Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment, Net and Depreciation Expense Recognized

The following table presents the components of property, plant and equipment, net and their estimated useful lives (in years):



	Estimated useful life	June 30, 2026		December 31, 2025

Terminal and interconnected pipeline facilities(a)	3-48	$	34,943	$	32,651
Construction in progress	N/A	12,421		7,641
Advanced equipment and construction payments	N/A	5,331		5,541
LNG tankers	25	2,038		1,780
Other(b)	2-35	724		711
Total property, plant and equipment at cost		55,457		48,324
Accumulated depreciation		(2,241)		(1,736)
Total property, plant and equipment, net		$	53,216	$	46,588

____________

(a) In the third quarter of 2025, the Company became reasonably certain to exercise renewal options for certain land leases, which extended the remaining lease terms and the estimated useful lives of the related terminal assets. This resulted in a $90 million and $181 million reduction to depreciation expense, or $0.04 and $0.07 increase in basic and diluted earnings per share for the three and six months ended June 30, 2026, respectively. See Note 6 – Leases for further discussion.

(b) Includes finance lease assets, buildings, and land, which does not depreciate. See Note 6 – Leases for further discussion.

The following table presents depreciation expense recognized on the condensed consolidated statements of operations:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Depreciation expense	$	257	$	263	$	506	$	477