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