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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to            
Commission file number 001-16383
CHENIERE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware95-4352386
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713375-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $ 0.003 par valueLNGNYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No   
As of April 30, 2021, the issuer had 253,537,331 shares of Common Stock outstanding.



CHENIERE ENERGY, INC.
TABLE OF CONTENTS

 
 
 
i


DEFINITIONS
As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
Bcfbillion cubic feet
Bcf/dbillion cubic feet per day
Bcf/yrbillion cubic feet per year
Bcfebillion cubic feet equivalent
DOEU.S. Department of Energy
EPCengineering, procurement and construction
FERCFederal Energy Regulatory Commission
FTA countriescountries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAPgenerally accepted accounting principles in the United States
Henry Hubthe final settlement price (in USD 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
LIBORLondon Interbank Offered Rate
LNGliquefied 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
MMBtumillion British thermal units, an energy unit
mtpamillion tonnes per annum
non-FTA countriescountries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SECU.S. Securities and Exchange Commission
SPALNG sale and purchase agreement
TBtutrillion British thermal units, an energy unit
Trainan industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUAterminal use agreement

1


Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of March 31, 2021, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
Unless the context requires otherwise, references to “Cheniere,” the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, Cheniere Partners.
Unless the context requires otherwise, references to the “CCH Group” refer to CCH HoldCo II, CCH HoldCo I, CCH, CCL and CCP, collectively.

2


PART I.    FINANCIAL INFORMATION 


ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS

CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended March 31,
20212020
Revenues
LNG revenues$2,999 $2,568 
Regasification revenues67 67 
Other revenues24 74 
Total revenues3,090 2,709 
Operating costs and expenses
Cost of sales (excluding items shown separately below)1,386 724 
Operating and maintenance expense322 316 
Development expense1 4 
Selling, general and administrative expense81 81 
Depreciation and amortization expense236 233 
Impairment expense and loss on disposal of assets 5 
Total operating costs and expenses2,026 1,363 
Income from operations1,064 1,346 
Other income (expense)
Interest expense, net of capitalized interest(356)(412)
Loss on modification or extinguishment of debt(55)(1)
Interest rate derivative gain (loss), net1 (208)
Other income, net6 9 
Total other expense(404)(612)
Income before income taxes and non-controlling interest660 734 
Income tax provision(89)(131)
Net income571 603 
Less: net income attributable to non-controlling interest178 228 
Net income attributable to common stockholders$393 $375 
Net income per share attributable to common stockholders—basic (1)$1.56 $1.48 
Net income per share attributable to common stockholders—diluted (1)$1.54 $1.43 
Weighted average number of common shares outstanding—basic252.9 253.0 
Weighted average number of common shares outstanding—diluted258.9 299.6 
(1)    Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.
The accompanying notes are an integral part of these consolidated financial statements.

3


CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)
March 31,December 31,
20212020
ASSETS(unaudited) 
Current assets  
Cash and cash equivalents$1,667 $1,628 
Restricted cash731 449 
Accounts and other receivables, net675 647 
Inventory314 292 
Derivative assets67 32 
Other current assets120 121 
Total current assets3,574 3,169 
Property, plant and equipment, net30,409 30,421 
Operating lease assets1,181 759 
Non-current derivative assets306 376 
Goodwill77 77 
Deferred tax assets402 489 
Other non-current assets, net446 406 
Total assets$36,395 $35,697 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities  
Accounts payable$84 $35 
Accrued liabilities1,263 1,175 
Current debt1,105 372 
Deferred revenue102 138 
Current operating lease liabilities251 161 
Derivative liabilities342 313 
Other current liabilities5 2 
Total current liabilities3,152 2,196 
Long-term debt, net 29,465 30,471 
Non-current operating lease liabilities928 597 
Non-current finance lease liabilities57 57 
Non-current derivative liabilities166 151 
Other non-current liabilities7 7 
Commitments and contingencies (see Note 17)
Stockholders’ equity  
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued
  
Common stock, $0.003 par value, 480.0 million shares authorized; 274.9 million shares and 273.1 million shares issued at March 31, 2021 and December 31, 2020, respectively
1 1 
Treasury stock: 21.4 million shares and 20.8 million shares at March 31, 2021 and December 31, 2020, respectively, at cost
(914)(872)
Additional paid-in-capital4,306 4,273 
Accumulated deficit(3,200)(3,593)
Total stockholders' equity (deficit)193 (191)
Non-controlling interest2,427 2,409 
Total equity2,620 2,218 
Total liabilities and stockholders’ equity$36,395 $35,697 
(1)     Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of March 31, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $18.9 billion and $18.6 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash.

