# EDGAR Filing Document

**Accession Number:** 0001693317
**File Stem:** 0001693317-25-000016
**Filing Date:** 2025-10
**Character Count:** 143220
**Document Hash:** 62953b44eb3985937e3be988329e1327
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001693317-25-000016.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001693317-25-000016

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cheniere Corpus Christi Holdings, LLC
- **CENTRAL INDEX KEY:** 0001693317
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS DISTRIBUTION [4924]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 471929160
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-215435
- **FILM NUMBER:** 251431251

**BUSINESS ADDRESS:**
- **STREET 1:** 845 TEXAS AVENUE
- **STREET 2:** SUITE 1250
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-375-5000

**MAIL ADDRESS:**
- **STREET 1:** 845 TEXAS AVENUE
- **STREET 2:** SUITE 1250
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

?xml version='1.0' encoding='ASCII'? cch-20250930

    

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 10-Q** 

☒**&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the quarterly period ended September 30, 2025

or

☐**&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the transition period from<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>to<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Commission file number 333-215435

**Cheniere Corpus Christi Holdings, LLC** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **47-1929160** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**845 Texas Avenue, Suite 1250** 

**Houston, Texas 77002** 

(Address of principal executive offices) (Zip Code)

**(713) 375-5000** 

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| **None** | **None** | **None** |

---

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 ☒

Note: The registrant is a voluntary filer not subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934. However, the registrant has filed all reports required pursuant to Sections 13 or 15(d) during the preceding 12 months as if the registrant was subject to such filing requirements.

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).&nbsp;&nbsp;&nbsp;&nbsp;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 filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller 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 ☒

Indicate the number of shares outstanding of the issuer's classes of common stock, as of the latest practicable date: **Not applicable**

    

