| DISCLOSURES ABOUT SEGMENTS AND RELATED INFORMATION |
NOTE 16 — DISCLOSURES 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.
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| Three Months Ended September 30, 2023 |
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Upstream |
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Midstream |
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Marketing & Trading |
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Corporate |
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Consolidated |
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Revenues from external customers (1)
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$ |
4,215 |
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$ |
— |
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$ |
39,035 |
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$ |
— |
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$ |
43,250 |
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Intersegment revenues (purchases) (2) (3)
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39,035 |
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(2,297) |
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(35,584) |
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(1,154) |
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— |
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Segment operating loss (4)
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(12,553) |
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(12,497) |
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(2,471) |
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(6,862) |
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(34,383) |
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| Interest income (expense), net |
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366 |
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(252) |
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2 |
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(4,108) |
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(3,992) |
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| Loss on extinguishment of debt, net |
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— |
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— |
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— |
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(29,473) |
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(29,473) |
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| Other (expense) income, net |
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— |
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— |
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(9) |
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2,440 |
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2,431 |
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| Consolidated loss before tax |
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$ |
(65,417) |
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| Three Months Ended September 30, 2022 |
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Upstream |
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Midstream |
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Marketing & Trading |
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Corporate |
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Consolidated |
Revenues from external customers (1)
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$ |
14,205 |
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$ |
— |
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$ |
66,898 |
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$ |
— |
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$ |
81,103 |
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Intersegment revenues (purchases) (2) (3)
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66,900 |
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(578) |
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(68,217) |
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1,895 |
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— |
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Segment operating profit (loss) (4)
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40,071 |
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(19,297) |
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(11,042) |
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(4,303) |
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5,429 |
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| Interest expense, net |
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— |
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(994) |
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— |
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(5,950) |
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(6,944) |
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| Other income (expense), net |
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309 |
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— |
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(12,937) |
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(90) |
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(12,718) |
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| Consolidated loss before tax |
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$ |
(14,233) |
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| Nine Months Ended September 30, 2023 |
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Upstream |
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Midstream |
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Marketing & Trading |
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Corporate |
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Consolidated |
Revenues from external customers (1)
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$ |
13,849 |
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$ |
— |
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$ |
112,323 |
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$ |
— |
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$ |
126,172 |
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Intersegment revenues (purchases) (2) (3)
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112,323 |
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(5,417) |
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(101,564) |
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(5,342) |
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— |
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Segment operating loss (4)
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(44,238) |
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(46,493) |
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(8,145) |
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(25,402) |
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(124,278) |
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| Interest income (expense), net |
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943 |
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(755) |
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6 |
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(12,378) |
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(12,184) |
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| Loss on extinguishment of debt, net |
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— |
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— |
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— |
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(32,295) |
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(32,295) |
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| Other income (expense), net |
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1,193 |
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— |
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12,808 |
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2,227 |
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16,228 |
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| Consolidated loss before tax |
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$ |
(152,529) |
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| Nine Months Ended September 30, 2022 |
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Upstream |
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Midstream |
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Marketing & Trading |
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Corporate |
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Consolidated |
Revenues from external customers (1)
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$ |
15,620 |
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$ |
— |
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$ |
273,773 |
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$ |
— |
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$ |
289,393 |
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Intersegment revenues (purchases) (2) (3)
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152,824 |
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(808) |
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(141,385) |
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(10,631) |
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— |
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Segment operating profit (loss) (4)
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83,170 |
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(57,098) |
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(25,093) |
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(30,098) |
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(29,119) |
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| Interest expense, net |
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— |
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(2,984) |
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(455) |
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(10,351) |
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(13,790) |
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| Other income (expense), net |
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309 |
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— |
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(38,695) |
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|
420 |
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(37,966) |
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| Consolidated loss before tax |
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$ |
(80,875) |
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(1) The Marketing & Trading segment markets to third party-purchasers most of the Company's natural gas production from the Upstream segment.
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(2) The Marketing & Trading segment purchases most of the Company’s natural gas production from the Upstream segment. Intersegment revenues are eliminated at consolidation.
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(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.
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(4) Operating profit (loss) is defined as operating revenues less operating costs and allocated corporate costs.
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Nine Months Ended September 30, |
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| Capital expenditures |
2023 |
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2022 |
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| Upstream |
$ |
106,378 |
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$ |
236,558 |
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| Midstream |
168,210 |
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137,205 |
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| Marketing & Trading |
490 |
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— |
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| Total capital expenditures for reportable segments |
275,078 |
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373,763 |
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| Corporate capital expenditures |
2,300 |
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1,278 |
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| Consolidated capital expenditures |
$ |
277,378 |
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$ |
375,041 |
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