Quarterly report [Sections 13 or 15(d)]

Debt

v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following (in millions): 
June 30, December 31,
2026 2025
SPL:
Senior Secured Notes:
5.875% due 2026
 $ —  $ 200 
5.00% due 2027
 —  1,500 
4.200% due 2028
 1,350  1,350 
4.500% due 2030
 2,000  2,000 
due 2037 with weighted average rate of 4.748% and 4.747% at June 30, 2026 and December 31, 2025, respectively (1)
 1,677  1,730 
Total SPL Senior Secured Notes
 5,027  6,780 
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)
—  — 
Total debt - SPL
 5,027  6,780 
CQP:
Senior Notes:
4.500% due 2029
 1,500  1,500 
4.000% due 2031
 1,500  1,500 
3.25% due 2032
 1,200  1,200 
5.950% due 2033
1,400  1,400 
5.750% due 2034
 1,200  1,200 
5.550% due 2035
1,000  1,000 
5.350% due 2036 (the “2036 CQP Senior Notes”) (2)
1,000  — 
6.050% due 2056 (the “2056 CQP Senior Notes”) (2)
750  — 
Total CQP Senior Notes
 9,550  7,800 
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)
—  — 
Total debt - CQP
 9,550  7,800 
CCH:
Senior Secured Notes:
5.125% due 2027
 1,201  1,201 
3.700% due 2029
 1,125  1,125 
3.788% weighted average rate due 2039 (1)
 2,539  2,539 
Total CCH Senior Secured Notes
 4,865  4,865 
Term loan facility agreement (the “CCH Credit Facility”)
—  550 
Working capital facility agreement (the “CCH Working Capital Facility”)
—  — 
Revolving credit agreement (the “CCH Revolving Credit Facility”)
65  — 
Total debt - CCH
 4,930  5,415 
Cheniere:
Senior Notes:
4.625% due 2028
 1,500  1,500 
5.650% due 2034
1,500  1,500 
5.200% due 2036 (the “2036 Cheniere Senior Notes”) (3)
1,000  — 
6.000% due 2056 (the “2056 Cheniere Senior Notes”) (3)
750  — 
Total Cheniere Senior Notes
 4,750  3,000 
Revolving credit agreement (the “Cheniere Revolving Credit Facility”)
—  — 
Total debt - Cheniere
 4,750  3,000 
Total debt 24,257  22,995 
Current debt, net of unamortized discount and debt issuance costs (1) (1,411) (306)
Unamortized discount and debt issuance costs (214) (182)
Total long-term debt, net of unamortized discount and debt issuance costs $ 22,632  $ 22,507 
(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.
(2)Issued in June 2026, pursuant to the same base indenture as the other CQP Senior Notes, supplemented by the eleventh and twelfth supplemental indentures for the 2036 CQP Senior Notes and 2056 CQP Senior Notes, respectively. See our annual report on Form 10-K for the fiscal year ended December 31, 2025 for additional information regarding the guarantee, security and redemption option of the CQP Senior Notes.
(3)Issued in March 2026, pursuant to a base indenture dated as of the issuance date, supplemented by the first and second supplemental indentures for the 2036 Cheniere Senior Notes and 2056 Cheniere Senior Notes, respectively. See our annual report on Form 10-K for the fiscal year ended December 31, 2025 for additional information regarding the guarantee, security and redemption option of the CEI Senior Notes.
Credit Facilities

