Property, Plant and Equipment, Net of Accumulated Depreciation

9 Months Ended

Sep. 30, 2026

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):

	September 30,		December 31,
	2026		2025
Terminal and related assets
Terminal and interconnecting pipeline facilities	$	41,313	$	38,422
Land	1,001		745
Construction-in-process	3,243		4,096
Accumulated depreciation	(9,450)		(8,434)
Total terminal and related assets, net of accumulated depreciation	36,107		34,829
Assets under finance leases
Marine assets	1,605		1,060
Accumulated depreciation	(309)		(199)
Total assets under finance leases, net of accumulated depreciation	1,296		861
Other assets
Other assets	273		260
Accumulated depreciation	(207)		(195)
Total other assets, net of accumulated depreciation	66		65
Property, plant and equipment, net of accumulated depreciation	$	37,469	$	35,755

The following table shows depreciation expense and offsets to terminal assets (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Depreciation expense	$	391	$	337	$	1,140	$	973
Sales proceeds earned from commissioning sales of LNG offset to terminal assets(1)	28		47		106		102

(1)We realize offsets to terminal assets for sales proceeds from commissioning volumes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction.