v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has multiple operating segments, including the Company's five LNG projects, its DS&S business, and its pipeline activities. Each LNG project operating segment includes activity of both the respective liquefaction facility and export terminal and the associated pipeline(s) that will supply the natural gas to that facility.

The Company has four reportable segments. Operating segments that are not quantitatively material for reporting purposes have been combined with corporate activities as corporate, other and eliminations. Activities reported in corporate, other and eliminations include immaterial operating segments, costs which are overhead in nature and not directly associated with the operating segments, including certain general and administrative and marketing expenses, and inter-segment eliminations. Prior period presentations have been recast to conform to the current segment reporting structure to separately disclose our DS&S business that is now quantitatively material.

The following tables present financial information by segment, including significant segment expenses regularly provided to the CODM, and a reconciliation of segment income (loss) from operations to income (loss) before income tax expense on the condensed consolidated statements of operations for the periods indicated.
Three months ended September 30, 2025
Calcasieu
Project		Plaquemines ProjectCP2
Project		DS&SCorporate, other and eliminationsTotal
Revenue$711 $2,525 $— $688 $(595)$3,329 
Operating expense
Cost of sales463 973 — 556 (604)1,388 
Operating and maintenance expense82 99 10 61 (7)245 
General and administrative expense3 16 13 2 71 105 
Development expense— 13 22 — 18 53 
Depreciation and amortization46 142 — 13 17 218 
Total operating expense594 1,243 45 632 (505)2,009 
Income (loss) from operations$117 $1,282 $(45)$56 $(90)$1,320 
Interest income27 
Interest expense, net(421)
Loss on interest rate swaps(144)
Loss on financing transactions(141)
Loss on foreign currency
transactions
(4)
Income before income tax expense$637 
Three months ended September 30, 2024
Calcasieu
Project		Plaquemines ProjectCP2
Project		DS&SCorporate, other and eliminationsTotal
Revenue$1,024 $— $— $29 $(127)$926 
Operating expense
Cost of sales297 — — 28 (53)272 
Operating and maintenance expense105 26 — 26 (14)143 
General and administrative expense4 16 4 5 48 77 
Development expense1 14 101 — 40 156 
Depreciation and amortization77 1 1 5 5 89 
Total operating expense484 57 106 64 26 737 
Income (loss) from operations$540 $(57)$(106)$(35)$(153)$189 
Interest income53 
Interest expense, net(128)
Loss on interest rate swaps(480)
Loss on financing transactions(6)
Loss before income tax expense$(372)
Nine months ended September 30, 2025
Calcasieu
Project		Plaquemines ProjectCP2
Project		DS&SCorporate, other and eliminationsTotal
Revenue$3,284 $5,806 $1 $1,657 $(1,424)$9,324 
Operating expense
Cost of sales1,595 2,395 — 1,317 (1,441)3,866 
Operating and maintenance expense300 264 10 157 (17)714 
General and administrative expense11 47 34 4 217 313 
Development expense— 32 193 — 67 292 
Depreciation and amortization176 450 — 27 48 701 
Total operating expense2,082 3,188 237 1,505 (1,126)5,886 
Income (loss) from operations$1,202 $2,618 $(236)$152 $(298)$3,438 
Interest income121 
Interest expense, net(1,007)
Loss on interest rate swaps(448)
Loss on financing transactions(204)
Loss on foreign currency
transactions
(4)
Income before income tax expense$1,896 

Nine months ended September 30, 2024
Calcasieu
Project		Plaquemines ProjectCP2
Project		DS&SCorporate, other and eliminationsTotal
Revenue$3,546 $— $— $29 $(127)$3,448 
Operating expense
Cost of sales964 — — 28 (55)937 
Operating and maintenance expense296 73 — 28 (19)378 
General and administrative expense11 47 12 13 141 224 
Development expense5 41 383 1 81 511 
Depreciation and amortization204 2 1 5 17 229 
Total operating expense1,480 163 396 75 165 2,279 
Income (loss) from operations$2,066 $(163)$(396)$(46)$(292)$1,169 
Interest income187 
Interest expense, net(467)
Gain on interest rate swaps70 
Loss on financing transactions(14)
Income before income tax expense$945 
Capital expendituresTotal assets
Nine months ended September 30,September 30,December 31,
2025202420252024
Calcasieu Project$72 $184 $6,830 $7,181 
Plaquemines Project4,783 7,077 26,285 24,627 
CP2 Project2,835 1,386 8,684 3,643 
DS&S545 97 2,115 1,473 
Corporate, other and eliminations1,569 1,512 6,165 6,567 
Total$9,804 $10,256 $50,079 $43,491