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 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Revenues $ 3,200 $ 1,460 $ 9,307 $ 6,571
Revenues from contracts with customers 4,259 1,421 10,773 6,338
Operating costs and expenses        
Cost of sales (excluding items shown separately below) 4,868 768 8,408 2,295
Operating and maintenance expense 350 317 1,057 988
Development expense 2 0 5 5
Selling, general and administrative expense 70 70 224 224
Depreciation and amortization expense 259 233 753 699
Impairment expense and loss on disposal of assets 1 0 0 5
Total operating costs and expenses 5,550 1,388 10,447 4,216
Income (loss) from operations (2,350) 72 (1,140) 2,355
Other expense        
Interest expense, net of capitalized interest (364) (355) (1,088) (1,174)
Loss on modification or extinguishment of debt (36) (171) (95) (215)
Interest rate derivative loss, net 3,500   4,200  
Other expense, net (24) (129) (14) (115)
Total other expense (426) (655) (1,200) (1,737)
Income (loss) before income taxes and non-controlling interest (2,776) (583) (2,340) 618
Less: income tax provision (benefit) (1,860) (75) (1,864) 119
Net income (loss) (916) (508) (476) 499
Less: net income (loss) attributable to non-controlling interest 168 (45) 544 390
Net income (loss) attributable to common stockholders $ (1,084) $ (463) $ (1,020) $ 109
Net income (loss) per share attributable to common stockholders—basic and diluted $ (4.27) $ (1.84) $ (4.03) $ 0.43
Weighted average number of common shares outstanding—basic 253.6 252.2 253.3 252.5
Weighted average number of common shares outstanding—diluted 253.6 252.2 253.3 253.2
Interest Rate Derivatives [Member]        
Other expense        
Interest rate derivative loss, net $ (2) $ 0 $ (3) $ (233)
LNG [Member]        
Revenues        
Revenues 3,078 1,373 8,990 6,236
Revenues from contracts with customers [1] 4,169 1,344 10,505 6,088
Regasification [Member]        
Revenues        
Revenues from contracts with customers 68 67 202 202
Other [Member]        
Revenues        
Revenues 54 20 115 133
Revenues from contracts with customers $ 22 $ 10 $ 66 $ 48
[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 nine months ended September 30, 2020, we recognized $171 million and $932 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $47 million would have been recognized subsequent to September 30, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2021 and 2020 excluded zero and $458 million, respectively, and LNG revenues during the nine months ended September 30, 2021 and 2020 excluded $38 million and zero, respectively, that would have otherwise been recognized during the period 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 nine months ended September 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.