Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.20.2
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Revenues $ 1,460 $ 2,170 $ 6,571 $ 6,723
Revenues from contracts with customers 1,421 2,078 6,338 6,394
Operating costs and expenses        
Cost of sales (excluding items shown separately below) 768 1,267 2,295 3,758
Operating and maintenance expense 317 308 988 824
Development expense 0 2 5 6
Selling, general and administrative expense 70 72 224 222
Depreciation and amortization expense 233 213 699 561
Impairment expense and loss on disposal of assets 0 1 5 7
Total operating costs and expenses 1,388 1,863 4,216 5,378
Income from operations 72 307 2,355 1,345
Other expense        
Interest expense, net of capitalized interest (355) (395) (1,174) (1,014)
Loss on modification or extinguishment of debt (171) (27) (215) (27)
Interest rate derivative loss, net 0 (78) (233) (187)
Other expense, net (129) (70) (115) (38)
Total other expense (655) (570) (1,737) (1,266)
Income (loss) before income taxes and non-controlling interest (583) (263) 618 79
Income tax benefit (provision) 75 3 (119) 0
Net income (loss) (508) (260) 499 79
Less: net income (loss) attributable to non-controlling interest (45) 58 390 370
Net income (loss) attributable to common stockholders $ (463) $ (318) $ 109 $ (291)
Net income (loss) per share attributable to common stockholders—basic and diluted [1] $ (1.84) $ (1.25) $ 0.43 $ (1.13)
Weighted average number of common shares outstanding—basic 252.2 256.0 252.5 256.8
Weighted average number of common shares outstanding—diluted 252.2 256.0 253.2 256.8
LNG [Member]        
Revenues        
Revenues $ 1,373 $ 2,059 $ 6,236 $ 6,375
Revenues from contracts with customers [2] 1,344 1,995 6,088 6,142
Regasification [Member]        
Revenues        
Revenues from contracts with customers 67 66 202 199
Other [Member]        
Revenues        
Revenues 20 45 133 149
Revenues from contracts with customers $ 10 $ 17 $ 48 $ 53
[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.
[2] LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. LNG revenues during the three and nine months ended September 30, 2020 included $171 million and $932 million, respectively, in revenues associated with LNG cargoes for which customers have notified us that they will not take delivery, of which $47 million would have otherwise been recognized subsequent to September 30, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2020 excluded $458 million in prior period cancellations that would have otherwise been recognized during the quarter if the cargoes were lifted pursuant to the delivery schedules with the customers. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied.