Cheniere Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Revenues from Contracts with Customers (Tables)

Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

The following table represents a disaggregation of revenue earned from contracts with customers during the three and six months ended June 30, 2020 and 2019 (in millions):



	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019		2020		2019
LNG revenues (1)	$	2,340		$	2,080	$	4,744	$	4,147
Regasification revenues	68			67		135		133
Other revenues	16			21		38		36
Total revenues from customers	2,424			2,168		4,917		4,316
Net derivative gains (losses) (2)	(45		)	93		119		169
Other (3)	23			31		75		68
Total revenues	$	2,402		$	2,292	$	5,111	$	4,553

(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. 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.


(2)	See Note 6—Derivative Instruments for additional information about our derivatives.

(3)

Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases.

Contract Assets

The following table shows our contract assets, net, which are classified as other non-current assets, net on our Consolidated Balance Sheets (in millions):



	June 30,		December 31,
	2020		2019
Contract assets, net	$	58	$	18

Contract Liabilities

The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions):



	Six Months Ended June 30, 2020
Deferred revenues, beginning of period	$	161
Cash received but not yet recognized	23
Revenue recognized from prior period deferral	(161		)
Deferred revenues, end of period	$	23

Transaction Price Allocated to Future Performance Obligations

The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of June 30, 2020 and December 31, 2019:



	June 30, 2020			December 31, 2019
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	103.7	10	$	106.4	11
Regasification revenues	2.3		5	2.4		5
Total revenues	$	106.0		$	108.8

(1)

The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.