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 June 30, 2023

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)

Delaware	47-1929160
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

700 Milam Street, Suite 1900

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
None	None	None

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 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 ☒

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

	Definitions	1
Part I. Financial Information
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Operations	3
	Consolidated Balance Sheets	4
	Consolidated Statements of Member’s Equity (Deficit)	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—CCL Stage III Contribution and Merger	7
	Note 3—Restricted Cash and Cash Equivalents	8
	Note 4—Trade and Other Receivables, Net of Current Expected Credit Losses	8
	Note 5—Inventory	8
	Note 6—Property, Plant and Equipment, Net of Accumulated Depreciation	8
	Note 7—Derivative Instruments	9
	Note 8—Accrued Liabilities	12
	Note 9—Debt	12
	Note 10—Revenues	14
	Note 11—Related Party Transactions	15
	Note 12—Customer Concentration	16
	Note 13—Supplemental Cash Flow Information	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	24
Item 4.	Controls and Procedures	25
Part II. Other Information
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 6.	Exhibits	27
	Signatures	28

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	billion cubic feet
Bcf/d	billion cubic feet per day
Bcf/yr	billion cubic feet per year
Bcfe	billion cubic feet equivalent
DAT	delivered at terminal
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
FOB	free-on-board
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 USD 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 index price, less a fixed liquefaction fee, shipping and other costs
LIBOR	London Interbank Offered Rate
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
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

1

Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of June 30, 2023, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:

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.

In June 2022, as part of the internal restructuring of Cheniere’s subsidiaries, Cheniere contributed its equity interest in Corpus Christi Liquefaction Stage III, LLC (“CCL Stage III”), formerly a wholly owned direct subsidiary of Cheniere, to us, and CCL Stage III was subsequently merged with and into CCL, the surviving entity of the merger and our wholly owned subsidiary.

2

PART I.    FINANCIAL INFORMATION

ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

CHENIERE CORPUS CHRISTI HOLDINGS, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues
LNG revenues	$	821	$	1,607	$	1,914	$	2,931
LNG revenues—affiliate	282		763		837		1,434
Total revenues	1,103		2,370		2,751		4,365
Operating costs and expenses (recoveries)
Cost (recovery) of sales (excluding items shown separately below)	(131)		2,442		(2,671)		4,783
Cost of sales—affiliate	78		36		93		48
Operating and maintenance expense	118		118		234		231
Operating and maintenance expense—affiliate	27		28		57		58
Operating and maintenance expense—related party	2		3		4		5
General and administrative expense	—		2		2		4
General and administrative expense—affiliate	11		8		23		16
Depreciation and amortization expense	112		112		224		222
Other	—		4		—		4
Total operating costs and expenses (recoveries)	217		2,753		(2,034)		5,371
Income (loss) from operations	886		(383)		4,785		(1,006)
Other income (expense)
Interest expense, net of capitalized interest	(57)		(116)		(120)		(234)
Loss on modification or extinguishment of debt	—		(28)		(10)		(30)
Interest rate derivative gain (loss), net	—		(1)		—		2
Other income, net	2		1		5		1
Total other expense	(55)		(144)		(125)		(261)
Net income (loss)	$	831	$	(527)	$	4,660	$	(1,267)

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

3

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions)

	June 30,		December 31,
	2023		2022
ASSETS	(unaudited)
Current assets
Restricted cash and cash equivalents	$	152	$	738
Trade and other receivables, net of current expected credit losses	131		348
Trade receivables—affiliate	115		240
Advances to affiliate	97		132
Inventory	111		178
Current derivative assets	35		12
Margin deposits	—		76
Other current assets	31		18
Total current assets	672		1,742
Property, plant and equipment, net of accumulated depreciation	14,225		13,673
Debt issuance, net of accumulated amortization	37		40
Derivative assets	253		7
Other non-current assets, net	248		225
Total assets	$	15,435	$	15,687
LIABILITIES AND MEMBER’S EQUITY
Current liabilities
Accounts payable	$	34	$	85
Accrued liabilities	255		901
Accrued liabilities—related party	1		1
Current debt, net of discount and debt issuance costs	—		495
Due to affiliates	37		43
Current derivative liabilities	784		1,374
Other current liabilities	6		1
Total current liabilities	1,117		2,900
Long-term debt, net of discount and debt issuance costs	6,307		6,698
Derivative liabilities	1,804		4,923
Other non-current liabilities	76		78
Other non-current liabilities—affiliate	4		4
Member’s equity	6,127		1,084
Total liabilities and member’s equity	$	15,435	$	15,687

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

4

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF MEMBER’S EQUITY (DEFICIT)

(in millions)

(unaudited)

Three and Six Months Ended June 30, 2023
	Cheniere CCH HoldCo I, LLC		Total Member’s Equity
Balance at December 31, 2022	$	1,084	$	1,084
Contributions (excluding items shown separately below)	45		45
Contributions of cancelled senior secured notes (see Note 9)	396		396
Distributions	(60)		(60)
Net income	3,829		3,829
Balance at March 31, 2023	5,294		5,294
Contributions of cancelled senior secured notes (see Note 9)	2		2
Net income	831		831
Balance at June 30, 2023	$	6,127	$	6,127

Three and Six Months Ended June 30, 2022
	Cheniere CCH HoldCo I, LLC		Total Member’s Equity (Deficit)
Balance at December 31, 2021	$	1,281	$	1,281
Contributions	138		138
Net loss	(740)		(740)
Balance at March 31, 2022	679		679
Contributions	801		801
Contributions of CCL Stage III entity (see Note 2)	(1,482)		(1,482)
Net loss	(527)		(527)
Balance at June 30, 2022	$	(529)	$	(529)

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

5

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

	Six Months Ended June 30,
	2023		2022
Cash flows from operating activities
Net income (loss)	$	4,660	$	(1,267)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	224		222
Amortization of discount and debt issuance costs	6		11
Loss on modification or extinguishment of debt	10		30
Total losses (gains) on derivative instruments, net	(3,988)		1,871
Net cash provided by (used for) settlement of derivative instruments	10		(82)
Other	3		4
Changes in operating assets and liabilities:
Trade and other receivables	217		(161)
Trade receivables—affiliate	127		9
Advances to affiliate	42		(6)
Inventory	63		2
Margin deposits	76		(12)
Accounts payable and accrued liabilities	(606)		145
Due to affiliates	(5)		(9)
Other, net	(31)		(15)
Other, net—affiliate	(1)		—
Net cash provided by operating activities	807		742
Cash flows from investing activities
Property, plant and equipment	(871)		(406)
Other	(1)		—
Net cash used in investing activities	(872)		(406)
Cash flows from financing activities
Proceeds from issuances of debt	—		440
Repayments of debt	(498)		(1,640)
Debt issuance	—		(18)
Debt extinguishment costs	(8)		(43)
Contributions	45		932
Distributions	(60)		—
Net cash used in financing activities	(521)		(329)
Net increase (decrease) in restricted cash and cash equivalents	(586)		7
Restricted cash and cash equivalents—beginning of period	738		44
Restricted cash and cash equivalents—end of period	$	152	$	51

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

6

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 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”) for up to 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 interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the Corpus Christi LNG Terminal and the Corpus Christi Stage 3 Project, the “Liquefaction Project”).

We have increased available liquefaction capacity at our Liquefaction Project as a result of debottlenecking and other optimization projects. 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 with the FERC under the Natural Gas Act 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 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 11—Related Party Transactions for additional details of the activity under these services agreements during the three and six months ended June 30, 2023 and 2022.

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, 2022.

Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023.

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.

NOTE 2—CCL STAGE III CONTRIBUTION AND MERGER

In June 2022, Cheniere’s board of directors made a positive FID with respect to the investment in the construction and operation of the Corpus Christi Stage 3 Project and issued a full notice to proceed with construction to Bechtel effective June 16, 2022. In connection with the positive FID, CCL Stage III, through which Cheniere was developing and constructing the Corpus Christi Stage 3 Project, was contributed to us from Cheniere (the “Contribution”) on June 15, 2022. Immediately following the Contribution, CCL Stage III was merged with and into CCL (the “Merger”), the surviving entity of the merger and our wholly owned subsidiary.

The Contribution was accounted for as a common control transaction as the assets and liabilities were transferred between entities under Cheniere’s control. As a result, the net liability transfer was recognized as a contribution in our Consolidated Statements of Member’s Equity (Deficit) and at the historical basis of Cheniere on June 15, 2022 in our Consolidated Balance Sheets. The Contribution was presented prospectively as we have concluded that the Contribution did

7

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

not represent a change in our reporting entity, primarily as we concluded that CCL Stage III did not constitute a business under FASB topic Accounting Standards Codification 805, Business Combinations. The Merger had no impact on our Consolidated Financial Statements as it occurred between our consolidated subsidiaries.

NOTE 3—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.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project and other restricted payments.

As of June 30, 2023 and December 31, 2022, we had $152 million and $738 million of restricted cash and cash equivalents, respectively, as required by the above agreement, of which $498 million as of December 31, 2022 related to the cash contributed from Cheniere for the redemption of the remaining outstanding principal balance of the 7.000% Senior Notes due 2024 (the “2024 CCH Senior Notes”) in January 2023.

NOTE 4—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):

	June 30,		December 31,
	2023		2022
Trade receivables	$	124	$	319
Other receivables	7		29
Total trade and other receivables, net of current expected credit losses	$	131	$	348

NOTE 5—INVENTORY

Inventory consisted of the following (in millions):

	June 30,		December 31,
	2023		2022
Materials	$	93	$	92
LNG	6		53
Natural gas	11		31
Other	1		2
Total inventory	$	111	$	178

NOTE 6—PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

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

	June 30,		December 31,
	2023		2022
LNG terminal
Terminal and interconnecting pipeline facilities	$	13,341	$	13,299
Site and related costs	302		302
Construction-in-process	2,217		1,486
Accumulated depreciation	(1,643)		(1,421)
Total LNG terminal, net of accumulated depreciation	14,217		13,666
Fixed assets
Fixed assets	28		26
Accumulated depreciation	(20)		(19)
Total fixed assets, net of accumulated depreciation	8		7
Property, plant and equipment, net of accumulated depreciation	$	14,225	$	13,673

8

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

Depreciation expense was $111 million during both the three months ended June 30, 2023 and 2022 and $223 million and $221 million during the six months ended June 30, 2023 and 2022, respectively.

NOTE 7—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 associated economic hedges (collectively, “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 or fair value hedging instruments, and 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 the derivative instruments that are required to be measured at fair value on a recurring basis (in millions):

	Fair Value Measurements as of
	June 30, 2023								December 31, 2022
	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)	$	13	$	43	$	(2,356)	$	(2,300)	$	(54)	$	(19)	$	(6,205)	$	(6,278)

We value the Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data.

The fair value of the Liquefaction Supply Derivatives is predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair value, including, but not limited to, evaluation of whether the respective market exists from the perspective of market participants as infrastructure is developed.

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 would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity and volatility.

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 June 30, 2023:

	Net Fair Value Liability (in millions)	Valuation Approach	Significant Unobservable Input	Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives	$(2,356)	Market approach incorporating present value techniques	Henry Hub basis spread	$(1.125) - $0.660 / $(0.114)
		Option pricing model	International LNG pricing spread, relative to Henry Hub (2)	83% - 484% / 186%

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

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

9

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance, beginning of period	$	(2,924)	$	(2,235)	$	(6,205)	$	(1,221)
Realized and change in fair value gains (losses) included in net income (loss) (1):
Included in cost of sales, existing deals (2)	462		(634)		3,402		(1,678)
Included in cost of sales, new deals (3)	—		—		4		—
Purchases and settlements:
Purchases (4)	—		(2,407)		—		(2,414)
Settlements (5)	104		270		440		307
Transfers in and/or out of level 3
Transfers out of level 3 (6)	2		—		3		—
Balance, end of period	$	(2,356)	$	(5,006)	$	(2,356)	$	(5,006)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period	$	462	$	(634)	$	3,406	$	(1,678)

(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, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing 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 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. The terms of the Liquefaction Supply Derivatives range up to approximately 15 years, some of which commence upon the satisfaction of certain events or states of affairs.

The forward notional amount for the Liquefaction Supply Derivatives was approximately 8,116 TBtu and 8,532 TBtu as of June 30, 2023 and December 31, 2022, respectively.

