per common share)
—  —   (103) (103)— 
Balance at March 31, 2024230.1 $1 48.4 $(5,067)$4,371 $4,945 $4,044 $8,294 $4 
(1)Redeemable non-controlling interest represents the economic interest held by a third party in one of our consolidated VIEs that is redeemable for cash under certain circumstances, including those that are outside of our control. As such, the economic interest is not a component of permanent equity on our Consolidated Balance Sheets.

Three Months Ended March 31, 2023
Total Stockholders’ Equity (Deficit)
 Common StockTreasury StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Non-controlling InterestTotal Equity (Deficit)Redeemable Non-Controlling Interest
 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—  —   5,434 1,001 6,435 — 
Distributions to non-controlling interest—  —    (261)(261)— 
Dividends declared ($0.395 per common share)
—  —   (98) (98)— 
Balance at March 31, 2023243.2 $1 34.5 $(2,821)$4,328 $394 $3,538 $5,440 $ 
The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)

Three Months Ended March 31,
20242023
Cash flows from operating activities
Net income
$839 $6,435 
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized foreign currency exchange loss (gain), net
3 (2)
Depreciation and amortization expense302 297 
Share-based compensation expense40 49 
Amortization of discount and debt issuance costs10 12 
Reduction of right-of-use assets163 161 
Gain on modification or extinguishment of debt
 (20)
Total losses (gains) on derivative instruments, net
258 (4,641)
Net cash provided by (used for) settlement of derivative instruments
24 (31)
Deferred taxes(6)1,232 
Other, net2 1 
Changes in operating assets and liabilities:
Trade and other receivables430 1,016 
Inventory81 361 
Margin deposits(17)71 
Other current assets, net14 31 
Accounts payable and accrued liabilities(714)(1,277)
Total deferred revenue(42)(126)
Total operating lease liabilities(148)(154)
Other, net7 6 
Net cash provided by operating activities
1,246 3,421 
Cash flows from investing activities
Property, plant and equipment, net(650)(712)
Investment in equity method investments(3)(10)
Other, net(13)(5)
Net cash used in investing activities
(666)(727)
Cash flows from financing activities
Proceeds from issuances of debt1,497  
Redemptions, repayments and repurchases of debt(150)(896)
Distributions to non-controlling interest(253)(261)
Payments related to tax withholdings for share-based compensation(40)(55)
Repurchase of common stock(1,189)(450)
Dividends to stockholders(105)(99)
Other, net(24)21 
Net cash used in financing activities
(264)(1,740)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents(3)2 
Net increase in cash, cash equivalents and restricted cash and cash equivalents
313 956 
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period4,525 2,487 
Cash, cash equivalents and restricted cash and cash equivalents—end of period$4,838 $3,443 

Balances per Consolidated Balance Sheet:
March 31, 2024
Cash and cash equivalents$4,411 
Restricted cash and cash equivalents427 
Total cash, cash equivalents and restricted cash and cash equivalents$4,838 
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. We also own and operate a 94-mile natural gas supply pipeline that interconnects the Sabine Pass LNG Terminal with several large interstate and intrastate pipelines (the “Creole Trail Pipeline”). As of March 31, 2024, we owned 100% of the general partner interest, a 48.6% limited partner interest and 100% of the incentive distribution rights of 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”) consisting of seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG. We also own a 21.5-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the existing assets at the Corpus Christi LNG Terminal and the Corpus Christi Stage 3 Project, the “CCL Project”).

We are pursuing expansion projects to provide additional liquefaction capacity at the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”), and we have commenced commercialization to support the additional liquefaction capacity associated with these potential expansion projects. 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, these Consolidated Financial Statements 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, 2023.

Results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2024.

Recent Accounting Standards

ASU 2023-07

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280). This guidance requires a public entity, including entities with a single reportable segment, to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. We plan to adopt this guidance and conform with the applicable disclosures retrospectively when it becomes mandatorily effective for our annual report for the year ending December 31, 2024.

ASU 2023-09

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). This guidance further enhances income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. We plan to adopt this guidance and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2025.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 2—RESTRICTED CASH AND CASH EQUIVALENTS
 
As of March 31, 2024 and December 31, 2023, we had $427 million and $459 million of restricted cash and cash equivalents, respectively, for which the usage or withdrawal of such cash is contractually or legally restricted, primarily to the payment of liabilities related to the Liquefaction Projects, as required under certain debt arrangements.
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):
March 31,December 31,
20242023
Trade receivables
SPL and CCL
$343 $525 
Cheniere Marketing
276 451 
       Other3 4 
Other receivables53 126 
Total trade and other receivables, net of current expected credit losses$675 $1,106 

