10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to            

Commission file number 001-16383

CHENIERE ENERGY, INC.

(Exact name of registrant as specified in its charter)

Delaware	95-4352386
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

845 Texas Avenue, Suite 1250

Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

(713) 375-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $ 0.003 par value	LNG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☒ 

As of May 1, 2025, the issuer had 221,785,474 shares of Common Stock outstanding.

CHENIERE ENERGY, INC.

TABLE OF CONTENTS

	Definitions	1
Part I. Financial Information
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Operations	3
	Consolidated Balance Sheets	4
	Consolidated Statements of Stockholders’ Equity and Redeemable Non-Controlling Interest	5
	Consolidated Statements of Cash Flows	6
	Notes to Consolidated Financial Statements	7
	Note 1—Nature of Operations and Basis of Presentation	7
	Note 2—Trade and Other Receivables, Net of Current Expected Credit Losses	8
	Note 3—Inventory	8
	Note 4—Property, Plant and Equipment, Net of Accumulated Depreciation	8
	Note 5—Derivative Instruments	9
	Note 6—Non-Controlling Interests and Variable Interest Entities	13
	Note 7—Accrued Liabilities	14
	Note 8—Debt	15
	Note 9—Leases	17
	Note 10—Revenues	18
	Note 11—Related Party Transactions	20
	Note 12—Income Taxes	20
	Note 13—Net Income per Share Attributable to Common Stockholders	20
	Note 14—Share Repurchase Programs	21
	Note 15—Segment Information and Customer Concentration	21
	Note 16—Supplemental Cash Flow Information	22
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	35
Item 4.	Controls and Procedures	35
Part II. Other Information
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 5.	Other Information	37
Item 6.	Exhibits	37
	Signatures	38

i

DEFINITIONS

As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms

ASU	Accounting Standards Update
Bcf/d	billion cubic feet per day
Bcfe	billion cubic feet equivalent
DOE	U.S. Department of Energy
EPC	engineering, procurement and construction
FASB	Financial Accounting Standards Board
FERC	Federal Energy Regulatory Commission
FID	final investment decision
FTA countries	countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAP	generally accepted accounting principles in the United States
Henry Hub	the final settlement price (in U.S. dollars per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin
IPM agreements	integrated production marketing agreements in which the gas producer sells to us gas on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs
LNG	liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state
MMBtu	million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
mtpa	million tonnes per annum
NGA	Natural Gas Act of 1938, as amended
non-FTA countries	countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SEC	U.S. Securities and Exchange Commission
SOFR	Secured Overnight Financing Rate
SPA	LNG sale and purchase agreement
TBtu	trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit
Train	an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUA	terminal use agreement

1

Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of March 31, 2025, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:

Unless the context requires otherwise, references to the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, CQP.

2

PART I.    FINANCIAL INFORMATION 

ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS

CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

	Three Months Ended March 31,
	2025		2024
Revenues
LNG revenues	$	5,305	$	4,037
Regasification revenues	34		34
Other revenues	105		182
Total revenues	5,444		4,253
Operating costs and expenses
Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below)	3,571		2,236
Operating and maintenance expense	473		451
Selling, general and administrative expense	116		101
Depreciation, amortization and accretion expense	312		302
Other operating costs and expenses	11		9
Total operating costs and expenses	4,483		3,099
Income from operations	961		1,154
Other income (expense)
Interest expense, net of capitalized interest	(229)		(266)
Interest and dividend income	37		61
Other income (expense), net	20		(1)
Total other expense	(172)		(206)
Income before income taxes and non-controlling interests	789		948
Less: income tax provision	121		109
Net income	668		839
Less: net income attributable to non-controlling interests	315		337
Net income attributable to Cheniere	$	353	$	502
Net income per share attributable to common stockholders—basic (1)	$	1.57	$	2.14
Net income per share attributable to common stockholders—diluted (1)	$	1.57	$	2.13
Weighted average number of common shares outstanding—basic	223.5		234.2
Weighted average number of common shares outstanding—diluted	224.1		235.0
___________________

(1)In computing basic and diluted net income per share attributable to common stockholders, net income attributable to Cheniere is adjusted for the remeasurement of the redeemable non-controlling interest, net of tax, to its redemption value, as required under the two-class method. See Note 13—Net Income per Share Attributable to Common Stockholders for the full computation.

The accompanying notes are an integral part of these consolidated financial statements.

3

CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (1)

(in millions, except share data)

(unaudited)

	March 31,		December 31,
	2025		2024
ASSETS
Current assets
Cash and cash equivalents	$	2,511	$	2,638
Restricted cash and cash equivalents	357		552
Trade and other receivables, net of current expected credit losses	1,019		727
Inventory	525		501
Current derivative assets	135		155
Margin deposits	87		128
Other current assets, net	93		100
Total current assets	4,727		4,801
Property, plant and equipment, net of accumulated depreciation	34,177		33,552
Operating lease assets	2,724		2,684
Derivative assets	1,023		1,903
Deferred tax assets	18		19
Other non-current assets, net	877		899
Total assets	$	43,546	$	43,858
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	182	$	171
Accrued liabilities	2,206		2,179
Current debt, net of unamortized discount and debt issuance costs	104		351
Deferred revenue	117		163
Current operating lease liabilities	576		592
Current derivative liabilities	710		902
Other current liabilities	84		83
Total current liabilities	3,979		4,441
Long-term debt, net of unamortized discount and debt issuance costs	22,509		22,554
Operating lease liabilities	2,153		2,090
Derivative liabilities	1,767		1,865
Deferred tax liabilities	1,893		1,856
Other non-current liabilities	1,148		992
Total liabilities	33,449		33,798
Redeemable non-controlling interest	45		7
Stockholders’ equity
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued	—		—
Common stock: $0.003 par value, 480.0 million shares authorized; 279.1 million shares and 278.7 million shares issued at March 31, 2025 and December 31, 2024, respectively	1		1
Treasury stock: 56.3 million shares and 54.7 million shares at March 31, 2025 and December 31, 2024, respectively, at cost	(6,488)		(6,136)
Additional paid-in-capital	4,448		4,452
Retained earnings	7,620		7,382
Total Cheniere stockholders’ equity	5,581		5,699
Non-controlling interests	4,471		4,354
Total stockholders’ equity	10,052		10,053
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$	43,546	$	43,858

(1)Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), substantially all of which are related to CQP, as further discussed in Note 6—Non-Controlling Interests and Variable Interest Entities. As of March 31, 2025, total assets and liabilities of our VIEs were $16.9 billion and $17.4 billion, respectively, including $94 million of cash and cash equivalents and $80 million of restricted cash and cash equivalents.

The accompanying notes are an integral part of these consolidated financial statements.

4

CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND REDEEMABLE NON-CONTROLLING INTEREST

(in millions)

(unaudited)

Three Months Ended March 31, 2025
	Total Stockholders’ Equity
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Non-controlling Interests		Total Equity		Redeemable Non-Controlling Interest (1)
	Shares	Par Value Amount		Shares	Amount
Balance at December 31, 2024	224.0	$	1	54.7	$	(6,136)	$	4,452	$	7,382	$	4,354	$	10,053	$	7
Vesting of share-based compensation awards	0.4	—		—	—		—		—		—		—		—
Share-based compensation	—	—		—	—		40		—		—		40		—
Issued shares withheld from employees related to share-based compensation, at cost	—	—		—	—		(44)		—		—		(44)		—
Shares repurchased, at cost and inclusive of excise taxes	(1.6)	—		1.6	(352)		—		—		—		(352)		—
Net income (loss)	—	—		—	—		—		353		317		670		(2)
Contributions from redeemable non-controlling interest	—	—		—	—		—		—		—		—		38
Distributions to non-controlling interests	—	—		—	—		—		—		(200)		(200)		—
Dividends declared ($0.50 per common share) and dividend equivalents accrued	—	—		—	—		—		(113)		—		(113)		—
Accretion of redeemable non-controlling interest, net of tax	—	—		—	—		—		(2)		—		(2)		2
Balance at March 31, 2025	222.8	$	1	56.3	$	(6,488)	$	4,448	$	7,620	$	4,471	$	10,052	$	45

Three Months Ended March 31, 2024
	Total Stockholders’ Equity
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Non-controlling Interests		Total Equity		Redeemable Non-Controlling Interest (1)
	Shares	Par Value Amount		Shares	Amount
Balance at December 31, 2023	237.0	$	1	40.9	$	(3,864)	$	4,377	$	4,546	$	3,960	$	9,020	$	—
Vesting of share-based compensation awards	0.6	—		—	—		—		—		—		—		—
Share-based compensation	—	—		—	—		34		—		—		34		—
Issued shares withheld from employees related to share-based compensation, at cost	—	—		—	—		(40)		—		—		(40)		—
Shares repurchased, at cost and inclusive of excise taxes	(7.5)	—		7.5	(1,203)		—		—		—		(1,203)		—
Net income	—	—		—	—		—		502		337		839		—
Contributions from redeemable non-controlling interest	—	—		—	—		—		—		—		—		4
Distributions to non-controlling interests	—	—		—	—		—		—		(253)		(253)		—
Dividends declared ($0.435 per common share) and dividend equivalents accrued	—	—		—	—		—		(103)		—		(103)		—
Balance at March 31, 2024	230.1	$	1	48.4	$	(5,067)	$	4,371	$	4,945	$	4,044	$	8,294	$	4

(1)Redeemable non-controlling interest represents the economic interest held by a third party in one of our consolidated VIEs that is redeemable for cash under certain circumstances, including those that are outside of our control. As such, the economic interest is not a component of permanent equity on our Consolidated Balance Sheets.

The accompanying notes are an integral part of these consolidated financial statements.

5

CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities
Net income	$	668	$	839
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized foreign currency exchange loss, net	5		3
Depreciation, amortization and accretion expense	312		302
Share-based compensation expense	56		40
Amortization of discount and debt issuance costs	9		10
Reduction of right-of-use assets	159		163
Total losses on derivative instruments, net	539		258
Net cash provided by settlement of derivative instruments	71		24
Deferred taxes	38		(6)
Other, net	(19)		2
Changes in operating assets and liabilities:
Trade and other receivables	(286)		430
Inventory	(24)		81
Margin deposits	41		(17)
Other non-current assets	(21)		(6)
Accounts payable and accrued liabilities	(93)		(714)
Total deferred revenue	(57)		(42)
Total operating lease liabilities	(152)		(148)
Other, net	(18)		27
Net cash provided by operating activities	1,228		1,246
Cash flows from investing activities
Property, plant and equipment, net of proceeds on commissioning sales of LNG of $43 million and zero, respectively	(623)		(650)
Proceeds from sale of equity method investment	80		—
Other	(6)		(16)
Net cash used in investing activities	(549)		(666)
Cash flows from financing activities
Proceeds from issuances of debt	125		1,497
Redemptions and repayments of debt	(425)		(150)
Distributions to non-controlling interests	(200)		(253)
Contributions from redeemable non-controlling interest	38		4
Payments related to tax withholdings for share-based compensation	(44)		(40)
Repurchase of common stock, inclusive of excise taxes paid	(363)		(1,189)
Dividends to stockholders	(112)		(105)
Other, net	(16)		(28)
Net cash used in financing activities	(997)		(264)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(4)		(3)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	(322)		313
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period	3,190		4,525
Cash, cash equivalents and restricted cash and cash equivalents—end of period	$	2,868	$	4,838

The accompanying notes are an integral part of these consolidated financial statements.

6

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1—NATURE OF OPERATIONS AND BASIS OF PRESENTATION

We operate natural gas liquefaction and export facilities located in Cameron Parish, Louisiana at Sabine Pass and near Corpus Christi, Texas (respectively, the “Sabine Pass LNG Terminal” and “Corpus Christi LNG Terminal”), with total expected production capacity of over 55 mtpa of LNG, of which over 8 mtpa remains under construction.

CQP owns the Sabine Pass LNG Terminal, which has natural gas liquefaction facilities with a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”). The Sabine Pass LNG Terminal also has five LNG storage tanks, vaporizers and three marine berths. CQP also owns and operates a 94-mile natural gas supply pipeline that interconnects the Sabine Pass LNG Terminal with several large interstate and intrastate pipelines (the “Creole Trail Pipeline”). As of March 31, 2025, we owned 100% of the general partner interest, a 48.6% limited partner interest and 100% of the incentive distribution rights of CQP.

The Corpus Christi LNG Terminal has natural gas liquefaction facilities with total expected production capacity of over 25 mtpa of LNG, of which over 8 mtpa is currently under construction. The Corpus Christi LNG Terminal also has three LNG storage tanks and two marine berths. We also own an approximately 21-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline”).

As noted above, we are constructing an expansion of the Corpus Christi LNG Terminal that is expected to add over 10 mtpa of operational liquefaction capacity across seven midscale Trains once fully completed (the “Corpus Christi Stage 3 Project” and together with the existing assets at the Corpus Christi LNG Terminal and the Corpus Christi Pipeline, the “CCL Project”), inclusive of the first midscale Train that reached substantial completion in March 2025. In addition to the Corpus Christi Stage 3 Project, we are pursuing expansion projects to provide additional liquefaction capacity at both the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”), and we are commercializing to support the additional liquefaction capacity associated with these potential expansion projects. The development of these projects or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a positive FID.

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, these Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2024.

Results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2025.

Recent Accounting Standards

ASU 2023-09

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). This guidance further enhances income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. We plan to adopt this guidance and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2025.

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as clarified by ASU No. 2025-01 in January 2025. This guidance requires disaggregated disclosures about certain income statement expense line items on an annual and interim basis. We continue to evaluate the impact of the provisions of this guidance on our disclosures,

7

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2027.

NOTE 2—TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES

Trade and other receivables, net of current expected credit losses, consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Trade receivables
SPL and CCL	$	606	$	548
Cheniere Marketing	329		109
Other subsidiaries	8		4
Other receivables	76		66
Total trade and other receivables, net of current expected credit losses	$	1,019	$	727

NOTE 3—INVENTORY

Inventory consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Materials	$	238	$	226
LNG	122		93
LNG in-transit	128		137
Natural gas	14		30
Other	23		15
Total inventory	$	525	$	501

NOTE 4—PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Terminal and related assets
Terminal and interconnecting pipeline facilities	$	35,478	$	34,282
Land	568		465
Construction-in-process	4,880		5,486
Accumulated depreciation	(7,522)		(7,231)
Total terminal and related assets, net of accumulated depreciation	33,404		33,002
Fixed assets and other
Computer and office equipment	37		36
Furniture and fixtures	32		31
Computer software	123		122
Leasehold improvements	49		47
Other	23		24
Accumulated depreciation	(192)		(188)
Total fixed assets and other, net of accumulated depreciation	72		72
Assets under finance leases
Marine assets	824		587
Accumulated depreciation	(123)		(109)
Total assets under finance leases, net of accumulated depreciation	701		478
Property, plant and equipment, net of accumulated depreciation	$	34,177	$	33,552

8

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

The following table shows depreciation expense and offsets to LNG terminal costs (in millions):

	Three Months Ended March 31,
	2025		2024
Depreciation expense	$	310	$	300
Offsets to LNG terminal costs (1)	48		—

(1)We recognize offsets to LNG terminal costs related to the sale of commissioning volumes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Projects during the testing phase for its construction.

NOTE 5—DERIVATIVE INSTRUMENTS

We have the following derivative instruments:

•commodity derivatives consisting of the following (collectively, “Commodity Derivatives”):

◦natural gas and power supply contracts, including those under our IPM agreements, for the development, commissioning and operation of the Liquefaction Projects and expansion projects, as well as the associated economic hedges (collectively, the “Liquefaction Supply Derivatives”); and,

◦LNG derivatives in which we have contractual net settlement and economic hedges on the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”); and

•Foreign currency exchange (“FX”) contracts to hedge exposure to currency risk associated with cash flows denominated in currencies other than U.S. dollar (“FX Derivatives”), associated with both LNG Trading Derivatives and operations in countries outside of the United States.

The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):

	Fair Value Measurements as of
	March 31, 2025								December 31, 2024
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Liquefaction Supply Derivatives asset (liability)	$	—	$	12	$	(1,415)	$	(1,403)	$	—	$	59	$	(801)	$	(742)
LNG Trading Derivatives asset	—		75		—		75		—		17		—		17
FX Derivatives asset	—		9		—		9		—		16		—		16

We value the Liquefaction Supply Derivatives and LNG Trading Derivatives using a market or option-based approach incorporating present value techniques, as needed, which incorporates observable commodity price curves, when available, and other relevant data. We value our FX Derivatives with a market approach using observable FX rates and other relevant data.

We include a significant portion of the Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants may use in valuing the asset or liability. To the extent valued using an option pricing model, we consider the future prices of energy units for unobservable periods to be a significant unobservable input to estimated net fair value. In estimating the future prices of energy units, we make judgments about market risk related to liquidity of commodity indices and volatility utilizing available market data. Changes in facts and circumstances or additional information may result in revised estimates and judgments, and actual results may differ from these estimates and judgments. We derive our volatility assumptions based on observed historical settled global LNG market pricing or accepted proxies for global LNG market pricing as well as settled domestic natural gas pricing. Such volatility assumptions also contemplate, as of the balance sheet date, observable forward curve data of such indices, as well as evolving available industry data and independent studies.

9

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

In developing our volatility assumptions, we acknowledge that the global LNG industry is inherently influenced by events such as unplanned supply constraints, geopolitical incidents, unusual climate events including drought and uncommonly mild, by historical standards, winters and summers, and real or threatened disruptive operational impacts to global energy infrastructure. Our current estimate of volatility includes the impact of otherwise rare events unless we believe market participants would exclude such events on account of their assertion that those events were specific to our company and deemed within our control. As applicable to our natural gas supply contracts, our fair value estimates incorporate market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.

The Level 3 fair value measurements of our natural gas positions within the Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. The following table includes quantitative information for the unobservable inputs for the Level 3 Liquefaction Supply Derivatives as of March 31, 2025:

	Net Fair Value Liability (in millions)	Valuation Approach	Significant Unobservable Input	Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives	$(1,415)	Market approach incorporating present value techniques	Henry Hub basis spread	$(4.950) - $0.265 / $(0.114)
		Option pricing model	International LNG pricing spread, relative to Henry Hub (2)	91% - 374% / 192%

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)Spread contemplates U.S. dollar-denominated pricing.

Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of the Liquefaction Supply Derivatives.

The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):

	Three Months Ended March 31,
	2025		2024
Balance, beginning of period	$	(801)	$	(2,178)
Realized and change in fair value gains (losses) included in net income (1):
Included in cost of sales, existing deals (2)	(792)		(424)
Included in cost of sales, new deals (3)	13		5
Purchases and settlements:
Purchases (4)	—		—
Settlements (5)	166		140
Transfers out of level 3 (6)	(1)		—
Balance, end of period	$	(1,415)	$	(2,457)
Unfavorable changes in fair value relating to instruments still held at the end of the period	$	(779)	$	(419)

(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume.  See settlements line item in this table.

(2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.

(3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.

(4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

(5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.

(6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.

Commodity Derivatives

We hold Liquefaction Supply Derivatives, which are indexed to Henry Hub, global LNG or other natural gas price indices. As of March 31, 2025, the remaining fixed terms of the Liquefaction Supply Derivatives ranged up to approximately 15 years, some of which commence or accelerate upon the satisfaction of certain events or development of infrastructure to support natural gas gathering and transport.

Cheniere Marketing has historically entered into, and may from time to time enter into, LNG transactions that provide for contractual net settlement. Such transactions are accounted for as LNG Trading Derivatives along with financial commodity contracts in the form of swaps or futures. The terms of LNG Trading Derivatives range up to approximately one year.

The following table shows the notional amounts of our Commodity Derivatives:

	March 31, 2025		December 31, 2024
	Liquefaction Supply Derivatives (1)	LNG Trading Derivatives	Liquefaction Supply Derivatives (1)	LNG Trading Derivatives
Notional amount, net (in TBtu)	12,441	9	12,503	(8)

(1)Inclusive of amounts under contracts with unsatisfied contractual conditions and exclusive of extension options that were uncertain to be taken as of both March 31, 2025 and December 31, 2024.

The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions):

		Gain (Loss) Recognized in Consolidated Statements of Operations
	Consolidated Statements of Operations Location (1)	Three Months Ended March 31,
		2025		2024
LNG Trading Derivatives	LNG revenues	$	127	$	16
LNG Trading Derivatives	Cost of sales	45		(19)
Liquefaction Supply Derivatives (2)	LNG revenues	1		—
Liquefaction Supply Derivatives (2)	Cost of sales	(701)		(268)

(1)Fair value fluctuations associated with activities of our Commodity Derivatives are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

(2)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery.

