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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Assets and Liabilities | The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):
| Fair Value Measurements as of
| September 30, 2025 |  | December 31, 2024
| Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Liquefaction Supply Derivatives asset (liability) | $ | — |  |  | $ | 6 |  |  | $ | (1,184) |  |  | $ | (1,178) |  |  | $ | — |  |  | $ | 26 |  |  | $ | (1,307) |  |  | $ | (1,281) |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes quantitative information for the unobservable inputs for the Level 3 Liquefaction Supply Derivatives as of September 30, 2025:
|  | Net Fair Value Liability (in millions) |  | Valuation Approach |  | Significant Unobservable Input |  | Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives |  | $(1,184) |  | Market approach incorporating present value techniques |  | Henry Hub basis spread |  | $(0.468) - $0.295 / $(0.013)
|  |  |  | Option pricing model |  | International LNG pricing spread, relative to Henry Hub (2) |  | 66% - 391% / 185%
(1)Unobservable inputs were weighted by the relative fair value of the instruments. (2)Spread contemplates U.S. dollar-denominated pricing.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Balance, beginning of period |  | $ | (1,147) |  |  | $ | (1,495) |  |  | $ | (1,307) |  |  | $ | (1,676) |  |  |
Realized and change in fair value gains (losses) included in net income (1): |  |  |  |  |  |  |  |  |  |
Included in cost of sales, existing deals (2) |  | (93) |  |  | 46 |  |  | (7) |  |  | 163 |  |  |
Included in cost of sales, new deals (3) |  | (2) |  |  | 2 |  |  | (12) |  |  | 17 |  |  |
Purchases and settlements: |  |  |  |  |  |  |  |  |  |
Purchases (4) |  | — |  |  | — |  |  | — |  |  | — |  |  |
Settlements (5) |  | 60 |  |  | 69 |  |  | 147 |  |  | 119 |  |  |
Transfers out of level 3 (6) |  | (2) |  |  | 2 |  |  | (5) |  |  | 1 |  |  |
Balance, end of period |  | $ | (1,184) |  |  | $ | (1,376) |  |  | $ | (1,184) |  |  | $ | (1,376) |  |  |
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period |  | $ | (95) |  |  | $ | 48 |  |  | $ | (19) |  |  | $ | 180 |  |  |
(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table. (2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period. (3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period. (4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period, which continue to exist at the end of the period. (5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period. (6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of the Liquefaction Supply Derivatives recorded on our Consolidated Statements of Operations (in millions):
|  | Gain (Loss) Recognized in Consolidated Statements of Operations |  |
Consolidated Statements of Operations Location (1) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Cost of sales |  | $ | (12) |  |  | $ | 152 |  |  | $ | 109 |  |  | $ | 316 |  |  |
(1)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery. Fair value fluctuations associated with our derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.
Fair Value of Derivative Instruments by Balance Sheet Location | The following table shows the fair value and location of the Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in millions):
|  | Fair Value Measurements as of |  |  |  |
Consolidated Balance Sheets Location |  | September 30, 2025 |  |  |  |  |  | December 31, 2024 |  |  |  |
Current derivative assets |  | $ | 16 |  |  |  |  |  |  | $ | 84 |  |  |  |  |
Derivative assets |  | 14 |  |  |  |  |  |  | 98 |  |  |  |  |
Total derivative assets |  | 30 |  |  |  |  |  |  | 182 |  |  |  |  |
Current derivative liabilities |  | (139) |  |  |  |  |  |  | (250) |  |  |  |  |
Derivative liabilities |  | (1,069) |  |  |  |  |  |  | (1,213) |  |  |  |  |
Total derivative liabilities |  | (1,208) |  |  |  |  |  |  | (1,463) |  |  |  |  |
Derivative liability, net |  | $ | (1,178) |  |  |  |  |  |  | $ | (1,281) |  |  |  |  |
Derivative Net Presentation on Consolidated Balance Sheets | The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Consolidated Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP (in millions):
|  | Liquefaction Supply Derivatives
|  | September 30, 2025 |  | December 31, 2024
Gross assets |  | $ | 242 |  |  | $ | 228 |
Offsetting amounts |  | (212) |  |  | (46) |
Net assets |  | $ | 30 |  |  | $ | 182 |
Gross liabilities |  | $ | (1,224) |  |  | $ | (1,464) |
Offsetting amounts |  | 16 |  |  | 1 |
Net liabilities |  | $ | (1,208) |  |  | $ | (1,463) |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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