Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 230 $ 2,565
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion expense 753 641
Share-based compensation expense 115 105
Amortization of discount and debt issuance costs 20 19
Reduction of right-of-use assets 277 310
Total losses (gains) on derivative instruments, net 3,118 (958)
Net cash provided by (used for) settlement of derivative instruments (834) 193
Deferred taxes (73) 454
Other, net 47 (1)
Changes in operating assets and liabilities:    
Trade and other receivables 41 (29)
Inventory (210) 19
Other non-current assets 56 (25)
Accounts payable and accrued liabilities (213) (789)
Total deferred revenue (45) (36)
Total operating lease liabilities (282) (307)
Other non-current liabilities (216) 0
Other, net (126) (102)
Net cash provided by operating activities 2,658 2,059
Cash flows from investing activities    
Property, plant and equipment, net of proceeds from commissioning sales of LNG of $85 million and $52 million, respectively (1,916) (1,647)
Proceeds from sale of equity method investment 0 80
Other, net (11) (8)
Net cash used in investing activities (1,927) (1,575)
Cash flows from financing activities    
Proceeds from issuances of debt and borrowings 4,511 265
Redemptions and repayments of debt and borrowings (3,263) (565)
Distributions to NCI (394) (400)
Contributions from redeemable NCI 0 49
Redemption of redeemable NCI (136) 0
Payments related to tax withholdings for share-based compensation (37) (46)
Repurchase of common stock, inclusive of excise taxes paid (1,113) (690)
Dividends to stockholders (233) (223)
Other, net (128) (43)
Net cash used in financing activities (793) (1,653)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (3) (4)
Net decrease in cash, cash equivalents and restricted cash and cash equivalents (65) (1,173)
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period 1,584 3,190
Cash, cash equivalents and restricted cash and cash equivalents—end of period $ 1,519 $ 2,017