DISCLOSURES ABOUT SEGMENTS AND RELATED INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

DISCLOSURES ABOUT SEGMENTS AND RELATED INFORMATION

NOTE 16 — DISCLOSURES ABOUT SEGMENTS AND RELATED INFORMATION

The Upstream segment is organized and operates to produce, gather and deliver natural gas and to acquire and develop natural gas assets. The Midstream segment is organized to develop, construct and operate LNG terminals and pipelines. The Marketing & Trading segment is organized and operates to purchase and sell natural gas produced primarily by the Upstream segment, market the Driftwood terminal’s LNG production capacity and trade LNG. These operating segments represent the Company’s reportable segments. The remainder of our business is presented as “Corporate,” and consists of corporate costs and intersegment eliminations. The Company’s Chief Operating Decision Maker does not currently assess segment performance or allocate resources based on a measure of total assets. Accordingly, a total asset measure has not been provided for segment disclosure.

Three Months Ended March 31, 2024	Upstream		Midstream		Marketing & Trading		Corporate		Consolidated
Revenues from external customers (1)	$	1,730	$	—	$	23,742	$	—	$	25,472
Intersegment revenues (purchases) (2) (3)	23,742		(2,679)		(24,050)		2,987		—
Segment operating loss (4)	(13,813)		(8,842)		(4,060)		(2,479)		(29,194)
Interest income (expense), net	523		(252)		1		(4,589)		(4,317)
Loss on extinguishment of debt, net	—		—		—		(4,591)		(4,591)
Other (expense) income, net	(1,698)		—		44		(4,258)		(5,912)
Consolidated loss before tax									$	(44,014)

Three Months Ended March 31, 2023	Upstream		Midstream		Marketing & Trading		Corporate		Consolidated
Revenues from external customers (1)	$	3,854	$	—	$	47,081	$	—	$	50,935
Intersegment revenues (purchases) (2) (3)	47,081		(1,355)		(43,198)		(2,528)		—
Segment operating income (loss) (4)	(2,987)		(17,715)		(2,736)		(9,566)		(33,004)
Interest expense, net	225		(252)		1		(3,984)		(4,010)
Loss on extinguishment of debt, net	—		—		—		(2,822)		(2,822)
Other income (loss), net	118		—		12,329		(104)		12,343
Consolidated loss before tax									$	(27,493)

(1) The Marketing & Trading segment markets to third-party purchasers most of the Company's natural gas production from the Upstream segment.

(2) The Marketing & Trading segment purchases most of the Company’s natural gas production from the Upstream segment. Intersegment revenues are eliminated at consolidation.

(3) Intersegment revenues related to the Marketing & Trading segment are a result of cost allocations to the Corporate component using a cost-plus transfer pricing methodology. Intersegment revenues related to the Corporate component are associated with intercompany interest charged to the Midstream segment. Intersegment revenues are eliminated at consolidation.

(4) Operating profit (loss) is defined as operating revenues less operating costs and allocated corporate costs.

	Three Months Ended March 31,
Capital expenditures	2024		2023
Upstream	$	6,487	$	66,059
Midstream	26,325		62,459
Marketing & Trading	—		490
Total capital expenditures for reportable segments	32,812		129,008
Corporate capital expenditures	1,412		460
Consolidated capital expenditures	$	34,224	$	129,468