10

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
LNG revenues	$	(2)	$	12	$	(7)	$	7
Recovery (cost) of sales	584		(830)		3,995		(1,880)

(1)Does not include the realized value associated with 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)
	June 30, 2023		December 31, 2022
Consolidated Balance Sheets Location
Current derivative assets	$	35	$	12
Derivative assets	253		7
Total derivative assets	288		19
Current derivative liabilities	(784)		(1,374)
Derivative liabilities	(1,804)		(4,923)
Total derivative liabilities	(2,588)		(6,297)
Derivative liability, net	$	(2,300)	$	(6,278)

(1)Does not include collateral posted by counterparties to us of $3 million as of June 30, 2023, which is included in other liabilities on our Consolidated Balance Sheets, and collateral posted with counterparties by CCL of $76 million as of December 31, 2022, which are included in margin deposits 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
	June 30, 2023		December 31, 2022
Gross assets	$	400	$	19
Offsetting amounts	(112)		—
Net assets	$	288	$	19
Gross liabilities	$	(2,695)	$	(6,622)
Offsetting amounts	107		325
Net liabilities	$	(2,588)	$	(6,297)

11

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

NOTE 8—ACCRUED LIABILITIES

Accrued liabilities consisted of the following (in millions): 

	June 30,		December 31,
	2023		2022
Natural gas purchases	$	169	$	597
Interest costs and related debt fees	5		150
Liquefaction Project costs	49		103
Other accrued liabilities	32		51
Total accrued liabilities	$	255	$	901

NOTE 9—DEBT

Debt consisted of the following (in millions): 

	June 30,		December 31,
	2023		2022
Senior Secured Notes:
2024 CCH Senior Notes	$	—	$	498
5.875% due 2025	1,491		1,491
5.125% due 2027	1,201		1,271
3.700% due 2029	1,125		1,361
3.788% weighted average rate due 2039	2,539		2,633
Total Senior Secured Notes	6,356		7,254
Term loan facility agreement (the “CCH Credit Facility”)	—		—
Working capital facility agreement (the “CCH Working Capital Facility”) (1)	—		—
Total debt	6,356		7,254
Current portion of long-term debt	—		(495)
Long-term portion of unamortized discount and debt issuance costs, net	(49)		(61)
Total long-term debt, net of discount and debt issuance costs	$	6,307	$	6,698

(1)The CCH Working Capital Facility is classified as short-term debt as we are required to reduce the aggregate outstanding principal amount of the CCH Working Capital Facility to zero for a period of five consecutive business days at least once each year.

Credit Facilities

Below is a summary of our credit facilities outstanding as of June 30, 2023 (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 ranking	Senior secured		Senior 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.

(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.

12

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

Cancellation of CCH Senior Secured Notes Contributed from Cheniere

During the three and six months ended June 30, 2023, Cheniere repurchased $2 million and $400 million, respectively, of our Senior Secured Notes due 2027, 2029 and 2039 on the open market, with all of such repurchases immediately contributed to us from Cheniere for no consideration, and cancelled by us. It was determined that for accounting purposes, Cheniere repurchased the bonds on our behalf as a principal as opposed to as an agent, and thus the debt extinguishment was accounted for as an extinguishment directly with Cheniere.

Additionally, during the six months ended June 30, 2023, we recorded a net distribution to Cheniere totaling $2 million from associated operating activities, inclusive of $2 million of interest due to the extinguishment of debt at the time of repayment offset by our write off of associated debt issuance costs and discount of $4 million. We did not record any such distributions from Cheniere during the three months ended June 30, 2023.

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 June 30, 2023, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total interest cost	$	81	$	118	$	164	$	237
Capitalized interest	(24)		(2)		(44)		(3)
Total interest expense, net of capitalized interest	$	57	$	116	$	120	$	234

Fair Value Disclosures

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

	June 30, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value (1)		Carrying Amount		Estimated Fair Value (1)
Senior notes	$	6,356	$	5,889	$	7,254	$	6,752

(1)As of both June 30, 2023 and December 31, 2022, $1.7 billion of the fair value of our senior notes included an illiquidity adjustment which qualified as a Level 3 fair value measurement. The remainder of our senior notes are classified as Level 2, based on prices derived from trades or indicative bids of the instruments or instruments with similar terms, maturities and credit standing.

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.

13

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

NOTE 10—REVENUES

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues from contracts with customers
LNG revenues	$	823	$	1,595	$	1,921	$	2,924
LNG revenues—affiliate	282		763		837		1,434
Total revenues from contracts with customers	1,105		2,358		2,758		4,358
Net derivative gain (loss) (1)	(2)		12		(7)		7
Total revenues	$	1,103	$	2,370	$	2,751	$	4,365

(1)See Note 7—Derivative Instruments for additional information about our derivatives.

Contract Assets and Liabilities

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

	June 30,		December 31,
	2023		2022
Contract assets, net of current expected credit losses	$	165	$	144

The following table reflects the changes in our contract liabilities, which we classify as other non-current liabilities on our Consolidated Balance Sheets (in millions):

	Six Months Ended June 30, 2023
Deferred revenue, beginning of period	$	76
Cash received but not yet recognized in revenue	76
Revenue recognized from prior period deferral	(76)
Deferred revenue, end of period	$	76

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:

	June 30, 2023			December 31, 2022
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	50.0	10	$	50.9	10
LNG revenues—affiliate	1.1		9	1.2		8
Total revenues	$	51.1		$	52.1

(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.

We have elected the following exemptions which omit certain potential future sources of revenue from the table above:

(1)We omit from the table above all performance obligations that are part of a contract that has an original expected duration of one year or less.

(2)The table above excludes substantially all variable consideration under our SPAs. We omit from the table above all 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

14

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

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 contracts where there is uncertainty that one or both of the parties will achieve certain milestones. Approximately 41% and 72% of our LNG revenues from contracts included in the table above during the three months ended June 30, 2023 and 2022, respectively, and approximately 49% and 68% of our LNG revenues from contracts included in the table above during the six months ended June 30, 2023 and 2022, respectively, were related to variable consideration received from customers. Approximately 68% and none of our LNG revenues—affiliate from contracts included in the table above during the three months ended June 30, 2023 and 2022, respectively, and approximately 78% and none of our LNG revenues—affiliates from the contract included in the table above during the six months ended June 30, 2023 and 2022, respectively, were related to variable consideration received from customers.

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 considered completed contracts for revenue recognition purposes and are included in the transaction price above when the conditions are considered probable of being met.

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
LNG revenues—affiliate
SPAs and Letter Agreements with Cheniere Marketing	$	282	$	707	$	837	$	1,372
Contracts for Sale and Purchase of Natural Gas and LNG with other affiliates	—		56		—		62
Total LNG revenues—affiliate	282		763		837		1,434
Cost of sales—affiliate
Contracts for Sale and Purchase of Natural Gas and LNG	14		36		29		48
SPAs and Letter Agreements with Cheniere Marketing	64		—		64		—
Total cost of sales—affiliate	78		36		93		48
Operating and maintenance expense—affiliate
Services Agreements (see Note 1)	27		28		57		58
Operating and maintenance expense—related party
Natural Gas Transportation Agreements (1)	2		3		4		5
General and administrative expense—affiliate
Services Agreements (see Note 1)	11		8		23		16

(1)This related party is a subsidiary of Cheniere’s equity method investment.

Equity Contribution Agreements

We have equity contribution agreements with Cheniere and certain of its subsidiaries (the “Equity Contribution Agreements”) pursuant to which Cheniere agreed to contribute any of CCH’s Senior Secured Notes that Cheniere has repurchased to CCH. During the three and six months ended June 30, 2023, Cheniere repurchased a total of $2 million and $400 million, respectively, of the outstanding principal amount of CCH’s Senior Secured Notes due 2027, 2029 and 2039 on

15

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

the open market, which were immediately contributed under the Equity Contribution Agreements to us from Cheniere and cancelled by us.

NOTE 12—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 June 30,		Six Months Ended June 30,		June 30,	December 31,
	2023	2022	2023	2022	2023	2022
Customer A	21%	20%	22%	22%	*	17%
Customer B	17%	15%	15%	14%	14%	*
Customer C	12%	14%	14%	13%	*	*
Customer D	*	*	*	*	52%	33%

* Less than 10%

NOTE 13—SUPPLEMENTAL CASH FLOW INFORMATION

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

	Six Months Ended June 30,
	2023		2022
Cash paid during the period for interest on debt, net of amounts capitalized	$	220	$	222
Right-of-use assets obtained in exchange for new operating lease liabilities	1		3
Non-cash investing activity:
Unpaid purchases of property, plant and equipment	27		23
Transfers of property, plant and equipment in exchange for other non-current assets	—		17
Non-cash contributions from affiliates for conveyance of assets	—		7
Non-cash financing activity:
Cancellation of CCH Senior Secured Notes contributed to us from Cheniere (see Note 9)	400		—

We recorded $1.5 billion of contributions in our Statement of Member’s Equity (Deficit) during the six months ended June 30, 2022 related to the contribution of the CCL Stage III entity to us from Cheniere on June 15, 2022, with such contribution representing a non-cash financing activity. See Note 2—CCL Stage III Contribution and Merger for further discussion.

16

CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(unaudited)

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 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, 2022. 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

17

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 in 2014 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, turned 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 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. Additionally, we are constructing an expansion of the Corpus Christi LNG Terminal (the “Corpus Christi Stage 3 Project”) for up to seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG. In June 2022, Cheniere’s board of directors (the “Board”) made a positive FID with respect to the Corpus Christi Stage 3 Project and issued a full notice to proceed with construction to Bechtel Energy Inc. (“Bechtel”) effective June 16, 2022.

We also own and operate through CCP a 21.5-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with 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 the gas producer sells natural gas to us on a global LNG index price, less a fixed liquefaction fee, shipping and other costs. Through our SPAs and IPM agreements, we have contracted approximately 88% of the total anticipated production capacity from the Liquefaction Project with approximately 18 years of weighted average remaining life as of June 30, 2023.

18

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 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 with the FERC under the Natural Gas Act (“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 responsible and proactive management of our most important environmental, social and governance (“ESG”) impacts, risks and opportunities. In 2022, Cheniere published Acting Today, Securing Tomorrow, its third Corporate Responsibility (“CR”) report, which details Cheniere’s approach and progress on ESG issues, including its collaboration with natural gas midstream companies, technology providers and leading academic institutions on life-cycle assessment (“LCA”) models, quantification, monitoring, reporting and verification (“QMRV”) of greenhouse gas emissions and other research and development projects. Cheniere also co-founded and sponsored the Energy Emissions Modeling and Data Lab (“EEMDL”), a multidisciplinary research and education initiative led by the University of Texas at Austin in collaboration with Colorado State University and the Colorado School of Mines. In addition, Cheniere commenced providing Cargo Emissions Tags (“CE Tags”) to our long-term customers in June 2022 and joined the Oil and Gas Methane Partnership (“OGMP”) 2.0, the United Nations Environment Programme’s (“UNEP”) flagship oil and gas methane emissions reporting and mitigation initiative, in October 2022. 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, 2023 and through the filing date of this Form 10-Q include the following:

Strategic

•In March 2023, CCL and another subsidiary of Cheniere submitted an application with the FERC under the NGA for the Midscale Trains 8 & 9 Project.

Operational

•As of July 27, 2023, over 750 cumulative LNG cargoes totaling over 50 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.

Financial

•In July 2023, Fitch Ratings upgraded our issuer credit rating from BBB- to BBB with a stable outlook.

•In January 2023, we redeemed with cash on hand the remaining $498 million outstanding principal amount of our 7.000% Senior Secured Notes due 2024 (the “2024 CCH Senior Notes”).

19

Results of Operations

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2023		2022		Variance		2023		2022		Variance
Revenues
LNG revenues	$	821	$	1,607	$	(786)	$	1,914	$	2,931	$	(1,017)
LNG revenues—affiliate	282		763		(481)		837		1,434		(597)
Total revenues	1,103		2,370		(1,267)		2,751		4,365		(1,614)
Operating costs and expenses (recoveries)
Cost (recovery) of sales (excluding items shown separately below)	(131)		2,442		(2,573)		(2,671)		4,783		(7,454)
Cost of sales—affiliate	78		36		42		93		48		45
Operating and maintenance expense	118		118		—		234		231		3
Operating and maintenance expense—affiliate	27		28		(1)		57		58		(1)
Operating and maintenance expense—related party	2		3		(1)		4		5		(1)
General and administrative expense	—		2		(2)		2		4		(2)
General and administrative expense—affiliate	11		8		3		23		16		7
Depreciation and amortization expense	112		112		—		224		222		2
Other	—		4		(4)		—		4		(4)
Total operating costs and expenses (recoveries)	217		2,753		(2,536)		(2,034)		5,371		(7,405)
Income (loss) from operations	886		(383)		1,269		4,785		(1,006)		5,791
Other income (expense)
Interest expense, net of capitalized interest	(57)		(116)		59		(120)		(234)		114
Loss on modification or extinguishment of debt	—		(28)		28		(10)		(30)		20
Interest rate derivative gain (loss), net	—		(1)		1		—		2		(2)
Other income, net	2		1		1		5		1		4
Total other expense	(55)		(144)		89		(125)		(261)		136
Net income (loss)	$	831	$	(527)	$	1,358	$	4,660	$	(1,267)	$	5,927

Operational volumes loaded and recognized from the Liquefaction Project

	Three Months Ended June 30,			Six Months Ended June 30,
(in TBtu)	2023	2022	Variance	2023	2022	Variance
Volumes loaded during the current period	180	189	(9)	380	389	(9)
Volumes loaded during the prior period but recognized during the current period	—	—	—	3	—	3
Volumes loaded at our affiliate’s facility	5	—	5	5	—	5
Total volumes recognized in the current period	185	189	(4)	388	389	(1)

Net income (loss)

Substantially all of the favorable variances of $1.4 billion and $5.9 billion for the three and six months ended June 30, 2023, respectively, as compared to the same periods of 2022 were attributable to favorable changes in fair value and settlements of derivatives of $1.4 billion and $5.9 billion, respectively, between the periods, of which $1.4 billion and $5.1 billion, respectively, related to non-cash favorable changes in fair value of our IPM agreements where we procure natural gas at a price indexed to international gas prices as a result of continued moderation of international gas price volatility and declines in international forward commodity curves.

