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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, 2024
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 333-215435
Cheniere Corpus Christi Holdings, LLC 
(Exact name of registrant as specified in its charter)
Delaware47-1929160
(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 classTrading SymbolName of each exchange on which registered
NoneNoneNone
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
Note: The registrant is a voluntary filer not subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934. However, the registrant has filed all reports required pursuant to Sections 13 or 15(d) during the preceding 12 months as if the registrant was subject to such filing requirements.
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 filerAccelerated filer
Non-accelerated filerSmaller 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 
Indicate the number of shares outstanding of the issuer’s classes of common stock, as of the latest practicable date: Not applicable




CHENIERE CORPUS CHRISTI HOLDINGS, LLC
TABLE OF CONTENTS


 
 
 

i

Table of Contents
DEFINITIONS

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

Common Industry and Other Terms
ASUAccounting Standards Update
Bcfebillion cubic feet equivalent
DATdelivered at terminal
DOEU.S. Department of Energy
EPCengineering, procurement and construction
ESGenvironmental, social and governance
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FIDfinal investment decision
GAAPgenerally accepted accounting principles in the United States
Henry Hubthe 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 agreementsintegrated 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
LNGliquefied 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
MMBtumillion 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
mtpamillion tonnes per annum
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPALNG 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
Trainan industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
1

Table of Contents
Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of March 31, 2024, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:

Updated CCH Org Chart.jpg

Unless the context requires otherwise, references to “CCH,” the “Company,” “we,” “us,” and “our” refer to Cheniere Corpus Christi Holdings, LLC and its consolidated subsidiaries.

2

Table of Contents

PART I.    FINANCIAL INFORMATION

ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended March 31,
20242023
Revenues
LNG revenues$875 $1,093 
LNG revenues—affiliate242 555 
Total revenues1,117 1,648 
Operating costs and expenses (recoveries)
Cost (recovery) of sales (excluding items shown separately below)829 (2,540)
Cost of sales—affiliate1 15 
Operating and maintenance expense131 116 
Operating and maintenance expense—affiliate29 30 
Operating and maintenance expense—related party2 2 
General and administrative expense2 2 
General and administrative expense—affiliate11 12 
Depreciation and amortization expense113 112 
Total operating costs and expenses (recoveries)1,118 (2,251)
Income (loss) from operations(1)3,899 
Other income (expense)
Interest expense, net of capitalized interest(37)(63)
Loss on modification or extinguishment of debt (10)
Other income, net2 3 
Total other expense(35)(70)
Net income (loss)$(36)$3,829 

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

3

Table of Contents
CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)

March 31,December 31,
20242023
ASSETS(unaudited)
Current assets
Restricted cash and cash equivalents$112 $175 
Trade and other receivables, net of current expected credit losses118 180 
Trade receivables—affiliate76 213 
Advances to affiliate125 116 
Inventory111 124 
Current derivative assets20 19 
Other current assets, net16 18 
Total current assets578 845 
Property, plant and equipment, net of accumulated depreciation15,376 14,992 
Derivative assets308 823 
Other non-current assets, net342 316 
Total assets$16,604 $16,976 
LIABILITIES AND MEMBER’S EQUITY
 
Current liabilities 
Accounts payable$49 $105 
Accrued liabilities342 595 
Accrued liabilities—related party1 1 
Due to affiliates26 49 
Current derivative liabilities325 455 
Other current liabilities21 20 
Total current liabilities764 1,225 
Long-term debt, net of unamortized discount and debt issuance costs6,314 6,311 
Derivative liabilities793 847 
Other non-current liabilities55 58 
Other non-current liabilities—affiliate2 3 
Member’s equity
8,676 8,532 
Total liabilities and member’s equity
$16,604 $16,976 

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

4

Table of Contents
CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF MEMBER’S EQUITY
(in millions)
(unaudited)



Three Months Ended March 31, 2024
Cheniere CCH HoldCo I, LLC
Total Members Equity
Balance at December 31, 20238,532 8,532 
Contributions
180 180 
Net loss(36)(36)
Balance at March 31, 2024$8,676 $8,676 

Three Months Ended March 31, 2023
Cheniere CCH HoldCo I, LLC
Total Members Equity
Balance at December 31, 2022$1,084 $1,084 
Contributions (excluding the item shown separately below)
45 45 
Non-cash contribution from affiliate (see Note 10)
396 396 
Distributions(60)(60)
Net income3,829 3,829 
Balance at March 31, 2023$5,294 $5,294 
The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents
CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)