FX Derivatives

Cheniere Marketing holds FX Derivatives to protect against the volatility in future cash flows attributable to changes in international currency exchange rates. The FX Derivatives are executed primarily to economically hedge the foreign currency exposure arising from cash flows expended for both physical and financial LNG transactions that are denominated in a currency other than the U.S. dollar. The terms of FX Derivatives range up to approximately one year.

The total notional amount of our FX Derivatives was $364 million and $642 million as of March 31, 2025 and December 31, 2024, respectively.

11

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions):

		Gain (Loss) Recognized in Consolidated Statements of Operations
	Consolidated Statements of Operations Location	Three Months Ended March 31,
		2025		2024
FX Derivatives	LNG revenues	$	(11)	$	13

The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions):

	March 31, 2025
	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives		Total
Consolidated Balance Sheets Location
Current derivative assets	$	49	$	75	$	11	$	135
Derivative assets	1,023		—		—		1,023
Total derivative assets	1,072		75		11		1,158
Current derivative liabilities	(708)		—		(2)		(710)
Derivative liabilities	(1,767)		—		—		(1,767)
Total derivative liabilities	(2,475)		—		(2)		(2,477)
Derivative asset (liability), net	$	(1,403)	$	75	$	9	$	(1,319)
	December 31, 2024
	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives		Total
Consolidated Balance Sheets Location
Current derivative assets	$	105	$	32	$	18	$	155
Derivative assets	1,903		—		—		1,903
Total derivative assets	2,008		32		18		2,058
Current derivative liabilities	(885)		(15)		(2)		(902)
Derivative liabilities	(1,865)		—		—		(1,865)
Total derivative liabilities	(2,750)		(15)		(2)		(2,767)
Derivative asset (liability), net	$	(742)	$	17	$	16	$	(709)

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CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

Consolidated Balance Sheets Presentation

The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Consolidated Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP (in millions):

	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives
As of March 31, 2025
Gross assets	$	2,362	$	82	$	13
Offsetting amounts	(1,290)		(7)		(2)
Net assets (1)	$	1,072	$	75	$	11
Gross liabilities	$	(2,520)	$	—	$	(4)
Offsetting amounts	45		—		2
Net liabilities (2)	$	(2,475)	$	—	$	(2)
As of December 31, 2024
Gross assets	$	3,064	$	42	$	25
Offsetting amounts	(1,056)		(10)		(7)
Net assets (1)	$	2,008	$	32	$	18
Gross liabilities	$	(2,790)	$	(16)	$	(3)
Offsetting amounts	40		1		1
Net liabilities (2)	$	(2,750)	$	(15)	$	(2)

(1)Includes current and non-current derivative assets of $135 million and $1,023 million, respectively, as of March 31, 2025 and $155 million and $1,903 million, respectively, as of December 31, 2024.

(2)Includes current and non-current derivative liabilities of $710 million and $1,767 million, respectively, as of March 31, 2025 and $902 million and $1,865 million, respectively, as of December 31, 2024.

The table below shows the collateral balances that are recorded within margin deposits and not netted on our Consolidated Balance Sheets (in millions):

	Consolidated Balance Sheets Location	March 31,		December 31,
		2025		2024
Liquefaction Supply Derivatives	Margin deposits	$	32	$	18
LNG Trading Derivatives	Margin deposits	55		110
LNG Trading Derivatives	Other current liabilities	11		—

NOTE 6—NON-CONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES

Substantially all of our consolidated VIEs’ assets and liabilities relate to CQP. We own a 48.6% limited partner interest in CQP, and we also own all of the 2% general partner interest and 100% of the incentive distribution rights in CQP. The remaining 49.4% non-controlling limited partner interest in CQP is held by affiliates of Blackstone Inc. and Brookfield Asset Management, Inc. (“Brookfield”) as well as the public.

13

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

The following table presents the summarized consolidated assets and liabilities (in millions) of our consolidated VIEs, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of the respective VIEs. In addition, there is no recourse to us for the consolidated VIEs’ liabilities. The assets and liabilities in the table below exclude intercompany balances between the respective VIEs and Cheniere that eliminate in our Consolidated Financial Statements.

	March 31,		December 31,
	2025		2024
ASSETS
Current assets
Cash and cash equivalents	$	94	$	270
Restricted cash and cash equivalents	80		125
Trade and other receivables, net of current expected credit losses	435		381
Inventory	169		154
Current derivative assets	25		84
Margin deposits	18		13
Other current assets, net	42		54
Total current assets	863		1,081
Property, plant and equipment, net of accumulated depreciation	15,758		15,880
Operating lease assets	79		80
Derivative assets	29		98
Other non-current assets, net	207		206
Total assets	$	16,936	$	17,345
LIABILITIES
Current liabilities
Accounts payable	$	71	$	70
Accrued liabilities	869		881
Current debt, net of unamortized discount and debt issuance costs	104		351
Deferred revenue	82		120
Current operating lease liabilities	4		4
Current derivative liabilities	154		250
Other current liabilities	7		16
Total current liabilities	1,291		1,692
Long-term debt, net of unamortized discount and debt issuance costs	14,714		14,761
Operating lease liabilities	75		76
Derivative liabilities	1,177		1,213
Other non-current liabilities	172		176
Total liabilities	$	17,429	$	17,918

NOTE 7—ACCRUED LIABILITIES

Accrued liabilities consisted of the following (in millions): 

	March 31,		December 31,
	2025		2024
Natural gas purchases	$	972	$	886
Tax-related liabilities	511		472
Terminal and related asset costs	307		214
Interest costs and related debt fees	267		283
Compensation and benefits	115		272
Other accrued liabilities	34		52
Total accrued liabilities	$	2,206	$	2,179

14

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

NOTE 8—DEBT

Debt consisted of the following (in millions): 

	March 31,		December 31,
	2025		2024
SPL:
Senior Secured Notes:
5.625% due 2025	$	—	$	300
5.875% due 2026	1,500		1,500
5.00% due 2027	1,500		1,500
4.200% due 2028	1,350		1,350
4.500% due 2030	2,000		2,000
4.746% weighted average rate due 2037 (1)	1,782		1,782
Total SPL Senior Secured Notes	8,132		8,432
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)	—		—
Total debt - SPL	8,132		8,432
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
Total CQP Senior Notes	6,800		6,800
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)	—		—
Total debt - CQP	6,800		6,800
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”)	—		—
Working capital facility agreement (the “CCH Working Capital Facility”)	—		—
Total debt - CCH	4,865		4,865
Cheniere:
4.625% Senior Notes due 2028	1,500		1,500
5.650% Senior Notes due 2034	1,500		1,500
Total Cheniere Senior Notes	3,000		3,000
Revolving credit agreement (the “Cheniere Revolving Credit Facility”)	—		—
Total debt - Cheniere	3,000		3,000
Total debt	22,797		23,097
Current debt, net of unamortized discount and debt issuance costs (1)	(104)		(351)
Unamortized discount and debt issuance costs	(184)		(192)
Total long-term debt, net of unamortized discount and debt issuance costs	$	22,509	$	22,554

(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.

15

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

Credit Facilities

Below is a summary of our committed credit facilities outstanding as of March 31, 2025 (in millions):

	SPL Revolving Credit Facility		CQP Revolving Credit Facility		CCH Credit Facility		CCH Working Capital Facility		Cheniere Revolving Credit Facility
Total facility size	$	1,000	$	1,000	$	3,260	$	1,500	$	1,250
Less:
Outstanding balance	—		—		—		—		—
Letters of credit issued	215		—		—		110		—
Available commitment	$	785	$	1,000	$	3,260	$	1,390	$	1,250
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 credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5%		SOFR plus credit spread adjustment of 0.1%, plus margin of 1.075% - 2.20% or base rate plus 0.075% - 1.2%
Commitment fees on undrawn balance (1)	0.075% - 0.30%		0.10% - 0.30%		0.525%		0.10% - 0.20%		0.115% - 0.365%
Letter of credit fees (1)	1.0% - 1.75%		1.125% - 2.0%		N/A		1.0% - 1.5%		1.075% - 2.20%
Maturity date	June 23, 2028		June 23, 2028		(2)		June 15, 2027		October 28, 2026

(1)The margin on the interest rate, the commitment fees and the letter of credit fees is subject to change based on the applicable entity’s credit rating.

(2)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.

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 March 31, 2025, 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 March 31,
	2025		2024
Total interest cost	$	295	$	311
Capitalized interest	(66)		(45)
Total interest expense, net of capitalized interest	$	229	$	266

16

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our senior notes (in millions):

	March 31, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value (1)		Carrying Amount		Estimated Fair Value (1)
Senior notes	$	22,797	$	22,108	$	23,097	$	22,220

(1)As of both March 31, 2025 and December 31, 2024, $3.0 billion 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 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.

NOTE 9—LEASES

We are the lessee of LNG vessels leased under time charters (“vessel charters”) as well as tug vessels, office space and facilities, land sites and equipment.

Future annual minimum lease payments for operating and finance leases as of March 31, 2025 are as follows (in millions): 

Years Ending December 31,	Operating Leases		Finance Leases
2025	$	546	$	85
2026	610		111
2027	516		113
2028	348		115
2029	259		115
Thereafter	1,030		483
Total lease payments (1)	3,309		1,022
Less: Interest	(580)		(261)
Present value of lease liabilities	$	2,729	$	761

(1)Does not include approximately $2.7 billion of legally binding minimum payments for leases executed as of March 31, 2025 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years.

The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:

	March 31, 2025		December 31, 2024
	Operating Leases	Finance Leases	Operating Leases	Finance Leases
Weighted-average remaining lease term (in years)	7.1	9.0	7.0	8.8
Weighted-average discount rate (1)	5.1%	6.8%	5.0%	7.4%

(1)The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

17

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

The following table includes other quantitative information for our operating and finance leases (in millions):

	Three Months Ended March 31,
	2025		2024
Right-of-use assets obtained in exchange for operating lease liabilities	$	199	$	446
Right-of-use assets obtained in exchange for finance lease liabilities	237		—

LNG Vessel Subleases

We sublease certain LNG vessels under charter to third parties while retaining our existing obligation to the original lessor. All of our sublease arrangements have been assessed as operating leases. The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):

	Three Months Ended March 31,
	2025		2024
Fixed income	$	23	$	98
Variable income	12		7
Total sublease income	$	35	$	105

As of March 31, 2025, the aggregate future annual minimum sublease payment to be received from LNG vessel subleases was $9 million and is expected to be received during the current fiscal year.

NOTE 10—REVENUES

The following table represents a disaggregation of revenue earned (in millions):

	Three Months Ended March 31,
	2025		2024
Revenues from contracts with customers
LNG revenues (excluding net derivative gain below)	$	5,186	$	4,008
Regasification revenues	34		34
Other revenues (1)	69		73
Total revenues from contracts with customers	5,289		4,115
Net derivative gain (see Note 5)	117		29
Sublease income (see Note 9)	35		105
Other revenues	3		4
Total revenues	$	5,444	$	4,253

(1)Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes.

For the three months ended March 31, 2025 and 2024, we did not have any material revenue arrangements that were presented within our Consolidated Statements of Operations on a net basis.

Contract Assets and Liabilities

The following table shows our contract assets, net of current expected credit losses, which are included in other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):

	March 31,		December 31,
	2025		2024
Contract assets, net of current expected credit losses	$	361	$	331

18

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

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):

	Three Months Ended March 31, 2025
Deferred revenue, beginning of period	$	318
Cash received but not yet recognized in revenue	90
Revenue recognized from prior period deferral	(150)
Deferred revenue, end of period	$	258

Transaction Price Allocated to Future Performance Obligations

Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:

	March 31, 2025			December 31, 2024
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	103.1	8	$	104.7	8
Regasification revenues	0.5		3	0.5		3
Total revenues	$	103.6		$	105.2

(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.

The following potential future sources of revenue are omitted from the table above under exemptions we have elected: (1) all performance obligations that are part of a contract that has an original expected duration of one year or less and (2) substantially all variable consideration under our SPAs and TUAs that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price will vary based on (1) the future prices of the underlying variable index, primarily Henry Hub, throughout the contract terms, to the extent customers elect to take delivery of their LNG, (2) adjustments to the consumer price index and (3) the outcome of certain contingent events, including the achievement of milestones upon which delivery of LNG under certain contracts is conditioned. Certain of our contracts contain additional variable consideration based on the outcome of contingent events and the movement of various indexes. We have not included such variable consideration in the transaction price to the extent the consideration is considered constrained due to the uncertainty of ultimate pricing and receipt.

The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:

	Three Months Ended March 31,
	2025		2024
LNG revenues	71	%	60	%
Regasification revenues	8	%	8	%

19

CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

NOTE 11—RELATED PARTY TRANSACTIONS

Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions):

	Three Months Ended March 31,
	2025		2024
Other revenues
Operating agreement and construction management agreement with equity method investee (1)	$	1	$	2
Operating and maintenance expense
Natural gas transportation and storage agreements with equity method investees (1)	8		2
Natural gas transportation and storage agreements with other related party (2)	74		13

(1)On February 13, 2025, we sold all of our equity interests in one of our equity method investments to a third party. Additionally, we assigned certain operating and construction management agreements to the purchaser of such interests. Included in the table above are $1 million and $2 million of other revenues and $1 million and $2 million of operating and maintenance expense from the investee during the three months ended March 31, 2025 and 2024, respectively.

(2)These arrangements are with a party related to the entity that indirectly owns a portion of CQP’s limited partner interests.

Below is a summary of our related party balances, all in the ordinary course of business, as reported on our Consolidated Balance Sheets (in millions):

	March 31,		December 31,
	2025		2024
Trade and other receivables, net of current expected credit losses	$	—	$	4
Accrued liabilities	9		8

NOTE 12—INCOME TAXES

We recorded an income tax provision of $121 million and $109 million during the three months ended March 31, 2025 and 2024, respectively, which was calculated using the annual effective tax rate method.

Our effective tax rate was 15.3% and 11.5% for the three months ended March 31, 2025 and 2024, respectively. Our effective tax rate increased between the comparable periods primarily due to a decrease in the ratio of our pre-tax income attributable to CQP, which is partially not taxable to us, as well as the tax impact from recording a valuation allowance on a capital loss carryover generated on the sale of all of our equity interests in an equity method investment during the three months ended March 31, 2025. The effective tax rate for the comparable three month periods was lower than the statutory rate of 21.0% primarily due to CQP’s income that is partially not taxable to us.

NOTE 13—NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

We utilize the two-class method for computing earnings per share, which requires an allocation of earnings as if all earnings were distributed during the period to the common stockholders and participating securities. The redeemable non-controlling interest held by a third party in one of our consolidated VIEs is considered participating because, under certain circumstances, it is redeemable for cash at a return. Therefore, the accretion of the redeemable non-controlling interest to its redemption value, net of tax, which is recognized as a deemed dividend within retained earnings, is deducted from net income in computing net income per share attributable to common stockholders.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

The following table provides a reconciliation of net income attributable to common stockholders and basic and diluted weighted average common shares outstanding (in millions, except per share data):

	Three Months Ended March 31,
	2025		2024
Net income attributable to Cheniere	$	353	$	502
Less: accretion of redeemable non-controlling interest, net of tax	2		—
Net income attributable to common stockholders	$	351	$	502
Weighted average common shares outstanding:
Basic	223.5		234.2
Dilutive unvested stock	0.6		0.8
Diluted	224.1		235.0
Net income per share attributable to common stockholders—basic (1)	$	1.57	$	2.14
Net income per share attributable to common stockholders—diluted (1)	$	1.57	$	2.13

(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.

On April 29, 2025, we declared a quarterly dividend of $0.500 per share of common stock that is payable on May 19, 2025 to stockholders of record as of the close of business on May 9, 2025.

NOTE 14—SHARE REPURCHASE PROGRAMS

The following table presents information with respect to common stock repurchased under our share repurchase program (in millions, except per share data):

	Three Months Ended March 31,
	2025		2024
Total shares repurchased	1.60		7.52
Weighted average price paid per share	$	218.95	$	158.45
Total cost of repurchases (1)	$	350	$	1,192

(1)Amount excludes associated commission fees and excise taxes incurred, which are excluded costs under the repurchase program.

As of March 31, 2025, we had approximately $3.5 billion remaining under our share repurchase program. Our share repurchase program authorization is effective through December 31, 2027.

NOTE 15—SEGMENT INFORMATION AND CUSTOMER CONCENTRATION

We have determined that we operate as a single operating and reportable segment. The measure of profit and loss regularly provided to the chief operating decision maker (“CODM”) that is most consistent with GAAP is net income attributable to Cheniere, as presented in our Consolidated Statements of Operations. This measure contributes to the CODM’s assessment of performance and resource allocation, which includes monitoring of budget versus actual results, establishing compensation and deciding on capital allocation priorities. Significant expenses regularly provided to the CODM, and included in the measure of profit and loss, are the following consolidated expenses as reported in our Consolidated Statements of Operations: (1) cost of sales, (2) operating and maintenance expense and (3) selling, general and administrative expense. Included in the measure of profit and loss is a significant noncash item of changes in the fair value of our derivative instruments, which was $562 million and $285 million in losses for the three months ended March 31, 2025 and 2024, respectively. Interest income was $36 million and $61 million for the three months ended March 31, 2025 and 2024, respectively, which is included in interest and dividend income on our Consolidated Statements of Operations.

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CHENIERE ENERGY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

The measure of segment assets is reported on our Consolidated Balance Sheets as total assets. Substantially all of our tangible long-lived assets, which consist of property, plant and equipment, are located in the United States. Total expenditures for additions to long-lived assets is reported on our Consolidated Statements of Cash Flows.

The concentration of our customer credit risk in excess of 10% of total revenues and/or trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses was as follows:

	Percentage of Total Revenues from External Customers		Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers
	Three Months Ended March 31,		March 31,	December 31,
	2025	2024	2025	2024
Customer A	*	*	18%	20%
Customer B	10%	10%	*	*
Customer C	10%	*	*	*

* Less than 10%

NOTE 16—SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides supplemental disclosure of substantive cash flow information (in millions): 

	Three Months Ended March 31,
	2025		2024
Cash paid during the period for interest on debt, net of amounts capitalized	$	217	$	364
Cash paid (refunded) for income taxes, net	4		1
Non-cash investing activity:
Unpaid purchases of property, plant and equipment, net (1)(2)	315		109
Non-cash financing activity (1):
Unpaid excise tax on stock repurchased	2		11
Unpaid repurchase of common stock	—		3

(1)Reflects unpaid portion, as of the end of each period, of assets and liabilities recognized during the respective periods.

(2)Net of proceeds not yet collected on commissioning sales of LNG of $5 million and zero, respectively.

See Note 9—Leases for supplemental cash flow information related to our leases.

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Information Regarding Forward-Looking Statements

This quarterly report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical or present facts or conditions, included herein or incorporated herein by reference are “forward-looking statements.” Included among “forward-looking statements” are, among other things: 

•statements that we expect to commence or complete construction of our proposed LNG terminals, liquefaction facilities, pipeline facilities or other projects, or any expansions or portions thereof, by certain dates, or at all;

•statements regarding future levels of domestic and international natural gas production, supply or consumption or future levels of LNG imports into or exports from North America and other countries worldwide or purchases of natural gas, regardless of the source of such information, or the transportation or other infrastructure or demand for and prices related to natural gas, LNG or other hydrocarbon products;

•statements regarding any financing transactions or arrangements, or our ability to enter into such transactions;

•statements relating to Cheniere’s capital deployment, including intent, ability, extent and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan;

•statements regarding our future sources of liquidity and cash requirements;

•statements relating to the construction of our Trains and pipelines, including statements concerning the engagement of any EPC contractor or other contractor and the anticipated terms and provisions of any agreement with any EPC or other contractor, and anticipated costs related thereto;

•statements regarding any SPA or other agreement to be entered into or performed substantially in the future, including any revenues anticipated to be received and the anticipated timing thereof, and statements regarding the amounts of total LNG regasification, natural gas liquefaction or storage capacities that are, or may become, subject to contracts;

•statements regarding counterparties to our commercial contracts, construction contracts and other contracts;

•statements regarding our planned development and construction of additional Trains or pipelines, including the financing of such Trains or pipelines;

•statements that our Trains, when completed, will have certain characteristics, including amounts of liquefaction capacities;

•statements regarding our business strategy, our strengths, our business and operation plans or any other plans, forecasts, projections, or objectives, including anticipated revenues, capital expenditures, maintenance and operating costs and cash flows, any or all of which are subject to change;

•statements relating to our goals, commitments and strategies in relation to environmental matters;

•statements regarding legislative, governmental, regulatory, administrative or other public body actions, approvals, requirements, permits, applications, filings, investigations, proceedings or decisions;

•statements regarding our anticipated LNG and natural gas marketing activities; and

•any other statements that relate to non-historical or future information.