20

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

Revenues

Substantially all of the $1.3 billion and $1.6 billion decreases between the three and six months ended June 30, 2023, respectively, as compared to the same periods of 2022, were attributable to $1.2 billion and $1.5 billion decreases, respectively, from lower pricing per MMBtu as a result of decreased Henry Hub pricing.

Operating costs and expenses

The $2.5 billion and $7.4 billion favorable variances between the three and six months ended June 30, 2023, respectively, as compared to the same periods of 2022, were primarily attributable to:

•$1.4 billion and $5.8 billion favorable variances between the three and six months ended June 30, 2023, respectively, as compared to the same periods of 2022 from changes in fair value of derivatives included in cost of sales, from $792 million and $1.8 billion of losses in the three and six months ended June 30, 2022, respectively, to $582 million and $4.0 billion of gains in the three and six months ended June 30, 2023, respectively, primarily due to decreased international gas prices resulting in non-cash favorable changes in fair value of our commodity derivatives indexed to such prices and, to a lesser extent, an increase in forward notional amount of derivatives due to agreements contributed to us upon the merger of CCL Stage III with and into CCL in June 2022; and

•$1.1 billion and $1.5 billion decreases between the three and six months ended June 30, 2023, respectively, as compared to the same periods of 2022 from decreased cost of natural gas feedstock substantially all of which was due to lower U.S. natural gas prices.

Other income (expense)

The $89 million and $136 million decreases between the three and six months ended June 30, 2023, respectively, as compared to the same periods of 2022, were primarily attributable to:

•$59 million and $114 million decreases in interest expense, net of capitalized interest between the three and six months ended June 30, 2023, respectively, as compared to the same periods of 2022 as a result of lower debt balances due to repayment of debt and lower interest costs due to refinancing higher cost debt, as further detailed under Financing Cash Flows in Sources and Uses of Cash within Liquidity and Capital Resources. Additionally, the decrease in interest expense, net of capitalized interest is due to a higher portion of total interest costs eligible for capitalization following the issuance of full notice to proceed to Bechtel on the Corpus Christi Stage 3 Project in June 2022; and

•$28 million and $20 million decreases in loss on modification or extinguishment of debt between the three and six months ended June 30, 2023, respectively, as compared to the same periods of 2022 primarily due to higher losses from the amendment and restatement of our term loan facility agreement (the “CCH Credit Facility”) and our working capital facility agreement (the “CCH Working Capital Facility”) during the three and six months ended June 30, 2022 compared to the premiums paid for the early redemption of the 2024 CCH Senior Notes during the six months ended June 30, 2023 as further described in Overview of Significant Events.

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 in addition to managing exposure to commodity-related marketing and price risks are utilized to manage exposure to changing interest rates volatility, 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. Because 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, use of derivative

21

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, notwithstanding the operational intent to mitigate risk exposure over time.

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.

	June 30, 2023
Restricted cash and cash equivalents designated for the Liquefaction Project	$	152
Available commitments under our credit facilities (1):
CCH Credit Facility	3,260
CCH Working Capital Facility	1,345
Total available commitments under our credit facilities	4,605
Total available liquidity	$	4,757

(1)Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of June 30, 2023. See Note 9—Debt of our Notes to Consolidated Financial Statements for additional information on our credit facilities and other debt instruments.

Our liquidity position subsequent to June 30, 2023 will be driven by future sources of liquidity and future cash requirements. Future sources of liquidity are expected to be composed of (1) cash receipts from executed contracts, under which we are contractually entitled to future consideration, and (2) additional sources of liquidity, from which we expect to receive cash although the cash is not underpinned by executed contracts. Future cash requirements are expected to be composed of (1) cash payments under executed contracts, under which we are contractually obligated to make payments, and (2) additional cash requirements, under which we expect to make payments although we are not contractually obligated to make the payments under executed contracts. For further 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, 2022.

Supplemental Guarantor Information

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 “CCH Senior 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 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 the Guarantor as an “unrestricted subsidiary” in accordance with the indentures governing the CCH Senior Notes (the “CCH Indentures”), (3) upon 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 us, whether at maturity of the CCH Senior Notes 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 CCH Senior Notes 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

22

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.

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 June 30, 2023:

Overall project completion percentage	38.1%
Completion percentage of:
Engineering	63.5%
Procurement	56.3%
Subcontract work	47.1%
Construction	4.9%
Date of expected substantial completion	2H 2025 - 1H 2027

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. 

	Six Months Ended June 30,
	2023		2022
Net cash provided by operating activities	$	807	$	742
Net cash used in investing activities	(872)		(406)
Net cash used in financing activities	(521)		(329)
Net increase (decrease) in restricted cash and cash equivalents	$	(586)	$	7

Operating Cash Flows

Our operating cash net inflows during the six months ended June 30, 2023 and 2022 were $807 million and $742 million, respectively. The $65 million increase between the periods was primarily related to timing of cash receipts and payments.

Investing Cash Flows

Our investing cash net outflows in both years primarily were for the construction costs for the Liquefaction Project. The $466 million increase in 2023 compared to 2022 was primarily due to increased construction work performed by Bechtel for the Corpus Christi Stage 3 Project following the issuance of full notice to proceed to Bechtel in June 2022. We expect our capital expenditures to increase 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):

	Six Months Ended June 30,
	2023		2022
Proceeds from issuances of debt	$	—	$	440
Repayments of debt	(498)		(1,640)
Debt issuance	—		(18)
Debt extinguishment costs	(8)		(43)
Contributions	45		932
Distributions	(60)		—
Net cash used in financing activities	$	(521)	$	(329)

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Repayments and Related Extinguishment Costs

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

	Six Months Ended June 30,
	2023		2022
CCH Credit Facility	$	—	$	(1,390)
CCH Working Capital Facility	—		(250)
2024 CCH Senior Notes	(498)		—
Total repayments of debt	$	(498)	$	(1,640)

During the six months ended June 30, 2023 and 2022, we paid debt modification or extinguishment costs of $8 million and $43 million, respectively, related to these repayments.

Capital Contributions and Distributions

During the six months ended June 30, 2023 and 2022, we received cash capital contributions of $45 million and $932 million, respectively, from Cheniere, used to fund working capital and in 2022 to primarily pay down our outstanding debt, and during the six months ended June 30, 2023 and 2022, we made cash distributions of $60 million and zero, respectively, to Cheniere.

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, 2022.

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 (“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):

	June 30, 2023				December 31, 2022
	Fair Value		Change in Fair Value		Fair Value		Change in Fair Value
Liquefaction Supply Derivatives	$	(2,300)	$	1,322	$	(6,278)	$	1,684

See Note 7—Derivative Instruments of our Notes to Consolidated Financial Statements for additional details about the derivative instruments.

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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, 2022.

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, 2022.

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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 Corpus Christi Liquefaction, LLC and Bechtel Energy, Inc.: (i) the Change Order CO-00022 Refrigerant Storage Packages 1 and 2, dated February 13, 2023, (ii) the Change Order CO-00023 EFG Package #2, dated February 21, 2023, (iii) the Change Order CO-00024 Defrost Improvements (Cold Box), dated February 23, 2023, (iv) the Change Order CO-00025 Miscellaneous Design Improvements, dated February 23, 2023, (v) the Change Order CO-00026 EFG Package #3, dated February 23, 2023, (vi) the Change Order CO-00027 Addition of 86 Lockout Relay on Transformers, dated February 14, 2023, (vii) the Change Order CO-00028 Additional Duct Banks, dated September 15, 2022, (viii) the Change Order CO-00029 2022 FERC Support Hours Interim Adjustment, dated March 13, 2023, (ix) the Change Order CO-00030 Drainage Blanket (A Street), dated April 6, 2023, (x) the Change Order CO-00031 Refrigerant Storage Interface Package #3, dated April 7, 2023, (xi) the Change Order CO-00032 Q4 2022 Commodity Price Rise and Fall (ATT MM), dated April 24, 2023, (xii) the Change Order CO-00033 Lift Owner-Provided Dewar System (Nitrogen Receiver Facility), dated March 1, 2022, (xiii) the Change Order CO-00034 HAZOP Package #1 - Addition of Flame Arrestors for Oil Mist Eliminator Vent, dated April 25, 2023 and (xiv) the Change Order CO-00035 EFG Package #4 (Water Pipeline Pipe Bridge), dated May 19, 2023 (Portions of this exhibit have been omitted.)
10.2*	Letter agreement regarding change from LIBOR to SOFR, dated May 18, 2023, to LNG Sale and Purchase Agreement, dated April 1, 2014, between CCL and Endesa S.A. (assignee of Endesa Generacion S.A.), as amended
10.3*	Letter agreement regarding change from LIBOR to SOFR, dated May 18, 2023, to LNG Sale and Purchase Agreement, dated April 7, 2014, between CCL and Endesa S.A., as amended
10.4*	Letter agreement regarding change from LIBOR to SOFR, dated June 26, 2023, to LNG Sale and Purchase Agreement (EOG Early IPM) between CCL and Cheniere Marketing International LLP, dated December 30, 2019, as amended
22.1	List of Issuers and Guarantor Subsidiaries (Incorporated by reference to Exhibit 22.1 to the Company’s Registration Report on Form S-4 (SEC File No. 333-215435), filed on March 11, 2022)
31.1*	Certification by President and Chief Financial Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act
32.1**	Certification by President and 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 CORPUS CHRISTI HOLDINGS, LLC
Date:	August 2, 2023	By:	/s/ Zach Davis
			Zach Davis
			President and Chief Financial Officer
			(Principal Executive and Financial Officer)
Date:	August 2, 2023	By:	/s/ David Slack
			David Slack
			Chief Accounting Officer
			(on behalf of the registrant and as principal accounting officer)

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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

Refrigerant Storage Packages 1 and 2

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc. CHANGE ORDER NUMBER: CO-00022 DATE OF CHANGE ORDER: 13-Feb-2023 DATE OF AGREEMENT: March 1, 2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall:

1.1    Relocate the Truck Pad Light and install PSV Platform Piles (at 310C01 / R08) – Package 1;

1.2    Add ISBL piping connections inside the Trains 1-7 battery limits – Package 1;

1.3    Add piles and footers for the OSBL rack extension – Package 1; and

1.4    Add piling, foundations and the addition of pipe tie-in and supports for Mixed Refrigerant

De-Inventory battery limit platforms – Package 2.

2.The scope description for Refrigerant Storage Package 1 is provided in Exhibit A of this Change Order.

3.The scope description for Refrigerant Storage Package 2 is provided in Exhibit B of this Change Order.

4.The cost breakdown for Refrigerant Storage Packages 1 and 2 is provided in Exhibit C of this Change Order.

5.Schedules 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 milestones 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-00021) ...............................	$	92,214,027
3. The Contract Price prior to this Change Order was .............................................................................	$	5,576,214,027
4. The Aggregate Equipment Price will be (changed) by this Change Order in the amount of ...............	***
5. The Aggregate Labor and Skills Price will be (changed) 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 ...............................................................	$	5,588,588,643

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

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ SSContractor /s/ DC Owner

[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/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Sr. Project Manager and Principal Vice President

CHANGE ORDER

EFG Package #2

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00023 DATE OF CHANGE ORDER: 21-Feb-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall add:

1.1    Pipe Rack Phase 1: Stubs on Columns for R08/R09/R18; and

1.2    Pipe Rack Phase 2: Increase Column Sizes in R08 and R09.

2.The cost breakdown is provided in Exhibit A of this Change Order.

3.Schedules 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 milestones 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-00022)……………........	$	104,588,643
3. The Contract Price prior to this Change Order was ………………………………………...............	$	5,588,588,643
4. The Aggregate Equipment Price will be (changed) by this Change Order in the amount of .............	***
5. The Aggregate Labor and Skills Price will be (changed) 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 ……………………………………...	$	5,589,785,063

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

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ SSContractor /s/ DC Owner

[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/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Sr. Project Manager and Principal Vice President

CHANGE ORDER

Defrost Improvements (Cold Box)

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00024 DATE OF CHANGE ORDER: 23-Feb-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner, the Parties agree Contractor shall:

1.1    Add a two (2) inch line to flare defrost gas (manual valve) from V-1712.

2.The cost breakdown is provided in Exhibit A of this Change Order.

3.Schedules 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 milestones 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-00023)…………….….......	$	105,785,063
3. The Contract Price prior to this Change Order was ………………………………………..................	$	5,589,785,063
4. The Aggregate Equipment Price will be (changed) by this Change Order in the amount of ................	***
5. The Aggregate Labor and Skills Price will be (changed) 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 …………………………………….......	$	5,590,638,061

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

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ SSContractor /s/ DC Owner

[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 modifiedbythisandanypreviouslyissuedChangeOrders,allothertermsandconditionsoftheAgreementshallremainin full force and effect.This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By:	/s/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Sr. Project Manager and Principal Vice President

CHANGE ORDER

Miscellaneous Design Improvements

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc. CHANGE ORDER NUMBER: CO-00025 DATE OF CHANGE ORDER: 23-Feb-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall:

1.1    Add a single block and bleed upstream of the XV-35018 (on each Train);

1.2    Add control valves on Lean Amine filtration bypass; and

1.3    Add double block and bleed upstream of the MR Accumulator.

2.    The cost breakdown is provided in Exhibit A of this Change Order.

3.    Schedules 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 milestones 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-00024)……………............	$	106,638,061
3. The Contract Price prior to this Change Order was ………………………………………..................	$	5,590,638,061
4. The Aggregate Equipment Price will be (changed) by this Change Order in the amount of ................	***
5. The Aggregate Labor and Skills Price will be (changed) 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 …………………………………….......	$	5,593,413,832

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

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ SSContractor /s/ DC Owner

[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/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Sr. Project Manager and Principal Vice President

CHANGE ORDER

EFG Package #3

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc. CHANGE ORDER NUMBER: CO-00026 DATE OF CHANGE ORDER: 23-Feb-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall add:

1.1    NRU Methane Recycle Tie-ins; and

1.2    EFG Wet Flare Tie-in.

2.    The scope description for the NRU Methane Recycle Tie-in(s) is provided in Exhibit A of this Change Order.

3.    The scope description for the EFG Wet Flare Tie-in is provided in Exhibit B of this Change Order.

4.    The cost breakdown is provided in Exhibit C of this Change Order.

5.    Schedules 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 milestones 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-00025)…………….…….	$	109,413,832
3. The Contract Price prior to this Change Order was ………………………………………................	$	5,593,413,832
4. The Aggregate Equipment Price will be (changed) by this Change Order in the amount of ..........	***
5. The Aggregate Labor and Skills Price will be (changed) 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 ………………………….....................	$	5,595,832,897

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

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ SSContractor /s/ DC Owner

[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/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Sr. Project Manager and Principal Vice President

CHANGE ORDER

Addition of 86 Lockout Relay on Transformers

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00027 DATE OF CHANGE ORDER: 14-Feb-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall add:

1.1    86 Lockout Relay for the 63X function on transformers listed in Attachment 1 of this Change Order.

2.    The cost breakdown is provided in Exhibit A of this Change Order.

3.    Schedules 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 milestones 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-00026)…………….........	$	111,832,897
3. The Contract Price prior to this Change Order was ………………………………………................	$	5,595,832,897
4. The Aggregate Equipment Price will be (changed) by this Change Order in the amount of..............	***
5. The Aggregate Labor and Skills Price will be (changed) 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 ……………………………………...	$	5,596,018,467

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

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ SSContractor /s/ DC Owner

[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/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Sr. Project Manager and Principal Vice President

CHANGE ORDER

ADDITIONAL DUCT BANKS

PROJECT NAME: Corpus Christi Liquefaction Stage 3Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc. CHANGE ORDER NUMBER: CO-00028 DATE OF CHANGE ORDER: Sept 15, 2022 DATE OF AGREEMENT: March 1, 2022

The Agreement between the Parties listed above is changed as follows: (attach additional documentation if necessary)

1.    Pursuant to Article 6.2 of the Agreement (Contractor’s Right to Change Orders), the Parties agree this Change Order shall include Contractor’s costs to add additional duct banks as identified in Attachment 1 of this Change Order.

2.    The detailed cost breakdown for this Change Order is provided in Exhibit 1 of this Change Order.

3.    Schedules 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 milestones listed in Exhibit 2 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-00027)….……………...	$	112,018,467
3. The Contract Price prior to this Change Order was ………………………………………………...	$	5,596,018,467
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 ……………………………………...	$	5,614,797,414

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

AdjustmenttoMinimumAcceptanceCriteria:N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: Yes.

AdjustmenttoAttachmentCC(EquipmentList):To be updated on a quarterly basis

OtheradjustmentstoliabilityorobligationofContractororOwnerundertheAgreement: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: /s/ SMSContractor /s/ DC Owner

[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 modifiedbythisandanypreviouslyissuedChangeOrders,allothertermsandconditionsoftheAgreementshallremainin full force and effect.This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By:	/s/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Senior Project Manager and Principal Vice President

CHANGE ORDER

2022 FERC Support Hours Interim Adjustment

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc. CHANGE ORDER NUMBER: CO-00029 DATE OF CHANGE ORDER: 13-Mar-2023 DATE OF AGREEMENT: 01-Mar-2022

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

1.    Pursuant to Article 11.2D of Attachment A-1 (Scope of Work) of the Agreement, the Parties acknowledge that Contractor allocated a total five hundred (500) jobhours to support Owner with FERC-related clarifications.

2.     In 2022 Contractor provided *** jobhours of FERC support and has therefore, within 2022, exceeded the Agreement total by *** jobhours.

3.     The detailed cost breakdown for this Change Order is provided in Exhibit 1 of this Change Order.

4.    Schedule C-1 Aggregate Labor and Skills Price Milestone Payment Schedule of Attachment C of the Agreement will be amended by including the milestones listed in Exhibit 2 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-00028)……………........	$	130,797,414
3. The Contract Price prior to this Change Order was ………………………………………...............	$	5,614,797,414
4. The Aggregate Equipment Price will be (unchanged) 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 ……………………….......................	$	5,614,833,651

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

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: /s/ SSContractor /s/ DC Owner

[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/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Senior Project Manager and Principal Vice President

CHANGE ORDER

Drainage Blanket (A Street)

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00030 DATE OF CHANGE ORDER: 06-Apr-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall add:

1.1    A drainage blanket on the “A” Street heavy haul road, comprised of geotextile fabric and granular fill.

2.    The cost breakdown is provided in Exhibit 1 of this Change Order.

3.    Schedules 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 milestones listed in Exhibit 2 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-00029)……………........	$	130,833,651
3. The Contract Price prior to this Change Order was ………………………………………...............	$	5,614,833,651
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 ……………………….......................	$	5,615,046,194

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

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: /s/ SSContractor /s/ DC Owner

[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 modifiedbythisandanypreviouslyissuedChangeOrders,allothertermsandconditionsoftheAgreementshallremainin full force and effect.This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By:	/s/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Senior Project Manager and Principal Vice President

CHANGE ORDER

Refrigerant Storage Interface Package #3

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00031 DATE OF CHANGE ORDER: 07-Apr-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall add:

1.1    Piling and foundations for two (2) High Integrity Pressure Protection System (HIPPS) valve stations; and

1.2    Piling and foundations for the following four (4) interconnect pipe racks:

–380G01 North Pipe Rack;

–380G01 South Pipe Rack;

–380G02 North Pipe Rack; and

–380G01 South Pipe Rack.

2.    The cost breakdown is provided in Exhibit 1 of this Change Order.

3.    Schedules 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 milestones listed in Exhibit 2 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-00020)………….……..	$	131,046,194
3. The Contract Price prior to this Change Order was ………………………………………..............	$	5,615,046,194
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 ……………………………………...	$	5,621,309,042

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

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: /s/ SSContractor /s/ DC Owner

[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 modifiedbythisandanypreviouslyissuedChangeOrders,allothertermsandconditionsoftheAgreementshallremainin full force and effect.This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By:	/s/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Senior Project Manager and Principal Vice President

CHANGE ORDER

Q4 2022 COMMODITY PRICE RISE AND FALL (ATT MM)

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00032 DATE OF CHANGE ORDER: 24-Apr-2023 DATE OF AGREEMENT: 01-Mar-2022

The Agreement between the Parties listed above is changed as follows: (attach additional documentation if necessary)

1.In accordance with Section 1.2 of Attachment MM of the Agreement (“Commodity Price Rise and Fall”), this Change Order addresses Q4 2022 period commodity price rise and fall for:

1.1    304 Stainless Steel Pipe and Fittings (Item 1 of Appendix 1 of Attachment MM), $*** paid to Contractor;

1.2    Carbon Steel Pipe, Fittings, Flanges (Item 2 of Appendix 1 of Attachment MM), $*** paid to Contractor;

1.3    USA Fabricated Structural Steel (Item 3 of Appendix 1 of Attachment MM), $*** (not applicable in Q4 2022);

1.4    UAE Fabricated Structural Steel (Item 4 of Appendix 1 of Attachment MM), $*** paid to Owner; and

1.5    Wire and Cable (Copper) (Item 5 of Appendix 1 of Attachment MM), $*** paid to Owner.

2.     Schedule and C-3 Aggregate Equipment Price Payment Milestones of Attachment C of the Agreement will be amended by including the milestone listed in Exhibit 1 of this Change Order.

3.     The Q4 2022 current Index Value and calculation methodology is provided in Exhibit A 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-00031)………….……..	$	137,309,042
3. The Contract Price prior to this Change Order was ………………………………………..............	$	5,621,309,042
4. The Aggregate Equipment Price will be (unchanged) by this Change Order in the amount of ........	***
5. The Aggregate Labor and Skills Price will be (changed) 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 ……………………………………...	$	5,623,211,680

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: N/A

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ SSContractor /s/ DC Owner

[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 modifiedbythisandanypreviouslyissuedChangeOrders,allothertermsandconditionsoftheAgreementshallremainin full force and effect.This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By:	/s/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Senior Project Manager and Principal Vice President

CHANGE ORDER

LIFT OWNER-PROVIDED DEWAR SYSTEM (NITROGEN RECEIVER FACILITY)

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00033 DATE OF CHANGE ORDER: 13-Dec-2022 DATE OF AGREEMENT: 01-Mar-2022

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”), the Parties agree Contractor shall add to the scope of existing Change Order CO-00014 (“Addition of Nitrogen Receiver”), as follows:

1.1    Contractor shall provide a lifting plan, craneage and operators to lift the Owner-provided Dewar System from the delivery truck(s) to its final location.

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-00032)………….……..	$	139,211,680
3. The Contract Price prior to this Change Order was ………………………………………..............	$	5,623,211,680
4. The Aggregate Equipment Price will be (unchanged) by this Change Order in the amount of ........	$	0
5. The Aggregate Labor and Skills Price will be (changed) by this Change Order in the amount of....	$	0
6. The Aggregate Provisional Sum Equipment Price will be (unchanged) by this Change Order in the amount of …………………………………………………………………………………….…	$	0
7. The Aggregate Provisional Sum Labor and Skills Price will be (unchanged) by this Change Order in the amount of ..…………………………………………………………………………...............	$	0
8. The new Contract Price including this Change Order will be ……………………………………...	$	5,623,211,680

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: N/A

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ SSContractor /s/ DC Owner

[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 modifiedbythisandanypreviouslyissuedChangeOrders,allothertermsandconditionsoftheAgreementshallremainin full force and effect.This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By:	/s/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Senior Project Manager and Principal Vice President

CHANGE ORDER

HAZOP Package #1 – Addition of Flame Arrestors for Oil Mist Eliminator Vent

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00034 DATE OF CHANGE ORDER: 25-Apr-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall perform the scope defined in Section 2 of this Change Order.

2.With respect to HAZOP Action Item(s) 21143, Contractor shall:

2.1    Add one (1) flame arrestor at the oil mist eliminator vent for each MR compressor.

3.    The cost breakdown is provided in Exhibit 1 of this Change Order.

4.    Schedules 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 milestones listed in Exhibit 2 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-00033)………….……..	$	139,211,680
3. The Contract Price prior to this Change Order was ………………………………………..............	$	5,623,211,680
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 ……………………………………...	$	5,623,418,777

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: N/A

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: /s/ SSContractor /s/ DC Owner

[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 modifiedbythisandanypreviouslyissuedChangeOrders,allothertermsandconditionsoftheAgreementshallremainin full force and effect.This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By:	/s/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	/s/ Steve Smith
Name:	Steve Smith
Title:	Senior Project Manager and Principal Vice President

CHANGE ORDER

EFG Package #4 (Water Pipeline Pipe Bridge)

PROJECT NAME: Corpus Christi Liquefaction Stage 3 Project OWNER: Corpus Christi Liquefaction, LLC CONTRACTOR: Bechtel Energy Inc CHANGE ORDER NUMBER: CO-00035 DATE OF CHANGE ORDER: 19-May-2023 DATE OF AGREEMENT: 01-Mar-2022

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”) and as requested by Owner’s teams, the Parties agree Contractor shall add:

1.1    One (1) pipe bridge/finger rack from the south side of the Stage 3 Facility heavy haul pipe trench to inside the Stages 1 and 2 Facility to support Stage 3 water pipelines, and, various process lines. Brownfield scope tying-in to Stages 1 and 2 shall be performed in accordance with Stage 3 specifications.