------

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | <u>[Definitions](#i6348633548bd4445ade0fbb2b08fc36a_10)</u> | <u>[1](#i6348633548bd4445ade0fbb2b08fc36a_10)</u> |
| **<u>[Part I. Financial Information](#i6348633548bd4445ade0fbb2b08fc36a_13)</u>** | **<u>[Part I. Financial Information](#i6348633548bd4445ade0fbb2b08fc36a_13)</u>** | **<u>[Part I. Financial Information](#i6348633548bd4445ade0fbb2b08fc36a_13)</u>** |
| <u>[Item 1.](#i6348633548bd4445ade0fbb2b08fc36a_16)</u> | <u>[Consolidated Financial Statements](#i6348633548bd4445ade0fbb2b08fc36a_16)</u> | <u>[3](#i6348633548bd4445ade0fbb2b08fc36a_16)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations](#i6348633548bd4445ade0fbb2b08fc36a_19)</u> | <u>[3](#i6348633548bd4445ade0fbb2b08fc36a_19)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i6348633548bd4445ade0fbb2b08fc36a_25)</u> | <u>[4](#i6348633548bd4445ade0fbb2b08fc36a_25)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Member's Equity](#i6348633548bd4445ade0fbb2b08fc36a_31)</u> | <u>[5](#i6348633548bd4445ade0fbb2b08fc36a_31)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i6348633548bd4445ade0fbb2b08fc36a_37)</u> | <u>[6](#i6348633548bd4445ade0fbb2b08fc36a_37)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i6348633548bd4445ade0fbb2b08fc36a_40)</u> | <u>[7](#i6348633548bd4445ade0fbb2b08fc36a_40)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1—Nature of Operations and Basis of Presentation](#i6348633548bd4445ade0fbb2b08fc36a_43)</u> | <u>[7](#i6348633548bd4445ade0fbb2b08fc36a_43)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2—Trade and Other Receivables, Net of Current Expected Credit Losses](#i6348633548bd4445ade0fbb2b08fc36a_52)</u> | <u>[8](#i6348633548bd4445ade0fbb2b08fc36a_52)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3—Inventory](#i6348633548bd4445ade0fbb2b08fc36a_55)</u> | <u>[8](#i6348633548bd4445ade0fbb2b08fc36a_55)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4—Property, Plant and Equipment, Net of Accumulated Depreciation](#i6348633548bd4445ade0fbb2b08fc36a_58)</u> | <u>[8](#i6348633548bd4445ade0fbb2b08fc36a_58)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5—Derivative Instruments](#i6348633548bd4445ade0fbb2b08fc36a_61)</u> | <u>[9](#i6348633548bd4445ade0fbb2b08fc36a_61)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6—Accrued Liabilities](#i6348633548bd4445ade0fbb2b08fc36a_64)</u> | <u>[12](#i6348633548bd4445ade0fbb2b08fc36a_64)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7—Debt](#i6348633548bd4445ade0fbb2b08fc36a_67)</u> | <u>[12](#i6348633548bd4445ade0fbb2b08fc36a_67)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8—Revenues](#i6348633548bd4445ade0fbb2b08fc36a_76)</u> | <u>[14](#i6348633548bd4445ade0fbb2b08fc36a_76)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9—Related Party Transactions](#i6348633548bd4445ade0fbb2b08fc36a_82)</u> | <u>[16](#i6348633548bd4445ade0fbb2b08fc36a_82)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10—Segment Information and Customer Concentration](#i6348633548bd4445ade0fbb2b08fc36a_85)</u> | <u>[17](#i6348633548bd4445ade0fbb2b08fc36a_85)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11—Supplemental Cash Flow Information](#i6348633548bd4445ade0fbb2b08fc36a_91)</u> | <u>[17](#i6348633548bd4445ade0fbb2b08fc36a_91)</u> |
| <u>[Item 2.](#i6348633548bd4445ade0fbb2b08fc36a_94)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i6348633548bd4445ade0fbb2b08fc36a_94)</u> | <u>[18](#i6348633548bd4445ade0fbb2b08fc36a_94)</u> |
| <u>[Item 3.](#i6348633548bd4445ade0fbb2b08fc36a_124)</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i6348633548bd4445ade0fbb2b08fc36a_124)</u> | <u>[26](#i6348633548bd4445ade0fbb2b08fc36a_124)</u> |
| <u>[Item 4.](#i6348633548bd4445ade0fbb2b08fc36a_127)</u> | <u>[Controls and Procedures](#i6348633548bd4445ade0fbb2b08fc36a_127)</u> | <u>[26](#i6348633548bd4445ade0fbb2b08fc36a_127)</u> |
| **<u>[Part II. Other Information](#i6348633548bd4445ade0fbb2b08fc36a_130)</u>** | **<u>[Part II. Other Information](#i6348633548bd4445ade0fbb2b08fc36a_130)</u>** | **<u>[Part II. Other Information](#i6348633548bd4445ade0fbb2b08fc36a_130)</u>** |
| <u>[Item 1.](#i6348633548bd4445ade0fbb2b08fc36a_133)</u> | <u>[Legal Proceedings](#i6348633548bd4445ade0fbb2b08fc36a_133)</u> | <u>[28](#i6348633548bd4445ade0fbb2b08fc36a_133)</u> |
| <u>[Item 1A.](#i6348633548bd4445ade0fbb2b08fc36a_136)</u> | <u>[Risk Factors](#i6348633548bd4445ade0fbb2b08fc36a_136)</u> | <u>[28](#i6348633548bd4445ade0fbb2b08fc36a_136)</u> |
| <u>[Item 6.](#i6348633548bd4445ade0fbb2b08fc36a_142)</u> | <u>[Exhibits](#i6348633548bd4445ade0fbb2b08fc36a_142)</u> | <u>[28](#i6348633548bd4445ade0fbb2b08fc36a_142)</u> |
| | <u>[Signatures](#i6348633548bd4445ade0fbb2b08fc36a_145)</u> | <u>[29](#i6348633548bd4445ade0fbb2b08fc36a_145)</u> |

---

i

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**DEFINITIONS**

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

**Common Industry and Other Terms**

---

| | |
|:---|:---|
| ASU | Accounting Standards Update |
| Bcfe | billion cubic feet equivalent |
| EPC | engineering, procurement and construction |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| FID | final investment decision |
| GAAP | generally accepted accounting principles in the United States |
| Henry Hub | the final settlement price (in U.S. dollars 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 |
| IPM agreements | integrated production marketing agreements in which the gas producer sells to us gas on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs |
| LNG | liquefied 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 |
| MMBtu | million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit |
| mtpa | million tonnes per annum |
| SEC | U.S. Securities and Exchange Commission |
| SOFR | Secured Overnight Financing Rate |
| SPA | LNG sale and purchase agreement |
| TBtu | trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit |
| Train | an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG |

---

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**Abbreviated Legal Entity Structure**

The following diagram depicts our abbreviated legal entity structure as of September 30, 2025, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:

![Updated CCH Org Chart.jpg](cch-20250930_g1.jpg)

Unless the context requires otherwise, references to the "Company," "we," "us," and "our" refer to Cheniere Corpus Christi Holdings, LLC and its consolidated subsidiaries.

