Non-Controlling Interest and Variable Interest Entities

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest and Variable Interest Entity [Abstract]

Non-Controlling Interest and Variable Interest Entities

NON-CONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES

Our consolidated VIEs’ assets and liabilities related to CQP as of June 30, 2026 and substantially all related to CQP as of December 31, 2025. We own a 48.6% limited partner interest in CQP, and we also own all of the 2% general partner interest and 100% of the incentive distribution rights in CQP. The remaining 49.4% non-controlling limited partner interest in CQP is held by affiliates of Blackstone Inc. and Brookfield Asset Management, Inc. as well as the public.

In January 2026, we redeemed the remaining redeemable NCI in our other consolidated VIE that owns the Gregory Power Plant, a natural gas-fired combined cycle facility located in San Patricio County, Texas.

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

table below exclude intercompany balances between the respective VIEs and Cheniere that eliminate in our Consolidated Financial Statements.

	June 30,		December 31,
	2026		2025
ASSETS
Current assets
Cash and cash equivalents	$	443	$	182
Restricted cash and cash equivalents	23		22
Trade and other receivables, net of current expected credit losses	349		512
Inventory	165		186
Current derivative assets	3		—
Margin deposits	10		11
Prepaid expenses	62		42
Other current assets, net	3		13
Total current assets	1,058		968
Property, plant and equipment, net of accumulated depreciation	15,034		15,397
Operating lease assets	74		77
Deferred NPNS assets	669		—
Derivative assets	5		541
Other non-current assets, net	374		287
Total assets	$	17,214	$	17,270
LIABILITIES
Current liabilities
Accounts payable	$	82	$	58
Accrued liabilities	693		1,000
Current debt, net of unamortized discount and debt issuance costs	109		306
Deferred revenue	102		119
Current operating lease liabilities	5		5
Current portion of deferred NPNS liabilities	103		—
Current derivative liabilities	93		164
Other current liabilities	9		11
Total current liabilities	1,196		1,663
Long-term debt, net of unamortized discount and debt issuance costs	14,335		14,161
Operating lease liabilities	71		73
Deferred NPNS liabilities	1,081		—
Derivative liabilities	27		900
Other non-current liabilities	149		159
Total liabilities	$	16,859	$	16,956