Three Months Ended March 31,
20242023
Cash flows from operating activities 
Net income (loss)$(36)$3,829 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense113 112 
Amortization of discount and debt issuance costs2 3 
Loss on modification or extinguishment of debt 10 
Total losses (gains) on derivative instruments, net
323 (3,406)
Net cash provided by settlement of derivative instruments
7 8 
Other1 4 
Changes in operating assets and liabilities:
Trade and other receivables62 208 
Trade receivables—affiliate137 82 
Advances to affiliate2 37 
Inventory12 58 
Accounts payable and accrued liabilities(221)(506)
Due to affiliates(20)(17)
  Total deferred revenue(5) 
Other, net(6)60 
Other, net—affiliate(1) 
Net cash provided by operating activities
370 482 
Cash flows from investing activities 
Property, plant and equipment, net(599)(606)
Other(10) 
Net cash used in investing activities
(609)(606)
Cash flows from financing activities 
Repayments of debt (498)
Debt extinguishment costs (8)
Contributions180 45 
Distributions (60)
Other(4) 
Net cash provided by (used in) financing activities
176 (521)
Net decrease in restricted cash and cash equivalents
(63)(645)
Restricted cash and cash equivalents—beginning of period175 738 
Restricted cash and cash equivalents—end of period$112 $93 

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

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Table of Contents
CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)




NOTE 1—NATURE OF OPERATIONS AND BASIS OF PRESENTATION

We operate a natural gas liquefaction and export facility located near Corpus Christi, Texas (the “Corpus Christi LNG Terminal”) through CCL, which currently has three operational Trains for a total production capacity of approximately 15 mtpa of LNG, three LNG storage tanks and two marine berths. Additionally, we are constructing an expansion of the Corpus Christi LNG Terminal (the “Corpus Christi Stage 3 Project”) consisting of seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG.

Through our subsidiary CCP, we also own a 21.5-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 “Liquefaction Project”).

We are pursuing an expansion project to provide additional liquefaction capacity, and we have commenced commercialization to support the additional liquefaction capacity associated with this potential expansion project. The development of this site 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.

We do not have employees and thus we have various services agreements with affiliates of Cheniere in the ordinary course of business, including services required to construct, operate and maintain the Liquefaction Project, and administrative services. See Note 10—Related Party Transactions for additional details of the activity under these services agreements during the three months ended March 31, 2024 and 2023.

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of CCH 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, they 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, 2023.

Results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2024.

We are a disregarded entity for federal and state income tax purposes.  Our taxable income or loss, which may vary substantially from the net income or loss reported on our Consolidated Statements of Operations, is included in the consolidated federal income tax return of Cheniere.  Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Consolidated Financial Statements.

Recent Accounting Standards

ASU 2023-07

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280). This guidance requires a public entity, including entities with a single reportable segment, to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. We plan to adopt this guidance and conform with the applicable disclosures retrospectively when it becomes mandatorily effective for our annual report for the year ending December 31, 2024.

NOTE 2—RESTRICTED CASH AND CASH EQUIVALENTS

Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of our debt holders, we are required to deposit all cash received into reserve accounts controlled by the collateral trustee. 

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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
As of March 31, 2024 and December 31, 2023, we had $112 million and $175 million of restricted cash and cash equivalents, respectively, for which the usage or withdrawal of such cash is contractually or legally restricted to the payment of liabilities related to the Liquefaction Project as required under certain debt arrangements.

NOTE 3—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,
20242023
Trade receivables$111 $164 
Other receivables7 16 
Total trade and other receivables, net of current expected credit losses$118 $180 

NOTE 4—INVENTORY

Inventory consisted of the following (in millions):
March 31,December 31,
20242023
Materials$98 $97 
LNG7 12 
Natural gas6 13 
Other 2 
Total inventory$111 $124 

NOTE 5—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,
20242023
LNG terminal
Terminal and interconnecting pipeline facilities$13,338 $13,333 
Land302 302 
Construction-in-process3,699 3,207 
Accumulated depreciation(1,971)(1,858)
Total LNG terminal, net of accumulated depreciation15,368 14,984 
Fixed assets
Fixed assets30 30 
Accumulated depreciation(22)(22)
Total fixed assets, net of accumulated depreciation8 8 
Property, plant and equipment, net of accumulated depreciation$15,376 $14,992 

Depreciation expense was $113 million and $112 million during the three months ended March 31, 2024 and 2023, respectively.