2.The cost breakdown is provided in Exhibit A of this Change Order.

3.A representative scope illustration is provided in Exhibit B of this Change Order.

4.Schedules 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 milestones 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-00034)………….……..	$	139,418,777
3. The Contract Price prior to this Change Order was ………………………………………..............	$	5,623,418,777
4. The Aggregate Equipment Price will be (changed) by this Change Order in the amount of ...........	***
5. The Aggregate Labor and Skills Price will be (changed) 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 ……………………………………...	$	5,627,669,244

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

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Basis of Design: N/A

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: /s/ NTContractor /s/ DC Owner

[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 modifiedbythisandanypreviouslyissuedChangeOrders,allothertermsandconditionsoftheAgreementshallremainin full force and effect.This Change Order is executed by each of the Parties’ duly authorized representatives.

CORPUS CHRISTI LIQUEFACTION, LLC

By:	/s/ David Craft
Name:	David Craft
Title:	SVP E&C

BECHTEL ENERGY INC.

By:	Nirav Thakkar for /s/ Nirav Thakkar
Name:	Steve Smith
Title:	Sr. Project Manager and Principal Vice President

EX-10.2

Exhibit 10.2

Corpus Christi Liquefaction, LLC

May 18, 2023

Attention: Commercial Operations

Endesa S.A.

Calle Ribera del Loira 60

28042 Madrid, Spain

Fax: fax.gas@enel.com

Re:    LNG Sale and Purchase Agreement, dated April 1, 2014, between Corpus Christi Liquefaction, LLC and Endesa S.A. (assignee of Endesa Generacion S.A.), as amended (the “SPA 1”)

Letter agreement regarding change from LIBOR to SOFR (“Letter Agreement”)

Dear Sir or Madam:

Reference is made to the SPA. Capitalized terms used in this Letter Agreement and not defined herein shall have the meanings given them in the SPA.

The Parties hereby agree, as contemplated by the definition of “LIBOR” in Section 1.1 of the SPA and Section 1.3 of the SPA, that Three-Month SOFR (as defined below) shall replace LIBOR in the SPA effective as of July 1, 2023. Effective as of such date, the SPA shall hereby be amended by: (i) replacing the definition of LIBOR with the below definition of Three-Month SOFR; and (ii) replacing each instance of “LIBOR” in the SPA with “Three-Month SOFR”. In addition, any other terms relating to LIBOR or the replacement of LIBOR in the SPA shall be disregarded.

“Three-Month SOFR    the forward-looking term rate based on a rate equal to the secured overnight financing rate administered by the Federal Reserve bank of New York (or a successor administrator of the secured overnight financing rate) for a tenor of three (3) months, as administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) and published by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate);”

Except as expressly agreed herein, all terms and conditions of the SPA remain in full force and effect and are acknowledged and ratified.

Please indicate Buyer's agreement with the terms of this Letter Agreement by executing a copy where indicated below and returning it to Seller.

700 Milam Street, Suite 1900, Houston, Texas 77002

+1 713-375-5000

Sincerely,

CORPUS CHRISTI LIQUEFACTION, LLC
By:	/s/ Florian Pintgen
	Florian Pintgen
	Vice President, Commercial Operations

Accepted and Agreed:
Endesa S.A.
By:	/s/ Elena Perez Ferreiro
Name:	Elena Perez Ferreiro
Title:	Head of Gas Iberia

EX-10.3

Exhibit 10.3

Corpus Christi Liquefaction, LLC

May 18, 2023

Attention: Commercial Operations

Endesa S.A.

Calle Ribera del Loira 60

28042 Madrid, Spain

Fax: fax.gas@enel.com

Re:    LNG Sale and Purchase Agreement, dated April 7, 2014, between Corpus Christi Liquefaction, LLC and Endesa S.A., as amended (the “SPA 2”)

Letter agreement regarding change from LIBOR to SOFR (“Letter Agreement”)

Dear Sir or Madam:

Reference is made to the SPA. Capitalized terms used in this Letter Agreement and not defined herein shall have the meanings given them in the SPA.

The Parties hereby agree, as contemplated by the definition of “LIBOR” in Section 1.1 of the SPA and Section 1.3 of the SPA, that Three-Month SOFR (as defined below) shall replace LIBOR in the SPA effective as of July 1, 2023. Effective as of such date, the SPA shall hereby be amended by: (i) replacing the definition of LIBOR with the below definition of Three-Month SOFR; and (ii) replacing each instance of “LIBOR” in the SPA with “Three-Month SOFR”. In addition, any other terms relating to LIBOR or the replacement of LIBOR in the SPA shall be disregarded.

“Three-Month SOFR    the forward-looking term rate based on a rate equal to the secured overnight financing rate administered by the Federal Reserve bank of New York (or a successor administrator of the secured overnight financing rate) for a tenor of three (3) months, as administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) and published by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate);”

Except as expressly agreed herein, all terms and conditions of the SPA remain in full force and effect and are acknowledged and ratified.

Please indicate Buyer's agreement with the terms of this Letter Agreement by executing a copy where indicated below and returning it to Seller.

700 Milam Street, Suite 1900, Houston, Texas 77002

+1 713-375-5000

Sincerely,

CORPUS CHRISTI LIQUEFACTION, LLC
By:	/s/ Florian Pintgen
	Florian Pintgen
	Vice President, Commercial Operations

Accepted and Agreed:
Endesa S.A.
By:	/s/ Elena Perez Ferreiro
Name:	Elena Perez Ferreiro
Title:	Head of Gas Iberia

EX-10.4

Exhibit 10.4

Corpus Christi Liquefaction, LLC

June 26, 2023

Attention: Commercial Operations

Cheniere Marketing International LLP

3rd Floor

The Zig Zag Building

70 Victoria Street

London SW1E 6SQ (United Kingdom)

Re:    LNG Sale and Purchase Agreement (EOG Early IPM) between Corpus Christi Liquefaction, LLC and Cheniere Marketing International LLP, dated December 30, 2019, as amended (the “SPA”)

Letter agreement regarding change from LIBOR to SOFR (“Letter Agreement”)

Dear Sir or Madam:

Reference is made to the SPA. Capitalized terms used in this Letter Agreement and not defined herein shall have the meanings given them in the SPA.

The Parties hereby agree, as contemplated by the definition of “LIBOR” in Section 1.1 of the SPA and Section 1.3 of the SPA, that Three-Month SOFR (as defined below) shall replace LIBOR in the SPA effective as of July 1, 2023. Effective as of such date, the SPA shall hereby be amended by: (i) replacing the definition of LIBOR with the below definition of Three-Month SOFR; and (ii) replacing each instance of “LIBOR” in the SPA with “Three-Month SOFR”. In addition, any other terms relating to LIBOR or the replacement of LIBOR in the SPA shall be disregarded.

“Three-Month SOFR    the forward-looking term rate based on a rate equal to the secured overnight financing rate administered by the Federal Reserve bank of New York (or a successor administrator of the secured overnight financing rate) for a tenor of three (3) months, as administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) and published by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate);”

Except as expressly agreed herein, all terms and conditions of the SPA remain in full force and effect and are acknowledged and ratified.

700 Milam Street, Suite 1900, Houston, Texas 77002

+1 713-375-5000

Please indicate Buyer's agreement with the terms of this Letter Agreement by executing a copy where indicated below and returning it to Seller.

Sincerely,

CORPUS CHRISTI LIQUEFACTION, LLC
By:	/s/ Florian Pintgen
	Florian Pintgen
	Vice President, Commercial Operations

Accepted and Agreed:
Cheniere Marketing International LLP
By:	Cheniere Marketing, LLC, its managing member
	/s/ Ramzi Mroueh
Name:	Ramzi Mroueh
Title:	Managing Director

700 Milam Street, Suite 1900, Houston, Texas 77002

+1 713-375-5000

EX-31.1

Exhibit 31.1

CERTIFICATION BY PRESIDENT AND 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 Corpus Christi Holdings, LLC;

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.    I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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.    I have disclosed, based on my 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: August 2, 2023

/s/ Zach Davis

Zach Davis

President and Chief Financial Officer of

Cheniere Corpus Christi Holdings, LLC

EX-32.1

Exhibit 32.1

CERTIFICATION BY PRESIDENT AND 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 Corpus Christi Holdings, LLC (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Zach Davis, President and 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: August 2, 2023

/s/ Zach Davis

Zach Davis

President and Chief Financial Officer of

Cheniere Corpus Christi Holdings, LLC

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	333-215435
Entity Registrant Name	Cheniere Corpus Christi Holdings, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1929160
Entity Address, Address Line One	700 Milam Street
Entity Address, Address Line Two	Suite 1900
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	None
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001693317
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	0

XML

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenues	$ 1,103	$ 2,370	$ 2,751	$ 4,365
Operating costs and expenses (recoveries)
Cost (recovery) of sales	(53)	2,478	(2,578)	4,831
Operating and maintenance expense	147	149	295	294
General and administrative expense	11	10	25	20
Depreciation and amortization expense	112	112	224	222
Other	0	4	0	4
Total operating costs and expenses (recovery)	217	2,753	(2,034)	5,371
Income (loss) from operations	886	(383)	4,785	(1,006)
Other income (expense)
Interest expense, net of capitalized interest	(57)	(116)	(120)	(234)
Loss on modification or extinguishment of debt	0	(28)	(10)	(30)
Interest rate derivative gain (loss), net	0	(1)	0	2
Other income, net	2	1	5	1
Total other expense	(55)	(144)	(125)	(261)
Net income (loss)	831	(527)	4,660	(1,267)
Nonrelated Party [Member]
Operating costs and expenses (recoveries)
Cost (recovery) of sales	(131)	2,442	(2,671)	4,783
Operating and maintenance expense	118	118	234	231
General and administrative expense	0	2	2	4
Affiliate [Member]
Operating costs and expenses (recoveries)
Cost (recovery) of sales	78	36	93	48
Operating and maintenance expense	27	28	57	58
General and administrative expense	11	8	23	16
Related Party [Member]
Operating costs and expenses (recoveries)
Operating and maintenance expense	2	3	4	5
LNG [Member] | Nonrelated Party [Member]
Revenues
Revenues	821	1,607	1,914	2,931
LNG [Member] | Affiliate [Member]
Revenues
Revenues	$ 282	$ 763	$ 837	$ 1,434

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets
Restricted cash and cash equivalents	$ 152	$ 738
Trade and other receivables, net of current expected credit losses	131	348
Trade receivables—affiliate	115	240
Advances to affiliate	97	132
Inventory	111	178
Current derivative assets	35	12
Margin deposits	0	76
Other current assets	31	18
Total current assets	672	1,742
Property, plant and equipment, net of accumulated depreciation	14,225	13,673
Debt issuance, net of accumulated amortization	37	40
Derivative assets	253	7
Other non-current assets, net	248	225
Total assets	15,435	15,687
Current liabilities
Accounts payable	34	85
Accrued liabilities	293	945
Current debt, net of discount and debt issuance costs	0	495
Current derivative liabilities	784	1,374
Other current liabilities	6	1
Total current liabilities	1,117	2,900
Long-term debt, net of discount and debt issuance costs	6,307	6,698
Derivative liabilities	1,804	4,923
Other non-current liabilities	80	82
Member’s equity	6,127	1,084
Total liabilities and member’s equity	$ 15,435	$ 15,687
Accounts Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration]	Affiliate [Member]	Affiliate [Member]
Other Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration]	Affiliate [Member]	Affiliate [Member]
Nonrelated Party [Member]
Current liabilities
Accrued liabilities	$ 255	$ 901
Other non-current liabilities	76	78
Affiliate [Member]
Current liabilities
Accrued liabilities	37	43
Other non-current liabilities	4	4
Related Party [Member]
Current liabilities
Accrued liabilities	$ 1	$ 1

XML

Consolidated Statements of Member's Equity - USD ($) $ in Millions	Total	Cheniere CCH HoldCo I, LLC [Member]
Member's equity, beginning of period at Dec. 31, 2021	$ 1,281	$ 1,281
Contributions	138	138
Net income (loss)	(740)	(740)
Member's equity, end of period at Mar. 31, 2022	679	679
Member's equity, beginning of period at Dec. 31, 2021	1,281	1,281
Net income (loss)	(1,267)
Member's equity, end of period at Jun. 30, 2022	(529)	(529)
Member's equity, beginning of period at Mar. 31, 2022	679	679
Contributions	801	801
Contributions of CCL Stage III entity	(1,482)	(1,482)
Net income (loss)	(527)	(527)
Member's equity, end of period at Jun. 30, 2022	(529)	(529)
Member's equity, beginning of period at Dec. 31, 2022	1,084	1,084
Contributions	45	45
Contributions of cancelled senior secured notes (see Note 9)	396	396
Distributions	(60)	(60)
Net income (loss)	3,829	3,829
Member's equity, end of period at Mar. 31, 2023	5,294	5,294
Member's equity, beginning of period at Dec. 31, 2022	1,084	1,084
Net income (loss)	4,660
Member's equity, end of period at Jun. 30, 2023	6,127	6,127
Member's equity, beginning of period at Mar. 31, 2023	5,294	5,294
Contributions of cancelled senior secured notes (see Note 9)	2	2
Net income (loss)	831	831
Member's equity, end of period at Jun. 30, 2023	$ 6,127	$ 6,127

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 4,660	$ (1,267)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	224	222
Amortization of discount and debt issuance costs	6	11
Loss on modification or extinguishment of debt	10	30
Total losses (gains) on derivative instruments, net	(3,988)	1,871
Net cash provided by (used for) settlement of derivative instruments	10	(82)
Other	3	4
Changes in operating assets and liabilities:
Trade and other receivables	217	(161)
Trade receivables—affiliate	127	9
Advances to affiliate	42	(6)
Inventory	63	2
Margin deposits	76	(12)
Accounts payable and accrued liabilities	(606)	145
Due to affiliates	(5)	(9)
Other, net	(31)	(15)
Other, net—affiliate	(1)	0
Net cash provided by operating activities	807	742
Cash flows from investing activities
Property, plant and equipment	(871)	(406)
Other	(1)	0
Net cash used in investing activities	(872)	(406)
Cash flows from financing activities
Proceeds from issuances of debt	0	440
Repayments of debt	(498)	(1,640)
Debt issuance	0	(18)
Debt extinguishment costs	(8)	(43)
Contributions	45	932
Distributions	(60)	0
Net cash used in financing activities	(521)	(329)
Net increase (decrease) in restricted cash and cash equivalents	(586)	7
Restricted cash and cash equivalents—beginning of period	738	44
Restricted cash and cash equivalents—end of period	$ 152	$ 51

XML

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

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 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”) for up to 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 interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the Corpus Christi LNG Terminal and the Corpus Christi Stage 3 Project, the “Liquefaction Project”).

