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Sankey diagram of Cheniere Energy, Inc.. A complete text table follows the diagram.
Long-term export contracts anchor the physical franchise, while non-cash supply marks overwhelm the quarter's reported income statement
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Pre-derivative gross spread and operating contribution are arithmetic editorial subtotals, not Cheniere-reported non-GAAP measures. They remove both the $782M revenue derivative loss and $4,652M supply derivative loss to isolate physical contract economics; the filing's reported operating result was a $3,488M loss.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Long-term LNG contracts | 1 | $4.8B | 532 TBtu delivered; the franchise anchor |
| Integrated marketing | 1 | $1.3B | 114 TBtu sold under shorter agreements |
| Third-party LNG trading | 1 | $416M | 36 TBtu procured and resold |
| Terminal & other revenue | 1 | $227M | Regasification, sublease and other activity |
| Physical revenue before derivatives | 2 | $6.7B | 682 TBtu of LNG delivered |
| Pre-derivative LNG gross spread | 3 | $3.0B | Editorial view of physical contract economics |
| Natural gas, cargo & trading cost | 3 | $3.7B | Cost of sales excluding derivative mark |
| Operating contribution before derivatives | 4 | $1.9B | Editorial subtotal, not reported GAAP income |
| Liquefaction operations & maintenance | 4 | $525M | Running Sabine Pass and Corpus Christi |
| Selling & administration | 4 | $136M | Commercial and corporate platform |
| Terminal depreciation & accretion | 4 | $373M | Capital-intensive export infrastructure |
| Other operating cost | 4 | $4M | Remaining operating items |
| From | To | Value |
|---|---|---|
| Long-term LNG contracts | Physical revenue before derivatives | $4.8B |
| Integrated marketing | Physical revenue before derivatives | $1.3B |
| Third-party LNG trading | Physical revenue before derivatives | $416M |
| Terminal & other revenue | Physical revenue before derivatives | $227M |
| Physical revenue before derivatives | Pre-derivative LNG gross spread | $3.0B |
| Physical revenue before derivatives | Natural gas, cargo & trading cost | $3.7B |
| Pre-derivative LNG gross spread | Operating contribution before derivatives | $1.9B |
| Pre-derivative LNG gross spread | Liquefaction operations & maintenance | $525M |
| Pre-derivative LNG gross spread | Selling & administration | $136M |
| Pre-derivative LNG gross spread | Terminal depreciation & accretion | $373M |
| Pre-derivative LNG gross spread | Other operating cost | $4M |