Below is a summary of our committed credit facilities outstanding as of June 30, 2026 (in millions):
SPL Revolving Credit Facility
CQP Revolving Credit Facility
CCH Credit Facility (2)
CCH Revolving Credit Facility (4)
Cheniere Revolving Credit Facility (5)
Total facility size $ 1,000  $ 1,000  $ 3,260  $ 1,000  $ 1,250 
Incremental commitments —  —  —  —  500 
Less:
Outstanding balance —  —  —  65  — 
Commitments prepaid or terminated —  —  1,750  —  — 
Letters of credit issued 129  —  —  110  — 
Available commitment $ 871  $ 1,000  $ 1,510  $ 825  $ 1,750 
Priority ranking Senior secured Senior unsecured Senior secured Senior secured Senior unsecured
Interest rate on available balance (1)
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.75% or base rate plus 0.0% - 0.75%
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.125% - 2.0% or base rate plus 0.125% - 1.0%
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.5% or base rate plus 0.5%
SOFR plus margin of 0.75% - 1.5% or base rate plus 0.0% - 0.5%
SOFR plus margin of 1.075% - 2.00% or base rate plus 0.075% - 1.00%
Commitment fees on undrawn balance (1)
0.075% - 0.30%
0.10% - 0.30%
0.525%
0.06% - 0.20%
0.090% - 0.300%
Letter of credit fees (1)
1.0% - 1.75%
1.125% - 2.0%
N/A
0.75% - 1.5%
1.075% - 2.00%
Maturity date June 23, 2028 June 23, 2028 (3) June 26, 2031 August 1, 2031
(1)The margins on the interest rate, the commitment fees and the letter of credit fees are subject to change based on the applicable entity’s credit rating. The interest rate and the commitment fees of the Cheniere Revolving Credit Facility are also based on the achievement of certain methane emissions management standards.
(2)During the six months ended June 30, 2026, we prepaid $550 million of outstanding borrowings under the CCH Credit Facility using proceeds from the issuance of the 2036 Cheniere Senior Notes and 2056 Cheniere Senior Notes and canceled $1.2 billion of unused commitments. In June 2026, CCH entered into an amendment to the CCH Credit Facility to, among other things, extend the availability period for disbursements of term loans to the later of the Corpus Christi Stage 3 Project completion date and December 31, 2027.
(3)The CCH Credit Facility matures the earlier of June 15, 2029 or two years after the substantial completion of the last Train of the Corpus Christi Stage 3 Project.
(4)In June 2026, CCH entered into the CCH Revolving Credit Facility, which amended and restated the CCH Working Capital Facility to, among other things, decrease the aggregate commitments by $500 million, extend the maturity date by approximately four years and reduce the rates applicable to our interest and fees.
(5)In June 2026, we entered into a Commitment Increase and Maturity Extension Agreement for the Cheniere Revolving Credit Facility to increase the aggregate commitments by $500 million and extend the maturity date by one year.
Restrictive Debt Covenants

The agreements governing our and our subsidiaries’ indebtedness contain customary terms and events of default and certain covenants that, among other things, may limit our and our subsidiaries’ ability to make certain investments or pay dividends or distributions. For example, SPL and CCH are restricted from making distributions under agreements governing their respective indebtedness generally until, among other requirements, appropriate reserves have been established for debt service using cash or letters of credit and a historical and projected debt service coverage ratio of at least 1.25:1.00 is satisfied.
As of June 30, 2026, we were, and each of our subsidiaries was, in compliance with all covenants related to our respective debt agreements.

Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Total interest cost $ 329  $ 298  $ 639  $ 593 
Capitalized interest (42) (61) (97) (127)
Total interest expense, net of capitalized interest $ 287  $ 237  $ 542  $ 466 

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our senior notes (in millions):
June 30, 2026 December 31, 2025
Carrying
Amount (1)		 Estimated
Fair Value (2)		 Carrying
Amount (1)		 Estimated
Fair Value (2)
Senior notes
 $ 24,192  $ 23,839  $ 22,995  $ 22,313 
(1)Carrying amounts exclude unamortized discount and debt issuance costs.
(2)As of June 30, 2026 and December 31, 2025, $3.0 billion and $3.1 billion, respectively, of the fair value of our senior notes were classified as Level 3 since these senior notes were valued by applying an unobservable illiquidity adjustment to the price derived from trades or indicative bids of instruments with similar terms, maturities and credit standing. The remainder of the fair value of our senior notes was classified as Level 2, based on prices derived from trades or indicative bids of the instruments.

The estimated fair value of any outstanding borrowings under our credit facilities approximates the principal amount outstanding because the interest rates are indexed to market rates and the debt may be repaid, in full or in part, at any time without penalty.