We have increased available liquefaction capacity at our Liquefaction Project as a result of debottlenecking and other optimization projects. 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 with the FERC under the Natural Gas Act 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 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 11—Related Party Transactions for additional details of the activity under these services agreements during the three and six months ended June 30, 2023 and 2022.

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, 2022.

Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023.

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.

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CCL Stage III Contribution and Merger

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

CCL Stage III Contribution and Merger

CCL STAGE III CONTRIBUTION AND MERGER

In June 2022, Cheniere’s board of directors made a positive FID with respect to the investment in the construction and operation of the Corpus Christi Stage 3 Project and issued a full notice to proceed with construction to Bechtel effective June 16, 2022. In connection with the positive FID, CCL Stage III, through which Cheniere was developing and constructing the Corpus Christi Stage 3 Project, was contributed to us from Cheniere (the “Contribution”) on June 15, 2022. Immediately following the Contribution, CCL Stage III was merged with and into CCL (the “Merger”), the surviving entity of the merger and our wholly owned subsidiary.

The Contribution was accounted for as a common control transaction as the assets and liabilities were transferred between entities under Cheniere’s control. As a result, the net liability transfer was recognized as a contribution in our Consolidated Statements of Member’s Equity (Deficit) and at the historical basis of Cheniere on June 15, 2022 in our Consolidated Balance Sheets. The Contribution was presented prospectively as we have concluded that the Contribution did

not represent a change in our reporting entity, primarily as we concluded that CCL Stage III did not constitute a business under FASB topic Accounting Standards Codification 805, Business Combinations. The Merger had no impact on our Consolidated Financial Statements as it occurred between our consolidated subsidiaries.

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Restricted Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2023

Restricted Cash and Cash Equivalents [Abstract]

Restricted Cash and Cash Equivalents

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.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project and other restricted payments.

As of June 30, 2023 and December 31, 2022, we had $152 million and $738 million of restricted cash and cash equivalents, respectively, as required by the above agreement, of which $498 million as of December 31, 2022 related to the cash contributed from Cheniere for the redemption of the remaining outstanding principal balance of the 7.000% Senior Notes due 2024 (the “2024 CCH Senior Notes”) in January 2023.

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Trade and Other Receivables, Net of Current Expected Credit Losses

6 Months Ended

Jun. 30, 2023

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):

	June 30,		December 31,
	2023		2022
Trade receivables	$	124	$	319
Other receivables	7		29
Total trade and other receivables, net of current expected credit losses	$	131	$	348

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Inventory

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventory

INVENTORY

Inventory consisted of the following (in millions):

	June 30,		December 31,
	2023		2022
Materials	$	93	$	92
LNG	6		53
Natural gas	11		31
Other	1		2
Total inventory	$	111	$	178

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Property, Plant and Equipment, Net of Accumulated Depreciation

6 Months Ended

Jun. 30, 2023

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):

	June 30,		December 31,
	2023		2022
LNG terminal
Terminal and interconnecting pipeline facilities	$	13,341	$	13,299
Site and related costs	302		302
Construction-in-process	2,217		1,486
Accumulated depreciation	(1,643)		(1,421)
Total LNG terminal, net of accumulated depreciation	14,217		13,666
Fixed assets
Fixed assets	28		26
Accumulated depreciation	(20)		(19)
Total fixed assets, net of accumulated depreciation	8		7
Property, plant and equipment, net of accumulated depreciation	$	14,225	$	13,673

Depreciation expense was $111 million during both the three months ended June 30, 2023 and 2022 and $223 million and $221 million during the six months ended June 30, 2023 and 2022, respectively.

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Derivative Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

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 associated economic hedges (collectively, “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 or fair value hedging instruments, and 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 the derivative instruments that are required to be measured at fair value on a recurring basis (in millions):

	Fair Value Measurements as of
	June 30, 2023								December 31, 2022
	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)	$	13	$	43	$	(2,356)	$	(2,300)	$	(54)	$	(19)	$	(6,205)	$	(6,278)

We value the Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data.

The fair value of the Liquefaction Supply Derivatives is predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair value, including, but not limited to, evaluation of whether the respective market exists from the perspective of market participants as infrastructure is developed.

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 would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity and volatility.

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 June 30, 2023:

	Net Fair Value Liability (in millions)	Valuation Approach	Significant Unobservable Input	Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives	$(2,356)	Market approach incorporating present value techniques	Henry Hub basis spread	$(1.125) - $0.660 / $(0.114)
		Option pricing model	International LNG pricing spread, relative to Henry Hub (2)	83% - 484% / 186%

(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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance, beginning of period	$	(2,924)	$	(2,235)	$	(6,205)	$	(1,221)
Realized and change in fair value gains (losses) included in net income (loss) (1):
Included in cost of sales, existing deals (2)	462		(634)		3,402		(1,678)
Included in cost of sales, new deals (3)	—		—		4		—
Purchases and settlements:
Purchases (4)	—		(2,407)		—		(2,414)
Settlements (5)	104		270		440		307
Transfers in and/or out of level 3
Transfers out of level 3 (6)	2		—		3		—
Balance, end of period	$	(2,356)	$	(5,006)	$	(2,356)	$	(5,006)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period	$	462	$	(634)	$	3,406	$	(1,678)

(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, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing 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 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. The terms of the Liquefaction Supply Derivatives range up to approximately 15 years, some of which commence upon the satisfaction of certain events or states of affairs.

The forward notional amount for the Liquefaction Supply Derivatives was approximately 8,116 TBtu and 8,532 TBtu as of June 30, 2023 and December 31, 2022, respectively.

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
LNG revenues	$	(2)	$	12	$	(7)	$	7
Recovery (cost) of sales	584		(830)		3,995		(1,880)

(1)Does not include the realized value associated with 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)
	June 30, 2023		December 31, 2022
Consolidated Balance Sheets Location
Current derivative assets	$	35	$	12
Derivative assets	253		7
Total derivative assets	288		19
Current derivative liabilities	(784)		(1,374)
Derivative liabilities	(1,804)		(4,923)
Total derivative liabilities	(2,588)		(6,297)
Derivative liability, net	$	(2,300)	$	(6,278)

(1)Does not include collateral posted by counterparties to us of $3 million as of June 30, 2023, which is included in other liabilities on our Consolidated Balance Sheets, and collateral posted with counterparties by CCL of $76 million as of December 31, 2022, which are included in margin deposits 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
	June 30, 2023		December 31, 2022
Gross assets	$	400	$	19
Offsetting amounts	(112)		—
Net assets	$	288	$	19
Gross liabilities	$	(2,695)	$	(6,622)
Offsetting amounts	107		325
Net liabilities	$	(2,588)	$	(6,297)

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Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consisted of the following (in millions): 

	June 30,		December 31,
	2023		2022
Natural gas purchases	$	169	$	597
Interest costs and related debt fees	5		150
Liquefaction Project costs	49		103
Other accrued liabilities	32		51
Total accrued liabilities	$	255	$	901

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following (in millions): 

	June 30,		December 31,
	2023		2022
Senior Secured Notes:
2024 CCH Senior Notes	$	—	$	498
5.875% due 2025	1,491		1,491
5.125% due 2027	1,201		1,271
3.700% due 2029	1,125		1,361
3.788% weighted average rate due 2039	2,539		2,633
Total Senior Secured Notes	6,356		7,254
Term loan facility agreement (the “CCH Credit Facility”)	—		—
Working capital facility agreement (the “CCH Working Capital Facility”) (1)	—		—
Total debt	6,356		7,254
Current portion of long-term debt	—		(495)
Long-term portion of unamortized discount and debt issuance costs, net	(49)		(61)
Total long-term debt, net of discount and debt issuance costs	$	6,307	$	6,698

(1)The CCH Working Capital Facility is classified as short-term debt as we are required to reduce the aggregate outstanding principal amount of the CCH Working Capital Facility to zero for a period of five consecutive business days at least once each year.

Credit Facilities

Below is a summary of our credit facilities outstanding as of June 30, 2023 (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 ranking	Senior secured		Senior 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.

(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.

Cancellation of CCH Senior Secured Notes Contributed from Cheniere

During the three and six months ended June 30, 2023, Cheniere repurchased $2 million and $400 million, respectively, of our Senior Secured Notes due 2027, 2029 and 2039 on the open market, with all of such repurchases immediately contributed to us from Cheniere for no consideration, and cancelled by us. It was determined that for accounting purposes, Cheniere repurchased the bonds on our behalf as a principal as opposed to as an agent, and thus the debt extinguishment was accounted for as an extinguishment directly with Cheniere.

Additionally, during the six months ended June 30, 2023, we recorded a net distribution to Cheniere totaling $2 million from associated operating activities, inclusive of $2 million of interest due to the extinguishment of debt at the time of repayment offset by our write off of associated debt issuance costs and discount of $4 million. We did not record any such distributions from Cheniere during the three months ended June 30, 2023.

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 June 30, 2023, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total interest cost	$	81	$	118	$	164	$	237
Capitalized interest	(24)		(2)		(44)		(3)
Total interest expense, net of capitalized interest	$	57	$	116	$	120	$	234

Fair Value Disclosures

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

	June 30, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value (1)		Carrying Amount		Estimated Fair Value (1)
Senior notes	$	6,356	$	5,889	$	7,254	$	6,752

(1)As of both June 30, 2023 and December 31, 2022, $1.7 billion of the fair value of our senior notes included an illiquidity adjustment which qualified as a Level 3 fair value measurement. The remainder of our senior notes are classified as Level 2, based on prices derived from trades or indicative bids of the instruments or instruments with similar terms, maturities and credit standing.

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.

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Revenues

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues from contracts with customers
LNG revenues	$	823	$	1,595	$	1,921	$	2,924
LNG revenues—affiliate	282		763		837		1,434
Total revenues from contracts with customers	1,105		2,358		2,758		4,358
Net derivative gain (loss) (1)	(2)		12		(7)		7
Total revenues	$	1,103	$	2,370	$	2,751	$	4,365

(1)See Note 7—Derivative Instruments for additional information about our derivatives.

Contract Assets and Liabilities

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

	June 30,		December 31,
	2023		2022
Contract assets, net of current expected credit losses	$	165	$	144

The following table reflects the changes in our contract liabilities, which we classify as other non-current liabilities on our Consolidated Balance Sheets (in millions):

	Six Months Ended June 30, 2023
Deferred revenue, beginning of period	$	76
Cash received but not yet recognized in revenue	76
Revenue recognized from prior period deferral	(76)
Deferred revenue, end of period	$	76

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:

	June 30, 2023			December 31, 2022
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	50.0	10	$	50.9	10
LNG revenues—affiliate	1.1		9	1.2		8
Total revenues	$	51.1		$	52.1

(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.

We have elected the following exemptions which omit certain potential future sources of revenue from the table above:

(1)We omit from the table above all performance obligations that are part of a contract that has an original expected duration of one year or less.

