Quarterly report pursuant to Section 13 or 15(d)

Revenues (Tables)

v3.24.3
Revenues (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenues from contracts with customers
LNG revenues (excluding net derivative gain (loss) below)
 $ 3,569  $ 3,941  $ 10,614  $ 14,950 
Regasification revenues 34  34  102  101 
     Other revenues (1) 80  63  231  120 
Total revenues from contracts with customers 3,683  4,038  10,947  15,171 
Net derivative gain (loss) (see Note 5)
(15) 34  19  34 
Sublease income (see Note 9)
83  87  266  366 
Other revenues 12  —  35  — 
Total revenues $ 3,763  $ 4,159  $ 11,267  $ 15,571 
(1)Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes.
Contract Assets
The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):
September 30, December 31,
2024 2023
Contract assets, net of current expected credit losses $ 306  $ 250 
Contract Liabilities
The following table reflects the changes in our contract liabilities, which are included in deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions):
Nine Months Ended September 30, 2024
Deferred revenue, beginning of period $ 294 
Cash received but not yet recognized in revenue 333 
Revenue recognized from prior period deferral (294)
Deferred revenue, end of period $ 333 
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:
September 30, 2024 December 31, 2023
Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1)
LNG revenues (2) $ 106.3  9 $ 111.0  9
Regasification revenues 0.6  3 0.7  3
Total revenues $ 106.9  $ 111.7 
(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.
(2)We may enter into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones such as reaching FID on a certain liquefaction Train, obtaining financing or achieving substantial completion of a Train and any related facilities. These contracts are included in the transaction price above when the conditions are considered probable of being met and consideration is not otherwise constrained from ultimate pricing and receipt.
Revenue, Remaining Performance Obligation, Variable Consideration
The following table summarizes the amount of variable consideration earned under contracts with customers included in the table above:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
LNG revenues 60  % 63  % 57  % 71  %
Regasification revenues 8  % 7  % 8  % 7  %