Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.20.2
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Revenues $ 2,402 $ 2,292 $ 5,111 $ 4,553
Revenues from contracts with customers 2,424 2,168 4,917 4,316
Operating costs and expenses        
Cost of sales (excluding items shown separately below) 803 1,277 1,527 2,491
Operating and maintenance expense 355 295 671 516
Development expense 1 3 5 4
Selling, general and administrative expense 73 77 154 150
Depreciation and amortization expense 233 204 466 348
Impairment expense and loss on disposal of assets 0 4 5 6
Total operating costs and expenses 1,465 1,860 2,828 3,515
Income from operations 937 432 2,283 1,038
Other income (expense)        
Interest expense, net of capitalized interest (407) (372) (819) (619)
Loss on modification or extinguishment of debt (43) 0 (44) 0
Interest rate derivative loss, net (25) (74) (233) (109)
Other income, net 5 16 14 32
Total other expense (470) (430) (1,082) (696)
Income before income taxes and non-controlling interest 467 2 1,201 342
Income tax provision (63) 0 (194) (3)
Net income 404 2 1,007 339
Less: net income attributable to non-controlling interest 207 116 435 312
Net income (loss) attributable to common stockholders $ 197 $ (114) $ 572 $ 27
Net income (loss) per share attributable to common stockholders—basic [1] $ 0.78 $ (0.44) $ 2.27 $ 0.11
Net income (loss) per share attributable to common stockholders—diluted [1] $ 0.78 $ (0.44) $ 2.26 $ 0.11
Weighted average number of common shares outstanding—basic 252.1 257.4 252.6 257.3
Weighted average number of common shares outstanding—diluted 252.4 257.4 253.3 258.6
LNG [Member]        
Revenues        
Revenues $ 2,295 $ 2,173 $ 4,863 $ 4,316
Revenues from contracts with customers [2] 2,340 2,080 4,744 4,147
Regasification [Member]        
Revenues        
Revenues from contracts with customers 68 67 135 133
Other [Member]        
Revenues        
Revenues 39 52 113 104
Revenues from contracts with customers $ 16 $ 21 $ 38 $ 36
[1]
Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.
[2]
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. LNG revenues during the three and six months ended June 30, 2020 included $708 million and $761 million, respectively, in revenues associated with LNG cargoes for which customers have notified us that they will not take delivery, of which $458 million would have otherwise been recognized subsequent to June 30, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended June 30, 2020 excluded $53 million that would have otherwise been recognized during the quarter if the cargoes were lifted pursuant to the delivery schedules with the customers. 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.