All of these types of statements, other than statements of historical or present facts or conditions, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “achieve,” “anticipate,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “intend,” “plan,” “potential,” “predict,” “project,” “pursue,” “target,” the negative of such terms or other comparable terminology. The forward-looking statements contained in this quarterly report are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe that such estimates are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond our control. In addition, assumptions may prove to be inaccurate. We caution that

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the forward-looking statements contained in this quarterly report are not guarantees of future performance and that such statements may not be realized or the forward-looking statements or events may not occur. Actual results may differ materially from those anticipated or implied in forward-looking statements as a result of a variety of factors described in this quarterly report and in the other reports and other information that we file with the SEC, including those discussed under “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2024. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these risk factors. These forward-looking statements speak only as of the date made, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.

Introduction

The following discussion and analysis presents management’s view of our business, financial condition and overall performance and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future.

Our discussion and analysis includes the following subjects: 

•Overview

•Overview of Significant Events

•Results of Operations

•Liquidity and Capital Resources

•Summary of Critical Accounting Estimates

•Recent Accounting Standards

Overview

Cheniere, a Delaware corporation, is a Houston-based energy infrastructure company primarily engaged in LNG-related businesses. We provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We aspire to conduct our business in a safe and responsible manner, delivering a reliable, competitive and integrated source of LNG to our customers.

LNG is natural gas (methane) in liquid form. The LNG we produce is shipped all over the world, converted back into natural gas (called “regasification”) and then transported via pipeline to homes and businesses and used as an energy source that is essential for heating, cooking, other industrial uses and back up for intermittent energy sources. Natural gas is a cleaner-burning, abundant and affordable source of energy. When LNG is converted back to natural gas, it can be used instead of coal, which reduces the amount of pollution traditionally produced from burning fossil fuels, like sulfur dioxide and particulate matter that enters the air we breathe. Additionally, compared to coal, it produces significantly fewer carbon emissions. By liquefying natural gas, we are able to reduce its volume by 600 times so that we can load it onto special LNG carriers designed to keep the LNG cold and in liquid form for efficient transport overseas.

We are the largest producer of LNG in the United States and we were the second largest LNG operator globally, based on our total production capacity of our liquefaction facilities as of March 31, 2025. Our total production capacity is expected to be over 55 mtpa upon completion of over 8 mtpa that remains under construction, as further discussed below.

We own and operate a natural gas liquefaction and export facility located in Cameron Parish, Louisiana at Sabine Pass (the “Sabine Pass LNG Terminal”), one of the largest LNG production facilities in the world, through our ownership interest in and management agreements with CQP, which is a publicly traded limited partnership that we formed in 2007. As of March 31, 2025, we owned 100% of the general partner interest, a 48.6% limited partner interest and 100% of the incentive distribution rights of CQP. The Sabine Pass LNG Terminal has natural gas liquefaction facilities with total production capacity of approximately 30 mtpa of LNG (the “SPL Project”). The Sabine Pass LNG Terminal also has five LNG storage tanks with aggregate capacity of approximately 17 Bcfe and vaporizers with regasification capacity of approximately 4 Bcf/d, as well as three marine berths, two of which can accommodate vessels with nominal capacity of up to 266,000 cubic meters and the third berth which can accommodate vessels with nominal capacity of up to 200,000 cubic meters. We also own and operate through

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CQP a 94-mile natural gas supply pipeline that interconnects the Sabine Pass LNG Terminal with several large interstate and intrastate pipelines (the “Creole Trail Pipeline”).

Additionally, we own and operate a natural gas liquefaction and export facility located near Corpus Christi, Texas (the “Corpus Christi LNG Terminal”) through CCL, which has natural gas liquefaction facilities with total expected production capacity of over 25 mtpa of LNG, of which over 8 mtpa is currently under construction. The Corpus Christi LNG Terminal also has three LNG storage tanks with aggregate capacity of approximately 10 Bcfe and two marine berths that can each accommodate vessels with nominal capacity of up to 266,000 cubic meters. As noted above, we are constructing an expansion of the Corpus Christi LNG Terminal that is expected to add over 10 mtpa of operational liquefaction capacity across seven midscale Trains once fully completed (the “Corpus Christi Stage 3 Project”), inclusive of the first midscale Train that reached substantial completion in March 2025. We also own and operate through CCP an approximately 21-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the existing assets at the Corpus Christi LNG Terminal and the Corpus Christi Stage 3 Project, the “CCL Project”).

Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows, and include SPAs, in which our customers are generally required to pay a fixed fee with respect to the contracted volumes irrespective of their election to cancel or suspend deliveries of LNG cargoes, and IPM agreements, in which a gas producer sells natural gas to us on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs. The SPAs also have a variable fee component, which is primarily indexed to Henry Hub and generally structured to cover the cost of natural gas purchases, transportation and liquefaction fuel consumed to produce LNG. Since we procure most of our feedstock for LNG production from the U.S., the structure of these contracts helps limit our exposure to fluctuations in U.S. natural gas prices. Through our SPAs and IPM agreements currently in effect, with approximately 15 years of weighted average remaining life as of March 31, 2025, we have contracted approximately 95% of the total anticipated production from the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) through the mid-2030s, excluding volumes from contracts with terms less than 10 years and volumes that are contractually subject to additional liquefaction capacity beyond what is currently in construction or operation. LNG produced by the Liquefaction Projects that is not contracted under long-term contracts is available for Cheniere Marketing, our integrated marketing function, to sell in the global market under spot sales or other short-term agreements.

Disciplined Accretive Growth

We remain focused on safety, operational excellence and customer satisfaction. Increasing demand for LNG has allowed us to expand our liquefaction infrastructure in a financially disciplined manner. Our capital allocation plan is designed, in part, to invest in financially disciplined growth accretive to our common stock. Capital investment parameters are the foundation of our disciplined, accretive growth, and include consideration to:

•Achieve value accretive returns through long-term commercial contracts: We aim to contract approximately 80-90% of our current and planned liquefaction capacity under long-term SPAs and IPM agreements with creditworthy counterparties under the pricing structures described above, with targeted unlevered returns that exceed our cost of equity and return on stock at prevailing stock prices.

Our success in securing long-term commercial contracts at desired returns is influenced by global LNG and natural gas market conditions and other uncertainties described in the risk factors of our annual report on Form 10-K for the fiscal year ended December 31, 2024.

•Achieve credit accretive returns: We aim to conservatively fund our projects through financing structures that sustain our long-term, run-rate leverage and credit metrics.

Our ability to secure the required financing is influenced by market interest rates and other factors described in the risk factors of our annual report on Form 10-K for the fiscal year ended December 31, 2024.

We have increased available liquefaction capacity at our Liquefaction Projects as a result of debottlenecking and other optimization projects. We believe these factors provide a foundation for additional growth in our portfolio of customer contracts in the future. We hold significant land positions at both the Sabine Pass LNG Terminal and the Corpus Christi LNG Terminal, which provide opportunity for further liquefaction capacity expansion. We are developing an expansion adjacent to the CCL Project consisting of two midscale Trains with an expected total production capacity of approximately 3 mtpa of LNG

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(the “CCL Midscale Trains 8 & 9 Project”). Additionally, we are developing an expansion adjacent to the SPL Project with a total production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities (the “SPL Expansion Project”). We are commercializing to support the additional liquefaction capacity associated with these potential expansion projects. The development of these projects requires, among other things, regulatory approvals and acceptable commercial and financing arrangements before we make a positive FID. Risks associated with cost overruns and delays in the completion of our expansion projects, including the Corpus Christi Stage 3 Project, are described in the risk factors of our annual report on Form 10-K for the fiscal year ended December 31, 2024.

The following table summarizes pre-FID development efforts and certain key milestones associated with the CCL Midscale Trains 8 & 9 Project and the SPL Expansion Project:

		CCL Midscale Trains 8 & 9 Project	SPL Expansion Project
	Expected total production capacity of LNG (1)	~ 3 mtpa	Up to ~ 20 mtpa
	Milestone
Regulatory (2)	FERC authorizations:
	Positive environmental assessment	ü	Pending
	Order under Section 3 of NGA	ü	Pending
	Certification to commence construction (3)	ü
	DOE export authorization:
	FTA countries	ü	ü
	Non-FTA countries	Pending	Pending
Financing	Financing (4)
Commercialization and Other Contracting	Definitive commercial agreements (5)	In process	In process
	Definitive full-scope EPC contract
Critical Milestone	Target FID (6)	2025	2026/2027

ü indicates receipt of authorization, subject to ongoing conditionality

(1)Anticipated based on capacity, scale, location and infrastructure. Subject to regulatory review and approval and may change based on design considerations, engagement with contractors, and other factors. Subject to adjustment for planned maintenance, production reliability, potential overdesign and debottlenecking opportunities.

(2)Our activities, including our expansion activities, are highly regulated, and require regulatory approvals at various stages, including approvals of the FERC and DOE under Sections 3 and 7 of the NGA, as well as several other material governmental and regulatory approvals and permits. The progression of our expansion projects is dependent on receiving all regulatory approvals required within the respective stages. See our annual report on Form 10-K for the fiscal year ended December 31, 2024 for further discussion of the regulations under federal, state and local statutes, rules, regulations and laws to which we are subject and associated risks factors relating to regulations.

(3)Based on letter from the FERC granting our request to commence with site preparation. The FERC orders require us to comply with certain ongoing conditions and obtain certain additional FERC and other regulatory agency approvals as construction progresses.

(4)We anticipate drawing on current committed facilities and/or incurring additional debt to finance the construction of the CCL Midscale Trains 8 & 9 Project and the SPL Expansion Project, if we reach a positive FID.

(5)Liquefaction capacity partially contracted by Cheniere Marketing and SPL Stage V through SPA or IPM agreements conditioned on additional liquefaction capacity beyond what is currently in construction or operation. We believe we have secured sufficient commercial SPAs and/or IPM agreements to support the construction of the CCL Midscale Trains 8 & 9 Project, subject to relevant conditions precedent, review of project economics, and assignment or novation of such agreements to the project entity.

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(6)Potentially subject to phased FID. Any positive FID is subject to achievement of or consideration to relevant milestones and capital investment parameters described herein.

Overview of Significant Events

Our significant events since January 1, 2025 and through the filing date of this Form 10-Q include the following:

Strategic

•In March 2025, we received authorization from the FERC under the NGA to site, construct and operate the CCL Midscale Trains 8 & 9 Project.

Operational

•As of May 1, 2025, approximately 4,070 cumulative LNG cargoes totaling approximately 280 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Projects.

•In February 2025, the first cargo of LNG was produced from the Corpus Christi Stage 3 Project and in March 2025, substantial completion of Train 1 of the Corpus Christi Stage 3 Project was achieved.

Financial

•In February 2025, Fitch Ratings upgraded the issuer credit rating of both Cheniere and CQP to BBB from BBB- with a stable outlook.

•During the three months ended March 31, 2025, we accomplished the following pursuant to our capital allocation priorities:

◦We repurchased approximately 1.6 million shares of our common stock as part of our share repurchase program for approximately $350 million.

◦In March 2025, SPL repaid the remaining $300 million aggregate principal amount outstanding of its 5.625% Senior Secured Notes due 2025 (the “2025 SPL Senior Notes”) at maturity.

◦We paid a dividend of $0.50 per share of common stock during the three months ended March 31, 2025.

◦We continued to invest in accretive organic growth, including our investment in the Corpus Christi Stage 3 Project, as further described under Investing Cash Flows in Sources and Uses of Cash within Liquidity and Capital Resources.

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Results of Operations

Consolidated results of operations

	Three Months Ended March 31,
(in millions, except per share data)	2025		2024		Variance
Revenues
LNG revenues	$	5,305	$	4,037	$	1,268
Regasification revenues	34		34		—
Other revenues	105		182		(77)
Total revenues	5,444		4,253		1,191
Operating costs and expenses
Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below)	3,571		2,236		1,335
Operating and maintenance expense	473		451		22
Selling, general and administrative expense	116		101		15
Depreciation, amortization and accretion expense	312		302		10
Other operating costs and expenses	11		9		2
Total operating costs and expenses	4,483		3,099		1,384
Income from operations	961		1,154		(193)
Other income (expense)
Interest expense, net of capitalized interest	(229)		(266)		37
Interest and dividend income	37		61		(24)
Other income (expense), net	20		(1)		21
Total other expense	(172)		(206)		34
Income before income taxes and non-controlling interests	789		948		(159)
Less: income tax provision	121		109		12
Net income	668		839		(171)
Less: net income attributable to non-controlling interests	315		337		(22)
Net income attributable to Cheniere	$	353	$	502	$	(149)
Net income per share attributable to Cheniere—basic	$	1.57	$	2.14	$	(0.57)
Net income per share attributable to Cheniere—diluted	$	1.57	$	2.13	$	(0.56)

Volumes loaded and recognized from the Liquefaction Projects

	Three Months Ended March 31, 2025
(in TBtu)	Operational	Commissioning	Total
Volumes loaded during the current period	602	6	608
Volumes loaded during the prior period but recognized during the current period	39	—	39
Less: volumes loaded during the current period and in transit at the end of the period	(32)	(1)	(33)
Total volumes recognized in the current period	609	5	614

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Components of LNG revenues and corresponding LNG volumes delivered

	Three Months Ended March 31,
	2025		2024		Variance
LNG revenues (in millions):
LNG from the Liquefaction Projects sold under third party long-term agreements (1)	$	3,768	$	3,043	$	725
LNG from the Liquefaction Projects sold by our integrated marketing function under short-term agreements	1,276		793		483
LNG procured from third parties	64		119		(55)
Net derivative gain	117		30		87
Other revenues	80		52		28
Total LNG revenues	$	5,305	$	4,037	$	1,268
Volumes delivered as LNG revenues (in TBtu):
LNG from the Liquefaction Projects sold under third party long-term agreements (1)	516		538		(22)
LNG from the Liquefaction Projects sold by our integrated marketing function under short-term agreements (2)	93		70		23
LNG procured from third parties	7		11		(4)
Total volumes delivered as LNG revenues	616		619		(3)

(1)Long-term agreements include agreements with an initial tenor of 12 months or more.

(2)Includes volumes sold under short-term agreements and IPM agreements.

Net income attributable to Cheniere

Net income attributable to Cheniere declined $149 million for the three months ended March 31, 2025 as compared to the same period of 2024. Although approximately 90% of our LNG volumes recognized in the comparable three month periods were sold in relation to long-term SPAs or IPM agreements, there was a decline in net income attributable to Cheniere in the current year as compared to the same period of 2024 primarily due to a $277 million unfavorable change in fair value of agreements accounted for as derivative instruments (before tax and the impact of non-controlling interests between the comparable three month periods), substantially all of which related to our commodity derivatives, where certain factors, including geopolitical and trade uncertainties, weather, transportation and storage, generally resulted in widening market-based locational price differentials for U.S. natural gas deliveries and persistent global LNG and natural gas index price volatility. Also contributing to the decline in net income attributable to Cheniere was a $70 million decrease in sublease income from our LNG vessels due to fewer days the LNG vessels were subleased and at lower rates in the current year as compared to the same period of 2024. The unfavorable variances were partially offset by a $214 million increase in revenues, net of cost of sales and excluding derivatives, as a result of higher margins generated by our integrated marketing function, as described below under the caption Revenues.

The following is an additional discussion of the significant drivers of the variance in net income attributable to Cheniere by line item:

Revenues

The $1.2 billion increase in revenues between the three months ended March 31, 2025 compared to the same period of 2024 was primarily attributable to:

•$725 million increase in revenues attributable to increased Henry Hub pricing, to which the majority of our long-term LNG sales contracts are indexed; and

•$428 million increase in revenues generated by our integrated marketing function under short-term agreements due to an increase in volumes sold at higher prices due to increased international LNG and natural gas prices.

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Operating costs and expenses

The $1.4 billion unfavorable variance between the three months ended March 31, 2025 compared to the same period of 2024 was primarily attributable to:

•$967 million increase in cost of sales excluding the effect of derivative changes, primarily as a result of a $932 million increase in cost of natural gas feedstock largely due to the increase in U.S. natural gas prices; and

•$439 million of unfavorable changes in fair value of agreements accounted for as derivative instruments included in cost of sales, with the primary drivers of the variance described above under the caption Net income attributable to Cheniere.

Other income (expense)

The $34 million favorable variance between the three months ended March 31, 2025 as compared to the same period of 2024 was primarily attributable to:

•$37 million decrease in interest expense, net of capitalized interest, between the comparable three month periods primarily due to a $21 million increase in interest costs qualifying for capitalization, given the higher carrying value of assets under construction, and additionally due to lower gross interest cost due to debt reduction activities associated with our long-term capital allocation plan; and

•$21 million increase in other income (expense), net, primarily from a $26 million gain recognized on the sale of our equity interests in an equity method investment during the three months ended March 31, 2025.

These favorable variances were partially offset by:

•$24 million decrease in interest and dividend income as a result of decreased interest rates and lower average cash and cash equivalents balances between the periods.

Income tax provision

The $12 million unfavorable variance between the three months ended March 31, 2025 as compared to the same period of 2024 was primarily attributable to an increase in our effective tax rate, as described below, partially offset by lower tax expense due to a $159 million decrease in pre-tax income.

Our effective tax rate was 15.3% and 11.5% for the three months ended March 31, 2025 and 2024, respectively. Our effective tax rate increased between the comparable periods primarily due to a decrease in the ratio of our pre-tax income attributable to CQP, which is partially not taxable to us, as well as the tax impact from recording a valuation allowance on a capital loss carryover generated on the sale of our equity interests in an equity method investment during the three months ended March 31, 2025 as discussed above under the caption Other income (expense). The effective tax rate for the comparable three month periods was lower than the statutory rate of 21.0% primarily due to CQP’s income that is partially not taxable to us.

Net income attributable to non-controlling interests

The $22 million decrease between the three months ended March 31, 2025 as compared to the same period of 2024 was primarily attributable to a $41 million decrease in CQP’s consolidated net income, primarily due to an $84 million unfavorable change in fair value of agreements accounted for as derivative instruments between the comparable three month periods, partially offset by a $32 million increase in LNG revenues, net of cost of sales and excluding derivatives, and a $12 million decrease in interest expense, net of capitalized interest.

Significant factors affecting our results of operations

Below are significant factors that affect our results of operations.

Gains and losses on derivative instruments

Derivative instruments, which we use to manage certain risks, are reported at fair value in our Consolidated Financial Statements. For commodity derivative instruments, including those related to our IPM agreements, the underlying LNG sales

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being economically hedged are accounted for under the accrual method of accounting, whereby revenues expected to be derived from the future LNG sales are recognized only upon delivery or realization of the underlying transaction. Notwithstanding the operational intent to mitigate risk exposure over time, the recognition of derivative instruments at fair value has the effect of recognizing gains or losses relating to future period exposure, and given the significant volumes, long-term duration and volatility in price basis for certain of our derivative contracts, the use of derivative instruments may result in continued volatility of our results of operations based on changes in market pricing, counterparty credit risk and other relevant factors that may be outside of our control. For example, as described in Note 5—Derivative Instruments of our Notes to Consolidated Financial Statements, the fair value of the Liquefaction Supply Derivatives incorporates, as applicable, market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, which may require future development of infrastructure, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.

Commissioning volumes

Prior to substantial completion of a Train, amounts received from the sale of commissioning volumes from that Train are offset against LNG terminal construction-in-process, because these amounts are earned or loaded during the testing phase for the construction of that Train and are necessary activities to bring the asset to the condition for its intended use. During the three months ended March 31, 2025, we realized offsets to LNG terminal costs of $48 million corresponding to 5 TBtu of LNG that were related to the sale of commissioning volumes. We did not record any offsets to LNG terminal costs during the three months ended March 31, 2024.

Additional liquefaction capacities

The Corpus Christi Stage 3 Project is currently under construction and is expected to add over 10 mtpa of operational liquefaction capacity once all seven Trains reach substantial completion. Substantial completion was achieved for the first Train of the Corpus Christi Stage 3 Project in March 2025. The increased LNG volumes produced by these Trains are expected to result in higher revenues and cost of sales. However, prior to the commencement of long-term SPAs associated with these volumes, the additional volumes will be sold by our integrated marketing function at prevailing market prices.

Liquidity and Capital Resources

The following information describes our ability to generate and obtain adequate amounts of cash to meet our requirements in the short term and the long term. In the short term, we expect to meet our cash requirements using operating cash flows and available liquidity, consisting of cash and cash equivalents, restricted cash and cash equivalents and available commitments under our credit facilities. Additionally, we expect to meet our long term cash requirements by using operating cash flows and other future potential sources of liquidity, which may include debt and equity offerings by us or our subsidiaries. The table below provides a summary of our available liquidity (in millions). Future material sources of liquidity are discussed below.