NOTE 4—INVENTORY

Inventory consisted of the following (in millions):
March 31,December 31,
20242023
LNG in-transit$45 $112 
LNG83 88 
Materials210 207 
Natural gas22 35 
Other3 3 
Total inventory$363 $445 

NOTE 5—PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
 
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
March 31,December 31,
20242023
Terminal and related assets  
Terminal and interconnecting pipeline facilities$34,093 $34,069 
Land463 463 
Construction-in-process4,001 3,480 
Accumulated depreciation(6,382)(6,099)
Total terminal and related assets, net of accumulated depreciation32,175 31,913 
Fixed assets and other  
Computer and office equipment37 37 
Furniture and fixtures31 31 
Computer software126 125 
Leasehold improvements44 43 
Other23 21 
Accumulated depreciation(187)(183)
Total fixed assets and other, net of accumulated depreciation74 74 
Assets under finance leases
Marine assets532 532 
Accumulated depreciation(76)(63)
Total assets under finance leases, net of accumulated depreciation456 469 
Property, plant and equipment, net of accumulated depreciation$32,705 $32,456 
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Depreciation expense was $300 million and $296 million during the three months ended March 31, 2024 and 2023, respectively.

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 expansion projects, as well as the associated economic hedges (collectively, the “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 U.S. 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, fair value or net investment 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.
The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):
Fair Value Measurements as of
March 31, 2024December 31, 2023
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)
$18 $35 $(2,457)$(2,404)$25 $36 $(2,178)$(2,117)
LNG Trading Derivatives asset (liability)
(17)13  (4)30 (20) 10 
FX Derivatives asset (liability)
 2  2  (17) (17)

We value the Liquefaction Supply Derivatives and LNG Trading Derivatives using a market or option-based approach incorporating present value techniques, as needed, which incorporates 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.

We include a significant portion of the 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 may use in valuing the asset or liability. To the extent valued using an option pricing model, we consider the future prices of energy units for unobservable periods to be a significant unobservable input to estimated net fair value. In estimating the future prices of energy units, we make judgments about market risk related to liquidity of commodity indices and volatility utilizing available market data. Changes in facts and circumstances or additional information may result in revised estimates and judgments, and actual results may differ from these estimates and judgments. We derive our volatility assumptions based on observed historical settled global LNG market pricing or accepted proxies for global LNG market pricing as well as settled domestic natural gas pricing. Such volatility assumptions also contemplate, as of the balance sheet date, observable forward curve data of such indices, as well as evolving available industry data and independent studies.

In developing our volatility assumptions, we acknowledge that the global LNG industry is inherently influenced by events such as unplanned supply constraints, geopolitical incidents, unusual climate events including drought and uncommonly
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
mild, by historical standards, winters and summers, and real or threatened disruptive operational impacts to global energy infrastructure. Our current estimate of volatility includes the impact of otherwise rare events unless we believe market participants would exclude such events on account of their assertion that those events were specific to our company and deemed within our control. As applicable to our natural gas supply contracts, our fair value estimates incorporate market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.

The Level 3 fair value measurements of our natural gas positions within the 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 the Level 3 Liquefaction Supply Derivatives as of March 31, 2024:
Net Fair Value Liability
(in millions)
Valuation ApproachSignificant Unobservable InputRange of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives$(2,457)Market approach incorporating present value techniques
Henry Hub basis spread
$(1.703) - $0.445 / $(0.068)
Option pricing model
International LNG pricing spread, relative to Henry Hub (2)
87% - 502% / 192%
(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 the Liquefaction Supply Derivatives.

The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives and LNG Trading Derivatives (in millions):
Three Months Ended March 31,
2024
2023
Balance, beginning of period$(2,178)$(9,924)
Realized and change in fair value gains (losses) included in net income (1):
Included in cost of sales, existing deals (2)(424)4,097 
Included in cost of sales, new deals (3)5 3 
Purchases and settlements:
Purchases (4)  
Settlements (5)140 398 
Transfers out of level 3 (6)  
Balance, end of period$(2,457)$(5,426)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period
$(419)$4,100 
(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.
(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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
(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. As of March 31, 2024, the remaining fixed terms of the Liquefaction Supply Derivatives ranged up to approximately 15 years, some of which commence or accelerate upon the satisfaction of certain events or development of infrastructure to support natural gas gathering and transport.

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.