NOTE 6—DERIVATIVE INSTRUMENTS

CCL has entered into commodity derivatives consisting of natural gas and power supply contracts, including those under the IPM agreements, for the development, commissioning and operation of the Liquefaction Project and expansion project, as well as the associated economic hedges (collectively, the “Liquefaction Supply Derivatives”).

We recognize CCL’s derivative instruments as either assets or liabilities and measure those instruments at fair value. None of CCL’s derivative instruments are designated as cash flow, fair value or net investment hedging instruments, and
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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
changes in fair value are recorded within our Consolidated Statements of Operations to the extent not utilized for the commissioning process, in which case such changes are capitalized.

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, 2024December 31, 2023
Quoted Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
TotalQuoted Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Liquefaction Supply Derivatives asset (liability)
$ $32 $(822)$(790)$7 $35 $(502)$(460)

We value the Liquefaction Supply 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 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. 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 the 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, 2024:
Net Fair Value Liability
(in millions)
Valuation ApproachSignificant Unobservable InputRange of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives$(822)Market approach incorporating present value techniques
Henry Hub basis spread
$(1.703) - $0.445 / $(0.174)
Option pricing model
International LNG pricing spread, relative to Henry Hub (2)
87% - 502% / 194%
(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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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

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,
2024
2023
Balance, beginning of period$(502)$(6,205)
Realized and change in fair value gains (losses) included in net income (loss) (1):
Included in cost of sales, existing deals (2)(422)3,048 
Included in cost of sales, new deals (3)(4) 
Purchases and settlements:
Purchases (4)  
Settlements (5)106 233 
Transfers out of level 3 (6)  
Balance, end of period$(822)$(2,924)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period
$(426)$3,048 
(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to 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.

All existing counterparty derivative contracts provide for the unconditional right of set-off in the event of default. We have elected to report derivative assets and liabilities arising from those derivative contracts with the same counterparty and the unconditional contractual right of set-off on a net basis. The use of derivative instruments exposes CCL to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments, in instances when the derivative instruments are in an asset position. Additionally, counterparties are at risk that CCL will be unable to meet its commitments in instances where the derivative instruments are in a liability position. We incorporate both CCL’s nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements depending on the position of the derivative. In adjusting the fair value of the derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees.

Liquefaction Supply Derivatives

CCL holds Liquefaction Supply Derivatives which are primarily indexed to the natural gas market and international LNG indices. As of March 31, 2024, 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.

The forward notional amount for the Liquefaction Supply Derivatives was approximately 7,659 TBtu and 7,774 TBtu as of March 31, 2024 and December 31, 2023, respectively, inclusive of amounts under contracts with unsatisfied contractual conditions, and exclusive of extension options that were uncertain to be taken as of March 31, 2024.
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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
The following table shows the effect and location of the Liquefaction Supply 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,
20242023
LNG revenues$ $(5)
Recovery (cost) of sales(323)3,411 
(1)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

Fair Value and Location of Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following table shows the fair value and location of the Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in millions):
Fair Value Measurements as of (1)
March 31, 2024December 31, 2023
Consolidated Balance Sheets Location
Current derivative assets$20 $19 
Derivative assets308 823 
Total derivative assets328 842 
Current derivative liabilities(325)(455)
Derivative liabilities(793)(847)
Total derivative liabilities(1,118)(1,302)
Derivative liability, net$(790)$(460)
(1)Does not include collateral posted with counterparties by CCL of $7 million and $3 million as of March 31, 2024 and December 31, 2023, respectively, which are included in other current assets, net on our Consolidated Balance Sheets.

Consolidated Balance Sheets Presentation

The following table shows the fair value of the derivatives outstanding on a gross and net basis (in millions) for the derivative instruments that are presented on a net basis on our Consolidated Balance Sheets:
Liquefaction Supply Derivatives
March 31, 2024December 31, 2023
Gross assets$659 $1,184 
Offsetting amounts(331)(342)
Net assets$328 $842 
Gross liabilities$(1,192)$(1,349)
Offsetting amounts74 47 
Net liabilities$(1,118)$(1,302)

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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 7—ACCRUED LIABILITIES
 
Accrued liabilities consisted of the following (in millions): 
March 31,December 31,
20242023
Natural gas purchases$145 $260 
Interest costs and related debt fees77 128 
Liquefaction Project costs97 158 
Other accrued liabilities23 49 
Total accrued liabilities$342 $595 

