Cheniere Corpus Christi LNG Profits Soar Amidst Expansion Drive

TL;DR

**Cheniere Corpus Christi is printing money and expanding aggressively, making it a strong buy for LNG bulls.**

AI Summary

Cheniere Corpus Christi Holdings, LLC reported a significant increase in net income and total revenues for both the three and nine months ended September 30, 2025. Net income for the three months rose to $1,009 million from $706 million in the prior year, a 43% increase. For the nine months, net income surged to $2,409 million from $1,525 million, representing a 58% increase. Total revenues for the three months ended September 30, 2025, were $1,478 million, up from $1,220 million in 2024, driven by higher LNG revenues. Nine-month total revenues reached $4,579 million, a substantial increase from $3,445 million in the previous year. The company is actively expanding its Corpus Christi LNG Terminal, with the Corpus Christi Stage 3 Project having approximately 7 mtpa under construction and the Midscale Trains 8 & 9 Project, expected to add 5 mtpa, receiving a positive Final Investment Decision (FID) in June 2025. Operating costs and expenses decreased for the three-month period to $466 million from $509 million, but increased for the nine-month period to $2,175 million from $1,865 million. Derivative assets significantly increased to $2,550 million as of September 30, 2025, from $1,805 million at December 31, 2024, reflecting changes in fair value of Liquefaction Supply Derivatives.

Why It Matters

This strong financial performance and aggressive expansion signal robust demand for LNG, benefiting investors through increased profitability and potential future growth. The ongoing construction of the Corpus Christi Stage 3 Project and the Midscale Trains 8 & 9 Project positions Cheniere Corpus Christi Holdings to capture a larger share of the global LNG market, intensifying competition with other major LNG exporters. For employees, this expansion likely means job security and potential growth opportunities in a critical energy sector. Customers can expect increased supply reliability from a growing producer. The broader market will see continued investment in energy infrastructure, impacting global energy prices and supply dynamics.

Risk Assessment

Risk Level: medium — While net income and revenues are significantly up, the company's substantial reliance on derivative instruments, with Liquefaction Supply Derivatives assets at $1,802 million as of September 30, 2025, introduces market risk. The valuation of these derivatives incorporates significant unobservable inputs and is sensitive to changes in natural gas and international LNG prices, as detailed in Note 5, which could materially impact future results.

Analyst Insight

Investors should consider Cheniere Corpus Christi Holdings, LLC as a growth play in the LNG sector, given its strong financial performance and ongoing expansion projects. However, they should closely monitor global natural gas and LNG price volatility, as these factors significantly influence the valuation of the company's substantial derivative positions and, consequently, its profitability.

Financial Highlights

debt To Equity

0.31

revenue

$4,579M

operating Margin

52.5%

total Assets

$21,814M

total Debt

$5,213M

net Income

$2,409M

eps

N/A

gross Margin

N/A

cash Position

$66M

revenue Growth

+32.9%

Revenue Breakdown

Key Numbers

• $1,009M — Net income for Q3 2025 (Increased 43% from $706 million in Q3 2024)
• $2,409M — Net income for YTD Q3 2025 (Increased 58% from $1,525 million in YTD Q3 2024)
• $1,478M — Total revenues for Q3 2025 (Increased from $1,220 million in Q3 2024)
• $4,579M — Total revenues for YTD Q3 2025 (Increased from $3,445 million in YTD Q3 2024)
• $2,550M — Derivative assets as of Sep 30, 2025 (Increased from $1,805 million as of Dec 31, 2024)
• 30 mtpa — Total expected production capacity of Corpus Christi LNG Terminal (Over 12 mtpa was under construction as of September 30, 2025)
• 7 mtpa — Corpus Christi Stage 3 Project capacity under construction (Part of a project expected to add over 10 mtpa total)
• 5 mtpa — Midscale Trains 8 & 9 Project expected capacity (Received positive FID in June 2025)
• $18,129M — Property, plant and equipment, net as of Sep 30, 2025 (Increased from $16,254 million as of Dec 31, 2024, reflecting expansion)
• $1,659M — Cash used in investing activities for YTD Q3 2025 (Primarily for property, plant and equipment, indicating significant capital expenditure)

Key Players & Entities

• Cheniere Corpus Christi Holdings, LLC (company) — registrant
• Corpus Christi LNG Terminal (company) — primary asset and expansion site
• Bechtel Energy Inc. (company) — EPC contractor for Midscale Trains 8 & 9 Project
• Cheniere (company) — parent company and affiliate
• FASB (regulator) — issued ASU 2024-03
• SEC (regulator) — U.S. Securities and Exchange Commission
• Henry Hub (other) — natural gas futures contract benchmark
• Delaware (other) — state of incorporation
• Houston (other) — address of principal executive offices
• Texas (other) — state of principal executive offices

FAQ

Risk Factors

• Construction and Expansion Risks [high — operational]: The company is actively expanding its Corpus Christi LNG Terminal with the Stage 3 Project (7 mtpa under construction) and Midscale Trains 8 & 9 Project (5 mtpa, FID in June 2025). Delays or cost overruns in these significant capital projects could materially impact financial performance and future capacity.
• Commodity Price Volatility [medium — market]: The fair value of derivative assets, primarily Liquefaction Supply Derivatives, increased significantly to $2,550 million as of September 30, 2025, from $1,805 million at December 31, 2024. Fluctuations in commodity prices (natural gas, power) and volatility assumptions used in valuing these derivatives can lead to substantial changes in reported income.
• Derivative Valuation Uncertainty [medium — financial]: A significant portion of Liquefaction Supply Derivatives are classified as Level 3 assets, meaning their fair value is determined using internal models with significant unobservable inputs. Changes in these assumptions, particularly regarding future energy prices and volatility, can lead to material differences between estimated and actual results.
• Permitting and Environmental Regulations [medium — regulatory]: Expansion projects and ongoing operations are subject to complex environmental and permitting regulations. Any changes or stricter enforcement could lead to delays, increased costs, or operational restrictions.
• Interest Rate Sensitivity [low — financial]: While interest expense has decreased year-over-year for the three-month period ($4M in Q3 2025 vs $8M in Q3 2024), the company carries substantial long-term debt ($4,834M as of Sep 30, 2025). Rising interest rates could increase future interest expenses.

Industry Context

The global demand for Liquefied Natural Gas (LNG) continues to grow, driven by energy security concerns and the transition to cleaner fuels. Cheniere Corpus Christi Holdings, LLC operates in a competitive landscape with other major LNG exporters. The company's strategic expansions at its Corpus Christi facility position it to capitalize on this demand, particularly in European and Asian markets.

Regulatory Implications

Expansion projects and ongoing operations are subject to stringent environmental and safety regulations. Compliance with permitting requirements and potential changes in regulatory frameworks are critical. The company's ability to navigate these regulations efficiently will impact its growth trajectory and operational continuity.

What Investors Should Do

1. Monitor progress of Corpus Christi Stage 3 and Midscale Trains 8 & 9 projects
2. Analyze the impact of derivative valuations on earnings
3. Assess the company's debt management strategy
4. Evaluate the company's competitive positioning

Key Dates

• 2025-06-17: Positive Final Investment Decision (FID) for Midscale Trains 8 & 9 Project — Signals commitment to further expansion, adding 5 mtpa of capacity and driving future revenue growth.
• 2025-06-18: Full notice to proceed with construction for Midscale Trains 8 & 9 Project — Construction officially begins, confirming the timeline for the new capacity addition.
• 2025-09-30: End of Q3 2025 — Reporting period for the 10-Q, showing strong financial performance and significant asset growth.
• 2025-10: Third midscale Train of Corpus Christi Stage 3 Project reached substantial completion — Indicates progress in the Stage 3 expansion, moving closer to full operational capacity.

Glossary

mtpa

Million tonnes per annum, a standard unit for measuring the production capacity of liquefaction facilities. (Used to quantify the current and future production capacity of the Corpus Christi LNG Terminal and its expansion projects.)