The following table shows the notional amounts of the Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”):
March 31, 2024December 31, 2023
Liquefaction Supply Derivatives (1)LNG Trading DerivativesLiquefaction Supply Derivatives (1)LNG Trading Derivatives
Notional amount, net (in TBtu)13,858 22 14,019 49 
(1)Inclusive of amounts under contracts with unsatisfied contractual conditions and exclusive of extension options that were uncertain to be taken as of both March 31, 2024 and December 31, 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 March 31,
20242023
LNG Trading DerivativesLNG revenues$16 $61 
LNG Trading DerivativesRecovery (cost) of sales(19)(84)
Liquefaction Supply Derivatives (2)LNG revenues (5)
Liquefaction Supply Derivatives (2)Recovery (cost) of sales(268)4,671 
(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 the Liquefaction Supply Derivatives that settle through physical delivery.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

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 are executed primarily to 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 U.S. dollar. The terms of FX Derivatives range up to approximately one year.
The total notional amount of our FX Derivatives was $223 million and $789 million as of March 31, 2024 and December 31, 2023, 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 March 31,
20242023
FX Derivatives
LNG revenues$13 $(2)

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):
March 31, 2024
Liquefaction Supply Derivatives (1)
LNG Trading Derivatives (2)
FX Derivatives
Total
Consolidated Balance Sheets Location
Current derivative assets$57 $63 $2 $122 
Derivative assets367   367 
Total derivative assets424 63 2 489 
Current derivative liabilities(469)(67) (536)
Derivative liabilities(2,359)  (2,359)
Total derivative liabilities(2,828)(67) (2,895)
Derivative asset (liability), net$(2,404)$(4)$2 $(2,406)
December 31, 2023
Liquefaction Supply Derivatives (1)
LNG Trading Derivatives (2)
FX Derivatives
Total
Consolidated Balance Sheets Location
Current derivative assets$49 $92 $ $141 
Derivative assets863   863 
Total derivative assets912 92  1,004 
Current derivative liabilities(651)(82)(17)(750)
Derivative liabilities(2,378)  (2,378)
Total derivative liabilities(3,029)(82)(17)(3,128)
Derivative asset (liability), net$(2,117)$10 $(17)$(2,124)
(1)Does not include collateral posted with counterparties by us of $8 million and $3 million as of March 31, 2024 and December 31, 2023, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of zero and $4 million as of March 31, 2024 and December 31, 2023, respectively, which are included in other current liabilities on our Consolidated Balance Sheets.
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
(2)Does not include collateral posted with counterparties by us of $26 million and $15 million, as of March 31, 2024 and December 31, 2023, respectively, which are included in margin deposits on our Consolidated Balance Sheets, and collateral posted by counterparties to us of $1 million and $3 million as of March 31, 2024 and December 31, 2023, respectively, which are included in other current liabilities on our Consolidated Balance Sheets.
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 March 31, 2024
Gross assets$789 $74 $3 
Offsetting amounts(365)(11)(1)
Net assets (1)$424 $63 $2 
Gross liabilities$(2,905)$(110)$ 
Offsetting amounts77 43  
Net liabilities (2)$(2,828)$(67)$ 
As of December 31, 2023
Gross assets$1,272 $94 $ 
Offsetting amounts(360)(2) 
Net assets (1)$912 $92 $ 
Gross liabilities$(3,095)$(110)$(17)
Offsetting amounts66 28  
Net liabilities (2)$(3,029)$(82)$(17)
(1)Includes current and non-current derivative assets of $122 million and $367 million, respectively, as of March 31, 2024 and $141 million and $863 million, respectively, as of December 31, 2023.
(2)Includes current and non-current derivative liabilities of $536 million and $2,359 million, respectively, as of March 31, 2024 and $750 million and $2,378 million, respectively, as of December 31, 2023.

NOTE 7—NON-CONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES

When we consolidate our VIEs, we include 100% of the assets, liabilities, revenues and expenses of the subsidiaries in our Consolidated Financial Statements; however, when our ownership is less than 100%, we record a non-controlling interest as a component of equity or redeemable non-controlling interest on our Consolidated Balance Sheets, which represents the third party ownership in the net assets of the respective consolidated subsidiary. Additionally, the portion of the net income or loss attributable to the non-controlling interests is reported as net income attributable to non-controlling interest on our Consolidated Statements of Operations.