NOTE 8—DEBT

Debt consisted of the following (in millions): 
March 31,December 31,
20242023
Senior Secured Notes:
5.875% due 2025 (the “2025 CCH Senior Notes”) (1)
$1,491 $1,491 
5.125% due 2027
1,201 1,201 
3.700% due 2029
1,125 1,125 
3.788% weighted average rate due 2039
2,539 2,539 
Total Senior Secured Notes6,356 6,356 
Term loan facility agreement (the “CCH Credit Facility”)
  
Working capital facility agreement (the “CCH Working Capital Facility”)
  
Total debt6,356 6,356 
Unamortized discount and debt issuance costs(42)(45)
Total long-term debt, net of unamortized discount and debt issuance costs$6,314 $6,311 
(1)In April 2024, the approximately $1.5 billion outstanding aggregate principal amount of the 2025 CCH Senior Notes maturing in March 2025 was fully redeemed by Cheniere with cash on hand, pursuant to a redemption notice issued in March 2024. The redemption by Cheniere was accounted for as an equity contribution to us in April 2024; therefore, the outstanding aggregate principal amount of the 2025 CCH Senior Notes was classified as long-term debt as of March 31, 2024.

Credit Facilities

Below is a summary of our credit facilities outstanding as of March 31, 2024 (in millions):
CCH Credit Facility
CCH Working Capital Facility
Total facility size$3,260 $1,500 
Less:
Outstanding balance  
Letters of credit issued 155 
Available commitment$3,260 $1,345 
Priority rankingSenior securedSenior secured
Interest rate on available balance (1)
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%
Commitment fees on undrawn balance (1)
0.525%
0.10% - 0.20%
Maturity date(2)June 15, 2027
(1)The margin on the interest rate and the commitment fees is subject to change based on the applicable entity’s credit rating.
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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
(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 indentures governing our senior notes and other agreements underlying our debt contain customary terms and events of default and certain covenants that, among other things, may limit us and our restricted subsidiaries’ ability to make certain investments or pay dividends or distributions. We are restricted from making distributions under agreements governing our indebtedness generally until, among other requirements, appropriate reserves have been established for debt service using cash or letters of credit and a historical debt service coverage ratio and projected debt service coverage ratio of at least 1.25:1.00 is satisfied.

As of March 31, 2024, we were in compliance with all covenants related to our debt agreements.

Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in millions):
 Three Months Ended March 31,
20242023
Total interest cost$77 $83 
Capitalized interest(40)(20)
Total interest expense, net of capitalized interest$37 $63 

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our senior notes (in millions):
 March 31, 2024December 31, 2023
 Carrying
Amount
Estimated
Fair Value (1)
Carrying
Amount
Estimated
Fair Value (1)
Senior Secured Notes
$6,356 $5,977 $6,356 $5,961 
(1)As of March 31, 2024 and December 31, 2023, $1.8 billion and $1.7 billion, respectively, of the fair value of our senior notes were classified as Level 3 since these senior notes were valued by applying an unobservable illiquidity adjustment to the price derived from trades or indicative bids of instruments with similar terms, maturities and credit standing. The remainder of our senior notes are 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 variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty.

NOTE 9—REVENUES

The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended March 31,
20242023
Revenues from contracts with customers
LNG revenues $875 $1,098 
LNG revenues—affiliate242 555 
Total revenues from contracts with customers1,117 1,653 
Net derivative loss (1)
 (5)
Total revenues$1,117 $1,648 
(1)See Note 6—Derivative Instruments for additional information about our derivatives.

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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Contract Assets and Liabilities

The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):
March 31,December 31,
20242023
Contract assets, net of current expected credit losses$195 $186 

The following table reflects the changes in our contract liabilities, which are included in other current liabilities and other non-current liabilities on our Consolidated Balance Sheets (in millions):
Three Months Ended March 31, 2024
Deferred revenue, beginning of period$76 
Cash received but not yet recognized in revenue71 
Revenue recognized from prior period deferral(76)
Deferred revenue, end of period$71 

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, 2024December 31, 2023
Unsatisfied Transaction Price (in billions)Weighted Average Recognition Timing (years) (1)Unsatisfied Transaction Price (in billions)Weighted Average Recognition Timing (years) (1)
LNG revenues (2)$49.0 10$49.5 10
LNG revenues—affiliate1.0 91.0 9
Total revenues$50.0 $50.5 
(1)The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.
(2)We may enter into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones such as reaching FID on a certain liquefaction Train, obtaining financing or achieving substantial completion of a Train and any related facilities. These contracts are included in the transaction price above when the conditions are considered probable of being met and consideration is not otherwise constrained from ultimate pricing and receipt.

