Cheniere Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Revenues from Contracts with Customers (Tables)

Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

The following table represents a disaggregation of revenue earned from contracts with customers during the three and six months ended June 30, 2021 and 2020 (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
LNG revenues (1)	$	3,297	$	2,340	$	6,336	$	4,744
Regasification revenues	67		68		134		135
Other revenues	24		16		44		38

Total revenues from customers	3,388		2,424		6,514		4,917
Net derivative gain (loss) (2)	(384)		(45)		(424)		119
Other (3)	13		23		17		75
Total revenues	$	3,017	$	2,402	$	6,107	$	5,111

(1) 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.

(2) See Note 6—Derivative Instruments for additional information about our derivatives.

(3) Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases.

Contract Assets

The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions):



	June 30,		December 31,
	2021		2020
Contract assets, net of current expected credit losses	$	109	$	80

Contract Liabilities

The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions):



	Six Months Ended June 30, 2021
Deferred revenue, beginning of period	$	138
Cash received but not yet recognized in revenue	105
Revenue recognized from prior period deferral	(138)
Deferred revenue, end of period	$	105

Transaction Price Allocated to Future Performance Obligations

The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of June 30, 2021 and December 31, 2020:


	June 30, 2021			December 31, 2020
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	101.1	10	$	102.3	10
Regasification revenues	2.0		4	2.1		5
Total revenues	$	103.1		$	104.4

(1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.