FID

Final Investment Decision, a formal approval to proceed with a project after all feasibility studies and financing are confirmed. (The FID for Midscale Trains 8 & 9 Project in June 2025 indicates a significant step forward in the company's expansion strategy.)

Liquefaction Supply Derivatives

Financial instruments used to hedge against fluctuations in commodity prices (natural gas, power) related to the development, commissioning, and operation of LNG facilities. (These derivatives have a significant impact on the company's balance sheet, with assets increasing to $2,550 million as of September 30, 2025.)

Level 3 Assets

Assets valued using significant unobservable inputs, often requiring internal models and subjective judgments, as per the fair value hierarchy. (A substantial portion of the company's derivative assets are Level 3, highlighting potential valuation uncertainty and reliance on management's assumptions.)

Offsets to LNG terminal costs

Credits recognized for the sale of commissioning volumes of LNG before commercial operations begin. (These offsets reduced LNG terminal costs by $92 million for the nine months ended September 30, 2025, positively impacting reported expenses.)

Year-Over-Year Comparison

Cheniere Corpus Christi Holdings, LLC has demonstrated robust year-over-year growth. Total revenues for the nine months ended September 30, 2025, increased by 32.9% to $4,579 million from $3,445 million in the prior year. Net income saw a substantial surge of 58%, reaching $2,409 million compared to $1,525 million. Property, plant and equipment, net, has grown significantly to $18,129 million from $16,254 million, reflecting ongoing expansion. Derivative assets have also increased substantially, indicating a more complex hedging strategy or market valuation changes.

Filing Documents

• cch-20250930.htm (10-Q) — 1056KB
• exhibit101cchq32025form10q.htm (EX-10.1) — 117KB
• exhibit311cchq32025form10q.htm (EX-31.1) — 9KB
• exhibit321cchq32025form10q.htm (EX-32.1) — 5KB
• cch-20250930_g1.jpg (GRAPHIC) — 27KB
• 0001693317-25-000016.txt ( ) — 6110KB
• cch-20250930.xsd (EX-101.SCH) — 48KB
• cch-20250930_cal.xml (EX-101.CAL) — 43KB
• cch-20250930_def.xml (EX-101.DEF) — 236KB
• cch-20250930_lab.xml (EX-101.LAB) — 446KB
• cch-20250930_pre.xml (EX-101.PRE) — 333KB
• cch-20250930_htm.xml (XML) — 1008KB

Financial Information

Part I. Financial Information Item 1. Consolidated Financial Statements 3 Consolidated Statements of Operations 3 Consolidated Balance Sheets 4 Consolidated Statements of Member's Equity 5 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Note 1—Nature of Operations and Basis of Presentation 7 Note 2—Trade and Other Receivables, Net of Current Expected Credit Losses 8 Note 3—Inventory 8 Note 4—Property, Plant and Equipment, Net of Accumulated Depreciation 8 Note 5—Derivative Instruments 9 Note 6—Accrued Liabilities 12 Note 7—Debt 12 Note 8—Revenues 14 Note 9—Related Party Transactions 16 Note 10—Segment Information and Customer Concentration 17 Note 11—Supplemental Cash Flow Information 17 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 6. Exhibits 28

Signatures

Signatures 29 i Table of Contents DEFINITIONS As used in this quarterly report, the terms listed below have the following meanings: Common Industry and Other Terms ASU Accounting Standards Update Bcfe billion cubic feet equivalent EPC engineering, procurement and construction FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission FID final investment decision GAAP generally accepted accounting principles in the United States Henry Hub the final settlement price (in U.S. dollars per MMBtu) for the New York Mercantile Exchange's Henry Hub natural gas futures contract for the month in which a relevant cargo's delivery window is scheduled to begin IPM agreements integrated production marketing agreements in which the gas producer sells to us gas on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs LNG liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state MMBtu million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit mtpa million tonnes per annum SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate SPA LNG sale and purchase agreement TBtu trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit Train an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG 1 Table of Contents Abbreviated Legal Entity Structure The following diagram depicts our abbreviated legal entity structure as of September 30, 2025, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly repo