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, as well as variable consideration 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 the future prices of Henry Hub throughout the contract terms, to the extent customers elect to take delivery of their LNG, and adjustments to the consumer price index. 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. Additionally, we have excluded variable consideration related to volumes that are contractually subject to additional liquefaction capacity beyond what is currently in construction or operation.

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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
The following table summarizes the amount of variable consideration earned under contracts with customers included in the table above:
Three Months Ended March 31,
20242023
LNG revenues46 %55 %
LNG revenues—affiliate85 %83 %

NOTE 10—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,
20242023
LNG revenues—affiliate
SPAs and Letter Agreements with Cheniere Marketing, LLC (“Cheniere Marketing”)
$242 $555 
Cost of sales—affiliate
Contracts for Sale and Purchase of Natural Gas and LNG 1 15 
Operating and maintenance expense—affiliate
Services Agreements (see Note 1)
29 30 
Operating and maintenance expense—related party
Natural Gas Transportation Agreements (1)2 2 
General and administrative expense—affiliate
Services Agreements (see Note 1)
11 12 
(1)This related party is a subsidiary of Cheniere’s equity method investment.
We had $26 million and $49 million due to affiliates as of March 31, 2024 and December 31, 2023, respectively, under the agreements with affiliates referenced in the above.

Disclosures relating to future consideration under revenue contracts with affiliates is included in Note 9Revenues.

See our annual report on Form 10-K for the fiscal year ended December 31, 2023 for additional information regarding the agreements referenced in the above table, as well as a description of other agreements we have with our affiliates, including the Equity Contribution Agreements. During the three months ended March 31, 2024 and 2023, Cheniere repurchased a total of zero and $398 million, respectively, of certain series of our Senior Secured Notes, which were immediately contributed under the Equity Contribution Agreements to us from Cheniere and cancelled by us.

As described in Note 8—Debt, in April 2024, the approximately $1.5 billion outstanding aggregate principal amount of our 2025 CCH Senior Notes was fully retired by Cheniere with cash on hand pursuant to a redemption notice issued in March 2024 and was accounted for as an equity contribution to us in April 2024.

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CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 11—CUSTOMER CONCENTRATION
  
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,
2024202320242023
Customer A20%23%%13%
Customer B13%14%%*
Customer C12%15%**
Customer D**59%48%
* Less than 10%
NOTE 12—SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides supplemental disclosure of substantive cash flow information (in millions):
Three Months Ended March 31,
20242023
Cash paid during the period for interest on debt, net of amounts capitalized$60 $115 
Right-of-use assets obtained in exchange for new operating lease liabilities5 1 
Non-cash investing and financing activity:
Unpaid purchases of property, plant and equipment82 38 
Cancellation of Senior Secured Notes contributed to us from Cheniere
 398 


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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.” 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 regarding our expected receipt of cash distributions from our subsidiaries; 
statements that we expect to commence or complete construction of our proposed LNG terminal, liquefaction facility, pipeline facility 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 regarding our future sources of liquidity and cash requirements;
statements relating to the construction of our Trains and pipeline, 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 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 and pipelines, including the financing of such Trains and 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; 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 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, 2023. All forward-looking statements attributable to
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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

We are a Delaware limited liability company formed by Cheniere. 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 own and operate a natural gas liquefaction and export facility located near Corpus Christi, Texas (the “Corpus Christi LNG Terminal”) through CCL, which currently has natural gas liquefaction facilities consisting of three operational Trains for a total production capacity of approximately 15 mtpa of LNG, 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. We are constructing an expansion of the Corpus Christi LNG Terminal (the “Corpus Christi Stage 3 Project”) consisting of seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG. We also own and operate through CCP a 21.5-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 “Liquefaction Project”).

Our long-term customer arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows. We have contracted most of our anticipated production capacity under 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 under 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 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, we have contracted
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approximately 90% of the total anticipated production from the Liquefaction Project with approximately 17 years of weighted average remaining life as of March 31, 2024, excluding volumes that are contractually subject to additional liquefaction capacity beyond what is currently in construction or operation.

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. We have increased available liquefaction capacity at our Liquefaction Project 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 a significant land position at the Corpus Christi LNG Terminal, which provides opportunity for further liquefaction capacity expansion. In March 2023, CCL and another subsidiary of Cheniere submitted an application to the FERC under the Natural Gas Act (the “NGA”) for an expansion adjacent to the Liquefaction Project consisting of two midscale Trains with an expected total production capacity of approximately 3 mtpa of LNG (the “Midscale Trains 8 & 9 Project”). The development of the Midscale Trains 8 & 9 Project 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 a positive FID is made.