	March 31, 2025
Cash and cash equivalents (1)	$	2,511
Restricted cash and cash equivalents (1)	357
Available commitments under our credit facilities (2):
SPL Revolving Credit Facility	785
CQP Revolving Credit Facility	1,000
CCH Credit Facility	3,260
CCH Working Capital Facility	1,390
Cheniere Revolving Credit Facility	1,250
Total available commitments under our credit facilities	7,685
Total available liquidity	$	10,553

(1)Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), as discussed in Note 6—Non-controlling Interests and Variable Interest Entities of our Notes to Consolidated Financial Statements. As of

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March 31, 2025, assets of our VIEs, which are included in our Consolidated Balance Sheets, included $94 million of cash and cash equivalents and $80 million of restricted cash and cash equivalents.

(2)Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of March 31, 2025. See Note 8—Debt of our Notes to Consolidated Financial Statements for additional information on our credit facilities and other debt instruments.

Our liquidity position subsequent to March 31, 2025 will be driven by future sources of liquidity and future cash requirements. For a discussion of our future sources and uses of liquidity, see the liquidity and capital resources disclosures in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended December 31, 2024.

Although our sources and uses of cash are presented below from a consolidated standpoint, SPL, CQP, CCH and Cheniere operate with independent capital structures. Certain restrictions or requirements under debt and equity instruments executed by our subsidiaries limit the entity’s use of cash, including the following:

•SPL and CCH are required to deposit all cash received into restricted cash and cash equivalents accounts under certain of their debt agreements. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Projects and other restricted payments. In addition, SPL and CCH’s operating costs are managed by our subsidiaries under affiliate agreements, which may require SPL and CCH to advance cash to the respective affiliates, however the cash remains restricted for operation and construction of the Liquefaction Projects;

•CQP is required under its partnership agreement to distribute to unitholders all available cash on hand at the end of a quarter less the amount of any reserves established by its general partner. Beginning with the distribution paid in the second quarter of 2022, quarterly distributions by CQP are currently comprised of a base amount plus a variable amount equal to the remaining available cash per unit, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of CQP’s business;

•Our 48.6% limited partner interest, 100% general partner interest and incentive distribution rights in CQP limit our right to receive cash held by CQP to the amounts specified by the provisions of CQP’s partnership agreement; and

•SPL and CCH are restricted by affirmative and negative covenants included in certain of their debt agreements in their ability to make certain payments, including distributions, unless specific requirements are satisfied.

Despite the restrictions noted above, we believe that sufficient flexibility exists within the Cheniere complex to enable each independent capital structure to meet its currently anticipated cash requirements. The sources of liquidity at SPL, CQP and CCH primarily fund the cash requirements of the respective entity, and any remaining liquidity not subject to restriction, as supplemented by liquidity provided by Cheniere Marketing, is available to enable Cheniere to meet its cash requirements.

Corpus Christi Stage 3 Project

In March 2025, substantial completion of the first of seven midscale Trains of the Corpus Christi Stage 3 Project was achieved. The following table summarizes the project completion and construction status of the Corpus Christi Stage 3 Project as of March 31, 2025:

	Corpus Christi Stage 3 Project
Overall project completion percentage	82.5%
Completion percentage of:
Engineering	98.2%
Procurement	99.8%
Subcontract work	89.8%
Construction	53.7%
Date of expected substantial completion of remaining Trains	1H 2025 - 2H 2026

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Sources and Uses of Cash

The following table summarizes the sources and uses of our cash, cash equivalents and restricted cash and cash equivalents (in millions). The table presents capital expenditures on a cash basis; therefore, these amounts differ from the amounts of capital expenditures, including accruals, which are referred to elsewhere in this report. Additional discussion of these items follows the table. 

	Three Months Ended March 31,
	2025		2024
Net cash provided by operating activities	$	1,228	$	1,246
Net cash used in investing activities	(549)		(666)
Net cash used in financing activities	(997)		(264)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(4)		(3)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	$	(322)	$	313

Operating Cash Flows

The $18 million decrease between the periods was primarily related to lower cash flows attributed to working capital from differences in timing of payments to suppliers and cash collections from the sale of LNG cargoes, partially offset by higher net cash inflows from LNG sales, as explained above in Results of Operations, and increased cash inflows from settlement of derivative instruments.

Our cash taxes in the near term could potentially be impacted by possible new federal tax legislation being enacted. Several key provisions of the Tax Cuts and Jobs Act (the “TCJA”) are set to expire or change after 2025, raising the prospects for a new tax bill being enacted in 2025. While the current corporate tax rate of 21% established by the TCJA is permanent and not set to expire, President Trump has proposed reducing the rate to 15% for U.S. manufacturers. Any significant changes to the corporate tax rate, Foreign-Derived Intangible Income provisions, immediate expensing rules or other key tax policies in 2025 could affect our financial position and liquidity. While we are unable to predict the timing and scope of any potential tax legislation, we continue to monitor and assess any proposed tax law changes to determine the impact on our business, cash flows and financial results.

Investing Cash Flows

Our investing net cash outflows in both periods primarily were for the construction costs for the Corpus Christi Stage 3 Project, which were $321 million and $509 million during the three months ended March 31, 2025 and 2024, respectively, as well as for optimization and other site improvement projects. The $188 million decrease in construction costs for the Corpus Christi Stage 3 Project between the periods was primarily related to the timing of cash payments under the related EPC contract.

Financing Cash Flows

The following table summarizes our financing activities (in millions):

	Three Months Ended March 31,
	2025		2024
Proceeds from issuances of debt	$	125	$	1,497
Redemptions and repayments of debt	(425)		(150)
Distributions to non-controlling interests	(200)		(253)
Contributions from redeemable non-controlling interest	38		4
Payments related to tax withholdings for share-based compensation	(44)		(40)
Repurchase of common stock, inclusive of excise taxes paid	(363)		(1,189)
Dividends to stockholders	(112)		(105)
Other, net	(16)		(28)
Net cash used in financing activities	$	(997)	$	(264)

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Debt Issuances

During the three months ended March 31, 2025, SPL borrowed and repaid $125 million under the SPL Revolving Credit Facility. During the three months ended March 31, 2024, we issued an aggregate principal amount of $1.5 billion of 2034 Cheniere Senior Notes, the proceeds of which were used to retire the outstanding aggregate principal amount of approximately $1.5 billion of CCH’s 5.875% Senior Secured Notes due 2025 in April 2024.

Debt Redemptions and Repayments

The following table shows the redemptions and repayments of debt, including intra-quarter activity (in millions):

	Three Months Ended March 31,
	2025		2024
Redemptions and repayments of debt
SPL:
5.750% Senior Secured Notes due 2024	$	(60)	$	(150)
5.625% Senior Secured Notes due 2025	(300)		—
SPL Revolving Capital Facility	(125)		—
Total redemptions and repayments of debt	$	(425)	$	(150)

Repurchase of Common Stock

During the three months ended March 31, 2025 and 2024, we paid $350 million and $1.2 billion to repurchase approximately 1.6 million and 7.5 million shares of our common stock, respectively, under our share repurchase program, and during the three months ended March 31, 2025, we paid $13 million of excise taxes related to our repurchase of common stock during the fiscal year 2023. As of March 31, 2025, we had approximately $3.5 billion remaining under our share repurchase program.

Cash Dividends to Stockholders

We paid a dividend of $0.500 per share of common stock for a total of $112 million during the three months ended March 31, 2025 and $0.435 per share of common stock for a total of $105 million during the three months ended March 31, 2024.

On April 29, 2025, we declared a quarterly dividend of $0.500 per share of common stock that is payable on May 19, 2025 to stockholders of record as of the close of business on May 9, 2025.

Summary of Critical Accounting Estimates

The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. There have been no significant changes to our critical accounting estimates from those disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2024.

Recent Accounting Standards

For a summary of recently issued accounting standards, see Note 1—Nature of Operations and Basis of Presentation of our Notes to Consolidated Financial Statements.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Marketing and Trading Commodity Price Risk

We have commodity derivatives consisting of natural gas and power supply contracts for the commissioning and operation of the Liquefaction Projects and the SPL Expansion Project, and associated economic hedges (collectively, the “Liquefaction Supply Derivatives”) and physical and financial derivatives to hedge the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”). In order to test the sensitivity of the fair value of the Liquefaction Supply Derivatives and the LNG Trading Derivatives to changes in underlying commodity prices, management modeled a 10% change in the commodity price for natural gas for each delivery location and a 10% change in the commodity price for LNG, respectively, as follows (in millions):

	March 31, 2025				December 31, 2024
	Fair Value		Change in Fair Value		Fair Value		Change in Fair Value
Liquefaction Supply Derivatives	$	(1,403)	$	2,428	$	(742)	$	2,516
LNG Trading Derivatives	75		28		17		49

See Note 5—Derivative Instruments of our Notes to Consolidated Financial Statements for additional details about our commodity derivative instruments.

ITEM 4.    CONTROLS AND PROCEDURES

We maintain a set of disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports filed by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. As of the end of the period covered by this report, we evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 of the Exchange Act. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures are effective.

During the most recent fiscal quarter, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 

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PART II.    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

We may in the future be involved as a party to various legal proceedings, which are incidental to the ordinary course of business. We regularly analyze current information and, as necessary, provide accruals for probable liabilities on the eventual disposition of these matters. There have been no material changes to the legal proceedings disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2024.

ITEM 1A.    RISK FACTORS

The information presented below updates, and should be read in conjunction with, the risk factors disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2024. Except as presented below, there have been no material changes from the risk factors disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2024.

Failure to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities, the development and operation of our pipelines and the export of LNG could impede operations and construction and could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

The design, construction and operation of interstate natural gas pipelines, LNG terminals, including the Liquefaction Projects, CCL Midscale Trains 8 & 9 Project, the SPL Expansion Project and other facilities, as well as the import and export of LNG and the purchase and transportation of natural gas, are highly regulated activities. Approvals of the FERC and DOE under Section 3 and Section 7 of the NGA, as well as several other material governmental and regulatory approvals and permits, including several under the CAA and the CWA, are required in order to construct and operate an LNG facility and an interstate natural gas pipeline and export LNG.

To date, the FERC has issued orders under Section 3 of the NGA authorizing the siting, construction and operation of the six Trains and related facilities of the SPL Project, the three Trains and related facilities of the CCL Project, the seven midscale Trains and related facilities for the Corpus Christi Stage 3 Project and the two midscale Trains and related facilities for the CCL Midscale Trains 8 & 9 Project, as well as orders under Section 7 of the NGA authorizing the construction and operation of the Creole Trail Pipeline and the Corpus Christi Pipeline. In February 2024, certain of our subsidiaries submitted an application to the FERC under the NGA for authorization to site, construct and operate the SPL Expansion Project. To date, the DOE has also issued orders under Section 3 of the NGA authorizing SPL, CCL and the Corpus Christi Stage 3 Project to export domestically produced LNG. We currently have the SPL Expansion Project and the CCL Midscale Trains 8 & 9 Project pending non-FTA export approval with the DOE. However, approval for the SPL Expansion Project is first subject to the receipt of regulatory permit approval from the FERC, responsive to our formal application. Additionally, we hold certificates under Section 7(c) of the NGA that grant us land use rights relating to the situation of our pipelines on land owned by third parties. If we were to lose these rights or be required to relocate our pipelines, our business could be materially and adversely affected.

Following its investigation of the maritime, logistics and shipbuilding sector in China, the Office of the U.S. Trade Representative (the “USTR”) has mandated restrictions on the maritime transport services for LNG exports and, if the restrictions are not met, the USTR stated it may direct the suspension of LNG export licenses until the terms of the restrictions are met. Among other things, the restrictions mandate that, beginning in April 2029, 1% of U.S. LNG exports must be exported on U.S.-built vessels, with such percentage gradually increasing to 15% in April 2047. These restrictions will not apply to a vessel for up to three years if the vessel owner orders and takes delivery of a U.S.-built vessel of equivalent or greater LNG capacity. The USTR stated it will continue to monitor effects of its action and will consider modification if appropriate. While we are monitoring developments of the restrictions, the potential impact of the restrictions on us and the LNG industry remains uncertain as the USTR stated that it will consult with the DOE and other relevant agencies, as appropriate, to provide notice and further technical information on the restrictions.

Authorizations obtained from the FERC, DOE and other federal and state regulatory agencies contain ongoing conditions that we must comply with. Failure to comply with or our inability to obtain and maintain existing or newly imposed approvals, permits and filings that may arise due to factors outside of our control such as a U.S. government disruption or shutdown, political opposition or local community resistance to our operations could impede the operation and construction of our infrastructure. In addition, certain of these governmental permits, approvals and authorizations are or may be subject to rehearing requests, appeals and other challenges. There is no assurance that we will obtain and maintain these governmental

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permits, approvals and authorizations, or that we will be able to obtain them on a timely basis. Any impediment could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchase of Equity Securities by the Issuer and Affiliated Purchasers

The following table summarizes share repurchases for the three months ended March 31, 2025:

Period	Total Number of Shares Purchased	Average Price Paid Per Share	Total Number of Shares Purchased as a Part of Publicly Announced Plans	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans (in millions)
January 1-31, 2025	336,766	$228.67	336,766	$3,813
February 1-28, 2025	726,519	$217.20	726,519	$3,655
March 1-31, 2025	535,340	$215.21	535,340	$3,540
Total	1,598,625		1,598,625

ITEM 5.    OTHER INFORMATION

Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1. During the three-month period ending March 31, 2025, none of our executive officers or directors adopted or terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

ITEM 6.    EXHIBITS

Exhibit No.
	Description
10.1*	Change order to the Lump Sum Turnkey Agreement for the Engineering, Procurement and Construction of the Corpus Christi Liquefaction Stage 3 Project, dated March 1, 2022, by and between CCL and Bechtel Energy, Inc.: the Change Order CO-00099 #57 Crushed Rock for Surface Paving - ISBL Areas, dated January 24, 2025 (Portions of this exhibit have been omitted.)
31.1*	Certification by Chief Executive Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act
31.2*	Certification by Chief Financial Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act
32.1**	Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**	Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Filed herewith.
**	Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

		CHENIERE ENERGY, INC.
Date:	May 7, 2025	By:	/s/ Zach Davis
			Zach Davis
			Executive Vice President and Chief Financial Officer
			(on behalf of the registrant and as principal financial officer)
Date:	May 7, 2025	By:	/s/ David Slack
			David Slack
			Senior Vice President and Chief Accounting Officer
			(on behalf of the registrant and as principal accounting officer)

38

EX-10.1

Exhibit 10.1

[***] indicates certain identified information has been excluded because it is both (a) not material and (b) would be competitively harmful if publicly disclosed.

CHANGE ORDER

#57 CRUSHED ROCK FOR SURFACE PAVING - ISBL AREAS

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc. CHANGE ORDER NUMBER: CO-00099 DATE OF AGREEMENT: 01-Mar-2022 DATE OF CHANGE ORDER: 24-Jan-2025

The Agreement between the Parties listed above is changed as follows:

1.    In accordance with Section 6.1 of the Agreement (“Owner’s Right to Change Order”), Contractor will install #57 crushed rock as surface paving in each Train’s ISBL areas (in lieu of Contractor selecting material that meets project specification 26290-100-3PS-CG00-F0001).

2.    For the avoidance of doubt this Change Order does not revise the surface paving scope with respect to OSBL areas.

3.    With respect to Train 1 (only), Contractor will complete installation of surface paving no later than forty-five (45) Days following the Substantial Completion of Train 1. Accordingly, such completion of surface paving is excluded as a requirement of Train 1 Substantial Completion.

4.    The detailed cost breakdown for this Change Order is detailed in Exhibit A of this Change Order.

5.    Schedule C-1 Aggregate Labor and Skills Price Monthly Payment Schedule and C-3 Aggregate Equipment Price Payment Milestones of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit 1 of this Change Order.

Adjustment to Contract Price
1. The original Contract Price was ……………………..….....................................................................	$	5,484,000,000
2. Net change by previously authorized Change Orders (# CO-00001 – CO-00098)…….……….….....	$	502,842,149
3. The Contract Price prior to this Change Order was ........................…..................................................	$	5,986,842,149
4. The Aggregate Equipment Price will be (increased) by this Change Order in the amount of ...........	[***]
5. The Aggregate Labor and Skills Price will be (increased) by this Change Order in the amount of....	[***]
6. The Aggregate Provisional Sum Equipment Price will be (unchanged) by this Change Order in the amount of ………………………………………………………………………………....................	[***]
7. The Aggregate Provisional Sum Labor and Skills Price will be (unchanged) by this Change Order in the amount of ..………………………………………………………………………….....................	[***]
8. The new Contract Price including this Change Order will be …………………………………….....	$	5,987,108,943

The following dates are modified (list all dates modified; insert N/A if no dates modified): N/A

Impact to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary)

Adjustment to Payment Schedule: Yes; see Exhibit 1 of this Change Order.

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: YES

Adjustment to Attachment CC (Equipment List): To be updated on a quarterly basis

Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A

Select either A or B:

[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. Initials: SS Contractor ISOwner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the changereflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for suchchange. Initials: _______Contractor _________Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By: /s/Ian Swanbeck

Name: Ian Swanbeck

Title: Vice President, Execution

BECHTEL ENERGY INC.

By:/s/ Steven Smith

Name: Steven Smith

Title: Sr. Project Manager and Senior Vice President

EX-31.1

Exhibit 31.1

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER THE EXCHANGE ACT

I, Jack A. Fusco, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Cheniere Energy, Inc.;

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)     Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)     Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2025 

/s/ Jack A. Fusco

Jack A. Fusco
Chief Executive Officer of

Cheniere Energy, Inc.

EX-31.2

Exhibit 31.2

CERTIFICATION BY CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER THE EXCHANGE ACT

I, Zach Davis, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Cheniere Energy, Inc.;

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)     Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)     Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2025

/s/ Zach Davis

Zach Davis
Chief Financial Officer of

Cheniere Energy, Inc.

EX-32.1

Exhibit 32.1

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Cheniere Energy, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jack A. Fusco, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)    The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 7, 2025 

/s/ Jack A. Fusco

Jack A. Fusco
Chief Executive Officer of

Cheniere Energy, Inc.

EX-32.2

Exhibit 32.2

CERTIFICATION BY CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Cheniere Energy, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Zach Davis, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)    The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 7, 2025 

/s/ Zach Davis

Zach Davis
Chief Financial Officer of

Cheniere Energy, Inc.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2025	May 01, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-16383
Entity Registrant Name	CHENIERE ENERGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4352386
Entity Address, Address Line One	845 Texas Avenue
Entity Address, Address Line Two	Suite 1250
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	375-5000
Title of 12(b) Security	Common Stock, $ 0.003 par value
Trading Symbol	LNG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		221,785,474
Entity Central Index Key	0000003570
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

XML

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Revenues
Revenues		$ 5,444	$ 4,253
Operating costs and expenses
Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below)		3,571	2,236
Operating and maintenance expense		473	451
Selling, general and administrative expense		116	101
Depreciation, amortization and accretion expense		312	302
Other operating costs and expenses		11	9
Total operating costs and expenses		4,483	3,099
Income from operations		961	1,154
Other income (expense)
Interest Expense, Nonoperating		(229)	(266)
Interest and dividend income		37	61
Other income (expense), net		20	(1)
Total other expense		(172)	(206)
Income before income taxes and non-controlling interests		789	948
Less: income tax provision		121	109
Net income		668	839
Less: net income attributable to non-controlling interests		315	337
Net income attributable to Cheniere		$ 353	$ 502
Net income per share attributable to common stockholders—basic (1)	[1]	$ 1.57	$ 2.14	[2]
Net income per share attributable to common stockholders—diluted (1)	[1]	$ 1.57	$ 2.13	[2]
Weighted average number of common shares outstanding—basic		223.5	234.2
Weighted average number of common shares outstanding—diluted		224.1	235.0
LNG [Member]
Revenues
Revenues		$ 5,305	$ 4,037
Regasification [Member]
Revenues
Revenues		34	34
Other [Member]
Revenues
Revenues		$ 105	$ 182

[1] In computing basic and diluted net income per share attributable to common stockholders, net income attributable to Cheniere is adjusted for the remeasurement of the redeemable non-controlling interest, net of tax, to its redemption value, as required under the two-class method. See Note 13—Net Income per Share Attributable to Common Stockholders for the full computation.

[2] 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.