The accompanying notes are an integral part of these consolidated financial statements.

4


CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
Three Months Ended March 31, 2021
Total Stockholders’ Equity
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Equity
 SharesPar Value AmountSharesAmount
Balance at December 31, 2020252.3 $1 20.8 $(872)$4,273 $(3,593)$2,409 $2,218 
Vesting of restricted stock units and performance stock units1.8        
Share-based compensation—  —  33   33 
Issued shares withheld from employees related to share-based compensation, at cost(0.6) 0.6 (42)   (42)
Net income attributable to non-controlling interest—  —    178 178 
Distributions to non-controlling interest—  —    (160)(160)
Net income—  —   393  393 
Balance at March 31, 2021253.5 $1 21.4 $(914)$4,306 $(3,200)$2,427 $2,620 
    
Three Months Ended March 31, 2020
Total Stockholders’ Equity
 Common StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestTotal
Equity
 SharesPar Value AmountSharesAmount
Balance at December 31, 2019253.6 $1 17.1 $(674)$4,167 $(3,508)$2,449 $2,435 
Vesting of restricted stock units and performance stock units2.1        
Share-based compensation—  —  29   29 
Issued shares withheld from employees related to share-based compensation, at cost(0.7) 0.7 (39)   (39)
Shares repurchased, at cost(2.9) 2.9 (155)   (155)
Net income attributable to non-controlling interest—  —    228 228 
Distributions to non-controlling interest—  —    (154)(154)
Net income—  —   375  375 
Balance at March 31, 2020252.1 $1 20.7 $(868)$4,196 $(3,133)$2,523 $2,719 
The accompanying notes are an integral part of these consolidated financial statements.

5


CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Three Months Ended March 31,
20212020
Cash flows from operating activities
Net income$571 $603 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense236 233 
Share-based compensation expense32 29 
Non-cash interest expense8 17 
Amortization of debt issuance costs, premium and discount20 32 
Reduction of right-of-use assets85 96 
Loss on modification or extinguishment of debt55 1 
Total losses (gains) on derivatives, net74 (459)
Net cash provided by settlement of derivative instruments5 91 
Impairment expense and loss on disposal of assets 5 
Impairment or loss (income) on equity method investments(7)1 
Deferred taxes87 129 
Other1  
Changes in operating assets and liabilities:
Accounts and other receivables, net(3)23 
Inventory(16)74 
Other current assets(1)13 
Accounts payable and accrued liabilities52 (176)
Deferred revenue(36)(67)
Operating lease liabilities(86)(90)
Other, net(11)19 
Net cash provided by operating activities1,066 574 
Cash flows from investing activities
Property, plant and equipment, net(190)(556)
Investment in equity method investment (90)
Other(10)(8)
Net cash used in investing activities(200)(654)
Cash flows from financing activities
Proceeds from issuances of debt1,800 596 
Repayments of debt(2,088)(300)
Debt issuance and other financing costs(19)(33)
Debt modification or extinguishment costs(40) 
Distributions to non-controlling interest(160)(154)
Payments related to tax withholdings for share-based compensation(42)(39)
Repurchase of common stock (155)
Other4  
Net cash used in financing activities(545)(85)
Net increase (decrease) in cash, cash equivalents and restricted cash321 (165)
Cash, cash equivalents and restricted cash—beginning of period2,077 2,994 
Cash, cash equivalents and restricted cash—end of period$2,398 $2,829 
Balances per Consolidated Balance Sheets:
March 31,
2021
Cash and cash equivalents$1,667 
Restricted cash731 
Total cash, cash equivalents and restricted cash$2,398 
The accompanying notes are an integral part of these consolidated financial statements.

6

CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


NOTE 1—NATURE OF OPERATIONS AND BASIS OF PRESENTATION

We are operating and constructing two natural gas liquefaction and export facilities at Sabine Pass and Corpus Christi. The Sabine Pass LNG terminal is located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Cheniere Partners, through its subsidiary SPL, is currently operating five natural gas liquefaction Trains and is constructing one additional Train that is expected to be substantially completed in the first half of 2022, for a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”) at the Sabine Pass LNG terminal. The Sabine Pass LNG terminal has operational regasification facilities owned by Cheniere Partners’ subsidiary, SPLNG, that include pre-existing infrastructure of five LNG storage tanks, two marine berths and vaporizers and an additional marine berth that is under construction. Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines (the “Creole Trail Pipeline”) through its subsidiary, CTPL. As of March 31, 2021, we owned 100% of the general partner interest and 48.6% of the limited partner interest in Cheniere Partners.