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in millions) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues LNG revenues $ 1,054 $ 885 $ 3,229 $ 2,602 LNG revenues—affiliate 424 335 1,350 843 Total revenues 1,478 1,220 4,579 3,445 Operating costs and expenses Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below) 106 192 1,153 916 Cost of sales—affiliate 27 25 57 72 Operating and maintenance expense 146 125 429 395 Operating and maintenance expense—affiliate 35 28 100 84 Operating and maintenance expense—related party 8 10 24 15 General and administrative expense 2 3 5 6 General and administrative expense—affiliate 11 11 34 32 Depreciation and amortization expense 131 115 373 341 Other operating costs and expenses — — — 4 Total operating costs and expenses 466 509 2,175 1,865 Income from operations 1,012 711 2,404 1,580 Other income (expense) Interest expense, net of capitalized interest ( 4 ) ( 8 ) ( 17 ) ( 59 ) Loss on modification or extinguishment of debt — — — ( 3 ) Other income, net 1 3 6 7 Other income—affiliate — — 16 — Total other income (expense) ( 3 ) ( 5 ) 5 ( 55 ) Net income $ 1,009 $ 706 $ 2,409 $ 1,525 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) September 30, December 31, 2025 2024 ASSETS Current assets Restricted cash and cash equivalents $ 66 $ 113 Trade and other receivables, net of current expected credit losses 202 194 Trade receivables—affiliate 174 190 Advances to affiliates 54 180 Inventory 147 132 Current derivative assets 26 21 Prepaid expenses 20 12 Other current assets, net 27 10 Total curren

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 1— NATURE OF OPERATIONS AND BASIS OF PRESENTATION We own a natural gas liquefaction and export facility located near Corpus Christi, Texas (the "Corpus Christi LNG Terminal" ) through CCL, which has total expected production capacity of over 30 mtpa of LNG, inclusive of estimated debottlenecking opportunities, of which over 12 mtpa was under construction and the remainder was in operation as of September 30, 2025. The Corpus Christi LNG Terminal also has three LNG storage tanks and two marine berths. We also own an approximately 21 -mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines (the "Corpus Christi Pipeline" ). The projects under construction at the Corpus Christi LNG Terminal include: a project consisting of seven midscale Trains that is expected to add total production capacity of over 10 mtpa of LNG once fully completed (the "Corpus Christi Stage 3 Project" ), with approximately 7 mtpa under construction and the remainder in operation from the first two midscale Trains that have reached substantial completion as of September 30, 2025 (subsequently, in October 2025, the third midscale Train reached substantial completion); and a project consisting of two additional midscale Trains that is expected to add total production capacity of approximately 5 mtpa of LNG once fully completed, inclusive of estimated debottlenecking opportunities (the "Midscale Trains 8 & 9 Project" and together with the existing assets at the Corpus Christi LNG Terminal, the Corpus Christi Stage 3 Project and the Corpus Christi Pipeline, the "Liquefaction Project" ), which was under construction as of September 30, 2025. Cheniere's board of directors made a positive FID with respect to the Midscale Trains 8 & 9 Project on June 17, 2025, and issued a full notice to proceed with construction to Bechtel Energy Inc. effective

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED (unaudited) Recent Accounting Standards ASU 2024-03 In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , as clarified by ASU No. 2025-01 in January 2025. This guidance requires disaggregated disclosures about certain income statement expense line items on an annual and interim basis. We continue to evaluate the impact of the provisions of this guidance on our disclosures, but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2027. NOTE 2— TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES Trade and other receivables, net of current expected credit losses, consisted of the following (in millions): September 30, December 31, 2025 2024 Trade receivables $ 193 $ 181 Other receivables 9 13 Total trade and other receivables, net of current expected credit losses $ 202 $ 194 NOTE 3— INVENTORY Inventory consisted of the following (in millions): September 30, December 31, 2025 2024 Materials $ 133 $ 108 LNG 11 16 Natural gas 3 7 Other — 1 Total inventory $ 147 $ 132 NOTE 4— PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions): September 30, December 31, 2025 2024 LNG terminal Terminal and interconnecting pipeline facilities $ 15,408 $ 13,406 Land 452 302 Construction-in-process 4,933 4,846 Accumulated depreciation ( 2,671 ) ( 2,306 ) Total LNG terminal, net of accumulated depreciation 18,122 16,248 Fixed assets Fixed assets 31 28 Accumulated depreciation ( 24 ) ( 22 ) Total fixed assets, net of accumulated depreciation 7 6 Property, plant and equipment, net of accumulated d