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Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2025		Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 2,511	[1]	$ 2,638
Restricted cash and cash equivalents	357	[1]	552
Trade and other receivables, net of current expected credit losses	1,019		727
Inventory	525		501
Current derivative assets	135		155
Margin deposits	87		128
Other current assets, net	93		100
Total current assets	4,727		4,801
Property, plant and equipment, net of accumulated depreciation	34,177		33,552
Operating lease assets	2,724		2,684
Derivative assets	1,023		1,903
Deferred Income Tax Assets, Net	18		19
Other non-current assets, net	877		899
Total assets	43,546	[1]	43,858
Current liabilities
Accounts payable	182		171
Accrued liabilities	2,206		2,179
Current debt, net of unamortized discount and debt issuance costs	104		351
Deferred revenue	117		163
Current operating lease liabilities	576		592
Current derivative liabilities	710		902
Other current liabilities	84		83
Total current liabilities	3,979		4,441
Long-term debt, net of unamortized discount and debt issuance costs	22,509		22,554
Non-current operating lease liabilities	2,153		2,090
Derivative liabilities	1,767		1,865
Deferred tax liabilities	1,893		1,856
Other non-current liabilities	1,148		992
Total liabilities	33,449		33,798
Redeemable non-controlling interest	45		7
Stockholders’ equity
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued	0		0
Common stock: $0.003 par value, 480.0 million shares authorized; 279.1 million shares and 278.7 million shares issued at March 31, 2025 and December 31, 2024, respectively	1		1
Treasury stock: 56.3 million shares and 54.7 million shares at March 31, 2025 and December 31, 2024, respectively, at cost	(6,488)		(6,136)
Additional paid-in-capital	4,448		4,452
Retained earnings	7,620		7,382
Total Cheniere stockholders’ equity	5,581		5,699
Non-controlling interests	4,471		4,354
Total stockholders’ equity	10,052		10,053
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$ 43,546	[1]	$ 43,858

[1] Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), substantially all of which are related to CQP, as further discussed in Note 6—Non-Controlling Interests and Variable Interest Entities. As of March 31, 2025, total assets and liabilities of our VIEs were $16.9 billion and $17.4 billion, respectively, including $94 million of cash and cash equivalents and $80 million of restricted cash and cash equivalents.

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Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions	Mar. 31, 2025		Dec. 31, 2024
Total assets	$ 43,546	[1]	$ 43,858
Liabilities	33,449		33,798
Cash and cash equivalents	2,511	[1]	2,638
Restricted cash and cash equivalents	$ 357	[1]	$ 552
Preferred Stock, Par Value	$ 0.0001		$ 0.0001
Preferred Stock, Shares Authorized	5,000,000.0		5,000,000.0
Preferred Stock, Shares Issued	0		0
Common Stock, Par Value Per Share	$ 0.003		$ 0.003
Common stock, Shares Authorized	480,000,000.0		480,000,000.0
Common Stock, Shares, Issued	279,100,000		278,700,000
Treasury Stock, Common	56,300,000		54,700,000
Variable Interest Entities [Member]
Total assets	$ 16,936		$ 17,345
Liabilities	17,429		17,918
Cash and cash equivalents	94		270
Restricted cash and cash equivalents	$ 80		$ 125

[1] Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), substantially all of which are related to CQP, as further discussed in Note 6—Non-Controlling Interests and Variable Interest Entities. As of March 31, 2025, total assets and liabilities of our VIEs were $16.9 billion and $17.4 billion, respectively, including $94 million of cash and cash equivalents and $80 million of restricted cash and cash equivalents.

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Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions		Total	2025 Q1 Dividends	2024 Q1 Dividends	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Non-controlling Interests	Redeemable Noncontrolling Interest
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2023					237,000
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2023						40,900
Stockholders' Equity, Beginning of Period at Dec. 31, 2023		$ 9,020			$ 1	$ (3,864)	$ 4,377	$ 4,546	$ 3,960
Redeemable non-controlling interest at Dec. 31, 2023	[1]									$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of share-based compensation awards, shares					600	0
Vesting of share-based compensation awards		0			$ 0	$ 0	0	0	0
Share-based compensation		34			$ 0	$ 0	34	0	0
Shares withheld from employees related to share-based compensation, at cost, shares, common stock					0
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares						0
Issued shares withheld from employees related to share-based compensation, at cost		$ (40)			$ 0	$ 0	(40)	0	0
Shares repurchased, at cost, shares		7,520			(7,500)	7,500
Shares repurchased, at cost		$ (1,203)			$ 0	$ (1,203)	0	0	0
Net Income (Loss), Including Portion Attributable to Non Redeemable Noncontrolling Interest		839			0	0	0	502	337
Contributions from redeemable non-controlling interest		4								4	[1]
Distributions to non-controlling interests		(253)			0	0	0	0	(253)
Dividends declared		(103)			$ 0	$ 0	0	(103)	0
Accretion of redeemable non-controlling interest, net of tax		0
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2024					230,100
Treasury Stock, Shares, End of Period at Mar. 31, 2024						48,400
Stockholders' Equity, End of Period at Mar. 31, 2024		$ 8,294			$ 1	$ (5,067)	4,371	4,945	4,044
Redeemable Noncontrolling Interest, Equity, Carrying Amount at Mar. 31, 2024	[1]									4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared				$ 0.435
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2024					224,000
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2024		54,700				54,700
Stockholders' Equity, Beginning of Period at Dec. 31, 2024		$ 10,053			$ 1	$ (6,136)	4,452	7,382	4,354
Redeemable non-controlling interest at Dec. 31, 2024		7								7	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of share-based compensation awards, shares					400	0
Vesting of share-based compensation awards		0			$ 0	$ 0	0	0	0
Share-based compensation		40			$ 0	$ 0	40	0	0
Shares withheld from employees related to share-based compensation, at cost, shares, common stock					0
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares						0
Issued shares withheld from employees related to share-based compensation, at cost		$ (44)			$ 0	$ 0	(44)	0	0
Shares repurchased, at cost, shares		1,600			(1,600)	1,600
Shares repurchased, at cost		$ (352)			$ 0	$ (352)	0	0	0
Net Income (Loss), Including Portion Attributable to Non Redeemable Noncontrolling Interest		670			0	0	0	353	317
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	[1]									(2)
Contributions from redeemable non-controlling interest		38								38	[1]
Distributions to non-controlling interests		(200)			0	0	0	0	(200)
Dividends declared		(113)			0	0	0	(113)	0
Accretion of redeemable non-controlling interest, net of tax		$ (2)			$ 0	0	0	(2)	0	2	[1]
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2025					222,800
Treasury Stock, Shares, End of Period at Mar. 31, 2025		56,300
Stockholders' Equity, End of Period at Mar. 31, 2025		$ 10,052			$ 1	$ (6,488)	$ 4,448	$ 7,620	$ 4,471
Redeemable Noncontrolling Interest, Equity, Carrying Amount at Mar. 31, 2025		$ 45								$ 45	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared			$ 0.50

[1] Redeemable non-controlling interest represents the economic interest held by a third party in one of our consolidated VIEs that is redeemable for cash under certain circumstances, including those that are outside of our control. As such, the economic interest is not a component of permanent equity on our Consolidated Balance Sheets.

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net income	$ 668	$ 839
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized foreign currency exchange loss, net	5	3
Depreciation, amortization and accretion expense	312	302
Share-based compensation expense	56	40
Amortization of discount and debt issuance costs	9	10
Reduction of right-of-use assets	159	163
Total losses on derivative instruments, net	539	258
Net cash provided by settlement of derivative instruments	71	24
Deferred taxes	38	(6)
Other, net	(19)	2
Changes in operating assets and liabilities:
Trade and other receivables	(286)	430
Inventory	(24)	81
Margin deposits	41	(17)
Other non-current assets	(21)	(6)
Accounts payable and accrued liabilities	(93)	(714)
Total deferred revenue	(57)	(42)
Total operating lease liabilities	(152)	(148)
Other, net	(18)	27
Net cash provided by operating activities	1,228	1,246
Cash flows from investing activities
Property, plant and equipment, net of proceeds on commissioning sales of LNG of $43 million and zero, respectively	(623)	(650)
Proceeds from Sale of Equity Method Investments	80	0
Other	(6)	(16)
Net cash used in investing activities	(549)	(666)
Cash flows from financing activities
Proceeds from issuances of debt	125	1,497
Redemptions and repayments of debt	(425)	(150)
Distributions to non-controlling interests	(200)	(253)
Contributions from redeemable non-controlling interest	38	4
Payments related to tax withholdings for share-based compensation	(44)	(40)
Repurchase of common stock, inclusive of excise taxes paid	(363)	(1,189)
Dividends to stockholders	(112)	(105)
Other, net	(16)	(28)
Net cash used in financing activities	(997)	(264)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(4)	(3)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	(322)	313
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period	3,190	4,525
Cash, cash equivalents and restricted cash and cash equivalents—end of period	$ 2,868	$ 4,838

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Consolidated Statements of Cash Flows Parenthetical - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from investing activities
Property, Plant And Equipment, Reduction For Testing Costs Recovered, Collected Portion	$ 43	$ 0

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Nature of Operations and Basis of Presentation

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

NATURE OF OPERATIONS AND BASIS OF PRESENTATION

We operate natural gas liquefaction and export facilities located in Cameron Parish, Louisiana at Sabine Pass and near Corpus Christi, Texas (respectively, the “Sabine Pass LNG Terminal” and “Corpus Christi LNG Terminal”), with total expected production capacity of over 55 mtpa of LNG, of which over 8 mtpa remains under construction.

CQP owns the Sabine Pass LNG Terminal, which has natural gas liquefaction facilities with a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”). The Sabine Pass LNG Terminal also has five LNG storage tanks, vaporizers and three marine berths. CQP also owns and operates a 94-mile natural gas supply pipeline that interconnects the Sabine Pass LNG Terminal with several large interstate and intrastate pipelines (the “Creole Trail Pipeline”). As of March 31, 2025, we owned 100% of the general partner interest, a 48.6% limited partner interest and 100% of the incentive distribution rights of CQP.

The Corpus Christi LNG Terminal has natural gas liquefaction facilities with total expected production capacity of over 25 mtpa of LNG, of which over 8 mtpa is currently under construction. The Corpus Christi LNG Terminal also has three LNG storage tanks and two marine berths. We also own an approximately 21-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline”).

As noted above, we are constructing an expansion of the Corpus Christi LNG Terminal that is expected to add over 10 mtpa of operational liquefaction capacity across seven midscale Trains once fully completed (the “Corpus Christi Stage 3 Project” and together with the existing assets at the Corpus Christi LNG Terminal and the Corpus Christi Pipeline, the “CCL Project”), inclusive of the first midscale Train that reached substantial completion in March 2025. In addition to the Corpus Christi Stage 3 Project, we are pursuing expansion projects to provide additional liquefaction capacity at both the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”), and we are commercializing to support the additional liquefaction capacity associated with these potential expansion projects. The development of these projects or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a positive FID.

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, these Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2024.

Results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2025.

Recent Accounting Standards

ASU 2023-09

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). This guidance further enhances income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. We plan to adopt this guidance and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2025.

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as clarified by ASU No. 2025-01 in January 2025. This guidance requires disaggregated disclosures about certain income statement expense line items on an annual and interim basis. We continue to evaluate the impact of the provisions of this guidance on our disclosures,

but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2027.

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Trade and Other Receivables, Net of Current Expected Credit Losses

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Trade and Other Receivables, Net of Current Expected Credit Losses

TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES

Trade and other receivables, net of current expected credit losses, consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Trade receivables
SPL and CCL	$	606	$	548
Cheniere Marketing	329		109
Other subsidiaries	8		4
Other receivables	76		66
Total trade and other receivables, net of current expected credit losses	$	1,019	$	727

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Inventory

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventory

INVENTORY

Inventory consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Materials	$	238	$	226
LNG	122		93
LNG in-transit	128		137
Natural gas	14		30
Other	23		15
Total inventory	$	525	$	501

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Property, Plant and Equipment, Net of Accumulated Depreciation

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net of Accumulated Depreciation

PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Terminal and related assets
Terminal and interconnecting pipeline facilities	$	35,478	$	34,282
Land	568		465
Construction-in-process	4,880		5,486
Accumulated depreciation	(7,522)		(7,231)
Total terminal and related assets, net of accumulated depreciation	33,404		33,002
Fixed assets and other
Computer and office equipment	37		36
Furniture and fixtures	32		31
Computer software	123		122
Leasehold improvements	49		47
Other	23		24
Accumulated depreciation	(192)		(188)
Total fixed assets and other, net of accumulated depreciation	72		72
Assets under finance leases
Marine assets	824		587
Accumulated depreciation	(123)		(109)
Total assets under finance leases, net of accumulated depreciation	701		478
Property, plant and equipment, net of accumulated depreciation	$	34,177	$	33,552

The following table shows depreciation expense and offsets to LNG terminal costs (in millions):

	Three Months Ended March 31,
	2025		2024
Depreciation expense	$	310	$	300
Offsets to LNG terminal costs (1)	48		—

(1)We recognize offsets to LNG terminal costs related to the sale of commissioning volumes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Projects during the testing phase for its construction.

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Derivative Instruments

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

We have the following derivative instruments:

•commodity derivatives consisting of the following (collectively, “Commodity Derivatives”):

◦natural gas and power supply contracts, including those under our IPM agreements, for the development, commissioning and operation of the Liquefaction Projects and expansion projects, as well as the associated economic hedges (collectively, the “Liquefaction Supply Derivatives”); and,

◦LNG derivatives in which we have contractual net settlement and economic hedges on the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”); and

•Foreign currency exchange (“FX”) contracts to hedge exposure to currency risk associated with cash flows denominated in currencies other than U.S. dollar (“FX Derivatives”), associated with both LNG Trading Derivatives and operations in countries outside of the United States.

The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):

	Fair Value Measurements as of
	March 31, 2025								December 31, 2024
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Liquefaction Supply Derivatives asset (liability)	$	—	$	12	$	(1,415)	$	(1,403)	$	—	$	59	$	(801)	$	(742)
LNG Trading Derivatives asset	—		75		—		75		—		17		—		17
FX Derivatives asset	—		9		—		9		—		16		—		16

We value the Liquefaction Supply Derivatives and LNG Trading Derivatives using a market or option-based approach incorporating present value techniques, as needed, which incorporates observable commodity price curves, when available, and other relevant data. We value our FX Derivatives with a market approach using observable FX rates and other relevant data.

We include a significant portion of the Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants may use in valuing the asset or liability. To the extent valued using an option pricing model, we consider the future prices of energy units for unobservable periods to be a significant unobservable input to estimated net fair value. In estimating the future prices of energy units, we make judgments about market risk related to liquidity of commodity indices and volatility utilizing available market data. Changes in facts and circumstances or additional information may result in revised estimates and judgments, and actual results may differ from these estimates and judgments. We derive our volatility assumptions based on observed historical settled global LNG market pricing or accepted proxies for global LNG market pricing as well as settled domestic natural gas pricing. Such volatility assumptions also contemplate, as of the balance sheet date, observable forward curve data of such indices, as well as evolving available industry data and independent studies.

In developing our volatility assumptions, we acknowledge that the global LNG industry is inherently influenced by events such as unplanned supply constraints, geopolitical incidents, unusual climate events including drought and uncommonly mild, by historical standards, winters and summers, and real or threatened disruptive operational impacts to global energy infrastructure. Our current estimate of volatility includes the impact of otherwise rare events unless we believe market participants would exclude such events on account of their assertion that those events were specific to our company and deemed within our control. As applicable to our natural gas supply contracts, our fair value estimates incorporate market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.

The Level 3 fair value measurements of our natural gas positions within the Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. The following table includes quantitative information for the unobservable inputs for the Level 3 Liquefaction Supply Derivatives as of March 31, 2025:

	Net Fair Value Liability (in millions)	Valuation Approach	Significant Unobservable Input	Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives	$(1,415)	Market approach incorporating present value techniques	Henry Hub basis spread	$(4.950) - $0.265 / $(0.114)
		Option pricing model	International LNG pricing spread, relative to Henry Hub (2)	91% - 374% / 192%

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)Spread contemplates U.S. dollar-denominated pricing.

Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of the Liquefaction Supply Derivatives.

The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):

	Three Months Ended March 31,
	2025		2024
Balance, beginning of period	$	(801)	$	(2,178)
Realized and change in fair value gains (losses) included in net income (1):
Included in cost of sales, existing deals (2)	(792)		(424)
Included in cost of sales, new deals (3)	13		5
Purchases and settlements:
Purchases (4)	—		—
Settlements (5)	166		140
Transfers out of level 3 (6)	(1)		—
Balance, end of period	$	(1,415)	$	(2,457)
Unfavorable changes in fair value relating to instruments still held at the end of the period	$	(779)	$	(419)

(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume.  See settlements line item in this table.

(2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.

(3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.

(4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period.

(5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.

(6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.

Commodity Derivatives

We hold Liquefaction Supply Derivatives, which are indexed to Henry Hub, global LNG or other natural gas price indices. As of March 31, 2025, the remaining fixed terms of the Liquefaction Supply Derivatives ranged up to approximately 15 years, some of which commence or accelerate upon the satisfaction of certain events or development of infrastructure to support natural gas gathering and transport.

Cheniere Marketing has historically entered into, and may from time to time enter into, LNG transactions that provide for contractual net settlement. Such transactions are accounted for as LNG Trading Derivatives along with financial commodity contracts in the form of swaps or futures. The terms of LNG Trading Derivatives range up to approximately one year.

The following table shows the notional amounts of our Commodity Derivatives:

	March 31, 2025		December 31, 2024
	Liquefaction Supply Derivatives (1)	LNG Trading Derivatives	Liquefaction Supply Derivatives (1)	LNG Trading Derivatives
Notional amount, net (in TBtu)	12,441	9	12,503	(8)

(1)Inclusive of amounts under contracts with unsatisfied contractual conditions and exclusive of extension options that were uncertain to be taken as of both March 31, 2025 and December 31, 2024.

The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions):

		Gain (Loss) Recognized in Consolidated Statements of Operations
	Consolidated Statements of Operations Location (1)	Three Months Ended March 31,
		2025		2024
LNG Trading Derivatives	LNG revenues	$	127	$	16
LNG Trading Derivatives	Cost of sales	45		(19)
Liquefaction Supply Derivatives (2)	LNG revenues	1		—
Liquefaction Supply Derivatives (2)	Cost of sales	(701)		(268)

(1)Fair value fluctuations associated with activities of our Commodity Derivatives are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

(2)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery.

FX Derivatives

Cheniere Marketing holds FX Derivatives to protect against the volatility in future cash flows attributable to changes in international currency exchange rates. The FX Derivatives are executed primarily to economically hedge the foreign currency exposure arising from cash flows expended for both physical and financial LNG transactions that are denominated in a currency other than the U.S. dollar. The terms of FX Derivatives range up to approximately one year.

The total notional amount of our FX Derivatives was $364 million and $642 million as of March 31, 2025 and December 31, 2024, respectively.

The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions):

		Gain (Loss) Recognized in Consolidated Statements of Operations
	Consolidated Statements of Operations Location	Three Months Ended March 31,
		2025		2024
FX Derivatives	LNG revenues	$	(11)	$	13

The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions):

	March 31, 2025
	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives		Total
Consolidated Balance Sheets Location
Current derivative assets	$	49	$	75	$	11	$	135
Derivative assets	1,023		—		—		1,023
Total derivative assets	1,072		75		11		1,158
Current derivative liabilities	(708)		—		(2)		(710)
Derivative liabilities	(1,767)		—		—		(1,767)
Total derivative liabilities	(2,475)		—		(2)		(2,477)
Derivative asset (liability), net	$	(1,403)	$	75	$	9	$	(1,319)
	December 31, 2024
	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives		Total
Consolidated Balance Sheets Location
Current derivative assets	$	105	$	32	$	18	$	155
Derivative assets	1,903		—		—		1,903
Total derivative assets	2,008		32		18		2,058
Current derivative liabilities	(885)		(15)		(2)		(902)
Derivative liabilities	(1,865)		—		—		(1,865)
Total derivative liabilities	(2,750)		(15)		(2)		(2,767)
Derivative asset (liability), net	$	(742)	$	17	$	16	$	(709)

Consolidated Balance Sheets Presentation

The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Consolidated Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP (in millions):

	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives
As of March 31, 2025
Gross assets	$	2,362	$	82	$	13
Offsetting amounts	(1,290)		(7)		(2)
Net assets (1)	$	1,072	$	75	$	11
Gross liabilities	$	(2,520)	$	—	$	(4)
Offsetting amounts	45		—		2
Net liabilities (2)	$	(2,475)	$	—	$	(2)
As of December 31, 2024
Gross assets	$	3,064	$	42	$	25
Offsetting amounts	(1,056)		(10)		(7)
Net assets (1)	$	2,008	$	32	$	18
Gross liabilities	$	(2,790)	$	(16)	$	(3)
Offsetting amounts	40		1		1
Net liabilities (2)	$	(2,750)	$	(15)	$	(2)

(1)Includes current and non-current derivative assets of $135 million and $1,023 million, respectively, as of March 31, 2025 and $155 million and $1,903 million, respectively, as of December 31, 2024.

(2)Includes current and non-current derivative liabilities of $710 million and $1,767 million, respectively, as of March 31, 2025 and $902 million and $1,865 million, respectively, as of December 31, 2024.

