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Derivatives (Tables)

6 Months Ended

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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