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Derivatives | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives Overview of derivative instruments Interest rate swaps The Company uses interest rate swaps to mitigate exposure to changes in interest payments on certain variable rate debt. None of the Company's interest rate swaps was designated as cash flow hedges as of June 30, 2026 or December 31, 2025. 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. Natural gas supply contracts The Company has contracts to acquire the supply of feed gas for its LNG facilities ("natural gas supply contracts"). None of the Company's natural gas supply contracts was designated as normal purchases and normal sales or hedges as of June 30, 2026 or December 31, 2025. 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 |
Overview of results 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 |
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) |
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) |  |  |  |
Credit-risk related contingent features Interest rate swaps The interest rate swap agreements include cross default provisions that could trigger default under the swaps if the Company defaults on certain indebtedness, potentially requiring settlement of net derivative liability positions with counterparties. As of June 30, 2026, the Company had not posted collateral under these agreements and was not in default under any related provisions. The aggregate fair value of the Company's interest rate swaps with credit risk-related contingent features in a net liability position was $35 million as of June 30, 2026. Natural gas supply contracts Certain natural gas supply contracts contain credit risk-related contingent features that could require additional collateral if the Company's credit ratings change. As of June 30, 2026, these contracts in a net liability position had an aggregate fair value of $102 million. The Company had posted $55 million of collateral for these arrangements in the form of letters of credit under the Calcasieu Pass Working Capital Facility as of June 30, 2026.

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