The table below shows the collateral balances that are recorded within margin deposits and not netted on our Consolidated Balance Sheets (in millions):

	Consolidated Balance Sheets Location	March 31,		December 31,
		2025		2024
Liquefaction Supply Derivatives	Margin deposits	$	32	$	18
LNG Trading Derivatives	Margin deposits	55		110
LNG Trading Derivatives	Other current liabilities	11		—

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Non-Controlling Interest and Variable Interest Entities

3 Months Ended

Mar. 31, 2025

Noncontrolling Interest and Variable Interest Entity [Abstract]

Non-Controlling Interest and Variable Interest Entities

NON-CONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES

Substantially all of our consolidated VIEs’ assets and liabilities relate to CQP. We own a 48.6% limited partner interest in CQP, and we also own all of the 2% general partner interest and 100% of the incentive distribution rights in CQP. The remaining 49.4% non-controlling limited partner interest in CQP is held by affiliates of Blackstone Inc. and Brookfield Asset Management, Inc. (“Brookfield”) as well as the public.

The following table presents the summarized consolidated assets and liabilities (in millions) of our consolidated VIEs, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of the respective VIEs. In addition, there is no recourse to us for the consolidated VIEs’ liabilities. The assets and liabilities in the table below exclude intercompany balances between the respective VIEs and Cheniere that eliminate in our Consolidated Financial Statements.

	March 31,		December 31,
	2025		2024
ASSETS
Current assets
Cash and cash equivalents	$	94	$	270
Restricted cash and cash equivalents	80		125
Trade and other receivables, net of current expected credit losses	435		381
Inventory	169		154
Current derivative assets	25		84
Margin deposits	18		13
Other current assets, net	42		54
Total current assets	863		1,081
Property, plant and equipment, net of accumulated depreciation	15,758		15,880
Operating lease assets	79		80
Derivative assets	29		98
Other non-current assets, net	207		206
Total assets	$	16,936	$	17,345
LIABILITIES
Current liabilities
Accounts payable	$	71	$	70
Accrued liabilities	869		881
Current debt, net of unamortized discount and debt issuance costs	104		351
Deferred revenue	82		120
Current operating lease liabilities	4		4
Current derivative liabilities	154		250
Other current liabilities	7		16
Total current liabilities	1,291		1,692
Long-term debt, net of unamortized discount and debt issuance costs	14,714		14,761
Operating lease liabilities	75		76
Derivative liabilities	1,177		1,213
Other non-current liabilities	172		176
Total liabilities	$	17,429	$	17,918

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Accrued Liabilities

3 Months Ended

Mar. 31, 2025

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consisted of the following (in millions): 

	March 31,		December 31,
	2025		2024
Natural gas purchases	$	972	$	886
Tax-related liabilities	511		472
Terminal and related asset costs	307		214
Interest costs and related debt fees	267		283
Compensation and benefits	115		272
Other accrued liabilities	34		52
Total accrued liabilities	$	2,206	$	2,179

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Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following (in millions): 

	March 31,		December 31,
	2025		2024
SPL:
Senior Secured Notes:
5.625% due 2025	$	—	$	300
5.875% due 2026	1,500		1,500
5.00% due 2027	1,500		1,500
4.200% due 2028	1,350		1,350
4.500% due 2030	2,000		2,000
4.746% weighted average rate due 2037 (1)	1,782		1,782
Total SPL Senior Secured Notes	8,132		8,432
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)	—		—
Total debt - SPL	8,132		8,432
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
Total CQP Senior Notes	6,800		6,800
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)	—		—
Total debt - CQP	6,800		6,800
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”)	—		—
Working capital facility agreement (the “CCH Working Capital Facility”)	—		—
Total debt - CCH	4,865		4,865
Cheniere:
4.625% Senior Notes due 2028	1,500		1,500
5.650% Senior Notes due 2034	1,500		1,500
Total Cheniere Senior Notes	3,000		3,000
Revolving credit agreement (the “Cheniere Revolving Credit Facility”)	—		—
Total debt - Cheniere	3,000		3,000
Total debt	22,797		23,097
Current debt, net of unamortized discount and debt issuance costs (1)	(104)		(351)
Unamortized discount and debt issuance costs	(184)		(192)
Total long-term debt, net of unamortized discount and debt issuance costs	$	22,509	$	22,554

(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.

Credit Facilities

Below is a summary of our committed credit facilities outstanding as of March 31, 2025 (in millions):

	SPL Revolving Credit Facility		CQP Revolving Credit Facility		CCH Credit Facility		CCH Working Capital Facility		Cheniere Revolving Credit Facility
Total facility size	$	1,000	$	1,000	$	3,260	$	1,500	$	1,250
Less:
Outstanding balance	—		—		—		—		—
Letters of credit issued	215		—		—		110		—
Available commitment	$	785	$	1,000	$	3,260	$	1,390	$	1,250
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 credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5%		SOFR plus credit spread adjustment of 0.1%, plus margin of 1.075% - 2.20% or base rate plus 0.075% - 1.2%
Commitment fees on undrawn balance (1)	0.075% - 0.30%		0.10% - 0.30%		0.525%		0.10% - 0.20%		0.115% - 0.365%
Letter of credit fees (1)	1.0% - 1.75%		1.125% - 2.0%		N/A		1.0% - 1.5%		1.075% - 2.20%
Maturity date	June 23, 2028		June 23, 2028		(2)		June 15, 2027		October 28, 2026

(1)The margin on the interest rate, the commitment fees and the letter of credit fees is subject to change based on the applicable entity’s credit rating.

(2)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.

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 March 31, 2025, 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 March 31,
	2025		2024
Total interest cost	$	295	$	311
Capitalized interest	(66)		(45)
Total interest expense, net of capitalized interest	$	229	$	266

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our senior notes (in millions):

	March 31, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value (1)		Carrying Amount		Estimated Fair Value (1)
Senior notes	$	22,797	$	22,108	$	23,097	$	22,220

(1)As of both March 31, 2025 and December 31, 2024, $3.0 billion 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 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.

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Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

LEASES

We are the lessee of LNG vessels leased under time charters (“vessel charters”) as well as tug vessels, office space and facilities, land sites and equipment.

Future annual minimum lease payments for operating and finance leases as of March 31, 2025 are as follows (in millions): 

Years Ending December 31,	Operating Leases		Finance Leases
2025	$	546	$	85
2026	610		111
2027	516		113
2028	348		115
2029	259		115
Thereafter	1,030		483
Total lease payments (1)	3,309		1,022
Less: Interest	(580)		(261)
Present value of lease liabilities	$	2,729	$	761

(1)Does not include approximately $2.7 billion of legally binding minimum payments for leases executed as of March 31, 2025 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years.

The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:

	March 31, 2025		December 31, 2024
	Operating Leases	Finance Leases	Operating Leases	Finance Leases
Weighted-average remaining lease term (in years)	7.1	9.0	7.0	8.8
Weighted-average discount rate (1)	5.1%	6.8%	5.0%	7.4%

(1)The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

The following table includes other quantitative information for our operating and finance leases (in millions):

	Three Months Ended March 31,
	2025		2024
Right-of-use assets obtained in exchange for operating lease liabilities	$	199	$	446
Right-of-use assets obtained in exchange for finance lease liabilities	237		—

LNG Vessel Subleases

We sublease certain LNG vessels under charter to third parties while retaining our existing obligation to the original lessor. All of our sublease arrangements have been assessed as operating leases. The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):

	Three Months Ended March 31,
	2025		2024
Fixed income	$	23	$	98
Variable income	12		7
Total sublease income	$	35	$	105

As of March 31, 2025, the aggregate future annual minimum sublease payment to be received from LNG vessel subleases was $9 million and is expected to be received during the current fiscal year.

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Revenues

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

The following table represents a disaggregation of revenue earned (in millions):

	Three Months Ended March 31,
	2025		2024
Revenues from contracts with customers
LNG revenues (excluding net derivative gain below)	$	5,186	$	4,008
Regasification revenues	34		34
Other revenues (1)	69		73
Total revenues from contracts with customers	5,289		4,115
Net derivative gain (see Note 5)	117		29
Sublease income (see Note 9)	35		105
Other revenues	3		4
Total revenues	$	5,444	$	4,253

(1)Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes.

For the three months ended March 31, 2025 and 2024, we did not have any material revenue arrangements that were presented within our Consolidated Statements of Operations on a net basis.

Contract Assets and Liabilities

The following table shows our contract assets, net of current expected credit losses, which are included in other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):

	March 31,		December 31,
	2025		2024
Contract assets, net of current expected credit losses	$	361	$	331

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):

	Three Months Ended March 31, 2025
Deferred revenue, beginning of period	$	318
Cash received but not yet recognized in revenue	90
Revenue recognized from prior period deferral	(150)
Deferred revenue, end of period	$	258

Transaction Price Allocated to Future Performance Obligations

Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:

	March 31, 2025			December 31, 2024
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	103.1	8	$	104.7	8
Regasification revenues	0.5		3	0.5		3
Total revenues	$	103.6		$	105.2

(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.

The following potential future sources of revenue are omitted from the table above under exemptions we have elected: (1) all performance obligations that are part of a contract that has an original expected duration of one year or less and (2) substantially all variable consideration under our SPAs and TUAs that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price will vary based on (1) the future prices of the underlying variable index, primarily Henry Hub, throughout the contract terms, to the extent customers elect to take delivery of their LNG, (2) adjustments to the consumer price index and (3) the outcome of certain contingent events, including the achievement of milestones upon which delivery of LNG under certain contracts is conditioned. Certain of our contracts contain additional variable consideration based on the outcome of contingent events and the movement of various indexes. We have not included such variable consideration in the transaction price to the extent the consideration is considered constrained due to the uncertainty of ultimate pricing and receipt.

The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:

	Three Months Ended March 31,
	2025		2024
LNG revenues	71	%	60	%
Regasification revenues	8	%	8	%

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Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions):

	Three Months Ended March 31,
	2025		2024
Other revenues
Operating agreement and construction management agreement with equity method investee (1)	$	1	$	2
Operating and maintenance expense
Natural gas transportation and storage agreements with equity method investees (1)	8		2
Natural gas transportation and storage agreements with other related party (2)	74		13

(1)On February 13, 2025, we sold all of our equity interests in one of our equity method investments to a third party. Additionally, we assigned certain operating and construction management agreements to the purchaser of such interests. Included in the table above are $1 million and $2 million of other revenues and $1 million and $2 million of operating and maintenance expense from the investee during the three months ended March 31, 2025 and 2024, respectively.

(2)These arrangements are with a party related to the entity that indirectly owns a portion of CQP’s limited partner interests.

Below is a summary of our related party balances, all in the ordinary course of business, as reported on our Consolidated Balance Sheets (in millions):

	March 31,		December 31,
	2025		2024
Trade and other receivables, net of current expected credit losses	$	—	$	4
Accrued liabilities	9		8

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Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

We recorded an income tax provision of $121 million and $109 million during the three months ended March 31, 2025 and 2024, respectively, which was calculated using the annual effective tax rate method.

Our effective tax rate was 15.3% and 11.5% for the three months ended March 31, 2025 and 2024, respectively. Our effective tax rate increased between the comparable periods primarily due to a decrease in the ratio of our pre-tax income attributable to CQP, which is partially not taxable to us, as well as the tax impact from recording a valuation allowance on a capital loss carryover generated on the sale of all of our equity interests in an equity method investment during the three months ended March 31, 2025. The effective tax rate for the comparable three month periods was lower than the statutory rate of 21.0% primarily due to CQP’s income that is partially not taxable to us.

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Net Income Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Common Stockholders

NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

We utilize the two-class method for computing earnings per share, which requires an allocation of earnings as if all earnings were distributed during the period to the common stockholders and participating securities. The redeemable non-controlling interest held by a third party in one of our consolidated VIEs is considered participating because, under certain circumstances, it is redeemable for cash at a return. Therefore, the accretion of the redeemable non-controlling interest to its redemption value, net of tax, which is recognized as a deemed dividend within retained earnings, is deducted from net income in computing net income per share attributable to common stockholders.

The following table provides a reconciliation of net income attributable to common stockholders and basic and diluted weighted average common shares outstanding (in millions, except per share data):

	Three Months Ended March 31,
	2025		2024
Net income attributable to Cheniere	$	353	$	502
Less: accretion of redeemable non-controlling interest, net of tax	2		—
Net income attributable to common stockholders	$	351	$	502
Weighted average common shares outstanding:
Basic	223.5		234.2
Dilutive unvested stock	0.6		0.8
Diluted	224.1		235.0
Net income per share attributable to common stockholders—basic (1)	$	1.57	$	2.14
Net income per share attributable to common stockholders—diluted (1)	$	1.57	$	2.13

(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.

On April 29, 2025, we declared a quarterly dividend of $0.500 per share of common stock that is payable on May 19, 2025 to stockholders of record as of the close of business on May 9, 2025.

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Share Repurchase Programs

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Share Repurchase Programs

SHARE REPURCHASE PROGRAMS

The following table presents information with respect to common stock repurchased under our share repurchase program (in millions, except per share data):

	Three Months Ended March 31,
	2025		2024
Total shares repurchased	1.60		7.52
Weighted average price paid per share	$	218.95	$	158.45
Total cost of repurchases (1)	$	350	$	1,192

(1)Amount excludes associated commission fees and excise taxes incurred, which are excluded costs under the repurchase program.

As of March 31, 2025, we had approximately $3.5 billion remaining under our share repurchase program. Our share repurchase program authorization is effective through December 31, 2027.

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Segment Information and Customer Concentration

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information and Customer Concentration

SEGMENT INFORMATION AND CUSTOMER CONCENTRATION

We have determined that we operate as a single operating and reportable segment. The measure of profit and loss regularly provided to the chief operating decision maker (“CODM”) that is most consistent with GAAP is net income attributable to Cheniere, as presented in our Consolidated Statements of Operations. This measure contributes to the CODM’s assessment of performance and resource allocation, which includes monitoring of budget versus actual results, establishing compensation and deciding on capital allocation priorities. Significant expenses regularly provided to the CODM, and included in the measure of profit and loss, are the following consolidated expenses as reported in our Consolidated Statements of Operations: (1) cost of sales, (2) operating and maintenance expense and (3) selling, general and administrative expense. Included in the measure of profit and loss is a significant noncash item of changes in the fair value of our derivative instruments, which was $562 million and $285 million in losses for the three months ended March 31, 2025 and 2024, respectively. Interest income was $36 million and $61 million for the three months ended March 31, 2025 and 2024, respectively, which is included in interest and dividend income on our Consolidated Statements of Operations.

The measure of segment assets is reported on our Consolidated Balance Sheets as total assets. Substantially all of our tangible long-lived assets, which consist of property, plant and equipment, are located in the United States. Total expenditures for additions to long-lived assets is reported on our Consolidated Statements of Cash Flows.

The concentration of our customer credit risk in excess of 10% of total revenues and/or trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses was as follows:

	Percentage of Total Revenues from External Customers		Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers
	Three Months Ended March 31,		March 31,	December 31,
	2025	2024	2025	2024
Customer A	*	*	18%	20%
Customer B	10%	10%	*	*
Customer C	10%	*	*	*

* Less than 10%

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides supplemental disclosure of substantive cash flow information (in millions): 

	Three Months Ended March 31,
	2025		2024
Cash paid during the period for interest on debt, net of amounts capitalized	$	217	$	364
Cash paid (refunded) for income taxes, net	4		1
Non-cash investing activity:
Unpaid purchases of property, plant and equipment, net (1)(2)	315		109
Non-cash financing activity (1):
Unpaid excise tax on stock repurchased	2		11
Unpaid repurchase of common stock	—		3

(1)Reflects unpaid portion, as of the end of each period, of assets and liabilities recognized during the respective periods.

(2)Net of proceeds not yet collected on commissioning sales of LNG of $5 million and zero, respectively.

See Note 9—Leases for supplemental cash flow information related to our leases.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income (loss) attributable to common stockholders	$ 353	$ 502

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Nature of Operations and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation, Policy

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, these Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2024.

Results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2025.

Recent Accounting Standards

Recent Accounting Standards

ASU 2023-09

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). This guidance further enhances income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. We plan to adopt this guidance and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2025.

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as clarified by ASU No. 2025-01 in January 2025. This guidance requires disaggregated disclosures about certain income statement expense line items on an annual and interim basis. We continue to evaluate the impact of the provisions of this guidance on our disclosures,

but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2027.

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Trade and Other Receivables, Net of Current Expected Credit Losses (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Accounts and Other Receivables, Net of Current Expected Credit Losses

Trade and other receivables, net of current expected credit losses, consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Trade receivables
SPL and CCL	$	606	$	548
Cheniere Marketing	329		109
Other subsidiaries	8		4
Other receivables	76		66
Total trade and other receivables, net of current expected credit losses	$	1,019	$	727

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Inventory (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Materials	$	238	$	226
LNG	122		93
LNG in-transit	128		137
Natural gas	14		30
Other	23		15
Total inventory	$	525	$	501

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Property, Plant and Equipment, Net of Accumulated Depreciation (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net of Accumulated Depreciation

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Terminal and related assets
Terminal and interconnecting pipeline facilities	$	35,478	$	34,282
Land	568		465
Construction-in-process	4,880		5,486
Accumulated depreciation	(7,522)		(7,231)
Total terminal and related assets, net of accumulated depreciation	33,404		33,002
Fixed assets and other
Computer and office equipment	37		36
Furniture and fixtures	32		31
Computer software	123		122
Leasehold improvements	49		47
Other	23		24
Accumulated depreciation	(192)		(188)
Total fixed assets and other, net of accumulated depreciation	72		72
Assets under finance leases
Marine assets	824		587
Accumulated depreciation	(123)		(109)
Total assets under finance leases, net of accumulated depreciation	701		478
Property, plant and equipment, net of accumulated depreciation	$	34,177	$	33,552

Schedule Of Depreciation And Offsets To LNG Terminal Costs

The following table shows depreciation expense and offsets to LNG terminal costs (in millions):

	Three Months Ended March 31,
	2025		2024
Depreciation expense	$	310	$	300
Offsets to LNG terminal costs (1)	48		—

(1)We recognize offsets to LNG terminal costs related to the sale of commissioning volumes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Projects during the testing phase for its construction.

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Fair Value of Derivative Assets and Liabilities

The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):

	Fair Value Measurements as of
	March 31, 2025								December 31, 2024
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Liquefaction Supply Derivatives asset (liability)	$	—	$	12	$	(1,415)	$	(1,403)	$	—	$	59	$	(801)	$	(742)
LNG Trading Derivatives asset	—		75		—		75		—		17		—		17
FX Derivatives asset	—		9		—		9		—		16		—		16

Fair Value Measurement Inputs and Valuation Techniques

The following table includes quantitative information for the unobservable inputs for the Level 3 Liquefaction Supply Derivatives as of March 31, 2025:

	Net Fair Value Liability (in millions)	Valuation Approach	Significant Unobservable Input	Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives	$(1,415)	Market approach incorporating present value techniques	Henry Hub basis spread	$(4.950) - $0.265 / $(0.114)
		Option pricing model	International LNG pricing spread, relative to Henry Hub (2)	91% - 374% / 192%

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)Spread contemplates U.S. dollar-denominated pricing.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):

	Three Months Ended March 31,
	2025		2024
Balance, beginning of period	$	(801)	$	(2,178)
Realized and change in fair value gains (losses) included in net income (1):
Included in cost of sales, existing deals (2)	(792)		(424)
Included in cost of sales, new deals (3)	13		5
Purchases and settlements:
Purchases (4)	—		—
Settlements (5)	166		140
Transfers out of level 3 (6)	(1)		—
Balance, end of period	$	(1,415)	$	(2,457)
Unfavorable changes in fair value relating to instruments still held at the end of the period	$	(779)	$	(419)

(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume.  See settlements line item in this table.

(2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.

(3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.

(4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period.

(5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.

(6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.

Fair Value of Derivative Instruments by Balance Sheet Location

The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions):

	March 31, 2025
	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives		Total
Consolidated Balance Sheets Location
Current derivative assets	$	49	$	75	$	11	$	135
Derivative assets	1,023		—		—		1,023
Total derivative assets	1,072		75		11		1,158
Current derivative liabilities	(708)		—		(2)		(710)
Derivative liabilities	(1,767)		—		—		(1,767)
Total derivative liabilities	(2,475)		—		(2)		(2,477)
Derivative asset (liability), net	$	(1,403)	$	75	$	9	$	(1,319)
	December 31, 2024
	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives		Total
Consolidated Balance Sheets Location
Current derivative assets	$	105	$	32	$	18	$	155
Derivative assets	1,903		—		—		1,903
Total derivative assets	2,008		32		18		2,058
Current derivative liabilities	(885)		(15)		(2)		(902)
Derivative liabilities	(1,865)		—		—		(1,865)
Total derivative liabilities	(2,750)		(15)		(2)		(2,767)
Derivative asset (liability), net	$	(742)	$	17	$	16	$	(709)

Derivative Net Presentation on Consolidated Balance Sheets

The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Consolidated Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP (in millions):

	Liquefaction Supply Derivatives		LNG Trading Derivatives		FX Derivatives
As of March 31, 2025
Gross assets	$	2,362	$	82	$	13
Offsetting amounts	(1,290)		(7)		(2)
Net assets (1)	$	1,072	$	75	$	11
Gross liabilities	$	(2,520)	$	—	$	(4)
Offsetting amounts	45		—		2
Net liabilities (2)	$	(2,475)	$	—	$	(2)
As of December 31, 2024
Gross assets	$	3,064	$	42	$	25
Offsetting amounts	(1,056)		(10)		(7)
Net assets (1)	$	2,008	$	32	$	18
Gross liabilities	$	(2,790)	$	(16)	$	(3)
Offsetting amounts	40		1		1
Net liabilities (2)	$	(2,750)	$	(15)	$	(2)

(1)Includes current and non-current derivative assets of $135 million and $1,023 million, respectively, as of March 31, 2025 and $155 million and $1,903 million, respectively, as of December 31, 2024.