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**PART I.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION**

**ITEM 1. &nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED FINANCIAL STATEMENTS**

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(in millions)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues | $1054 | $885 | $3229 | $2602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues—affiliate | 424 | 335 | 1350 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1478 | 1220 | 4579 | 3445 |
| Operating costs and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below) | 106 | 192 | 1153 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales—affiliate | 27 | 25 | 57 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense | 146 | 125 | 429 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense—affiliate | 35 | 28 | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense—related party | 8 | 10 | 24 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 2 | 3 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense—affiliate | 11 | 11 | 34 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 131 | 115 | 373 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating costs and expenses |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 466 | 509 | 2175 | 1865 |
| Income from operations | 1012 | 711 | 2404 | 1580 |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest | (4) | (8) | (17) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on modification or extinguishment of debt |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 1 | 3 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income—affiliate |  |  | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (3) | (5) | 5 | (55) |
| Net income | $1009 | $706 | $2409 | $1525 |

---

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

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(in millions)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| ASSETS |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | $66 | $113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables, net of current expected credit losses | 202 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables—affiliate | 174 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to affiliates | 54 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 147 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current derivative assets | 26 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 20 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets, net | 27 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 716 | 852 |
| Property, plant and equipment, net of accumulated depreciation | 18129 | 16254 |
| Derivative assets | 2550 | 1805 |
| Other non-current assets, net | 419 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $21814 | $19334 |
| LIABILITIES AND MEMBER'S EQUITY |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $90 | $87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 470 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities—related party | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 66 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current derivative liabilities | 379 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 18 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities—affiliate | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1027 | 1350 |
| Long-term debt, net of unamortized discount and debt issuance costs | 4834 | 4830 |
| Derivative liabilities | 395 | 652 |
| Other non-current liabilities | 31 | 40 |
| Other non-current liabilities—affiliate | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6288 | 6874 |
| Member's equity | 15526 | 12460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and member's equity | $21814 | $19334 |

---

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

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF MEMBER'S EQUITY** 

**(in millions)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| **Three and Nine Months Ended September 30, 2025** | | |
| |<br>**Cheniere CCH HoldCo I, LLC** |<br>**Total Member**'**s Equity** |
| Balance at December 31, 2024 | $12460 | $12460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | (115) | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | (290) | (290) |
| Balance at March 31, 2025 | 12055 | 12055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions (excluding the item shown separately below) | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash contribution (see <u>[Note 1](#i6348633548bd4445ade0fbb2b08fc36a_43)</u>) | 497 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 1690 | 1690 |
| Balance at June 30, 2025 | 14517 | 14517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 1009 | 1009 |
| Balance at September 30, 2025 | $15526 | $15526 |

---

---

| | | |
|:---|:---|:---|
| **Three and Nine Months Ended September 30, 2024** | | |
| |<br>**Cheniere CCH HoldCo I, LLC** |<br>**Total Member**'**s Equity** |
| Balance at December 31, 2023 | $8532 | $8532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | (36) | (36) |
| Balance at March 31, 2024 | 8676 | 8676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions (excluding the item shown separately below) | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash contribution (see <u>[Note 7](#i6348633548bd4445ade0fbb2b08fc36a_70)</u>) | 1515 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 855 | 855 |
| Balance at June 30, 2024 | 11176 | 11176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions (excluding the item shown separately below) | 105 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash asset contribution from Cheniere (see <u>[Note 9](#i6348633548bd4445ade0fbb2b08fc36a_82)</u>) | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | (200) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 706 | 706 |
| Balance at September 30, 2024 | $11821 | $11821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in millions)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $2409 | $1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 373 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount and debt issuance costs | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gains on derivative instruments, net | (1266) | (553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) settlement of derivative instruments | 3 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense relieved by parent |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 3 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | (1) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables—affiliate | 20 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to affiliates | 77 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (14) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (75) | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities—related party | (1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (15) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (45) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net—affiliate | (5) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1469 | 1177 |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net of proceeds on commissioning sales of LNG of $81 million and zero, respectively | (1659) | (1455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (4) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1663) | (1475) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions | 275 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | (115) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (13) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 147 | 201 |
| Net decrease in restricted cash and cash equivalents | (47) | (97) |
| Restricted cash and cash equivalents—beginning of period | 113 | 175 |
| Restricted cash and cash equivalents—end of period | $66 | $78 |