The Corpus Christi LNG terminal is located near Corpus Christi, Texas and is operated and constructed by our subsidiary, CCL. We are currently operating three Trains, including the third Train which achieved substantial completion on March 26, 2021, for a total production capacity of approximately 15 mtpa of LNG. We also operate a 23-mile natural gas supply pipeline that interconnects the Corpus Christi LNG terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the Trains, the “CCL Project”) through our subsidiary, CCP. The CCL Project also contains three LNG storage tanks and two marine berths.

Additionally, separate from the CCH Group, we are developing an expansion of the Corpus Christi LNG terminal adjacent to the CCL Project (“Corpus Christi Stage 3”) through our subsidiary CCL Stage III, for up to seven midscale Trains with an expected total production capacity of approximately 10 mtpa of LNG. We received approval from FERC in November 2019 to site, construct and operate the expansion project.

We remain focused on operational excellence and customer satisfaction. Increasing demand for LNG has allowed us to expand our liquefaction infrastructure in a financially disciplined manner. We have increased available liquefaction capacity at our Liquefaction Projects as a result of debottlenecking and other optimization projects. We hold significant land positions at both the Sabine Pass LNG terminal and the Corpus Christi LNG terminal which provide opportunity for further liquefaction capacity expansion. The development of these sites or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a final investment decision (“FID”).

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2020.

Results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2021.

Recent Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the debt host. The guidance also amends and simplifies the calculation of earnings per share relating to convertible instruments. This guidance is effective for annual periods beginning after December 15, 2021, including interim periods within that reporting period, with earlier adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within that reporting period, using either a full or modified retrospective approach. We plan to adopt
7


CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
this guidance on January 1, 2022 and are currently evaluating the impact of the provisions of this guidance on our Consolidated Financial Statements and related disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing contracts expected to arise from the market transition from LIBOR to alternative reference rates. We have various credit facilities and interest rate swaps indexed to LIBOR, as further described in Note 6—Derivative Instruments and Note 10—Debt. The optional expedients were available to be used upon issuance of this guidance but we have not yet applied the guidance because we have not yet modified any of our existing contracts for reference rate reform. Once we apply an optional expedient to a modified contract and adopt this standard, the guidance will be applied to all subsequent applicable contract modifications until December 31, 2022, at which time the optional expedients are no longer available.

NOTE 2—RESTRICTED CASH
 
Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, restricted cash consisted of the following (in millions):
March 31,December 31,
20212020
Restricted cash
SPL Project $123 $97 
CCL Project382 70 
Cash held by our subsidiaries that is restricted to Cheniere226 282 
Total restricted cash$731 $449 
Pursuant to the accounts agreements entered into with the collateral trustees for the benefit of SPL’s debt holders and CCH’s debt holders, SPL and CCH are required to deposit all cash received into reserve accounts controlled by the collateral trustees.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) and other restricted payments. The majority of the cash held by our subsidiaries that is restricted to Cheniere relates to advance funding for operation and construction needs of the Liquefaction Projects.

NOTE 3—ACCOUNTS AND OTHER RECEIVABLES

As of March 31, 2021 and December 31, 2020, accounts and other receivables, net consisted of the following (in millions):
March 31,December 31,
20212020
Trade receivables
SPL and CCL$475 $482 
Cheniere Marketing121 113 
Other accounts receivable79 52 
Total accounts and other receivables, net$675 $647 

8


CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 4—INVENTORY

As of March 31, 2021 and December 31, 2020, inventory consisted of the following (in millions):
March 31,December 31,
20212020
Materials$158 $150 
LNG in-transit94 88 
LNG42 27 
Natural gas18 26 
Other2 1 
Total inventory$314 $292 

NOTE 5—PROPERTY, PLANT AND EQUIPMENT
 
As of March 31, 2021 and December 31, 2020, property, plant and equipment, net consisted of the following (in millions):
March 31,December 31,
20212020
LNG terminal costs  
LNG terminal and interconnecting pipeline facilities$30,560 $27,475 
LNG site and related costs324 324 
LNG terminal construction-in-process2,511 5,378 
Accumulated depreciation(3,161)(2,935)
Total LNG terminal costs, net30,234 30,242 
Fixed assets and other  
Computer and office equipment25 25 
Furniture and fixtures20 19 
Computer software119 117 
Leasehold improvements45 45 
Land59 59 
Other25 25 
Accumulated depreciation(170)(164)
Total fixed assets and other, net123 126 
Assets under finance lease
Tug vessels 60 60 
Accumulated depreciation(8)(7)
Total assets under finance lease, net52 53 
Property, plant and equipment, net$30,409 $30,421 