(2)Includes current and non-current derivative liabilities of $710 million and $1,767 million, respectively, as of March 31, 2025 and $902 million and $1,865 million, respectively, as of December 31, 2024.

Derivative Liability, Subject to Master Netting Offset, Collateral

The table below shows the collateral balances that are recorded within margin deposits and not netted on our Consolidated Balance Sheets (in millions):

	Consolidated Balance Sheets Location	March 31,		December 31,
		2025		2024
Liquefaction Supply Derivatives	Margin deposits	$	32	$	18
LNG Trading Derivatives	Margin deposits	55		110
LNG Trading Derivatives	Other current liabilities	11		—

Commodity Derivatives [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table shows the notional amounts of our Commodity Derivatives:

	March 31, 2025		December 31, 2024
	Liquefaction Supply Derivatives (1)	LNG Trading Derivatives	Liquefaction Supply Derivatives (1)	LNG Trading Derivatives
Notional amount, net (in TBtu)	12,441	9	12,503	(8)

(1)Inclusive of amounts under contracts with unsatisfied contractual conditions and exclusive of extension options that were uncertain to be taken as of both March 31, 2025 and December 31, 2024.

Derivative Instruments, Gain (Loss)

The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions):

		Gain (Loss) Recognized in Consolidated Statements of Operations
	Consolidated Statements of Operations Location (1)	Three Months Ended March 31,
		2025		2024
LNG Trading Derivatives	LNG revenues	$	127	$	16
LNG Trading Derivatives	Cost of sales	45		(19)
Liquefaction Supply Derivatives (2)	LNG revenues	1		—
Liquefaction Supply Derivatives (2)	Cost of sales	(701)		(268)

(1)Fair value fluctuations associated with activities of our Commodity Derivatives are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

(2)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery.

FX Derivatives [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative Instruments, Gain (Loss)

The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions):

		Gain (Loss) Recognized in Consolidated Statements of Operations
	Consolidated Statements of Operations Location	Three Months Ended March 31,
		2025		2024
FX Derivatives	LNG revenues	$	(11)	$	13

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Non-Controlling Interest and Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2025

Variable Interest Entities [Member]

Noncontrolling Interest and Variable Interest Entity [Line Items]

Condensed Balance Sheet of Cheniere Partners

The following table presents the summarized consolidated assets and liabilities (in millions) of our consolidated VIEs, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of the respective VIEs. In addition, there is no recourse to us for the consolidated VIEs’ liabilities. The assets and liabilities in the table below exclude intercompany balances between the respective VIEs and Cheniere that eliminate in our Consolidated Financial Statements.

	March 31,		December 31,
	2025		2024
ASSETS
Current assets
Cash and cash equivalents	$	94	$	270
Restricted cash and cash equivalents	80		125
Trade and other receivables, net of current expected credit losses	435		381
Inventory	169		154
Current derivative assets	25		84
Margin deposits	18		13
Other current assets, net	42		54
Total current assets	863		1,081
Property, plant and equipment, net of accumulated depreciation	15,758		15,880
Operating lease assets	79		80
Derivative assets	29		98
Other non-current assets, net	207		206
Total assets	$	16,936	$	17,345
LIABILITIES
Current liabilities
Accounts payable	$	71	$	70
Accrued liabilities	869		881
Current debt, net of unamortized discount and debt issuance costs	104		351
Deferred revenue	82		120
Current operating lease liabilities	4		4
Current derivative liabilities	154		250
Other current liabilities	7		16
Total current liabilities	1,291		1,692
Long-term debt, net of unamortized discount and debt issuance costs	14,714		14,761
Operating lease liabilities	75		76
Derivative liabilities	1,177		1,213
Other non-current liabilities	172		176
Total liabilities	$	17,429	$	17,918

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Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in millions): 

	March 31,		December 31,
	2025		2024
Natural gas purchases	$	972	$	886
Tax-related liabilities	511		472
Terminal and related asset costs	307		214
Interest costs and related debt fees	267		283
Compensation and benefits	115		272
Other accrued liabilities	34		52
Total accrued liabilities	$	2,206	$	2,179

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Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt consisted of the following (in millions): 

	March 31,		December 31,
	2025		2024
SPL:
Senior Secured Notes:
5.625% due 2025	$	—	$	300
5.875% due 2026	1,500		1,500
5.00% due 2027	1,500		1,500
4.200% due 2028	1,350		1,350
4.500% due 2030	2,000		2,000
4.746% weighted average rate due 2037 (1)	1,782		1,782
Total SPL Senior Secured Notes	8,132		8,432
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)	—		—
Total debt - SPL	8,132		8,432
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
Total CQP Senior Notes	6,800		6,800
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)	—		—
Total debt - CQP	6,800		6,800
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”)	—		—
Working capital facility agreement (the “CCH Working Capital Facility”)	—		—
Total debt - CCH	4,865		4,865
Cheniere:
4.625% Senior Notes due 2028	1,500		1,500
5.650% Senior Notes due 2034	1,500		1,500
Total Cheniere Senior Notes	3,000		3,000
Revolving credit agreement (the “Cheniere Revolving Credit Facility”)	—		—
Total debt - Cheniere	3,000		3,000
Total debt	22,797		23,097
Current debt, net of unamortized discount and debt issuance costs (1)	(104)		(351)
Unamortized discount and debt issuance costs	(184)		(192)
Total long-term debt, net of unamortized discount and debt issuance costs	$	22,509	$	22,554

(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.

Schedule of Line of Credit Facilities and Delayed Draw Term Loan

Below is a summary of our committed credit facilities outstanding as of March 31, 2025 (in millions):

	SPL Revolving Credit Facility		CQP Revolving Credit Facility		CCH Credit Facility		CCH Working Capital Facility		Cheniere Revolving Credit Facility
Total facility size	$	1,000	$	1,000	$	3,260	$	1,500	$	1,250
Less:
Outstanding balance	—		—		—		—		—
Letters of credit issued	215		—		—		110		—
Available commitment	$	785	$	1,000	$	3,260	$	1,390	$	1,250
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 credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5%		SOFR plus credit spread adjustment of 0.1%, plus margin of 1.075% - 2.20% or base rate plus 0.075% - 1.2%
Commitment fees on undrawn balance (1)	0.075% - 0.30%		0.10% - 0.30%		0.525%		0.10% - 0.20%		0.115% - 0.365%
Letter of credit fees (1)	1.0% - 1.75%		1.125% - 2.0%		N/A		1.0% - 1.5%		1.075% - 2.20%
Maturity date	June 23, 2028		June 23, 2028		(2)		June 15, 2027		October 28, 2026

(1)The margin on the interest rate, the commitment fees and the letter of credit fees is subject to change based on the applicable entity’s credit rating.

(2)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.

Schedule of Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in millions):

	Three Months Ended March 31,
	2025		2024
Total interest cost	$	295	$	311
Capitalized interest	(66)		(45)
Total interest expense, net of capitalized interest	$	229	$	266

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table shows the carrying amount and estimated fair value of our senior notes (in millions):

	March 31, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value (1)		Carrying Amount		Estimated Fair Value (1)
Senior notes	$	22,797	$	22,108	$	23,097	$	22,220

(1)As of both March 31, 2025 and December 31, 2024, $3.0 billion 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.

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Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Maturity of Lease Liabilities

Future annual minimum lease payments for operating and finance leases as of March 31, 2025 are as follows (in millions): 

Years Ending December 31,	Operating Leases		Finance Leases
2025	$	546	$	85
2026	610		111
2027	516		113
2028	348		115
2029	259		115
Thereafter	1,030		483
Total lease payments (1)	3,309		1,022
Less: Interest	(580)		(261)
Present value of lease liabilities	$	2,729	$	761

(1)Does not include approximately $2.7 billion of legally binding minimum payments for leases executed as of March 31, 2025 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years.

Lease, Other Quantitative Information

The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:

	March 31, 2025		December 31, 2024
	Operating Leases	Finance Leases	Operating Leases	Finance Leases
Weighted-average remaining lease term (in years)	7.1	9.0	7.0	8.8
Weighted-average discount rate (1)	5.1%	6.8%	5.0%	7.4%

(1)The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

The following table includes other quantitative information for our operating and finance leases (in millions):

	Three Months Ended March 31,
	2025		2024
Right-of-use assets obtained in exchange for operating lease liabilities	$	199	$	446
Right-of-use assets obtained in exchange for finance lease liabilities	237		—

Schedule of Sublease Income

The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):

	Three Months Ended March 31,
	2025		2024
Fixed income	$	23	$	98
Variable income	12		7
Total sublease income	$	35	$	105

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Revenues (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table represents a disaggregation of revenue earned (in millions):

	Three Months Ended March 31,
	2025		2024
Revenues from contracts with customers
LNG revenues (excluding net derivative gain below)	$	5,186	$	4,008
Regasification revenues	34		34
Other revenues (1)	69		73
Total revenues from contracts with customers	5,289		4,115
Net derivative gain (see Note 5)	117		29
Sublease income (see Note 9)	35		105
Other revenues	3		4
Total revenues	$	5,444	$	4,253

(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 included in other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):

	March 31,		December 31,
	2025		2024
Contract assets, net of current expected credit losses	$	361	$	331

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):

	Three Months Ended March 31, 2025
Deferred revenue, beginning of period	$	318
Cash received but not yet recognized in revenue	90
Revenue recognized from prior period deferral	(150)
Deferred revenue, end of period	$	258

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:

	March 31, 2025			December 31, 2024
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	103.1	8	$	104.7	8
Regasification revenues	0.5		3	0.5		3
Total revenues	$	103.6		$	105.2

(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.

Revenue, Remaining Performance Obligation, Variable Consideration

The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:

	Three Months Ended March 31,
	2025		2024
LNG revenues	71	%	60	%
Regasification revenues	8	%	8	%

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions):

	Three Months Ended March 31,
	2025		2024
Other revenues
Operating agreement and construction management agreement with equity method investee (1)	$	1	$	2
Operating and maintenance expense
Natural gas transportation and storage agreements with equity method investees (1)	8		2
Natural gas transportation and storage agreements with other related party (2)	74		13

(1)On February 13, 2025, we sold all of our equity interests in one of our equity method investments to a third party. Additionally, we assigned certain operating and construction management agreements to the purchaser of such interests. Included in the table above are $1 million and $2 million of other revenues and $1 million and $2 million of operating and maintenance expense from the investee during the three months ended March 31, 2025 and 2024, respectively.

(2)These arrangements are with a party related to the entity that indirectly owns a portion of CQP’s limited partner interests.

Below is a summary of our related party balances, all in the ordinary course of business, as reported on our Consolidated Balance Sheets (in millions):

	March 31,		December 31,
	2025		2024
Trade and other receivables, net of current expected credit losses	$	—	$	4
Accrued liabilities	9		8

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Net Income Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of net income attributable to common stockholders and basic and diluted weighted average common shares outstanding (in millions, except per share data):

	Three Months Ended March 31,
	2025		2024
Net income attributable to Cheniere	$	353	$	502
Less: accretion of redeemable non-controlling interest, net of tax	2		—
Net income attributable to common stockholders	$	351	$	502
Weighted average common shares outstanding:
Basic	223.5		234.2
Dilutive unvested stock	0.6		0.8
Diluted	224.1		235.0
Net income per share attributable to common stockholders—basic (1)	$	1.57	$	2.14
Net income per share attributable to common stockholders—diluted (1)	$	1.57	$	2.13

(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.

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Share Repurchase Programs (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Shares repurchased

The following table presents information with respect to common stock repurchased under our share repurchase program (in millions, except per share data):

	Three Months Ended March 31,
	2025		2024
Total shares repurchased	1.60		7.52
Weighted average price paid per share	$	218.95	$	158.45
Total cost of repurchases (1)	$	350	$	1,192

(1)Amount excludes associated commission fees and excise taxes incurred, which are excluded costs under the repurchase program.

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Segment Information and Customer Concentration (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenue and Accounts Receivable by Major Customers

The concentration of our customer credit risk in excess of 10% of total revenues and/or trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses was as follows:

	Percentage of Total Revenues from External Customers		Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers
	Three Months Ended March 31,		March 31,	December 31,
	2025	2024	2025	2024
Customer A	*	*	18%	20%
Customer B	10%	10%	*	*
Customer C	10%	*	*	*

* Less than 10%

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The following table provides supplemental disclosure of substantive cash flow information (in millions): 

	Three Months Ended March 31,
	2025		2024
Cash paid during the period for interest on debt, net of amounts capitalized	$	217	$	364
Cash paid (refunded) for income taxes, net	4		1
Non-cash investing activity:
Unpaid purchases of property, plant and equipment, net (1)(2)	315		109
Non-cash financing activity (1):
Unpaid excise tax on stock repurchased	2		11
Unpaid repurchase of common stock	—		3

(1)Reflects unpaid portion, as of the end of each period, of assets and liabilities recognized during the respective periods.

(2)Net of proceeds not yet collected on commissioning sales of LNG of $5 million and zero, respectively.

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Nature of Operations and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2025 item unit mi milliontonnes / yr
Operational and Under Construction [Member]
Nature of Operations and Basis of Presentation [Table]
Total Production Capability	55
Under Construction [Member]
Nature of Operations and Basis of Presentation [Table]
Total Production Capability	8
Sabine Pass LNG Terminal [Member]
Nature of Operations and Basis of Presentation [Table]
Number of LNG Storage Tanks | unit	5
Number of Marine Berths Operating | item	3
Sabine Pass LNG Terminal [Member] | Operational [Member]
Nature of Operations and Basis of Presentation [Table]
Total Production Capability	30
Creole Trail Pipeline [Member]
Nature of Operations and Basis of Presentation [Table]
Length of Natural Gas Pipeline | mi	94
Corpus Christi LNG Terminal [Member]
Nature of Operations and Basis of Presentation [Table]
Number of LNG Storage Tanks | unit	3
Number of Marine Berths Operating | item	2
Corpus Christi LNG Terminal [Member] | Operational and Under Construction [Member]
Nature of Operations and Basis of Presentation [Table]
Total Production Capability	25
Corpus Christi LNG Terminal [Member] | Under Construction [Member]
Nature of Operations and Basis of Presentation [Table]
Total Production Capability	8
Corpus Christi Pipeline [Member]
Nature of Operations and Basis of Presentation [Table]
Length of Natural Gas Pipeline | mi	21
Corpus Christi Stage 3 Project
Nature of Operations and Basis of Presentation [Table]
Number of Midscale Trains | unit	7
Corpus Christi Stage 3 Project | Operational and Under Construction [Member]
Nature of Operations and Basis of Presentation [Table]
Total Production Capability	10
CQP [Member]
Nature of Operations and Basis of Presentation [Table]
General Partner ownership percentage	2.00%
Limited Partner ownership percentage	48.60%
Incentive Distribution Right Ownership Percentage	100.00%
CQP [Member] | General Partner
Nature of Operations and Basis of Presentation [Table]
General Partner ownership percentage	100.00%

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Trade and Other Receivables, Net of Current Expected Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Accounts and Other Receivables [Line Items]
Other receivables	$ 76	$ 66
Total trade and other receivables, net of current expected credit losses	1,019	727
SPL and CCL
Accounts and Other Receivables [Line Items]
Trade receivables	606	548
Cheniere Marketing
Accounts and Other Receivables [Line Items]
Trade receivables	329	109
Other subsidiaries
Accounts and Other Receivables [Line Items]
Trade receivables	$ 8	$ 4

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Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Inventory	$ 525	$ 501
Materials [Member]
Inventory [Line Items]
Inventory	238	226
LNG [Member]
Inventory [Line Items]
Inventory	122	93
LNG in-transit [Member]
Inventory [Line Items]
Inventory	128	137
Natural gas [Member]
Inventory [Line Items]
Inventory	14	30
Other [Member]
Inventory [Line Items]
Inventory	$ 23	$ 15

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Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Property, Plant and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net of accumulated depreciation	$ 34,177	$ 33,552
Terminal and related assets [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	(7,522)	(7,231)
Property, plant and equipment, net of accumulated depreciation	33,404	33,002
Terminal and interconnecting pipeline facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	35,478	34,282
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	568	465
Construction-in-process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,880	5,486
Fixed assets and other [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	(192)	(188)
Property, plant and equipment, net of accumulated depreciation	72	72
Computer and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	37	36
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	32	31
Computer software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	123	122
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	49	47
Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	23	24
Assets under finance leases [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	824	587
Accumulated depreciation	(123)	(109)
Property, plant and equipment, net of accumulated depreciation	$ 701	$ 478

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Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Depreciation and Offsets to LNG Terminal Costs (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense		$ 310	$ 300
Offsets to LNG terminal costs (1)	[1]	$ 48	$ 0

[1] We recognize offsets to LNG terminal costs related to the sale of commissioning volumes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Projects during the testing phase for its construction.

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Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Liquefaction Supply Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract	15 years
LNG Trading Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract	1 year
FX Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 364	$ 642
FX Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract	1 year

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Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Liquefaction Supply Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ (1,403)	$ (742)
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0	0
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	12	59
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	(1,415)	(801)
LNG Trading Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	75	17
LNG Trading Derivatives [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0	0
LNG Trading Derivatives [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	75	17
LNG Trading Derivatives [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0	0
FX Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	9	16
FX Derivatives [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0	0
FX Derivatives [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	9	16
FX Derivatives [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 0	$ 0

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Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Liquefaction Supply Derivatives [Member] - USD ($)		3 Months Ended
		Mar. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Net Fair Value Liabilities		$ (1,403,000,000)	$ (742,000,000)
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Net Fair Value Liabilities		(1,415,000,000)	$ (801,000,000)
Valuation, Market Approach [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread	[1]	(4.950)
Valuation, Market Approach [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread	[1]	0.265
Valuation, Market Approach [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread	[1]	$ (0.114)
Valuation Technique, Option Pricing Model [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread Percentage	[1],[2]	91.00%
Valuation Technique, Option Pricing Model [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread Percentage	[1],[2]	374.00%
Valuation Technique, Option Pricing Model [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread Percentage	[1],[2]	192.00%

[1] Unobservable inputs were weighted by the relative fair value of the instruments.

[2] Spread contemplates U.S. dollar-denominated pricing.

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Derivative Instruments - Schedule of Level 3 Derivatives Activity (Details) - Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ (801)	$ (2,178)
Realized and change in fair value gains (losses) included in net income:
Included in cost of sales, existing deals	[1],[2]	(792)	(424)
Included in cost of sales, new deals	[1],[3]	13	5
Purchases and settlements:
Purchases	[4]	0	0
Settlements	[5]	166	140
Transfers out of level 3	[6]	(1)	0
Balance, end of period		(1,415)	(2,457)
Unfavorable changes in fair value relating to instruments still held at the end of the period		$ (779)	$ (419)

[1] Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume.  See settlements line item in this table.

[2] Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.

[3] Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.

[4] Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period.

[5] Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.

[6] Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements

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Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - tbtu		Mar. 31, 2025	Dec. 31, 2024
Liquefaction Supply Derivatives [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	[1]	12,441	12,503
LNG Trading Derivatives [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount		9	(8)

[1] Inclusive of amounts under contracts with unsatisfied contractual conditions and exclusive of extension options that were uncertain to be taken as of both March 31, 2025 and December 31, 2024.

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Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net		$ 117	$ 29
LNG Trading Derivatives [Member] | LNG Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net	[1]	127	16
LNG Trading Derivatives [Member] | Recovery (cost) of sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net	[1]	45	(19)
Liquefaction Supply Derivatives [Member] | LNG Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net	[1],[2]	1	0
Liquefaction Supply Derivatives [Member] | Recovery (cost) of sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net	[1],[2]	(701)	(268)
FX Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net		$ (11)	$ 13
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Revenues	Revenues

[1] Fair value fluctuations associated with activities of our Commodity Derivatives are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

[2] Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery.

