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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2026
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
| March 31, 2026 |  | December 31, 2025
| Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Liquefaction Supply Derivatives asset (liability) | $ | — |  |  | $ | (55) |  |  | $ | (1,663) |  |  | $ | (1,718) |  |  | $ | — |  |  | $ | (37) |  |  | $ | 2,902 |  |  | $ | 2,865 |
LNG Trading Derivatives liability | — |  |  | (405) |  |  | — |  |  | (405) |  |  | — |  |  | (17) |  |  | — |  |  | (17) |
FX Derivatives asset (liability) | — |  |  | 21 |  |  | — |  |  | 21 |  |  | — |  |  | (2) |  |  | — |  |  | (2) |
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 March 31, 2026:
|  | Net Fair Value Liability (in millions) |  | Valuation Approach |  | Significant Unobservable Input |  | Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives |  | $(1,663) |  | Market approach incorporating present value techniques |  | Henry Hub basis spread |  | $(6.340) - $0.195 / $(0.133)
|  |  |  | Option pricing model |  | International LNG pricing spread, relative to Henry Hub (2) |  | 60% - 537% / 183%
(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):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2026 |  | 2025 |  |
Balance, beginning of period |  |  |  |  |  | $ | 2,902 |  |  | $ | (801) |  |  |
Realized and change in fair value gains (losses) included in net income (loss) (1): |  |  |  |  |  |  |  |  |  |
Included in cost of sales, existing deals (2) |  |  |  |  |  | (4,717) |  |  | (792) |  |  |
Included in cost of sales, new deals (3) |  |  |  |  |  | (6) |  |  | 13 |  |  |
Purchases and settlements: |  |  |  |  |  |  |  |  |  |
Purchases (4) |  |  |  |  |  | — |  |  | — |  |  |
Settlements (5) |  |  |  |  |  | 158 |  |  | 166 |  |  |
Transfers out of level 3 (6) |  |  |  |  |  | — |  |  | (1) |  |  |
Balance, end of period |  |  |  |  |  | $ | (1,663) |  |  | $ | (1,415) |  |  |
Unfavorable changes in fair value relating to instruments still held at the end of the period |  |  |  |  |  | $ | (4,723) |  |  | $ | (779) |  |  |
(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):
| March 31, 2026
| Liquefaction Supply Derivatives |  | LNG Trading Derivatives |  | FX Derivatives |  | Total
Consolidated Balance Sheets Location |  |  |  |  |  |  |
Current derivative assets | $ | 4 |  |  | $ | — |  |  | $ | 21 |  |  | $ | 25 |
Derivative assets | 2,228 |  |  | — |  |  | 1 |  |  | 2,229 |
Total derivative assets | 2,232 |  |  | — |  |  | 22 |  |  | 2,254 |
Current derivative liabilities | (2,140) |  |  | (405) |  |  | (1) |  |  | (2,546) |
Derivative liabilities | (1,810) |  |  | — |  |  | — |  |  | (1,810) |
Total derivative liabilities | (3,950) |  |  | (405) |  |  | (1) |  |  | (4,356) |
Derivative asset (liability), net | $ | (1,718) |  |  | $ | (405) |  |  | $ | 21 |  |  | $ | (2,102) |
| December 31, 2025
| Liquefaction Supply Derivatives |  | LNG Trading Derivatives |  | FX Derivatives |  | Total
Consolidated Balance Sheets Location |  |  |  |  |  |  |
Current derivative assets | $ | 7 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 9 |
Derivative assets | 4,663 |  |  | — |  |  | — |  |  | 4,663 |
Total derivative assets | 4,670 |  |  | 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 |
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 March 31, 2026 |  |  |  |  |  |
Gross assets |  | $ | 4,304 |  |  | $ | — |  |  | $ | 24 |
Offsetting amounts |  | (2,072) |  |  | — |  |  | (2) |
Net assets (1) |  | $ | 2,232 |  |  | $ | — |  |  | $ | 22 |
Gross liabilities |  | $ | (4,024) |  |  | $ | (460) |  |  | $ | (2) |
Offsetting amounts |  | 74 |  |  | 55 |  |  | 1 |
Net liabilities (2) |  | $ | (3,950) |  |  | $ | (405) |  |  | $ | (1) |
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 amounts |  | 50 |  |  | 36 |  |  | 2 |
Net liabilities (2) |  | $ | (1,805) |  |  | $ | (18) |  |  | $ | (3) |
(1)Includes current and non-current derivative assets of $25 million and $2,229 million, respectively, as of March 31, 2026 and $9 million and $4,663 million, respectively, as of December 31, 2025. (2)Includes current and non-current derivative liabilities of $2,546 million and $1,810 million, respectively, as of March 31, 2026 and $618 million and $1,208 million, respectively, as of December 31, 2025.
Derivative Asset and 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 Location |  | March 31, |  | December 31,
|  | 2026 |  | 2025
Liquefaction Supply Derivatives | Margin deposits |  | $ | 34 |  |  | $ | 20 |
Liquefaction Supply Derivatives | Other current liabilities |  | (5) |  |  | (3) |
LNG Trading Derivatives | Margin deposits |  | 255 |  |  | 56 |
LNG Trading Derivatives | Other current liabilities |  | (12) |  |  | (5) |
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:
| March 31, 2026 |  | December 31, 2025
| Liquefaction Supply Derivatives (1) |  | LNG Trading Derivatives |  | Liquefaction Supply Derivatives (1) |  | LNG Trading Derivatives
Notional amount, net (in TBtu) | 12,199 |  |  | 13 |  |  | 12,218 |  |  | 39 |
(1)Inclusive of amounts under contracts with unsatisfied contractual conditions and exclusive of extension options that were uncertain to be taken as of both March 31, 2026 and December 31, 2025.
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) |  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |  |  |
LNG Trading Derivatives | LNG revenues |  | $ | (805) |  |  | $ | 127 |  |  |  |  |  |  |
LNG Trading Derivatives | Cost of sales |  | (23) |  |  | 45 |  |  |  |  |  |  |
Liquefaction Supply Derivatives (2) | LNG revenues |  | — |  |  | 1 |  |  |  |  |  |  |
Liquefaction Supply Derivatives (2) | Cost of sales |  | (4,652) |  |  | (701) |  |  |  |  |  |  |
(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 Location |  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |  |  |
FX Derivatives | LNG revenues |  | $ | 23 |  |  | $ | (11) |  |  |  |  |  |  |

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