---

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

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**NOTE 1—NATURE OF OPERATIONS AND BASIS OF PRESENTATION**

We own a natural gas liquefaction and export facility located near Corpus Christi, Texas (the **"Corpus Christi LNG Terminal"**) through CCL, which has total expected production capacity of over 30 mtpa of LNG, inclusive of estimated debottlenecking opportunities, of which over 12 mtpa was under construction and the remainder was in operation as of September 30, 2025. The Corpus Christi LNG Terminal also has three LNG storage tanks and two marine berths. We also own an approximately 21-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines (the **"Corpus Christi Pipeline"**).

The projects under construction at the Corpus Christi LNG Terminal include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** a project consisting of seven midscale Trains that is expected to add total production capacity of over 10 mtpa of LNG once fully completed (the **"Corpus Christi Stage 3 Project"**), with approximately 7 mtpa under construction and the remainder in operation from the first two midscale Trains that have reached substantial completion as of September 30, 2025 (subsequently, in October 2025, the third midscale Train reached substantial completion); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a project consisting of two additional midscale Trains that is expected to add total production capacity of approximately 5 mtpa of LNG once fully completed, inclusive of estimated debottlenecking opportunities (the **"Midscale Trains 8 & 9 Project"** and together with the existing assets at the Corpus Christi LNG Terminal, the Corpus Christi Stage 3 Project and the Corpus Christi Pipeline, the **"Liquefaction Project"**), which was under construction as of September 30, 2025. Cheniere's board of directors made a positive FID with respect to the Midscale Trains 8 & 9 Project on June 17, 2025, and issued a full notice to proceed with construction to Bechtel Energy Inc. effective June 18, 2025. Upon FID of the Midscale Trains 8 & 9 Project in June 2025, the related EPC contract was novated to CCL from another subsidiary of Cheniere that was developing the project, and the related construction-in-process and other non-current assets recognized by the subsidiary totaling $373 million and $124 million, respectively, were contributed to CCL.

We do not have employees and thus we and our subsidiaries have various services agreements with affiliates of Cheniere in the ordinary course of business, including services required to construct, operate and maintain the Liquefaction Project, and administrative services. See <u>[Note 9—Related Party Transactions](#i6348633548bd4445ade0fbb2b08fc36a_82)</u> for additional details of the activity under these services agreements during the three and nine months ended September 30, 2025 and 2024.

**Basis of Presentation**

The accompanying unaudited Consolidated Financial Statements of CCH have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, these Consolidated Financial Statements 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 <u>[annual report on Form 10-K for the fiscal year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1693317/000169331725000004/cch-20241231.htm#ic5d1b76b405d4bc5a3ee52b6180eb810_184)</u>.

Results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2025.

We are a disregarded entity for federal and state income tax purposes. Our taxable income or loss, which may vary substantially from the net income or loss reported on our Consolidated Statements of Operations, is included in the consolidated federal income tax return of Cheniere. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

**Recent Accounting Standards**

***ASU 2024-03***

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*, as clarified by ASU No. 2025-01 in January 2025. This guidance requires disaggregated disclosures about certain income statement expense line items on an annual and interim basis. We continue to evaluate the impact of the provisions of this guidance on our disclosures, but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2027.

