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


	Estimated useful life	September 30, 2025		December 31, 2024

Terminal and interconnected pipeline facilities(a)	7-47	$	30,843	$	18,698
Construction in progress	N/A	6,955		10,773
Advanced equipment and construction payments	N/A	4,790		4,733
LNG tankers	25	1,504		630
Other(b)	2-35	661		633
Total property, plant and equipment at cost		44,753		35,467
Accumulated depreciation		(1,495)		(792)
Total property, plant and equipment, net		$	43,258	$	34,675

(a) During the nine months ended September 30, 2025, the Company extended the probable remaining terms of certain land leases and therefore extended the estimated useful lives of the terminal assets previously constrained by the terms of the land lease to which they are affixed. This resulted in a $88 million reduction to depreciation expense, or $0.04 and $0.03 increase in basic and diluted earnings per share, respectively, for the three and nine months ended September 30, 2025. See Note 6 – Leases for further discussion.

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

During the nine months ended September 30, 2025, the CP2 Project was deemed probable of construction and completion. Subsequent costs associated with the development and construction of the terminal and associated pipeline, including capitalizable interest, have been capitalized as construction in progress or advanced equipment payments.

In May 2025 and July 2025, the Company acquired the remaining equity ownership interests in Kagami 1 and Kagami 2, respectively. The purchases of Kagami 1 and Kagami 2 were recognized prospectively as asset acquisitions of the LNG tankers named Venture Acadia and Venture Creole, respectively. See Note 7 – Equity Method Investments for further discussion.

During the nine months ended September 30, 2025, the Company recognized $62 million of net proceeds, after deducting the cost of feed gas, from Test LNG sales as a reduction to the cost basis of the Plaquemines Project LNG terminal.

As of September 30, 2025, $23.2 billion, which represents a portion of the Plaquemines Project's property, plant and equipment, has been placed in service in accordance with the applicable accounting guidance. The Plaquemines Project remains under construction and is undergoing its planned commissioning program to satisfy the requirements necessary for achieving commercial operations as defined under the applicable contracts. Costs associated with these efforts will be either capitalized or expensed in accordance with the applicable accounting guidance.

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Depreciation expense	$	216	$	87	$	693	$	224