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Derivatives
 6 Months Ended
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 notionalJune 30,
2026		December 31,
2025
CP2 Credit Facilities205020324.05%$14,460 $5,197 $1,402 
Plaquemines Credit Facilities204720292.47%2,051 2,051 2,051 
Blackfin Credit Facilities20472030 & 20323.71%1,187 1,187 1,191 
Calcasieu Funding TLB Facility2033N/A3.99%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 maturityJune 30,
2026		December 31,
2025
Total notional
20394,126 3,613 

Overview of results

The following table summarizes the fair value and classification of derivatives on the condensed consolidated balance sheets:

Balance sheet locationJune 30,
2026		December 31,
2025
Assets
Interest rate swapsDerivative assets$31 $36 
Natural gas supply contractsDerivative assets66 29 
Interest rate swapsNoncurrent derivative assets263 203 
Natural gas supply contractsNoncurrent derivative assets15 13 
Total assets$375 $281 
Liabilities
Interest rate swapsAccrued and other liabilities$8 $32 
Natural gas supply contractsAccrued and other liabilities71 72 
Interest rate swapsOther noncurrent liabilities27 63 
Natural gas supply contractsOther noncurrent liabilities114 89 
Total liabilities$220 $256 
The following table presents the gross and net fair value of outstanding derivatives:

June 30, 2026December 31, 2025
Gross balanceBalance subject to nettingNet balanceGross balanceBalance subject to nettingNet 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 item2026202520262025
Natural gas supply contractsCost of sales$33 $77 $(12)$115 
Natural gas supply contractsDevelopment expense(5)— (2)— 
Interest rate swapsGain (loss) on interest rate swaps124 (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.