Quarterly report [Sections 13 or 15(d)]

Non-Controlling Interest and Variable Interest Entities

v3.26.1
Non-Controlling Interest and Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest and Variable Interest Entity [Abstract]  
Non-Controlling Interest and Variable Interest Entities NON-CONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES
Our consolidated VIEs’ assets and liabilities related to CQP as of March 31, 2026 and substantially all related to CQP as of December 31, 2025. We own a 48.6% limited partner interest in CQP, and we also own all of the 2% general partner interest and 100% of the incentive distribution rights in CQP. The remaining 49.4% non-controlling limited partner interest in CQP is held by affiliates of Blackstone Inc. and Brookfield Asset Management, Inc. as well as the public.

In January 2026, we redeemed the remaining redeemable NCI in our other consolidated VIE that owns the Gregory Power Plant, a natural gas-fired combined cycle facility located in San Patricio County, Texas.
The following table presents the summarized consolidated assets and liabilities (in millions) of our consolidated VIEs, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of the respective VIEs. In addition, there is no recourse to us for the consolidated VIEs’ liabilities. The assets and liabilities in the table below exclude intercompany balances between the respective VIEs and Cheniere that eliminate in our Consolidated Financial Statements.
March 31, December 31,
2026 2025
ASSETS  
Current assets    
Cash and cash equivalents $ 279  $ 182 
Restricted cash and cash equivalents 22  22 
Trade and other receivables, net of current expected credit losses 281  512 
Inventory 151  186 
Current derivative assets 3  — 
Margin deposits 17  11 
Other current assets, net 44  55 
Total current assets 797  968 
Property, plant and equipment, net of accumulated depreciation 15,106  15,397 
Operating lease assets 75  77 
Derivative assets 464  541 
Other non-current assets, net 207  287 
Total assets $ 16,649  $ 17,270 
LIABILITIES    
Current liabilities    
Accounts payable $ 52  $ 58 
Accrued liabilities 732  1,000 
Current debt, net of unamortized discount and debt issuance costs 1,606  306 
Deferred revenue 93  119 
Current operating lease liabilities 5  5 
Current derivative liabilities 447 164 
Other current liabilities 7  11 
Total current liabilities 2,942  1,663 
Long-term debt, net of unamortized discount and debt issuance costs 12,612  14,161 
Operating lease liabilities 72  73 
Derivative liabilities 1,187  900 
Other non-current liabilities 155  159 
Total liabilities $ 16,968  $ 16,956