**NOTE 2—TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES**

Trade and other receivables, net of current expected credit losses, consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Trade receivables | $193 | $181 |
| Other receivables | 9 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade and other receivables, net of current expected credit losses | $202 | $194 |

---

**NOTE 3—INVENTORY**

Inventory consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Materials | $133 | $108 |
| LNG | 11 | 16 |
| Natural gas | 3 | 7 |
| Other |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total inventory | $147 | $132 |

---

 **NOTE 4—PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION**

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| LNG terminal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminal and interconnecting pipeline facilities | $15408 | $13406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | 452 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction-in-process | 4933 | 4846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (2671) | (2306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total LNG terminal, net of accumulated depreciation | 18122 | 16248 |
| Fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 31 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (24) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed assets, net of accumulated depreciation | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net of accumulated depreciation | $18129 | $16254 |

---

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

The following table shows depreciation expense and offsets to LNG terminal costs (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Depreciation expense | $130 | $113 | $370 | $339 |
| Offsets to LNG terminal costs (1) | 45 |  | 92 |  |

---

(1)We recognized offsets to LNG terminal costs related to the sale of commissioning volumes because these amounts were earned or loaded prior to the start of commercial operations of the respective Trains of the Liquefaction Project during the testing phase for its construction.

**NOTE 5—DERIVATIVE INSTRUMENTS**

We have commodity derivatives consisting of natural gas and power supply contracts, including our IPM agreements, for the development, commissioning and operation of the Liquefaction Project and expansion project, as well as the associated economic hedges (collectively, the **"Liquefaction Supply Derivatives"**).

The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value Measurements as of** | **Fair Value Measurements as of** | **Fair Value Measurements as of** | **Fair Value Measurements as of** | **Fair Value Measurements as of** | **Fair Value Measurements as of** | **Fair Value Measurements as of** | **Fair Value Measurements as of** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Quoted Prices in Active Markets<br>(Level 1)** | **Significant Other Observable Inputs <br>(Level 2)** | **Significant Unobservable Inputs <br>(Level 3)** | **Total** | **Quoted Prices in Active Markets<br>(Level 1)** | **Significant Other Observable Inputs <br>(Level 2)** | **Significant Unobservable Inputs <br>(Level 3)** | **Total** |
| Liquefaction Supply Derivatives asset | $— | $29 | $1773 | $1802 | $— | $33 | $506 | $539 |

---

We value the Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, which incorporates observable commodity price curves, when available, and other relevant data.

We include a significant portion of the 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 may use in valuing the asset or liability. To the extent valued using an option pricing model, we consider the future prices of energy units for unobservable periods to be a significant unobservable input to estimated net fair value. In estimating the future prices of energy units, we make judgments about market risk related to liquidity of commodity indices and volatility utilizing available market data. Changes in facts and circumstances or additional information may result in revised estimates and judgments, and actual results may differ from these estimates and judgments. We derive our volatility assumptions based on observed historical settled global LNG market pricing or accepted proxies for global LNG market pricing as well as settled domestic natural gas pricing. Such volatility assumptions also contemplate, as of the balance sheet date, observable forward curve data of such indices, as well as evolving available industry data and independent studies.

In developing our volatility assumptions, we acknowledge that the global LNG industry is inherently influenced by events such as unplanned supply constraints, geopolitical incidents, unusual climate events including drought and uncommonly mild, by historical standards, winters and summers, and real or threatened disruptive operational impacts to global energy infrastructure. Our current estimate of volatility includes the impact of otherwise rare events unless we believe market participants would exclude such events on account of their assertion that those events were specific to our company and deemed within our control. As applicable to our natural gas supply contracts, our fair value estimates incorporate market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

The Level 3 fair value measurements of our natural gas positions within the 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 the Level 3 Liquefaction Supply Derivatives as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Fair Value Asset**<br>**(in millions)** | **Valuation Approach** | **Significant Unobservable Input** | **Range of Significant Unobservable Inputs / Weighted Average (1)** |
| Liquefaction Supply Derivatives | $1773 | Market approach incorporating present value techniques | Henry Hub basis spread | $(0.638) - $0.180 / $(0.171) |
|  |  | Option pricing model | International LNG pricing spread, relative to Henry Hub (2) | 74% - 391% / 174% |

---

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)Spread contemplates U.S. dollar-denominated pricing.&nbsp;&nbsp;&nbsp;&nbsp;

Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of the Liquefaction Supply Derivatives.

The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Balance, beginning of period | $1137 | $(234) | $506 | $(502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and change in fair value gains (losses) included in net income (1): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in cost of sales, existing deals (2) | 506 | 210 | 793 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in cost of sales, new deals (3) | (1) | (6) | (1) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases and settlements: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases (4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements (5) | 130 | 135 | 476 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out of level 3 (6) | 1 | 3 | (1) | 2 |
| Balance, end of period | $1773 | $108 | $1773 | $108 |
| Favorable changes in fair value relating to instruments still held at the end of the period | $505 | $204 | $792 | $301 |

---

(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table.