The following table shows depreciation expense and offsets to LNG terminal costs during the three months ended March 31, 2021 and 2020 (in millions):
Three Months Ended March 31,
20212020
Depreciation expense$234 $232 
Offsets to LNG terminal costs (1)191  
(1)    We recognize offsets to LNG terminal costs related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Projects during the testing phase for its construction.

9


CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
NOTE 6—DERIVATIVE INSTRUMENTS
 
We have entered into the following derivative instruments that are reported at fair value:
interest rate swaps (“CCH Interest Rate Derivatives”) to hedge the exposure to volatility in a portion of the floating-rate interest payments on CCH’s amended and restated credit facility (the “CCH Credit Facility”) and previously, to hedge against changes in interest rates that could impact anticipated future issuance of debt by CCH (“CCH Interest Rate Forward Start Derivatives” and, collectively with the CCH Interest Rate Derivatives, the “Interest Rate Derivatives”);
commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the Liquefaction Projects and potential future development of Corpus Christi Stage 3 (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (“Financial Liquefaction Supply Derivatives,” and collectively with the Physical Liquefaction Supply Derivatives, the “Liquefaction Supply Derivatives”);
physical derivatives consisting of liquified natural gas contracts in which we have contractual net settlement (“Physical LNG Trading Derivatives”) and financial derivatives to hedge the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”); and
foreign currency exchange (“FX”) contracts to hedge exposure to currency risk associated with both LNG Trading Derivatives and operations in countries outside of the United States (“FX Derivatives”).

We recognize our derivative instruments as either assets or liabilities and measure those instruments at fair value. None of our derivative instruments are designated as cash flow or fair value hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Operations to the extent not utilized for the commissioning process.

The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, which are classified as derivative assets, non-current derivative assets, derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in millions):
Fair Value Measurements as of
March 31, 2021December 31, 2020
Quoted Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
TotalQuoted Prices in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
CCH Interest Rate Derivatives liability$ $(114)$ $(114)$ $(140)$ $(140)
Liquefaction Supply Derivatives asset (liability)7 (5)149 151 5 (6)241 240 
LNG Trading Derivatives liability (155)(18)(173)(3)(131) (134)
FX Derivatives asset (liability) 1  1  (22) (22)

We value our Interest Rate Derivatives using an income-based approach utilizing observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data. We value our LNG Trading Derivatives and our Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data. We value our FX Derivatives with a market approach using observable FX rates and other relevant data.

The fair value of our Physical Liquefaction Supply Derivatives and LNG Trading Derivatives are predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair value, including evaluating whether the respective market is available as pipeline infrastructure is developed. The fair value of our Physical Liquefaction Supply Derivatives incorporates risk premiums related to the satisfaction of conditions precedent, such as completion and placement into service of relevant pipeline infrastructure to accommodate marketable physical gas flow. As of March 31, 2021 and December 31, 2020, some of our Physical Liquefaction
10


CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)
Supply Derivatives existed within markets for which the pipeline infrastructure was under development to accommodate marketable physical gas flow.

We include our Physical LNG Trading Derivatives and a portion of our Physical Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity, volatility and contract duration.

The Level 3 fair value measurements of our Physical LNG Trading Derivatives and the natural gas positions within our Physical 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 our Level 3 Physical Liquefaction Supply Derivatives and Physical LNG Trading Derivatives as of March 31, 2021:
Net Fair Value Asset (Liability)
(in millions)
Valuation ApproachSignificant Unobservable InputRange of Significant Unobservable Inputs / Weighted Average (1)
Physical Liquefaction Supply Derivatives$149Market approach incorporating present value techniquesHenry Hub basis spread
$(0.577) - $0.265 / $(0.014)
Option pricing modelInternational LNG pricing spread, relative to Henry Hub (2)
127% - 215% / 160%
Physical LNG Trading Derivatives$(18)Market approach incorporating present value techniquesInternational LNG pricing spread, relative to Henry Hub or TTF, as applicable (2)
$(2.664) - $3.188 / $