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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Instruments | Debt consisted of the following (in millions):
|  | September 30, |  | December 31,
|  | 2025 |  | 2024
SPL: |  |  |  |
Senior Secured Notes: |  |  |  |
5.625% due 2025 |  | $ | — |  |  | $ | 300 |
5.875% due 2026 |  | 500 |  |  | 1,500 |
5.00% due 2027 |  | 1,500 |  |  | 1,500 |
4.200% due 2028 |  | 1,350 |  |  | 1,350 |
4.500% due 2030 |  | 2,000 |  |  | 2,000 |
due 2037 with weighted average rate of 4.747% and 4.746% at September 30, 2025 and December 31, 2024, respectively (1) |  | 1,730 |  |  | 1,782 |
Total SPL Senior Secured Notes |  | 7,080 |  |  | 8,432 |
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”) |  | — |  |  | — |
Total debt - SPL |  | 7,080 |  |  | 8,432 |
CQP: |  |  |  |
Senior Notes: |  |  |  |
4.500% due 2029 |  | 1,500 |  |  | 1,500 |
4.000% due 2031 |  | 1,500 |  |  | 1,500 |
3.25% due 2032 |  | 1,200 |  |  | 1,200 |
5.950% due 2033 |  | 1,400 |  |  | 1,400 |
5.750% due 2034 |  | 1,200 |  |  | 1,200 |
5.550% due 2035 (2) |  | 1,000 |  |  | — |
Total CQP Senior Notes |  | 7,800 |  |  | 6,800 |
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”) |  | — |  |  | — |
Total debt - CQP |  | 7,800 |  |  | 6,800 |
Total debt |  | 14,880 |  |  | 15,232 |
Current debt, net of unamortized discount and debt issuance costs (1) |  | (605) |  |  | (351) |
Unamortized discount and debt issuance costs |  | (119) |  |  | (120) |
Total long-term debt, net of unamortized discount and debt issuance costs |  | $ | 14,156 |  |  | $ | 14,761 |
(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures. (2)Issued in July 2025 pursuant to the same base indenture as the other CQP Senior Notes, as supplemented by the tenth supplemental indenture. See annual report on Form 10-K for the fiscal year ended December 31, 2024 for additional information regarding the guarantee, security and redemption option of CQP Senior Notes.
Schedule of Line of Credit Facilities | Below is a summary of our credit facilities outstanding as of September 30, 2025 (in millions):
|  |  |  | SPL Revolving Credit Facility |  | CQP Revolving Credit Facility |
Total facility size |  |  |  | $ | 1,000 |  |  | $ | 1,000 |  |
Less: |  |  |  |  |  |  |
Outstanding balance |  |  |  | — |  |  | — |  |
Letters of credit issued |  |  |  | 185 |  |  | — |  |
Available commitment |  |  |  | $ | 815 |  |  | $ | 1,000 |  |
Priority ranking |  |  |  | Senior secured |  | Senior unsecured |
Interest rate on available balance (1) |  |  |  | SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.75% or base rate plus 0.0% - 0.75% |  | SOFR plus credit spread adjustment of 0.1%, plus margin of 1.125% - 2.0% or base rate plus 0.125% - 1.0% |
Commitment fees on undrawn balance (1) |  |  |  | 0.075% - 0.30% |  | 0.10% - 0.30% |
Letter of credit fees (1) |  |  |  | 1.0% - 1.75% |  | 1.125% - 2.0% |
Maturity date |  |  |  | June 23, 2028 |  | June 23, 2028 |
(1)The margin on the interest rate, the commitment fees and the letter of credit fees is subject to change based on the applicable entity’s credit rating.
Schedule of Interest Expense | Total interest expense, net of capitalized interest, consisted of the following (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Total interest cost |  | $ | 192 |  |  | $ | 201 |  |  | $ | 574 |  |  | $ | 609 |  |  |
Capitalized interest |  | (3) |  |  | (2) |  |  | (7) |  |  | (6) |  |  |
Total interest expense, net of capitalized interest |  | $ | 189 |  |  | $ | 199 |  |  | $ | 567 |  |  | $ | 603 |  |  |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table shows the carrying amount and estimated fair value of our senior notes (in millions):
|  | September 30, 2025 |  | December 31, 2024
|  | Carrying Amount (1) |  | Estimated Fair Value (2) |  | Carrying Amount (1) |  | Estimated Fair Value (2)
Senior notes |  | $ | 14,880 |  |  | $ | 14,862 |  |  | $ | 15,232 |  |  | $ | 14,803 |
(1)Carrying amounts exclude unamortized discount and debt issuance costs. (2)As of both September 30, 2025 and December 31, 2024, $1.3 billion of the fair value of our senior notes were classified as Level 3 since these senior notes were valued by applying an unobservable illiquidity adjustment to the price derived from trades or indicative bids of instruments with similar terms, maturities and credit standing. The remainder of the fair value of our senior notes was classified as Level 2, based on prices derived from trades or indicative bids of the instruments.

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