(2)The table above excludes substantially all variable consideration under our SPAs. We omit from the table above all 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 contracts where there is uncertainty that one or both of the parties will achieve certain milestones. Approximately 41% and 72% of our LNG revenues from contracts included in the table above during the three months ended June 30, 2023 and 2022, respectively, and approximately 49% and 68% of our LNG revenues from contracts included in the table above during the six months ended June 30, 2023 and 2022, respectively, were related to variable consideration received from customers. Approximately 68% and none of our LNG revenues—affiliate from contracts included in the table above during the three months ended June 30, 2023 and 2022, respectively, and approximately 78% and none of our LNG revenues—affiliates from the contract included in the table above during the six months ended June 30, 2023 and 2022, respectively, were related to variable consideration received from customers.

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 considered completed contracts for revenue recognition purposes and are included in the transaction price above when the conditions are considered probable of being met.

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Related Party Transactions

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
LNG revenues—affiliate
SPAs and Letter Agreements with Cheniere Marketing	$	282	$	707	$	837	$	1,372
Contracts for Sale and Purchase of Natural Gas and LNG with other affiliates	—		56		—		62
Total LNG revenues—affiliate	282		763		837		1,434
Cost of sales—affiliate
Contracts for Sale and Purchase of Natural Gas and LNG	14		36		29		48
SPAs and Letter Agreements with Cheniere Marketing	64		—		64		—
Total cost of sales—affiliate	78		36		93		48
Operating and maintenance expense—affiliate
Services Agreements (see Note 1)	27		28		57		58
Operating and maintenance expense—related party
Natural Gas Transportation Agreements (1)	2		3		4		5
General and administrative expense—affiliate
Services Agreements (see Note 1)	11		8		23		16

(1)This related party is a subsidiary of Cheniere’s equity method investment.

Equity Contribution Agreements

We have equity contribution agreements with Cheniere and certain of its subsidiaries (the “Equity Contribution Agreements”) pursuant to which Cheniere agreed to contribute any of CCH’s Senior Secured Notes that Cheniere has repurchased to CCH. During the three and six months ended June 30, 2023, Cheniere repurchased a total of $2 million and $400 million, respectively, of the outstanding principal amount of CCH’s Senior Secured Notes due 2027, 2029 and 2039 on

the open market, which were immediately contributed under the Equity Contribution Agreements to us from Cheniere and cancelled by us.

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Customer Concentration

6 Months Ended

Jun. 30, 2023

Risks and Uncertainties [Abstract]

Customer Concentration

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 June 30,		Six Months Ended June 30,		June 30,	December 31,
	2023	2022	2023	2022	2023	2022
Customer A	21%	20%	22%	22%	*	17%
Customer B	17%	15%	15%	14%	14%	*
Customer C	12%	14%	14%	13%	*	*
Customer D	*	*	*	*	52%	33%

* Less than 10%

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Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION

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

	Six Months Ended June 30,
	2023		2022
Cash paid during the period for interest on debt, net of amounts capitalized	$	220	$	222
Right-of-use assets obtained in exchange for new operating lease liabilities	1		3
Non-cash investing activity:
Unpaid purchases of property, plant and equipment	27		23
Transfers of property, plant and equipment in exchange for other non-current assets	—		17
Non-cash contributions from affiliates for conveyance of assets	—		7
Non-cash financing activity:
Cancellation of CCH Senior Secured Notes contributed to us from Cheniere (see Note 9)	400		—

We recorded $1.5 billion of contributions in our Statement of Member’s Equity (Deficit) during the six months ended June 30, 2022 related to the contribution of the CCL Stage III entity to us from Cheniere on June 15, 2022, with such contribution representing a non-cash financing activity. See Note 2—CCL Stage III Contribution and Merger for further discussion.

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Nature of Operations and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation, Policy

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, 2022.

Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023.

Income Taxes, Policy

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.

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

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Accounts and Other Receivables

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

	June 30,		December 31,
	2023		2022
Trade receivables	$	124	$	319
Other receivables	7		29
Total trade and other receivables, net of current expected credit losses	$	131	$	348

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Inventory (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in millions):

	June 30,		December 31,
	2023		2022
Materials	$	93	$	92
LNG	6		53
Natural gas	11		31
Other	1		2
Total inventory	$	111	$	178

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

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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

	June 30,		December 31,
	2023		2022
LNG terminal
Terminal and interconnecting pipeline facilities	$	13,341	$	13,299
Site and related costs	302		302
Construction-in-process	2,217		1,486
Accumulated depreciation	(1,643)		(1,421)
Total LNG terminal, net of accumulated depreciation	14,217		13,666
Fixed assets
Fixed assets	28		26
Accumulated depreciation	(20)		(19)
Total fixed assets, net of accumulated depreciation	8		7
Property, plant and equipment, net of accumulated depreciation	$	14,225	$	13,673

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Fair Value of Derivative Assets and Liabilities

The following table shows the fair value of the derivative instruments that are required to be measured at fair value on a recurring basis (in millions):

	Fair Value Measurements as of
	June 30, 2023								December 31, 2022
	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)	$	13	$	43	$	(2,356)	$	(2,300)	$	(54)	$	(19)	$	(6,205)	$	(6,278)

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 June 30, 2023:

	Net Fair Value Liability (in millions)	Valuation Approach	Significant Unobservable Input	Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives	$(2,356)	Market approach incorporating present value techniques	Henry Hub basis spread	$(1.125) - $0.660 / $(0.114)
		Option pricing model	International LNG pricing spread, relative to Henry Hub (2)	83% - 484% / 186%

(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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance, beginning of period	$	(2,924)	$	(2,235)	$	(6,205)	$	(1,221)
Realized and change in fair value gains (losses) included in net income (loss) (1):
Included in cost of sales, existing deals (2)	462		(634)		3,402		(1,678)
Included in cost of sales, new deals (3)	—		—		4		—
Purchases and settlements:
Purchases (4)	—		(2,407)		—		(2,414)
Settlements (5)	104		270		440		307
Transfers in and/or out of level 3
Transfers out of level 3 (6)	2		—		3		—
Balance, end of period	$	(2,356)	$	(5,006)	$	(2,356)	$	(5,006)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period	$	462	$	(634)	$	3,406	$	(1,678)

(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, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing 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 the Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in millions):

	Fair Value Measurements as of (1)
	June 30, 2023		December 31, 2022
Consolidated Balance Sheets Location
Current derivative assets	$	35	$	12
Derivative assets	253		7
Total derivative assets	288		19
Current derivative liabilities	(784)		(1,374)
Derivative liabilities	(1,804)		(4,923)
Total derivative liabilities	(2,588)		(6,297)
Derivative liability, net	$	(2,300)	$	(6,278)

(1)Does not include collateral posted by counterparties to us of $3 million as of June 30, 2023, which is included in other liabilities on our Consolidated Balance Sheets, and collateral posted with counterparties by CCL of $76 million as of December 31, 2022, which are included in margin deposits on our Consolidated Balance Sheets.

Derivative Net Presentation on Consolidated Balance Sheets

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
	June 30, 2023		December 31, 2022
Gross assets	$	400	$	19
Offsetting amounts	(112)		—
Net assets	$	288	$	19
Gross liabilities	$	(2,695)	$	(6,622)
Offsetting amounts	107		325
Net liabilities	$	(2,588)	$	(6,297)

Liquefaction Supply Derivatives [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative Instruments, Gain (Loss)

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
LNG revenues	$	(2)	$	12	$	(7)	$	7
Recovery (cost) of sales	584		(830)		3,995		(1,880)

(1)Does not include the realized value associated with 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.

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Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in millions): 

	June 30,		December 31,
	2023		2022
Natural gas purchases	$	169	$	597
Interest costs and related debt fees	5		150
Liquefaction Project costs	49		103
Other accrued liabilities	32		51
Total accrued liabilities	$	255	$	901

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt consisted of the following (in millions): 

	June 30,		December 31,
	2023		2022
Senior Secured Notes:
2024 CCH Senior Notes	$	—	$	498
5.875% due 2025	1,491		1,491
5.125% due 2027	1,201		1,271
3.700% due 2029	1,125		1,361
3.788% weighted average rate due 2039	2,539		2,633
Total Senior Secured Notes	6,356		7,254
Term loan facility agreement (the “CCH Credit Facility”)	—		—
Working capital facility agreement (the “CCH Working Capital Facility”) (1)	—		—
Total debt	6,356		7,254
Current portion of long-term debt	—		(495)
Long-term portion of unamortized discount and debt issuance costs, net	(49)		(61)
Total long-term debt, net of discount and debt issuance costs	$	6,307	$	6,698

(1)The CCH Working Capital Facility is classified as short-term debt as we are required to reduce the aggregate outstanding principal amount of the CCH Working Capital Facility to zero for a period of five consecutive business days at least once each year.

Schedule of Line of Credit Facilities

Below is a summary of our credit facilities outstanding as of June 30, 2023 (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 ranking	Senior secured		Senior 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.

(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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total interest cost	$	81	$	118	$	164	$	237
Capitalized interest	(24)		(2)		(44)		(3)
Total interest expense, net of capitalized interest	$	57	$	116	$	120	$	234

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):

	June 30, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value (1)		Carrying Amount		Estimated Fair Value (1)
Senior notes	$	6,356	$	5,889	$	7,254	$	6,752

(1)As of both June 30, 2023 and December 31, 2022, $1.7 billion of the fair value of our senior notes included an illiquidity adjustment which qualified as a Level 3 fair value measurement. The remainder of our senior notes are classified as Level 2, based on prices derived from trades or indicative bids of the instruments or instruments with similar terms, maturities and credit standing.

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Revenues (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues from contracts with customers
LNG revenues	$	823	$	1,595	$	1,921	$	2,924
LNG revenues—affiliate	282		763		837		1,434
Total revenues from contracts with customers	1,105		2,358		2,758		4,358
Net derivative gain (loss) (1)	(2)		12		(7)		7
Total revenues	$	1,103	$	2,370	$	2,751	$	4,365

(1)See Note 7—Derivative Instruments for additional information about our derivatives.

Contract with Customer, Asset

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

	June 30,		December 31,
	2023		2022
Contract assets, net of current expected credit losses	$	165	$	144

Contract Balances Reconciliation

The following table reflects the changes in our contract liabilities, which we classify as other non-current liabilities on our Consolidated Balance Sheets (in millions):

	Six Months Ended June 30, 2023
Deferred revenue, beginning of period	$	76
Cash received but not yet recognized in revenue	76
Revenue recognized from prior period deferral	(76)
Deferred revenue, end of period	$	76

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:

	June 30, 2023			December 31, 2022
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	50.0	10	$	50.9	10
LNG revenues—affiliate	1.1		9	1.2		8
Total revenues	$	51.1		$	52.1

(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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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
LNG revenues—affiliate
SPAs and Letter Agreements with Cheniere Marketing	$	282	$	707	$	837	$	1,372
Contracts for Sale and Purchase of Natural Gas and LNG with other affiliates	—		56		—		62
Total LNG revenues—affiliate	282		763		837		1,434
Cost of sales—affiliate
Contracts for Sale and Purchase of Natural Gas and LNG	14		36		29		48
SPAs and Letter Agreements with Cheniere Marketing	64		—		64		—
Total cost of sales—affiliate	78		36		93		48
Operating and maintenance expense—affiliate
Services Agreements (see Note 1)	27		28		57		58
Operating and maintenance expense—related party
Natural Gas Transportation Agreements (1)	2		3		4		5
General and administrative expense—affiliate
Services Agreements (see Note 1)	11		8		23		16

(1)This related party is a subsidiary of Cheniere’s equity method investment.

