Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.21.2
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Revenues $ 3,017 $ 2,402 $ 6,107 $ 5,111
Revenues from contracts with customers 3,388 2,424 6,514 4,917
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) 0 (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] $ (1.30) $ 0.78 $ 0.25 $ 2.27
Net income (loss) per share attributable to common stockholders—diluted (1) [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
LNG [Member]        
Revenues        
Revenues $ 2,913 $ 2,295 $ 5,912 $ 4,863
Revenues from contracts with customers [2] 3,297 2,340 6,336 4,744
Regasification [Member]        
Revenues        
Revenues from contracts with customers 67 68 134 135
Other [Member]        
Revenues        
Revenues 37 39 61 113
Revenues from contracts with customers $ 24 $ 16 $ 44 $ 38
[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 and six months ended June 30, 2020, we recognized $708 million and $761 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $458 million would have been recognized subsequent to June 30, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended June 30, 2020 and six months ended June 30, 2021 excluded $53 million and $38 million, respectively, that would have otherwise been recognized during the quarter if the cargoes were lifted pursuant to the delivery schedules with the customers. We did not have revenues associated with LNG cargoes for which customers notified us that they would not take delivery during the three and six months ended June 30, 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.