(2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period.

(3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period.

(4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period, which continue to exist at the end of the period.

(5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period.

(6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.

**Liquefaction Supply Derivatives** 

We hold Liquefaction Supply Derivatives, which are indexed to Henry Hub, global LNG or natural gas price indices. As of September 30, 2025, the remaining fixed terms of the Liquefaction Supply Derivatives ranged up to approximately 15 years,

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

some of which commence or accelerate upon the satisfaction of certain events or development of infrastructure to support natural gas gathering and transport.

The forward notional amount for the Liquefaction Supply Derivatives was approximately 6,575 TBtu and 7,003 TBtu as of September 30, 2025 and December 31, 2024, respectively, inclusive of amounts under contracts with unsatisfied contractual conditions, and exclusive of extension options that were uncertain to be taken as of both September 30, 2025 and December 31, 2024.

The following table shows the effect and location of the Liquefaction Supply Derivatives recorded on our Consolidated Statements of Operations (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Consolidated Statements of Operations** | **Gain (Loss) Recognized in Consolidated Statements of Operations** | **Gain (Loss) Recognized in Consolidated Statements of Operations** | **Gain (Loss) Recognized in Consolidated Statements of Operations** |
| **Consolidated Statements of Operations Location (1)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Consolidated Statements of Operations Location (1)** | **2025** | **2024** | **2025** | **2024** |
| LNG revenues | $— | $(2) | $2 | $— |
| Cost of sales | 648 | 338 | 1264 | 553 |

---

(1)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

The following table shows the fair value and location of the Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in millions):

---

| | | |
|:---|:---|:---|
| | **Fair Value Measurements as of** | **Fair Value Measurements as of** |
| | **September 30, 2025** | **December 31, 2024** |
| **Consolidated Balance Sheets Location** | | |
| Current derivative assets | $26 | $21 |
| Derivative assets | 2550 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivative assets | 2576 | 1826 |
| Current derivative liabilities | (379) | (635) |
| Derivative liabilities | (395) | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivative liabilities | (774) | (1287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative asset, net | $1802 | $539 |

---

**Consolidated Balance Sheets Presentation**

The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Consolidated Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP (in millions):

---

| | | |
|:---|:---|:---|
| | **Liquefaction Supply Derivatives** | **Liquefaction Supply Derivatives** |
| | **September 30, 2025** | **December 31, 2024** |
| Gross assets | $3730 | $2836 |
| Offsetting amounts | (1154) | (1010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2576 | $1826 |
| Gross liabilities | $(820) | $(1326) |
| Offsetting amounts | 46 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net liabilities | $(774) | $(1287) |

---

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

The table below shows the collateral balances that are recorded within other current assets and other current liabilities that are not netted on our Consolidated Balance Sheets (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Consolidated Balance Sheets Location** | | |
| | **Consolidated Balance Sheets Location** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Liquefaction Supply Derivatives | Other current assets, net | $9 | $5 |
| Liquefaction Supply Derivatives | Other current liabilities | 1 |  |

---

**NOTE 6—ACCRUED LIABILITIES**

Accrued liabilities consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Natural gas purchases | $257 | $319 |
| Liquefaction Project costs | 102 | 143 |
| Interest costs and related debt fees | 55 | 5 |
| Other accrued liabilities | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accrued liabilities | $470 | $523 |

---

**NOTE 7—DEBT**

Debt consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Senior Secured Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 2027 | $1201 | $1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% due 2029 | 1125 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.788% weighted average rate due 2039 (1) | 2539 | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Senior Secured Notes | 4865 | 4865 |
| Term loan facility agreement (the **"CCH Credit Facility"**) |  |  |
| Working capital facility agreement (the **"CCH Working Capital Facility"**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt** | 4865 | 4865 |
| Unamortized discount and debt issuance costs | (31) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-term debt, net of unamortized discount and debt issuance costs** | $4834 | $4830 |

---

(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.