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Customer Concentration (Tables)

6 Months Ended

Jun. 30, 2023

Risks and Uncertainties [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 June 30,		Six Months Ended June 30,		June 30,	December 31,
	2023	2022	2023	2022	2023	2022
Customer A	21%	20%	22%	22%	*	17%
Customer B	17%	15%	15%	14%	14%	*
Customer C	12%	14%	14%	13%	*	*
Customer D	*	*	*	*	52%	33%

* Less than 10%

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Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

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

	Six Months Ended June 30,
	2023		2022
Cash paid during the period for interest on debt, net of amounts capitalized	$	220	$	222
Right-of-use assets obtained in exchange for new operating lease liabilities	1		3
Non-cash investing activity:
Unpaid purchases of property, plant and equipment	27		23
Transfers of property, plant and equipment in exchange for other non-current assets	—		17
Non-cash contributions from affiliates for conveyance of assets	—		7
Non-cash financing activity:
Cancellation of CCH Senior Secured Notes contributed to us from Cheniere (see Note 9)	400		—

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Organization and Nature of Operations (Details)	6 Months Ended
	Jun. 30, 2023 item milliontonnes / yr mi unit trains
Corpus Christi Pipeline [Member]
Organization and Nature of Operations [Line Items]
Length Of Natural Gas Pipeline | mi	21.5
Corpus Christi LNG Terminal [Member]
Organization and Nature of Operations [Line Items]
Number of Liquefaction LNG Trains Operating | trains	3
Total Production Capability | milliontonnes / yr	15
Number of LNG Storage Tanks | unit	3
Number of Marine Berths | item	2
Corpus Christi Stage 3 Project | Maximum [Member]
Organization and Nature of Operations [Line Items]
Number of Liquefaction LNG Trains | trains	7
Corpus Christi Stage 3 Project | Minimum [Member]
Organization and Nature of Operations [Line Items]
Total Production Capability | milliontonnes / yr	10
Corpus Christi LNG Terminal Expansion
Organization and Nature of Operations [Line Items]
Total Production Capability | milliontonnes / yr	3
Number of Liquefaction LNG Trains | trains	2

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Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 152	$ 738
Cash Contributed from Parent for Subsequent Repayment of Debt
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents		498
2024 CCH Senior Notes [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%
CCL Project [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 152	$ 738

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Trade and Other Receivables, Net of Current Expected Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables, net of current expected credit losses	$ 131	$ 348
Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables, net of current expected credit losses	124	319
Other Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables, net of current expected credit losses	$ 7	$ 29

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Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Inventory	$ 111	$ 178
Materials [Member]
Inventory [Line Items]
Inventory	93	92
LNG [Member]
Inventory [Line Items]
Inventory	6	53
Natural gas [Member]
Inventory [Line Items]
Inventory	11	31
Other [Member]
Inventory [Line Items]
Inventory	$ 1	$ 2

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Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net of accumulated depreciation	$ 14,225	$ 13,673
LNG terminal costs [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	(1,643)	(1,421)
Property, plant and equipment, net of accumulated depreciation	14,217	13,666
Terminal and interconnecting pipeline facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,341	13,299
Site and related costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	302	302
Construction-in-process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,217	1,486
Fixed assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	28	26
Accumulated depreciation	(20)	(19)
Property, plant and equipment, net of accumulated depreciation	$ 8	$ 7

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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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 111	$ 111	$ 223	$ 221

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Derivative Instruments - Narrative (Details) - CCL [Member] - tbtu	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract	15 years
Liquefaction Supply Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Nonmonetary Notional Amount	8,116	8,532

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Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ (2,300)	$ (6,278)
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	13	(54)
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	43	(19)
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	$ (2,356)	$ (6,205)

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Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Physical Liquefaction Supply Derivatives [Member] - Fair Value, Inputs, Level 3 [Member]	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net Fair Value Liability	$ (2,356,000,000)
Valuation, Market Approach [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread	(1.125)	[1]
Valuation, Market Approach [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread	0.660	[1]
Valuation, Market Approach [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread	$ (0.114)	[1]
Valuation Technique, Option Pricing Model [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread Percentage	83.00%	[1],[2]
Valuation Technique, Option Pricing Model [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread Percentage	484.00%	[1],[2]
Valuation Technique, Option Pricing Model [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread Percentage	186.00%	[1],[2]

[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 Activity (Details) - Physical Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ (2,924)	$ (2,235)	$ (6,205)	$ (1,221)
Realized and change in fair value gains (losses) included in net income:
Included in cost of sales, existing deals	[1],[2]	462	(634)	3,402	(1,678)
Included in cost of sales, new deals	[1],[3]	0	0	4	0
Purchases and settlements:
Purchases	[4]	0	(2,407)	0	(2,414)
Settlements	[5]	104	270	440	307
Transfers out of level 3	[6]	2	0	3	0
Balance, end of period		(2,356)	(5,006)	(2,356)	(5,006)
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period		$ 462	$ (634)	$ 3,406	$ (1,678)

[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, in addition to any derivative contracts acquired from entities at a value other than zero on acquisition date, such as derivatives assigned or novated during the reporting period and continuing 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 - Derivative Instruments, Gain (Loss) (Details) - Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
LNG Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net	[1]	$ (2)	$ 12	$ (7)	$ 7
Recovery (cost) of sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net	[1]	$ 584	$ (830)	$ 3,995	$ (1,880)

[1] . 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.

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Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Current derivative assets		$ 35	$ 12
Derivative assets		253	7
Current derivative liabilities		(784)	(1,374)
Derivative liabilities		$ (1,804)	$ (4,923)
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	[1]	$ 35	$ 12
Derivative assets	[1]	253	7
Total derivative assets	[1]	288	19
Current derivative liabilities	[1]	(784)	(1,374)
Derivative liabilities	[1]	(1,804)	(4,923)
Total derivative liabilities	[1]	(2,588)	(6,297)
Derivative liability, net	[1]	(2,300)	(6,278)
Derivative, collateral posted by us			$ 76
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset		$ 3

[1] Does not include collateral posted by counterparties to us of $3 million as of June 30, 2023, which is included in other liabilities on our Consolidated Balance Sheets, and collateral posted with counterparties by CCL of $76 million as of December 31, 2022, which are included in margin deposits on our Consolidated Balance Sheets.

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Derivative Instruments - Derivative Net Presentation on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Liquefaction Supply Derivative Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized	$ 400	$ 19
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets	(112)	0
Derivative Assets (Liabilities), at Fair Value, Net	288	19
Liquefaction Supply Derivative Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized	(2,695)	(6,622)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets	107	325
Derivative Assets (Liabilities), at Fair Value, Net	$ (2,588)	$ (6,297)

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Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities [Line Items]
Natural gas purchases	$ 169	$ 597
Interest costs and related debt fees	5	150
Liquefaction Project costs	49	103
Other accrued liabilities	32	51
Accrued liabilities	293	945
Nonrelated Party [Member]
Accrued Liabilities [Line Items]
Accrued liabilities	$ 255	$ 901

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Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 6,356	$ 7,254
Current portion of long-term debt		0	(495)
Long-term portion of unamortized discount and debt issuance costs, net		49	61
Total long-term debt, net of discount and debt issuance costs		6,307	6,698
CCH Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		6,356	7,254
2024 CCH Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 0	498
Debt Instrument, Interest Rate, Stated Percentage		7.00%
2025 CCH Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,491	1,491
Debt Instrument, Interest Rate, Stated Percentage		5.875%
2027 CCH Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,201	1,271
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	1,361
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		$ 2,539	2,633
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	[1]	$ 0	$ 0

[1] The CCH Working Capital Facility is classified as short-term debt as we are required to reduce the aggregate outstanding principal amount of the CCH Working Capital Facility to zero for a period of five consecutive business days at least once each year.

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Debt - Credit Facilities Table (Details) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) unit Rate
Line of Credit Facility [Line Items]
Contributions			$ 45	$ 801	$ 138
Debt, Minimum Historical Debt Service Coverage Ratio And Projected Debt Service Coverage Ratio | unit						1.25
Interest Due | Cheniere [Member]
Line of Credit Facility [Line Items]
Contributions						$ 2
CCH Credit Facility [Member]
Line of Credit Facility [Line Items]
Total facility size		$ 3,260				3,260
Outstanding balance		0				0
Letters of credit issued		0				0
Available commitment		3,260				$ 3,260
Debt Instrument, Description of Variable Rate Basis						SOFR or the base rate
Line of Credit Facility, Commitment Fee Percentage | Rate	[1]					0.525%
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
Line of Credit Facility [Line Items]
Debt Instrument, Credit Spread Adjustment On Variable Rate | Rate	[1]					0.10%
Debt Instrument, Basis Spread on Variable Rate | Rate	[1]					1.50%
CCH Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[1]					0.50%
CCH Working Capital Facility [Member]
Line of Credit Facility [Line Items]
Total facility size		1,500				$ 1,500
Outstanding balance - current		0				0
Letters of credit issued		155				155
Available commitment		1,345				$ 1,345
Debt Instrument, Description of Variable Rate Basis						SOFR or the 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 | Rate	[1]					0.10%
CCH Working Capital Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage | Rate	[1]					0.20%
CCH Working Capital Facility [Member] | SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Credit Spread Adjustment On Variable Rate | Rate	[1]					0.10%
CCH Working Capital Facility [Member] | SOFR | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate	[1]					1.00%
CCH Working Capital Facility [Member] | SOFR | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate	[1]					1.50%
CCH Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate	[1]					0.00%
CCH Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate	[1]					0.50%
CCH Senior Notes [Member]
Line of Credit Facility [Line Items]
Interest Paid at Time of Repayment of Debt						$ 2
Write off of debt issuance costs and discount						4
Corpus Christi Holdings Senior Notes due 2027, 2029 and 2039 | Cheniere [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Repaid, Principal		$ 2				$ 400

[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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Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Total interest cost	$ 81	$ 118	$ 164	$ 237
Capitalized interest	(24)	(2)	(44)	(3)
Total interest expense, net of capitalized interest	$ 57	$ 116	$ 120	$ 234

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Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value		$ 6,356	$ 7,254
Senior notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 2 and Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value		6,356	7,254
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]
Notes Payable, Fair Value Disclosure	[1]	5,889	6,752
Senior notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ 1,700	$ 1,700

[1] As of both June 30, 2023 and December 31, 2022, $1.7 billion of the fair value of our senior notes included an illiquidity adjustment which qualified as a Level 3 fair value measurement. The remainder of our senior notes are classified as Level 2, based on prices derived from trades or indicative bids of the instruments or instruments with similar terms, maturities and credit standing.

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Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		$ 1,105	$ 2,358	$ 2,758	$ 4,358
Net derivative gain (loss)	[1]	(2)	12	(7)	7
Revenues		1,103	2,370	2,751	4,365
LNG [Member] | Nonrelated Party [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		823	1,595	1,921	2,924
Revenues		821	1,607	1,914	2,931
LNG [Member] | Related Party [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		282	763	837	1,434
Revenues		$ 282	$ 763	$ 837	$ 1,434

[1] See Note 7—Derivative Instruments for additional information about our derivatives.

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Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets, net of current expected credit losses	$ 165	$ 144
Change in Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	76
Cash received but not yet recognized in revenue	76
Revenue recognized from prior period deferral	(76)
Deferred revenue, end of period	$ 76

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Revenues - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in Billions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price						$ 52.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price		$ 51.1		$ 51.1
LNG [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Variable Consideration Received From Customers, Percentage		41.00%	72.00%	49.00%	68.00%
LNG [Member] | Related Party [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Variable Consideration Received From Customers, Percentage		68.00%	0.00%	78.00%	0.00%
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price						$ 50.9
Weighted Average Recognition Timing	[1]					10 years
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Related Party [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price						$ 1.2
Weighted Average Recognition Timing	[1]					8 years
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price		$ 50.0		$ 50.0
Weighted Average Recognition Timing	[1]	10 years		10 years
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Related Party [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price		$ 1.1		$ 1.1
Weighted Average Recognition Timing	[1]	9 years		9 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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Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Revenues		$ 1,103	$ 2,370	$ 2,751	$ 4,365
Cost (recovery) of sales		(53)	2,478	(2,578)	4,831
Operating and maintenance expense		147	149	295	294
General and administrative expense		11	10	25	20
Affiliate [Member]
Related Party Transaction [Line Items]
Cost (recovery) of sales		78	36	93	48
Operating and maintenance expense		27	28	57	58
General and administrative expense		11	8	23	16
Related Party [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense		2	3	4	5
LNG [Member] | Affiliate [Member]
Related Party Transaction [Line Items]
Revenues		282	763	837	1,434
Cheniere Marketing Agreements [Member] | Affiliate [Member]
Related Party Transaction [Line Items]
Cost (recovery) of sales		64	0	64	0
Cheniere Marketing Agreements [Member] | LNG [Member] | Affiliate [Member]
Related Party Transaction [Line Items]
Revenues		282	707	837	1,372
Contracts for Sale and Purchase of Natural Gas And LNG [Member] | Affiliate [Member]
Related Party Transaction [Line Items]
Cost (recovery) of sales		14	36	29	48
Contracts for Sale and Purchase of Natural Gas And LNG [Member] | LNG [Member] | Affiliate [Member]
Related Party Transaction [Line Items]
Revenues		0	56	0	62
Service Agreements [Member] | Affiliate [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense		27	28	57	58
General and administrative expense		11	8	23	16
Natural Gas Transportation Agreement [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense	[1]	$ 2	$ 3	$ 4	$ 5

[1] This related party is a subsidiary of Cheniere’s equity method investment.

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Related Party Transactions - Other Agreements (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Cheniere [Member] | Corpus Christi Holdings Senior Notes due 2027, 2029 and 2039
Related Party Transaction [Line Items]
Debt Instrument, Repaid, Principal	$ 2	$ 400

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Customer Concentration - Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022 Rate
Customer A [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	21.00%	20.00%	22.00%	22.00%
Customer A [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage					17.00%
Customer B [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	15.00%	15.00%	14.00%
Customer B [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			14.00%
Customer C [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	14.00%	14.00%	13.00%
Customer D [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			52.00%		33.00%

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest on debt, net of amounts capitalized	$ 220	$ 222
Right-of-use assets obtained in exchange for new operating lease liabilities	1	3
Unpaid purchases of property, plant and equipment	27	23
Transfers of property, plant and equipment in exchange for other non-current assets	0	17
Non-cash contributions from affiliates for conveyance of assets	0	7
Cancellation of CCH Senior Secured Notes contributed to us from Cheniere (see Note 9)	$ 400	0
Asset Acquisition, Net Liability Acquired		$ 1,500