Additionally, we are committed to the management of our most important ESG impacts, risks and opportunities. In August 2023, Cheniere published The Power of Connection, its fourth Corporate Responsibility (“CR”) report, which details Cheniere’s approach and progress on ESG matters. Cheniere’s CR report is available at cheniere.com/our-responsibility/reporting-center. Information on Cheniere’s website, including the CR report, is not incorporated by reference into this Quarterly Report on Form 10-Q.

Overview of Significant Events

Our significant events since January 1, 2024 and through the filing date of this Form 10-Q include the following:
Operational

As of April 25, 2024, approximately 910 cumulative LNG cargoes totaling over 60 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.

Financial

In April 2024, the approximately $1.5 billion outstanding aggregate principal amount of our 5.875% Senior Secured Notes due 2025 (the “2025 CCH Senior Notes”) was fully retired by Cheniere with cash on hand pursuant to a redemption notice issued in March 2024.

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Results of Operations
Three Months Ended March 31,
(in millions)20242023Variance
Revenues
LNG revenues$875 $1,093 $(218)
LNG revenues—affiliate242 555 (313)
Total revenues1,117 1,648 (531)
Operating costs and expenses (recoveries)
Cost (recovery) of sales (excluding items shown separately below)829 (2,540)3,369 
Cost of sales—affiliate15 (14)
Operating and maintenance expense131 116 15 
Operating and maintenance expense—affiliate29 30 (1)
Operating and maintenance expense—related party— 
General and administrative expense— 
General and administrative expense—affiliate11 12 (1)
Depreciation and amortization expense113 112 
Total operating costs and expenses (recoveries)1,118 (2,251)3,369 
Income (loss) from operations(1)3,899 (3,900)
Other income (expense)
Interest expense, net of capitalized interest(37)(63)26 
Loss on modification or extinguishment of debt— (10)10 
Other income, net(1)
Total other expense(35)(70)35 
Net income (loss)$(36)$3,829 $(3,865)

Volumes loaded and recognized from the Liquefaction Project
Three Months Ended March 31,
(in TBtu)20242023
Volumes loaded during the current period184 200 
Volumes loaded during the prior period but recognized during the current period— 
Total volumes recognized in the current period184 203 
Net income (loss)

Substantially all of the unfavorable variance of $3.9 billion in net income (loss) for the three months ended March 31, 2024 as compared to the same period of 2023 was attributable to unfavorable changes in fair value and settlements of derivatives of $3.7 billion between the periods. The majority of the derivative variance was due to non-recurrence of a prior period gain attributable to our IPM agreements, which changed from a gain of $2.9 billion in the three months ended March 31, 2023 to a loss of $301 million in the three months ended March 31, 2024, due to moderation of changes in volatility in international gas prices during the current period relative to the same period of 2023. Excluding the aforementioned changes in fair value and settlements of derivatives, LNG revenues, net of cost of sales decreased by $156 million between the comparable periods due to decrease in production volume, as described below.

The following is an additional discussion of the significant drivers of the variance in net income (loss) by line item:
Revenues

We had a $531 million decrease in revenues between the three months ended March 31, 2024 as compared to the same period of 2023, of which $380 million was attributable to lower pricing per MMBtu as a result of decreased Henry Hub pricing and $161 million was due to lower production volume, primarily attributable to increased operating and maintenance activities
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resulting from temporary composition changes in the quality of feed gas received from third parties following a freeze event in the Permian Basin in January 2024.
Operating costs and expenses (recoveries)

The $3.4 billion unfavorable variance between the three months ended March 31, 2024 as compared to the same period of 2023 was primarily attributable to a $3.7 billion unfavorable variance from changes in fair value and settlements of derivatives included in cost of sales, from a $3.4 billion gain in the three months ended March 31, 2023 to a $324 million loss in the three months ended March 31, 2024 primarily due to moderating volatility in international gas prices during the current period resulting in decreased non-cash gains in fair value of our commodity derivatives indexed to such prices during the three months ended March 31, 2024, specifically associated with our IPM agreements as described above under the caption Net income (loss). This unfavorable variance was partially offset by a $380 million decrease in cost of sales excluding the effect of derivative changes described above, primarily as a result of a $363 million decrease in cost of natural gas feedstock largely due to lower U.S. natural gas prices.

