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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Fair Value of Derivative Assets and Liabilities
The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):
Fair Value Measurements as of
December 31, 2025December 31, 2024
Quoted Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		TotalQuoted Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Liquefaction Supply Derivatives asset (liability)
$— $(37)$2,902 $2,865 $— $59 $(801)$(742)
LNG Trading Derivatives asset (liability)
— (17)— (17)— 17 — 17 
FX Derivatives asset (liability)
— (2)— (2)— 16 — 16 
Fair Value Measurement Inputs and Valuation Techniques The following table includes quantitative information for the unobservable inputs for the Level 3 Liquefaction Supply Derivatives as of December 31, 2025:
Net Fair Value Asset
(in millions)
Valuation ApproachSignificant Unobservable InputRange of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives$2,902Market approach incorporating present value techniques
Henry Hub basis spread
$(4.085) - $0.195 / $(0.120)
Option pricing model
International LNG pricing spread, relative to Henry Hub (2)
60% - 407% / 175%
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)Spread contemplates U.S. dollar-denominated pricing.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):
Year Ended December 31,
202520242023
Balance, beginning of period$(801)$(2,178)$(9,924)
Realized and change in fair value gains included in net income (1):
Included in cost of sales, existing deals (2)2,178 716 5,685 
Included in cost of sales, new deals (3)709 22 15 
Purchases and settlements:
Purchases (4)— — — 
Settlements (5)822 639 2,045 
Transfers out of level 3 (6)(6)— 1 
Balance, end of period$2,902 $(801)$(2,178)
Favorable changes in fair value relating to instruments still held at the end of the period
$2,887 $738 $5,700 
(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table.
(2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.
(3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.
(4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period, which continue to exist at the end of the period.
(5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.
(6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.
Fair Value of Derivative Instruments by Balance Sheet Location
The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions):
December 31, 2025
Liquefaction Supply Derivatives
LNG Trading Derivatives
FX Derivatives
Total
Consolidated Balance Sheets Location
Current derivative assets$7 $1 $1 $9 
Derivative assets4,663 — — 4,663 
Total derivative assets4,670 1 1 4,672 
Current derivative liabilities(597)(18)(3)(618)
Derivative liabilities(1,208)— — (1,208)
Total derivative liabilities(1,805)(18)(3)(1,826)
Derivative asset (liability), net$2,865 $(17)$(2)$2,846 
December 31, 2024
Liquefaction Supply Derivatives
LNG Trading Derivatives
FX Derivatives
Total
Consolidated Balance Sheets Location
Current derivative assets$105 $32 $18 $155 
Derivative assets1,903 — — 1,903 
Total derivative assets2,008 32 18 2,058 
Current derivative liabilities(885)(15)(2)(902)
Derivative liabilities(1,865)— — (1,865)
Total derivative liabilities(2,750)(15)(2)(2,767)
Derivative asset (liability), net$(742)$17 $16 $(709)
Derivative Net Presentation on Consolidated Balance Sheets
The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Consolidated Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP (in millions):
Liquefaction Supply Derivatives
LNG Trading Derivatives
FX Derivatives
As of December 31, 2025
Gross assets$5,688 $2 $2 
Offsetting amounts(1,018)(1)(1)
Net assets (1)$4,670 $1 $1 
Gross liabilities$(1,855)$(54)$(5)
Offsetting amounts50 36 2 
Net liabilities (2)$(1,805)$(18)$(3)
As of December 31, 2024
Gross assets$3,064 $42 $25 
Offsetting amounts(1,056)(10)(7)
Net assets (1)$2,008 $32 $18 
Gross liabilities$(2,790)$(16)$(3)
Offsetting amounts40 1 1 
Net liabilities (2)$(2,750)$(15)$(2)
(1)Includes current and non-current derivative assets of $9 million and $4,663 million, respectively, as of December 31, 2025 and $155 million and $1,903 million, respectively, as of December 31, 2024.
(2)Includes current and non-current derivative liabilities of $618 million and $1,208 million, respectively, as of December 31, 2025 and $902 million and $1,865 million, respectively, as of December 31, 2024.
Derivative Liability, Subject to Master Netting Offset, Collateral
The table below shows the collateral balances that are recorded within margin deposits and other current liabilities that are not netted on our Consolidated Balance Sheets (in millions):
Consolidated Balance Sheets LocationDecember 31,
20252024
Liquefaction Supply DerivativesMargin deposits$20 $18 
Liquefaction Supply DerivativesOther current liabilities3 — 
LNG Trading DerivativesMargin deposits56 110 
LNG Trading DerivativesOther current liabilities5 — 
Commodity Derivatives [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table shows the notional amounts of our Commodity Derivatives:
December 31, 2025December 31, 2024
Liquefaction Supply Derivatives (1)LNG Trading DerivativesLiquefaction Supply Derivatives (1)LNG Trading Derivatives
Notional amount, net (in TBtu)12,218 39 12,503 (8)
(1)Inclusive of amounts under contracts with unsatisfied contractual conditions and exclusive of extension options that were uncertain to be taken as of both December 31, 2025 and 2024.
Derivative Instruments, Gain (Loss)
The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions):
Gain (Loss) Recognized in Consolidated Statements of Operations
Consolidated Statements of Operations Location (1)
Year Ended December 31,
202520242023
LNG Trading DerivativesLNG revenues$389 $(111)$139 
LNG Trading DerivativesCost of sales(62)(2)(132)
Liquefaction Supply Derivatives (2)LNG revenues1 (3)(5)
Liquefaction Supply Derivatives (2)Cost of sales3,562 1,390 7,912 
(1)Fair value fluctuations associated with activities of our Commodity Derivatives are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.
(2)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery.
FX Derivatives [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative Instruments, Gain (Loss)
The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions):
Gain (Loss) Recognized in Consolidated Statements of Operations
Consolidated Statements of Operations LocationYear Ended December 31,
202520242023
FX Derivatives
LNG revenues$(46)$41 $(24)