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Revenues (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues from contracts with customers
LNG revenues (excluding net derivative gain (loss) below)
$3,037 $3,972 $7,045 $11,009 
Regasification revenues34 33 68 67 
     Other revenues (1)76 42 151 70 
Total revenues from contracts with customers3,147 4,047 7,264 11,146 
Net derivative gain (loss) (see Note 5)
5 (53)34 1 
Sublease income (see Note 9)
79 110 183 267 
Other revenues20 (2)23 (2)
Total revenues$3,251 $4,102 $7,504 $11,412 
(1)Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes.
Contract Assets
The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):
June 30,December 31,
20242023
Contract assets, net of current expected credit losses$298 $250 
Contract Liabilities
The following table reflects the changes in our contract liabilities, which are included in deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions):
Six Months Ended June 30, 2024
Deferred revenue, beginning of period$294 
Cash received but not yet recognized in revenue128 
Revenue recognized from prior period deferral(154)
Deferred revenue, end of period$268 
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, 2024December 31, 2023
Unsatisfied Transaction Price (in billions)Weighted Average Recognition Timing (years) (1)Unsatisfied Transaction Price (in billions)Weighted Average Recognition Timing (years) (1)
LNG revenues (2)$107.8 9$111.0 9
Regasification revenues0.6 30.7 3
Total revenues$108.4 $111.7 
(1)The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.
(2)We may enter into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones such as reaching FID on a certain liquefaction Train, obtaining financing or achieving substantial completion of a Train and any related facilities. These contracts are included in the transaction price above when the conditions are considered probable of being met and consideration is not otherwise constrained from ultimate pricing and receipt.
Revenue, Remaining Performance Obligation, Variable Consideration
The following table summarizes the amount of variable consideration earned under contracts with customers included in the table above:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
LNG revenues50 %64 %56 %73 %
Regasification revenues8 %7 %8 %7 %