------

<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

**Credit Facilities**

Below is a summary of our credit facilities outstanding as of September 30, 2025 (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CCH Credit Facility** | **CCH Credit Facility** | **CCH Working Capital Facility** | **CCH Working Capital Facility** |
| Total facility size | $| 3260 | $| 1500 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letters of credit issued |  |  | 110 | 110 |
| Available commitment | $| 3260 | $| 1390 |
| Priority ranking | Senior secured | Senior secured | Senior secured | Senior secured |
| Interest rate on available balance (1) | SOFR plus credit spread adjustment of 0.1%, plus margin of 1.5% or base rate plus 0.5% | SOFR plus credit spread adjustment of 0.1%, plus margin of 1.5% or base rate plus 0.5% | SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5% | SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5% |
| Commitment fees on undrawn balance (1) | 0.525% | 0.525% | 0.10% - 0.20% | 0.10% - 0.20% |
| Letter of credit fees (1) | N/A | N/A | 1.0% - 1.5% | 1.0% - 1.5% |
| Maturity date | (2) | (2) | June 15, 2027 | June 15, 2027 |

---

(1)The margin on the interest rate, the commitment fees and the letter of credit fees is subject to change based on the applicable entity's credit rating.

(2)The CCH Credit Facility matures the earlier of June 15, 2029 or two years after the substantial completion of the last Train of the Corpus Christi Stage 3 Project.

**Contribution from Cheniere for Extinguishment of Senior Secured Notes** 

In April 2024, Cheniere fully retired $1.5 billion outstanding aggregate principal amount of our 5.625% Senior Secured Notes due 2025. Additionally, Cheniere paid interest on our behalf that was due at the time of the respective debt repayments of $23 million.

The aforementioned debt extinguishment activities by Cheniere on our behalf were in accordance with the Equity Contribution Agreements, as noted in <u>[Note 9—Related Party Transactions](#i6348633548bd4445ade0fbb2b08fc36a_82)</u>, and recorded as net contributions from Cheniere to us, for which we paid no consideration, within our Consolidated Statements of Member's Equity.

**Restrictive Debt Covenants**

The agreements governing our indebtedness contain customary terms and events of default and certain covenants that, among other things, may limit us and our restricted subsidiaries' ability to make certain investments or pay distributions. For example, we are restricted from making distributions under agreements governing our indebtedness generally unless, among other requirements, appropriate reserves have been established for debt service using cash or letters of credit and a historical and projected debt service coverage ratio of at least 1.25:1.00 is satisfied.

As of September 30, 2025, we were in compliance with all covenants related to our debt agreements.

**Interest Expense**

Total interest expense, net of capitalized interest, consisted of the following (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total interest cost | $54 | $53 | $162 | $185 |
| Capitalized interest | (50) | (45) | (145) | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense, net of capitalized interest | $4 | $8 | $17 | $59 |

---

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<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

**Fair Value Disclosures**

The following table shows the carrying amount and estimated fair value of our senior notes (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying<br>Amount (1)** | **Estimated<br>Fair Value (2)** | **Carrying<br>Amount (1)** | **Estimated<br>Fair Value (2)** |
| Senior Secured Notes | $4865 | $4608 | $4865 | $4441 |

---

(1)Carrying amounts exclude unamortized discount and debt issuance costs.

(2)As of September 30, 2025 and December 31, 2024, $1.8 billion and $1.7 billion, respectively, of the fair value of our senior notes were classified as Level 3 since these senior notes were valued by applying an unobservable illiquidity adjustment to the price derived from trades or indicative bids of instruments with similar terms, maturities and credit standing. The remainder of the fair value of our senior notes was classified as Level 2, based on prices derived from trades or indicative bids of the instruments.

The estimated fair value of our credit facilities approximates the principal amount outstanding because the interest rates are indexed to market rates and the debt may be repaid, in full or in part, at any time without penalty.

**NOTE 8—REVENUES**

The following table represents a disaggregation of revenue earned (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues from contracts with customers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues (excluding net derivative gain (loss) below) | $1054 | $887 | $3227 | $2602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues—affiliate | 424 | 335 | 1350 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues from contracts with customers | 1478 | 1222 | 4577 | 3445 |
| Net derivative gain (loss) (see <u>[Note 5](#i6348633548bd4445ade0fbb2b08fc36a_61)</u>) |  | (2) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $1478 | $1220 | $4579 | $3445 |

---

For the three and nine months ended September 30, 2025 and 2024, we did not have any material revenue arrangements that were presented within our Consolidated Statements of Operations on a net basis.