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED (unaudited) The following table shows depreciation expense and offsets to LNG terminal costs (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Depreciation expense $ 130 $ 113 $ 370 $ 339 Offsets to LNG terminal costs (1) 45 — 92 — (1) We recognized offsets to LNG terminal costs related to the sale of commissioning volumes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Project during the testing phase for its construction. NOTE 5— DERIVATIVE INSTRUMENTS We have commodity derivatives consisting of natural gas and power supply contracts, including our IPM agreements, for the development, commissioning and operation of the Liquefaction Project and expansion project, as well as the associated economic hedges (collectively, the "Liquefaction Supply Derivatives" ). 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 $ — $ 29 $ 1,773 $ 1,802 $ — $ 33 $ 506 $ 539 We value the Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, which incorporates observable commodity price curves, when available, and other relevant data. We include a significant portion of the Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value i

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED (unaudited) The Level 3 fair value measurements of our natural gas positions within the Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. 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 Asset (in millions) Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Liquefaction Supply Derivatives $ 1,773 Market approach incorporating present value techniques Henry Hub basis spread $( 0.638 ) - $ 0.180 / $( 0.171 ) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 74 % - 391 % / 174 % (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Spread contemplates U.S. dollar-denominated pricing. Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of the Liquefaction Supply Derivatives. 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 $ 1,137 $ ( 234 ) $ 506 $ ( 502 ) Realized and change in fair value gains (losses) included in net income (1): Included in cost of sales, existing deals (2) 506 210 793 307 Included in cost of sales, new deals (3) ( 1 ) ( 6 ) ( 1 ) ( 6 ) Purchases and settlements: Purchases (4) — — — — Settlements (5) 130 135 476 307 Transfers out of level 3 (6) 1 3 ( 1 ) 2 Balance, end of period $ 1,773 $ 108 $ 1,773 $ 108 Favorable changes in fair value relating to instruments still held at the end of the period $ 505 $ 204 $ 792 $ 301 (1) Does not include the realized value associated with der

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED (unaudited) some of which commence or accelerate upon the satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. The forward notional amount for the Liquefaction Supply Derivatives was approximately 6,575 TBtu and 7,003 TBtu as of September 30, 2025 and December 31, 2024, respectively, inclusive of amounts under contracts with unsatisfied contractual conditions, and exclusive of extension options that were uncertain to be taken as of both September 30, 2025 and December 31, 2024. 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 LNG revenues $ — $ ( 2 ) $ 2 $ — Cost of sales 648 338 1,264 553 (1) Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. 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 September 30, 2025 December 31, 2024 Consolidated Balance Sheets Location Current derivative assets $ 26 $ 21 Derivative assets 2,550 1,805 Total derivative assets 2,576 1,826 Current derivative liabilities ( 379 ) ( 635 ) Derivative liabilities ( 395 ) ( 652 ) Total derivative liabilities ( 774 ) ( 1,287 ) Derivative asset, net $ 1,802 $ 539 Consolidated Balance Sheets Presentation The following table reconciles the fair value of o

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED (unaudited) The table below shows the collateral balances that are recorded within other current assets and other current liabilities that are not netted on our Consolidated Balance Sheets (in millions): Consolidated Balance Sheets Location September 30, December 31, 2025 2024 Liquefaction Supply Derivatives Other current assets, net $ 9 $ 5 Liquefaction Supply Derivatives Other current liabilities 1 — NOTE 6— ACCRUED LIABILITIES Accrued liabilities consisted of the following (in millions): September 30, December 31, 2025 2024 Natural gas purchases $

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