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Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 135	$ 155
Derivative assets	1,023	1,903
Total derivative assets	1,158	2,058
Current derivative liabilities	(710)	(902)
Derivative liabilities	(1,767)	(1,865)
Total derivative liabilities	(2,477)	(2,767)
Derivative asset (liability), net	$ (1,319)	$ (709)
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Current derivative assets	Current derivative assets
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Derivative assets	Derivative assets
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current derivative liabilities	Current derivative liabilities
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Derivative liabilities	Derivative liabilities
Liquefaction Supply Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 49	$ 105
Derivative assets	1,023	1,903
Total derivative assets	1,072	2,008
Current derivative liabilities	(708)	(885)
Derivative liabilities	(1,767)	(1,865)
Total derivative liabilities	(2,475)	(2,750)
Derivative asset (liability), net	(1,403)	(742)
LNG Trading Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	75	32
Derivative assets	0	0
Total derivative assets	75	32
Current derivative liabilities	0	(15)
Derivative liabilities	0	0
Total derivative liabilities	0	(15)
Derivative asset (liability), net	75	17
FX Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	11	18
Derivative assets	0	0
Total derivative assets	11	18
Current derivative liabilities	(2)	(2)
Derivative liabilities	0	0
Total derivative liabilities	(2)	(2)
Derivative asset (liability), net	$ 9	$ 16

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Derivative Instruments - Derivative Net Presentation on Consolidated Balance Sheets (Details) - USD ($) $ in Millions		Mar. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Current derivative assets		$ 135	$ 155
Derivative assets		1,023	1,903
Current derivative liabilities		710	902
Derivative liabilities		1,767	1,865
Liquefaction Supply Derivatives Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized		2,362	3,064
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets		(1,290)	(1,056)
Derivative Assets (Liabilities), at Fair Value, Net	[1]	1,072	2,008
Liquefaction Supply Derivatives Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized		(2,520)	(2,790)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets		45	40
Derivative Assets (Liabilities), at Fair Value, Net	[2]	(2,475)	(2,750)
LNG Trading Derivatives Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized		82	42
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets		(7)	(10)
Derivative Assets (Liabilities), at Fair Value, Net	[1]	75	32
LNG Trading Derivatives Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized		0	(16)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets		0	1
Derivative Assets (Liabilities), at Fair Value, Net	[2]	0	(15)
FX Derivatives Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized		13	25
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets		(2)	(7)
Derivative Assets (Liabilities), at Fair Value, Net	[1]	11	18
FX Derivatives Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized		(4)	(3)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets		2	1
Derivative Assets (Liabilities), at Fair Value, Net	[2]	$ (2)	$ (2)

[1] Includes current and non-current derivative assets of $135 million and $1,023 million, respectively, as of March 31, 2025 and $155 million and $1,903 million, respectively, as of December 31, 2024.

[2] Includes current and non-current derivative liabilities of $710 million and $1,767 million, respectively, as of March 31, 2025 and $902 million and $1,865 million, respectively, as of December 31, 2024.

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Derivative Instruments - Collateral Not Netted (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Liquefaction Supply Derivatives [Member]
Derivative [Line Items]
Derivative, Collateral, Right to Reclaim Cash	$ 32	$ 18
LNG Trading Derivatives [Member]
Derivative [Line Items]
Derivative, Collateral, Right to Reclaim Cash	55	110
Derivative, collateral posted by counterparties	$ 11	$ 0

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Non-Controlling Interest and Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025		Dec. 31, 2024
Noncontrolling Interest and Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 2,511	[1]	$ 2,638
Restricted cash and cash equivalents	357	[1]	552
Trade and other receivables, net of current expected credit losses	1,019		727
Inventory	525		501
Current derivative assets	135		155
Margin deposits	87		128
Other current assets, net	93		100
Total current assets	4,727		4,801
Property, plant and equipment, net of accumulated depreciation	34,177		33,552
Right-of-use assets—Operating	2,724		2,684
Derivative assets	1,023		1,903
Other non-current assets, net	877		899
Total assets	43,546	[1]	43,858
Accounts payable	182		171
Accrued liabilities	2,206		2,179
Current debt, net of unamortized discount and debt issuance costs	104		351
Deferred revenue	117		163
Current operating lease liabilities	576		592
Current derivative liabilities	710		902
Other current liabilities	84		83
Total current liabilities	3,979		4,441
Long-term debt, net of unamortized discount and debt issuance costs	22,509		22,554
Non-current operating lease liabilities	2,153		2,090
Derivative liabilities	1,767		1,865
Other non-current liabilities	1,148		992
Liabilities	$ 33,449		33,798
CQP [Member]
Noncontrolling Interest and Variable Interest Entity [Line Items]
Limited Partner ownership percentage	48.60%
General Partner ownership percentage	2.00%
Incentive Distribution Right Ownership Percentage	100.00%
Blackstone Inc. and Brookfield Asset Management, Inc. and the public
Noncontrolling Interest and Variable Interest Entity [Line Items]
Limited Partner ownership percentage	49.40%
Variable Interest Entities [Member]
Noncontrolling Interest and Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 94		270
Restricted cash and cash equivalents	80		125
Trade and other receivables, net of current expected credit losses	435		381
Inventory	169		154
Current derivative assets	25		84
Margin deposits	18		13
Other current assets, net	42		54
Total current assets	863		1,081
Property, plant and equipment, net of accumulated depreciation	15,758		15,880
Right-of-use assets—Operating	79		80
Derivative assets	29		98
Other non-current assets, net	207		206
Total assets	16,936		17,345
Accounts payable	71		70
Accrued liabilities	869		881
Current debt, net of unamortized discount and debt issuance costs	104		351
Deferred revenue	82		120
Current operating lease liabilities	4		4
Current derivative liabilities	154		250
Other current liabilities	7		16
Total current liabilities	1,291		1,692
Long-term debt, net of unamortized discount and debt issuance costs	14,714		14,761
Non-current operating lease liabilities	75		76
Derivative liabilities	1,177		1,213
Other non-current liabilities	172		176
Liabilities	$ 17,429		$ 17,918

[1] Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), substantially all of which are related to CQP, as further discussed in Note 6—Non-Controlling Interests and Variable Interest Entities. As of March 31, 2025, total assets and liabilities of our VIEs were $16.9 billion and $17.4 billion, respectively, including $94 million of cash and cash equivalents and $80 million of restricted cash and cash equivalents.

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Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Natural gas purchases	$ 972	$ 886
Tax-related liabilities	511	472
Terminal and related asset costs	307	214
Interest costs and related debt fees	267	283
Compensation and benefits	115	272
Other accrued liabilities	34	52
Total accrued liabilities	$ 2,206	$ 2,179

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Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2025 units
SPL and CCH [Member]
Debt Instrument [Line Items]
Debt, Minimum Historical Debt Service Coverage Ratio And Projected Debt Service Coverage Ratio	1.25

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Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions		Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 22,797	$ 23,097
Current portion of long-term debt	[1]	(104)	(351)
Unamortized discount and debt issuance costs		(184)	(192)
Total long-term debt, net of unamortized discount and debt issuance costs		22,509	22,554
SPL Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		8,132	8,432
2025 SPL Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 0	300
Debt Instrument, Interest Rate, Stated Percentage		5.625%
2026 SPL Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,500	1,500
Debt Instrument, Interest Rate, Stated Percentage		5.875%
2027 SPL Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,500	1,500
Debt Instrument, Interest Rate, Stated Percentage		5.00%
2028 SPL Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,350	1,350
Debt Instrument, Interest Rate, Stated Percentage		4.20%
2030 SPL Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 2,000	2,000
Debt Instrument, Interest Rate, Stated Percentage		4.50%
2037 SPL Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	[1]	$ 1,782	1,782
2037 SPL Senior Notes [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.746%
SPL Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 0	0
CQP Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		6,800	6,800
2029 CQP Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,500	1,500
Debt Instrument, Interest Rate, Stated Percentage		4.50%
2031 CQP Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,500	1,500
Debt Instrument, Interest Rate, Stated Percentage		4.00%
2032 CQP Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,200	1,200
Debt Instrument, Interest Rate, Stated Percentage		3.25%
2033 Cheniere Energy Partners Senior Notes
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,400	1,400
Debt Instrument, Interest Rate, Stated Percentage		5.95%
2034 Cheniere Energy Partners Senior Notes
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,200	1,200
Debt Instrument, Interest Rate, Stated Percentage		5.75%
CQP Revolving Credit Facility
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 0	0
CCH Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		4,865	4,865
2027 CCH Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,201	1,201
Debt Instrument, Interest Rate, Stated Percentage		5.125%
2029 CCH Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,125	1,125
Debt Instrument, Interest Rate, Stated Percentage		3.70%
2039 CCH Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	[1]	$ 2,539	2,539
2039 CCH Senior Notes [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.788%
CCH Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 0	0
CCH Working Capital Facility [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		0	0
Cheniere Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		3,000	3,000
2028 Cheniere Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,500	1,500
Debt Instrument, Interest Rate, Stated Percentage		4.625%
2034 Cheniere Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,500	1,500
Debt Instrument, Interest Rate, Stated Percentage		5.65%
Cheniere Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 0	0
Cheniere [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		3,000	3,000
SPL [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		8,132	8,432
CQP [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		6,800	6,800
CCH [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 4,865	$ 4,865

[1] Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.

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Debt - Credit Facilities Table (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
SPL Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Total facility size	$ 1,000
Outstanding balance	0
Letters of credit issued	215
Available commitment	$ 785
Debt Instrument, Description of Variable Rate Basis	SOFR or base rate
Maturity date	Jun. 23, 2028
SPL Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.075%	[1]
SPL Revolving Credit Facility [Member] | Minimum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit fees	1.00%	[1]
SPL Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.30%	[1]
SPL Revolving Credit Facility [Member] | Maximum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit fees	1.75%	[1]
SPL Revolving Credit Facility [Member] | SOFR [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Credit Spread Adjustment On Variable Rate	0.10%	[1]
SPL Revolving Credit Facility [Member] | SOFR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%	[1]
SPL Revolving Credit Facility [Member] | SOFR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%	[1]
SPL Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.00%	[1]
SPL Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%	[1]
CQP Revolving Credit Facility
Line of Credit Facility [Line Items]
Total facility size	$ 1,000
Outstanding balance	0
Letters of credit issued	0
Available commitment	$ 1,000
Debt Instrument, Description of Variable Rate Basis	SOFR or base rate
Maturity date	Jun. 23, 2028
CQP Revolving Credit Facility | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.10%	[1]
CQP Revolving Credit Facility | Minimum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit fees	1.125%	[1]
CQP Revolving Credit Facility | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.30%	[1]
CQP Revolving Credit Facility | Maximum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit fees	2.00%	[1]
CQP Revolving Credit Facility | SOFR [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Credit Spread Adjustment On Variable Rate	0.10%	[1]
CQP Revolving Credit Facility | SOFR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.125%	[1]
CQP Revolving Credit Facility | SOFR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%	[1]
CQP Revolving Credit Facility | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.125%	[1]
CQP Revolving Credit Facility | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%	[1]
CCH Credit Facility [Member]
Line of Credit Facility [Line Items]
Total facility size	$ 3,260
Outstanding balance	0
Letters of credit issued	0
Available commitment	$ 3,260
Debt Instrument, Description of Variable Rate Basis	SOFR or base rate
Line of Credit Facility, Commitment Fee Percentage	0.525%	[1]
CCH Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Maturity date	Jun. 15, 2029
Debt Instrument, Maturity Date, Years after Substantial Completion	2 years
CCH Credit Facility [Member] | SOFR [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Credit Spread Adjustment On Variable Rate	0.10%	[1]
Debt Instrument, Basis Spread on Variable Rate	1.50%	[1]
CCH Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%	[1]
CCH Working Capital Facility [Member]
Line of Credit Facility [Line Items]
Total facility size	$ 1,500
Outstanding balance	0
Letters of credit issued	110
Available commitment	$ 1,390
Debt Instrument, Description of Variable Rate Basis	SOFR or base rate
Maturity date	Jun. 15, 2027
CCH Working Capital Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.10%	[1]
CCH Working Capital Facility [Member] | Minimum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit fees	1.00%	[1]
CCH Working Capital Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.20%	[1]
CCH Working Capital Facility [Member] | Maximum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit fees	1.50%	[1]
CCH Working Capital Facility [Member] | SOFR [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Credit Spread Adjustment On Variable Rate	0.10%	[1]
CCH Working Capital Facility [Member] | SOFR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%	[1]
CCH Working Capital Facility [Member] | SOFR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%	[1]
CCH Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.00%	[1]
CCH Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%	[1]
Cheniere Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Total facility size	$ 1,250
Outstanding balance	0
Letters of credit issued	0
Available commitment	$ 1,250
Debt Instrument, Description of Variable Rate Basis	SOFR or base rate
Maturity date	Oct. 28, 2026
Cheniere Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.115%	[1]
Cheniere Revolving Credit Facility [Member] | Minimum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit fees	1.075%	[1]
Cheniere Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.365%	[1]
Cheniere Revolving Credit Facility [Member] | Maximum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit fees	2.20%	[1]
Cheniere Revolving Credit Facility [Member] | SOFR [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Credit Spread Adjustment On Variable Rate	0.10%	[1]
Cheniere Revolving Credit Facility [Member] | SOFR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.075%	[1]
Cheniere Revolving Credit Facility [Member] | SOFR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.20%	[1]
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.075%	[1]
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.20%	[1]

[1] The margin on the interest rate, the commitment fees and the letter of credit fees is subject to change based on the applicable entity’s credit rating.

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Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Disclosure [Abstract]
Total interest cost	$ 295	$ 311
Capitalized interest	(66)	(45)
Total interest expense, net of capitalized interest	$ 229	$ 266

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Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions		Mar. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount, Debt		$ 22,797	$ 23,097
Senior Notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 2 and Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount, Debt		22,797	23,097
Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 and Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Estimated Fair Value	[1]	22,108	22,220
Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Estimated Fair Value		$ 3,000	$ 3,000

[1] As of both March 31, 2025 and December 31, 2024, $3.0 billion 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.

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Leases - Future Minimum Payments Table (Details) $ in Millions	Mar. 31, 2025 USD ($)
Operating Leases, Future Minimum Payments
2025	$ 546
2027	610
2028	516
2029	348
2030	259
Thereafter	1,030
Total lease payments	3,309	[1]
Less: Interest	(580)
Present value of lease liabilities	2,729
Finance Leases, Future Minimum Payments
2025	85
2027	111
2028	113
2029	115
2030	115
Thereafter	483
Total lease payments	1,022	[1]
Less: Interest	(261)
Present value of lease liabilities	761
Operating Lease, Lease Not yet Commenced, Payments Due	$ 2,700
Maximum [Member]
Finance Leases, Future Minimum Payments
Operating Leases, Lease Not yet Commenced, Term of Contract	15 years

[1] Does not include approximately $2.7 billion of legally binding minimum payments for leases executed as of March 31, 2025 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years.

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Leases - Other Quantitative Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Operating Leases
Weighted-average remaining lease term		7 years 1 month 6 days		7 years
Weighted-average discount rate	[1]	5.10%		5.00%
Finance Leases
Weighted-average remaining lease term		9 years		8 years 9 months 18 days
Weighted-average discount rate	[1]	6.80%		7.40%
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 199	$ 446
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability		$ 237	$ 0

[1] The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

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Leases - Subleases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Lessor, Operating Lease, Description
Sublease Income, Fixed	$ 23	$ 98
Sublease Income, Variable	12	7
Sublease Income, Total	35	$ 105
Operating Leases, Future Minimum Payments Receivable
Lessor, Operating Lease, Payment to be Received, Total	$ 9

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Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		$ 5,289	$ 4,115
Net derivative gain (loss)		117	29
Sublease Income		35	105
Other revenues		3	4
Total revenues		5,444	4,253
LNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		5,186	4,008
Total revenues		5,305	4,037
Regasification [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		34	34
Total revenues		34	34
Other [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	[1]	69	73
Total revenues		$ 105	$ 182

[1] Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes. For the three months ended March 31, 2025 and 2024, we did not have any material revenue arrangements that were presented within our Consolidated Statements of Operations on a net basis.

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Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets, net of current expected credit losses	$ 361	$ 331
Change In Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	318
Cash received but not yet recognized in revenue	90
Revenue recognized from prior period deferral	(150)
Deferred revenue, end of period	$ 258

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Revenues - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in Billions		Mar. 31, 2025	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price			$ 105.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price		$ 103.6
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price			$ 104.7
Weighted Average Recognition Timing	[1]		8 years
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price		$ 103.1
Weighted Average Recognition Timing	[1]	8 years
Regasification [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price			$ 0.5
Weighted Average Recognition Timing	[1]		3 years
Regasification [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price		$ 0.5
Weighted Average Recognition Timing	[1]	3 years

[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.

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Revenues - Remaining Performance Obligation, Variable Consideration (Details)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
LNG [Member]
Revenue, Remaining Performance Obligation, Variable Consideration [Line Items]
Revenue, Variable Consideration Received From Customers, Percentage	71.00%	60.00%
Regasification [Member]
Revenue, Remaining Performance Obligation, Variable Consideration [Line Items]
Revenue, Variable Consideration Received From Customers, Percentage	8.00%	8.00%

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Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Revenues		$ 5,444	$ 4,253
Operating and maintenance expense		473	451
Trade and other receivables, net of current expected credit losses		1,019		$ 727
Accrued liabilities		2,206		2,179
Other [Member]
Related Party Transaction [Line Items]
Revenues		105	182
Equity Method Investee | Operation Agreement and Construction Management Agreement | Other [Member]
Related Party Transaction [Line Items]
Revenues	[1]	1	2
Equity Method Investee | Natural Gas Transportation and Storage Agreements [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense	[1]	8	2
Related Party
Related Party Transaction [Line Items]
Trade and other receivables, net of current expected credit losses		0		4
Accrued liabilities		9		$ 8
Related Party | Natural Gas Transportation and Storage Agreements [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense	[2]	74	13
Equity Method Investee Sold | Operation Agreement and Construction Management Agreement | Other [Member]
Related Party Transaction [Line Items]
Revenues		1	2
Equity Method Investee Sold | Natural Gas Transportation and Storage Agreements [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense		$ 1	$ 2

[1] On February 13, 2025, we sold all of our equity interests in one of our equity method investments to a third party. Additionally, we assigned certain operating and construction management agreements to the purchaser of such interests. Included in the table above are $1 million and $2 million of other revenues and $1 million and $2 million of operating and maintenance expense from the investee during the three months ended March 31, 2025 and 2024, respectively.

[2] These arrangements are with a party related to the entity that indirectly owns a portion of CQP’s limited partner interests.

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax provision	$ 121	$ 109
Effective Income Tax Rate	15.30%	11.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

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Net Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended
		Apr. 29, 2025	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common stockholders			$ 353	$ 502
Accretion of redeemable non-controlling interest, net of tax			2	0
Net Income (Loss) Available to Common Stockholders, Basic			$ 351	$ 502
Weighted average number of common shares outstanding, basic			223.5	234.2
Dilutive Unvested Stock			0.6	0.8
Weighted Average Number of Shares Outstanding, Diluted			224.1	235.0
Net income per share attributable to common stockholders—basic (1)	[1]		$ 1.57	$ 2.14	[2]
Net income per share attributable to common stockholders—diluted (1)	[1]		$ 1.57	$ 2.13	[2]
Subsequent Event [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.500

[1] In computing basic and diluted net income per share attributable to common stockholders, net income attributable to Cheniere is adjusted for the remeasurement of the redeemable non-controlling interest, net of tax, to its redemption value, as required under the two-class method. See Note 13—Net Income per Share Attributable to Common Stockholders for the full computation.

[2] 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.

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Share Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Equity [Abstract]
Total shares repurchased		1,600	7,520
Weighted average price paid per share		$ 218.95	$ 158.45
Total cost of repurchases	[1]	$ 350	$ 1,192
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 3,500

[1] Amount excludes associated commission fees and excise taxes incurred, which are excluded costs under the repurchase program.

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Segment Information and Customer Concentration - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) unit	Mar. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | unit	1
Unrealized Gain (Loss) on Derivatives	$ (562)	$ (285)
Interest income	$ 36	$ 61

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Segment Information and Customer Concentration - Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Total Revenues from External Customers [Member] | Customer B [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	10.00%
Total Revenues from External Customers [Member] | Customer C [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%
Accounts Receivable And Contract Assets | Customer A [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	18.00%	20.00%

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest on debt, net of amounts capitalized		$ 217	$ 364
Cash paid (refunded) for income taxes, net		4	1
Unpaid purchases of property, plant and equipment	[1],[2]	315	109
Unpaid excise tax on stock repurchased	[2]	2	11
Unpaid repurchase of common stock	[2]	0	3
Property, Plant And Equipment, Reduction For Testing Costs Recovered, Uncollected Portion		$ 5	$ 0

[1] Net of proceeds not yet collected on commissioning sales of LNG of $5 million and zero, respectively.

[2] Reflects unpaid portion, as of the end of each period, of assets and liabilities recognized during the respective periods.