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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES We recorded an income tax provision of $303 million and $850 million during the three and nine months ended September 30, 2025, respectively, and an income tax provision of $231 million and $550 million for the same periods of 2024, respectively, which was calculated using the annual effective tax rate method. Our effective tax rate was 18.9% and 18.0% during the three and nine months ended September 30, 2025, respectively, as compared to 16.1% and 14.6% for the same periods of 2024, respectively. Our effective tax rate increased between the comparable periods primarily due to: (1) decreased ratio of pre-tax income attributable to CQP, which is partially not taxable to us, (2) increased tax expense due to a valuation allowance on a capital loss carryover generated on the sale of all of our equity interests in an equity method investment during the three months ended March 31, 2025 and (3) a reduced Foreign Derived Intangible Income (“FDII”) deduction. The effective tax rate for the comparable three and nine month periods was lower than the statutory rate of 21.0% primarily due to CQP’s income that is partially not taxable to us. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law with significant changes to the Internal Revenue Code that impact us, including, among other provisions, reinstating 100% accelerated tax bonus depreciation on qualifying assets acquired after January 19, 2025 and modifying the export-promoting FDII deduction rules, renamed to the Foreign Derived Deduction Eligible Income (“FDDEI”) under the OBBBA beginning in 2026. We initially applied the relevant and effective provisions of the OBBBA in the third quarter of 2025, including provisions related to bonus depreciation. The legislation did not have a material impact on our income tax expense for the three months ended September 30, 2025, and we do not expect it to materially change our effective income tax rate for 2025. However, the 100% bonus depreciation provision under the OBBBA is expected to defer our tax liability, ultimately reducing our 2025 income taxes payable to a nominal amount, primarily due to the accelerated tax deduction on qualifying Corpus Christi Stage 3 Project assets. On September 30, 2025, the Internal Revenue Service (the “IRS”) issued Notice 2025-49, which includes, among other provisions, revised interim rules for calculating CAMT adjusted financial statement income, including rules allowing us to utilize and benefit from our existing net operating loss carryovers for both CAMT and regular tax in the same period. As a result, our cash tax obligations have been deferred and we are entitled to a refund of $380 million of previously paid CAMT, which has been recognized as a receivable within trade and other receivables, net of current expected credit losses on our Consolidated Balance Sheets as of September 30, 2025.

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