Annual report pursuant to Section 13 and 15(d)

DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION

v3.24.0.1
DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION
NOTE 18 — DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION
The Upstream segment is organized and operates to produce, gather and deliver natural gas and to acquire and develop natural gas assets. The Midstream segment is organized to develop, construct and operate LNG terminals and pipelines. The Marketing & Trading segment is organized and operates to purchase and sell natural gas produced primarily by the Upstream segment, market the Driftwood terminal’s LNG production capacity and trade LNG. These operating segments represent the Company’s reportable segments. The remainder of our business is presented as “Corporate,” and consists of corporate costs and intersegment eliminations. The Company’s Chief Operating Decision Maker does not currently assess segment performance or allocate resources based on a measure of total assets. Accordingly, a total asset measure has not been provided for segment disclosure.
Year ended December 31, 2023 Upstream Midstream Marketing & Trading Corporate Consolidated
Revenues from external customers (1)
$ 18,047  $ —  $ 148,081  $ —  $ 166,128 
Intersegment revenues (purchases) (2) (3)
148,081  (7,969) (135,781) (4,331) — 
Segment operating income (loss) (4)
(55,501) (55,289) (7,306) (30,566) (148,662)
Interest expense, net 1,506  (1,007) 6  (18,552) (18,047)
Loss on extinguishment of debt, net —  —  —  (32,295) (32,295)
Other income (loss), net 1,193  —  12,783  18,850  32,827 
Consolidated loss before tax $ (166,177)
Year ended December 31, 2022 Upstream Midstream Marketing & Trading Corporate Consolidated
Revenues from external customers (1)
$ 15,993  $ —  $ 375,933  $ —  $ 391,926 
Intersegment revenues (purchases) (2) (3)
254,984  (1,760) (241,229) (11,995) — 
Segment operating income (loss) (4)
130,663  (80,626) (31,192) (36,618) (17,773)
Interest expense, net —  (1,751) (454) (11,655) (13,860)
Gain on extinguishment of debt, net —  —  —  —  — 
Other income (loss), net 3,770  —  (22,912) 964  (18,177)
Consolidated loss before tax $ (49,810)
Year ended December 31, 2021 Upstream Midstream Marketing & Trading Corporate Consolidated
Revenues from external customers (1)
$ 2,317  $ —  $ 68,958  $ —  $ 71,275 
Intersegment revenues (purchases) (2) (3)
49,182  —  (44,755) (4,427) — 
Segment operating loss (4)
(5,651) (42,040) (22,889) (42,153) (112,733)
Interest expense, net (1,642) (4,722) —  (3,014) (9,378)
Gain on extinguishment of debt, net (665) 2,087  —  —  1,422 
Other (loss) income , net (1,284) (2,494) 9,460  269  5,951 
Consolidated loss before tax $ (114,738)
(1) The Marketing & Trading segment markets to third party-purchasers most of the Company's natural gas production from the Upstream segment.
(2) The Marketing & Trading segment purchases most of the Company’s natural gas production from the Upstream segment. Intersegment revenues are eliminated at consolidation.
(3) Intersegment revenues related to the Marketing & Trading segment are a result of cost allocations to the Corporate component using a cost plus transfer pricing methodology. Intersegment revenues related to the Corporate component are associated with intercompany interest charged to the Midstream segment. Intersegment revenues are eliminated at consolidation.
(4) Operating profit (loss) is defined as operating revenues less operating costs and allocated corporate costs.
Year Ended December 31,
Capital expenditures 2023 2022 2021
Upstream $ 112,992  $ 347,240  $ 32,364 
Midstream 200,127  199,283  25,501 
Marketing & Trading 490  675  — 
Total capital expenditures for reportable segments 313,609  547,198  57,865 
Corporate capital expenditures 3,896  5,690  — 
Consolidated capital expenditures $ 317,505  $ 552,888  $ 57,865