Other income (expense)

The $35 million decrease in expense between the three months ended March 31, 2024 as compared to the same period of 2023 was primarily attributable to a $26 million decrease in interest expense, net of capitalized interest, primarily due to an increase in the extent of interest costs qualifying for capitalization, given the higher carrying value of assets under construction.

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 are utilized to manage our exposure to commodity-related marketing and price risks and are reported at fair value on our Consolidated Financial Statements. For commodity derivative instruments related to our IPM agreements, the underlying LNG sales 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 6—Derivative Instruments of our Notes to Consolidated Financial Statements, the fair value of the Liquefaction Supply Derivatives incorporates 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.

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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 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 offerings. The table below provides a summary of our available liquidity (in millions). Future material sources of liquidity are discussed below.
March 31, 2024
Restricted cash and cash equivalents designated for the Liquefaction Project
$112 
Available commitments under our credit facilities (1):
Term loan facility agreement (the “CCH Credit Facility”)
3,260 
Working capital facility agreement (the “CCH Working Capital Facility”)
1,345 
Total available commitments under our credit facilities4,605 
Total available liquidity$4,717 
(1)Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of March 31, 2024. 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, 2024 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 our annual report on Form 10-K for the fiscal year ended December 31, 2023.

Supplemental Guarantor Information

Certain debt obligations of CCH (the “Guaranteed Obligations”) consist of the 5.875% Senior Secured Notes due 2025, 5.125% Senior Secured Notes due 2027, 3.700% Senior Secured Notes due 2029 and the series of Senior Secured Notes due 2039 with weighted average rate of 3.788% (collectively, the “Senior Secured Notes”) are jointly and severally guaranteed by each of our consolidated subsidiaries, CCL, CCP and Corpus Christi Pipeline GP, LLC (each a “Guarantor” and collectively, the “Guarantors”).

The Guarantors’ guarantees of such obligations are full and unconditional, subject to certain release provisions including (1) the sale, exchange, disposition or transfer (by merger, consolidation or otherwise) of all or substantially all of the capital stock or the assets of the Guarantors, (2) the designation of a Guarantor as an “unrestricted subsidiary” in accordance with the indentures governing the respective debt instruments (the “CCH Indentures”), (3) the legal defeasance or covenant defeasance or discharge of obligations under the CCH Indentures and (4) the release and discharge of the Guarantors pursuant to the Common Security and Account Agreement. In the event of a default in payment of the principal or interest by CCH, whether at maturity of the respective debt instrument or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted against the Guarantors to enforce the guarantee.

The rights of holders of the Guaranteed Obligations against the Guarantors may be limited under the U.S. Bankruptcy Code or federal or state fraudulent transfer or conveyance law. Each guarantee contains a provision intended to limit the Guarantor’s liability to the maximum amount that it could incur without causing the incurrence of obligations under its guarantee to be a fraudulent conveyance or transfer under U.S. federal or state law. However, there can be no assurance as to what standard a court will apply in making a determination of the maximum liability of the Guarantors. Moreover, this provision may not be effective to protect the guarantee from being voided under fraudulent conveyance laws. There is a possibility that the entire guarantee may be set aside, in which case the entire liability may be extinguished.

The Guaranteed Obligations are CCH’s senior secured obligations, ranking senior in right of payment to any and all of CCH’s future indebtedness that is subordinated to the Guaranteed Obligations and equal in right of payment with CCH’s other existing and future indebtedness that is senior and secured by the same collateral securing the Guaranteed Obligations. The obligations of CCH under the Guaranteed Obligations are secured by substantially all of the assets of CCH and the Guarantors, as well as by all membership interests in CCH and each of the Guarantors on a pari passu basis with the CCH Credit Facility and the CCH Working Capital Facility.
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Summarized financial information about us and the Guarantors as a group is omitted herein because such information would not be materially different from our Consolidated Financial Statements.

Corpus Christi Stage 3 Project

The following table summarizes the project completion and construction status of the Corpus Christi Stage 3 Project as of March 31, 2024:
Overall project completion percentage55.9%
Completion percentage of:
Engineering89.3%
Procurement74.8%
Subcontract work75.4%
Construction16.5%
Date of expected substantial completion1H 2025 - 2H 2026

Sources and Uses of Cash

The following table summarizes the sources and uses of our 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,
20242023
Net cash provided by operating activities$370 $482 
Net cash used in investing activities(609)(606)
Net cash provided by (used in) financing activities176 (521)
Net decrease in restricted cash and cash equivalents$(63)$(645)