Substantially all of our consolidated VIEs’ assets and liabilities relate to CQP. We own a 48.6% limited partner interest in CQP in the form of 239.9 million common units, with the remaining non-controlling limited partner interest held by affiliates of Blackstone Inc. and Brookfield Asset Management, Inc. (“Brookfield”) as well as the public. We also own 100% of the general partner interest and the incentive distribution rights in CQP.
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
The following table presents the summarized consolidated assets and liabilities (in millions) of our consolidated VIEs, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of the respective VIEs. In addition, there is no recourse to us for the consolidated VIEs’ liabilities. The assets and liabilities in the table below include third party assets and liabilities of the VIEs only and exclude intercompany balances between the respective VIEs and Cheniere that eliminate in our Consolidated Financial Statements.
March 31,December 31,
20242023
ASSETS 
Current assets  
Cash and cash equivalents$333 $575 
Restricted cash and cash equivalents64 56 
Trade and other receivables, net of current expected credit losses237 373 
Other current assets, net208 215 
Total current assets842 1,219 
Property, plant and equipment, net of accumulated depreciation16,186 16,212 
Other non-current assets, net329 309 
Total assets$17,357 $17,740 
LIABILITIES  
Current liabilities  
Accrued liabilities$497 $811 
Current debt, net of discount and debt issuance costs2,145 300 
Current derivative liabilities144 196 
Other current liabilities135 201 
Total current liabilities2,921 1,508 
Long-term debt, net of unamortized discount and debt issuance costs13,616 15,606 
Derivative liabilities1,567 1,531 
Other non-current liabilities174 160 
Total liabilities$18,278 $18,805 

NOTE 8—ACCRUED LIABILITIES
  
Accrued liabilities consisted of the following (in millions): 
March 31,December 31,
20242023
Natural gas purchases$414 $729 
Interest costs and related debt fees259 399 
LNG terminals and related pipeline costs163 235 
Compensation and benefits112 266 
LNG purchases23 23 
Other accrued liabilities126 128 
Total accrued liabilities$1,097 $1,780 
 
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 9—DEBT
Debt consisted of the following (in millions): 
March 31,December 31,
20242023
SPL:
Senior Secured Notes:
5.750% due 2024
$150 $300 
5.625% due 2025
2,000 2,000 
5.875% due 2026
1,500 1,500 
5.00% due 2027
1,500 1,500 
4.200% due 2028
1,350 1,350 
4.500% due 2030
2,000 2,000 
4.746% weighted average rate due 2037
1,782 1,782 
Total SPL Senior Secured Notes
10,282 10,432 
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)
  
Total debt - SPL
10,282 10,432 
CQP:
Senior Notes:
4.500% due 2029
1,500 1,500 
4.000% due 2031
1,500 1,500 
3.25% due 2032
1,200 1,200 
5.950% due 2033
1,400 1,400 
Total CQP Senior Notes
5,600 5,600 
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)
  
Total debt - CQP
5,600 5,600 
CCH:
Senior Secured Notes:
5.875% due 2025 (the “2025 CCH Senior Notes”) (1)
1,491 1,491 
5.125% due 2027
1,201 1,201 
3.700% due 2029
1,125 1,125 
3.788% weighted average rate due 2039
2,539 2,539 
Total CCH Senior Secured Notes
6,356 6,356 
Term loan facility agreement (the “CCH Credit Facility”)
  
Working capital facility agreement (the “CCH Working Capital Facility”)
  
Total debt - CCH
6,356 6,356 
Cheniere:
4.625% Senior Notes due 2028
1,500 1,500 
5.650% Senior Notes due 2034 (the “2034 Cheniere Senior Notes”) (1)
1,500  
Total Cheniere Senior Notes
3,000 1,500 
Revolving credit agreement (the “Cheniere Revolving Credit Facility”)
  
Total debt - Cheniere
3,000 1,500 
Total debt25,238 23,888 
Current debt, net of unamortized debt issuance costs(3,633)(300)
Unamortized discount and debt issuance costs(204)(191)
Total long-term debt, net of unamortized discount and debt issuance costs$21,401 $23,397 
(1)In April 2024, we retired $1.5 billion outstanding aggregate principal amount of the 2025 CCH Senior Notes maturing in March 2025 using proceeds from the 2034 Cheniere Senior Notes and cash on hand.
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CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Credit Facilities

Below is a summary of our committed credit facilities outstanding as of March 31, 2024 (in millions):
SPL Revolving Credit Facility
CQP Revolving Credit Facility
CCH Credit Facility
CCH Working Capital Facility
Cheniere Revolving Credit Facility
Total facility size$1,000 $1,000 $3,260 $1,500 $1,250 
Less:
Outstanding balance     
Letters of credit issued272   155  
Available commitment$728 $1,000 $3,260 $1,345 $1,250 
Priority rankingSenior securedSenior unsecuredSenior securedSenior securedUnsecured
Interest rate on available balance (1)
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.75% or base rate plus 0.0% - 0.75%
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.125% - 2.0% or base rate plus 0.125% - 1.0%
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.5% or base rate plus 0.5%
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5%
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.075% - 2.20% or base rate plus 0.075% - 1.2%
Commitment fees on undrawn balance (1)
0.075% - 0.30%
0.10% - 0.30%
0.525%
0.10% - 0.20%
0.115% - 0.365%
Maturity dateJune 23, 2028June 23, 2028