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v3.26.1

Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Interest Rate Swaps | The following table summarizes the Company's outstanding interest rate swaps, all of which receive variable rate compounding U.S. Secured Overnight Financing Rate ("SOFR"):
|  |  |  |  |  |  |  |  |  | Outstanding notional as of
Debt instrument |  | Latest maturity |  | Mandatory early termination |  | Pay fixed rate(a) |  | Maximum notional |  | June 30, 2026 |  | December 31, 2025
CP2 Credit Facilities |  | 2050 |  | 2032 |  | 4.05% |  | $ | 14,460 |  |  | $ | 5,197 |  |  | $ | 1,402 |
Plaquemines Credit Facilities |  | 2047 |  | 2029 |  | 2.47% |  | 2,051 |  |  | 2,051 |  |  | 2,051 |
Blackfin Credit Facilities |  | 2047 |  | 2030 & 2032 |  | 3.71% |  | 1,187 |  |  | 1,187 |  |  | 1,191 |
Calcasieu Funding TLB Facility |  | 2033 |  | N/A |  | 3.99% |  | 580 |  |  | — |  |  | — |
Calcasieu Pass Credit Facilities(b) |  |  |  |  |  |  |  | — |  |  | — |  |  | 783 |
Total notional |  |  |  |  |  |  |  | $ | 18,278 |  |  | $ | 8,435 |  |  | $ | 5,427 |
____________ (a)Represents a weighted-average fixed rate based on the maximum notional. (b)In April 2026, the Company fully settled the Calcasieu Pass Construction Term Loan and associated interest rate swaps. See Note 8 – Debt for further discussion.
Schedule of Outstanding Natural Gas Supply Contracts Derivatives | The following table summarizes outstanding natural gas supply contracts recognized as derivatives (notional amount in millions of MMBtus):
|  |  |  | Total notional as of
|  | Latest maturity |  | June 30, 2026 |  | December 31, 2025
Total notional |  | 2039 |  | 4,126 |  |  | 3,613 |
Schedule of Fair Value and Classification of Derivatives | The following table summarizes the fair value and classification of derivatives on the condensed consolidated balance sheets:
| Balance sheet location |  | June 30, 2026 |  | December 31, 2025
Assets |  |  |  |  |
Interest rate swaps | Derivative assets |  | $ | 31 |  |  | $ | 36 |
Natural gas supply contracts | Derivative assets |  | 66 |  |  | 29 |
Interest rate swaps | Noncurrent derivative assets |  | 263 |  |  | 203 |
Natural gas supply contracts | Noncurrent derivative assets |  | 15 |  |  | 13 |
Total assets |  |  | $ | 375 |  |  | $ | 281 |
Liabilities |  |  |  |  |
Interest rate swaps | Accrued and other liabilities |  | $ | 8 |  |  | $ | 32 |
Natural gas supply contracts | Accrued and other liabilities |  | 71 |  |  | 72 |
Interest rate swaps | Other noncurrent liabilities |  | 27 |  |  | 63 |
Natural gas supply contracts | Other noncurrent liabilities |  | 114 |  |  | 89 |
Total liabilities |  |  | $ | 220 |  |  | $ | 256 |
Schedule of Gross and Net Fair Value of Outstanding Derivative Assets | The following table presents the gross and net fair value of outstanding derivatives:
|  | June 30, 2026 |  | December 31, 2025
|  | Gross balance |  | Balance subject to netting |  | Net balance |  | Gross balance |  | Balance subject to netting |  | Net balance
Derivative assets |  | $ | 393 |  |  | $ | (18) |  |  | $ | 375 |  |  | $ | 296 |  |  | $ | (15) |  |  | $ | 281 |
Derivative liabilities |  | (238) |  |  | 18 |  |  | (220) |  |  | (271) |  |  | 15 |  |  | (256) |
Schedule of Gross and Net Fair Value of Outstanding Derivative Liabilities | The following table presents the gross and net fair value of outstanding derivatives:
|  | June 30, 2026 |  | December 31, 2025
|  | Gross balance |  | Balance subject to netting |  | Net balance |  | Gross balance |  | Balance subject to netting |  | Net balance
Derivative assets |  | $ | 393 |  |  | $ | (18) |  |  | $ | 375 |  |  | $ | 296 |  |  | $ | (15) |  |  | $ | 281 |
Derivative liabilities |  | (238) |  |  | 18 |  |  | (220) |  |  | (271) |  |  | 15 |  |  | (256) |
Schedule of Pre-Tax Effects of Derivative Instruments | The following table presents the pre-tax effects of derivative instruments recognized in earnings:
|  |  | Three months ended June 30, |  | Six months ended June 30, |  |  |
| Line item |  | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |
Natural gas supply contracts | Cost of sales |  | $ | 33 |  |  | $ | 77 |  |  | $ | (12) |  |  | $ | 115 |  |  |  |
Natural gas supply contracts | Development expense |  | (5) |  |  | — |  |  | (2) |  |  | — |  |  |  |
Interest rate swaps | Gain (loss) on interest rate swaps |  | 124 |  |  | (112) |  |  | 139 |  |  | (304) |  |  |  |

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