Operating Cash Flows

The $112 million decrease between the periods was primarily related to lower cash receipts from the sale of LNG cargoes from lower pricing per MMBtu as a result of decreased Henry Hub pricing and lower production volume as a result of increased operating and maintenance activities compared to the same period of 2023 which was largely offset by lower cash outflows for natural gas feedstock, mostly due to lower U.S. natural gas prices.
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 $509 million during the three months ended March 31, 2024 compared to $543 million in the comparable period of 2023. We expect to incur a similar level of capital expenditures in future periods as construction work progresses on the Corpus Christi Stage 3 Project.
Financing Cash Flows

The following table summarizes our financing activities (in millions):
Three Months Ended March 31,
20242023
Repayments of debt— (498)
Debt extinguishment costs— (8)
Contributions180 45 
Distributions— (60)
Other(4)— 
   Net cash used in financing activities$176 $(521)
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Repayments of Debt
During the three months ended March 31, 2023, we redeemed with cash on hand the remaining $498 million outstanding principal amount of our 7.000% Senior Secured Notes due 2024. We did not have any debt activity during the three months ended March 31, 2024.
Contributions and Distributions

During the three months ended March 31, 2024, we received contributions of $180 million from Cheniere to fund our working capital, as compared to $45 million during the three months ended March 31, 2023 to primarily pay down our outstanding debt. During the three months ended March 31, 2024, we did not make any distributions to Cheniere, as compared to $60 million during the three months ended March 31, 2023.

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, 2023.

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.
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Marketing and Trading Commodity Price Risk

CCL has commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the Liquefaction Project (the “Liquefaction Supply Derivatives”). In order to test the sensitivity of the fair value of the Liquefaction Supply Derivatives to changes in underlying commodity prices, management modeled a 10% change in the commodity price for natural gas for each delivery location as follows (in millions):
March 31, 2024December 31, 2023
Fair ValueChange in Fair ValueFair ValueChange in Fair Value
Liquefaction Supply Derivatives
$(790)$1,168 $(460)$1,165 

See Note 6—Derivative Instruments of our Notes to Consolidated Financial Statements for additional details about our 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 voluntarily filed by us under Section 21E of the Securities Exchange Act of 1934, as amended (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 President and 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 President and 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, 2023.

ITEM 1A.    RISK FACTORS

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, 2023.

ITEM 6.    EXHIBITS

Exhibit No.Description
10.1*
Change orders 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.: (i) the Change Order CO-00073 Amendment to Add Provisional Sums for the Performance and Attendance Bonus (PAB) and Saturday Work Shift Program, dated November 6, 2023, (ii) the Change Order CO-00074 Q3 2023 Commodity Price Rise and Fall Adjustment (Final Attachment MM Adjustment), dated November 6, 2023, (iii) the Change Order CO-00075 Surcharge Fill Material Transportation, dated October 11, 2023, (iv) the Change Order CO-00076 FERC Package #3 Firewall Layout (310R18), dated November 6, 2023, (v) the Change Order CO-00077 Site Plan Update Package #2 - Re-route Heavy Haul Road, dated November 2, 2023, (vi) the Change Order CO-00078 Firewater Loop Interconnect with CCL Stage 1 and CCL Stage 2, dated December 6, 2023, (vii) the Change Order CO-00079 Refrigerant Loading Manifold Design Changes, dated December 6, 2023, (viii) the Change Order CO-00080 CCL Tank(s) Aand C Tie-in Long Lead Item Purchases Package #2, dated January 26, 2024, (ix) the Change Order CO-00081 CCL Tank(s) A and C Tie-in Bridging Engineering (Through 29-Mar-2024), dated February 8, 2024, (x) the Change Order CO-00082 ISA 84 Owner Requested Changes, dated January 24, 2024, (xi) the Change Order CO-00083 HAZOP Package #5 (Phase Three Items), dated October 19, 2023, (xii) the Change Order CO-00084 CCL Tank(s) A and C Long-Lead Item Purchases Package #3, dated March 4, 2024, (xiii) the Change Order CO-00085 Site Plan Update Package #3 - Fencing, dated January 17, 2024 (Portions of this exhibit have been omitted.)
22.1
31.1*
32.1**
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 CORPUS CHRISTI HOLDINGS, LLC
  
Date:May 2, 2024By:/s/ Zach Davis
Zach Davis
President and Chief Financial Officer
 (Principal Executive and Financial Officer)
Date:May 2, 2024By:/s/ David Slack
David Slack
Chief Accounting Officer
 (on behalf of the registrant and
as principal accounting officer)


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