Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.21.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues    
Revenues $ 3,090 $ 2,709
Revenues from contracts with customers 3,126 2,493
Operating costs and expenses    
Cost of sales (excluding items shown separately below) 1,386 724
Operating and maintenance expense 322 316
Development expense 1 4
Selling, general and administrative expense 81 81
Depreciation and amortization expense 236 233
Impairment expense and loss on disposal of assets 0 5
Total operating costs and expenses 2,026 1,363
Income from operations 1,064 1,346
Other income (expense)    
Interest expense, net of capitalized interest (356) (412)
Loss on modification or extinguishment of debt (55) (1)
Interest rate derivative gain (loss), net 1 (208)
Other income, net 6 9
Total other expense (404) (612)
Income before income taxes and non-controlling interest 660 734
Income tax provision (89) (131)
Net income 571 603
Less: net income attributable to non-controlling interest 178 228
Net income attributable to common stockholders $ 393 $ 375
Net income per share attributable to common stockholders—basic (1) [1] $ 1.56 $ 1.48
Diluted net income per share attributable to common stockholders [1] $ 1.54 $ 1.43
Weighted average number of common shares outstanding—basic 252.9 253.0
Weighted average number of common shares outstanding—diluted 258.9 299.6
LNG [Member]    
Revenues    
Revenues $ 2,999 $ 2,568
Revenues from contracts with customers [2] 3,039 2,404
Regasification [Member]    
Revenues    
Revenues from contracts with customers 67 67
Other [Member]    
Revenues    
Revenues 24 74
Revenues from contracts with customers $ 20 $ 22
[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. During the three months ended March 31, 2020, we recognized $53 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, which would have been recognized subsequent to March 31, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. We did not have such revenues during the three months ended March 31, 2021. 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.