**Contract Assets and Liabilities**

The following table shows our contract assets, net of current expected credit losses, which are included in other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Contract assets, net of current expected credit losses | $253 | $224 |

---

The following table reflects the changes in our contract liabilities, which are included in other current liabilities and other non-current liabilities on our Consolidated Balance Sheets (in millions):

---

| | |
|:---|:---|
| | **Nine Months Ended September 30, 2025** |
| Deferred revenue, beginning of period | $57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received but not yet recognized in revenue |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized from prior period deferral | (18) |
| Deferred revenue, end of period | $39 |

---

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<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

**Transaction Price Allocated to Future Performance Obligations**

Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration, which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Unsatisfied Transaction Price (in billions)** | **Weighted Average Recognition Timing (years) (1)** | **Unsatisfied Transaction Price (in billions)** | **Weighted Average Recognition Timing (years) (1)** |
| LNG revenues | $46.3 | 9 | $47.5 | 9 |
| LNG revenues—affiliate | 0.8 | 9 | 0.9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $47.1 |  | $48.4 |  |

---

(1)The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.

The following potential future sources of revenue are omitted from the table above under exemptions we have elected: (1) all performance obligations that are part of a contract that has an original expected duration of one year or less and (2) substantially all variable consideration under our SPAs that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price, and allocable to wholly unsatisfied future performance obligations or otherwise constrained, will vary based on (1) the future prices of the underlying variable index, primarily Henry Hub, throughout the contract terms, to the extent customers elect to take delivery of their LNG, (2) adjustments to the consumer price index and (3) the outcome of certain contingent events, including the achievement of milestones upon which delivery of LNG under certain contracts is conditioned.

The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| LNG revenues | 53% | 44% | 56% | 43% |
| LNG revenues—affiliate | 80% | 84% | 82% | 85% |

---

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<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

**NOTE 9—RELATED PARTY TRANSACTIONS** 

Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **LNG revenues—affiliate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPAs and Letter Agreements with Cheniere Marketing, LLC (**"Cheniere Marketing"**) | $424 | $335 | $1350 | $843 |
| **Cost of sales—affiliate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts for Sale and Purchase of Natural Gas and LNG |  |  | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Marketing Agreements | 27 | 25 | 55 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of sales—affiliate | 27 | 25 | 57 | 72 |
| **Operating and maintenance expense—affiliate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services Agreements (see <u>[Note 1](#i6348633548bd4445ade0fbb2b08fc36a_43)</u>) | 34 | 28 | 99 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land Agreements | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating and maintenance expense—affiliate | 35 | 28 | 100 | 84 |
| **Operating and maintenance expense—related party** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Gas Transportation Agreements (1) | 8 | 10 | 24 | 15 |
| **General and administrative expense—affiliate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services Agreements (see <u>[Note 1](#i6348633548bd4445ade0fbb2b08fc36a_43)</u>) | 11 | 11 | 34 | 32 |
| **Other income—affiliate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services Agreements (see <u>[Note 1](#i6348633548bd4445ade0fbb2b08fc36a_43)</u>) (2) |  |  | 16 |  |

---

(1)These agreements are with related parties through Cheniere's equity method investments. On February 13, 2025, Cheniere sold all of its interests in one of its equity method investments to a third party. We recognized $1 million of operating and maintenance expense from the investee during the nine months ended September 30, 2025 and $2 million and $7 million of operating and maintenance expense from the investee during the three and nine months ended September 30, 2024, respectively.

(2)Represents the amount of cumulative income allocated to certain of our subsidiaries by an affiliate, to whom our subsidiaries advance payments so that the affiliate may pay operating expenses on their behalf pursuant to their operating and maintenance agreements. The affiliate in turn temporarily invests such funds into interest and dividend earning deposit accounts, from which they allocated the historically earned income to our subsidiaries effective June 30, 2025. Prospectively, the affiliate will allocate such income to our subsidiaries in the same period the affiliate earns such interest and dividend income.

Assets and liabilities arising from the agreements with affiliates and other related parties referenced in the above table are classified as affiliate and related party, respectively, on our Consolidated Balance Sheets.

Disclosures relating to future consideration under revenue contracts with affiliates is included in <u>[Note 8—Revenues](#i6348633548bd4445ade0fbb2b08fc36a_76)</u>.

During the three and nine months ended September 30, 2024, Cheniere sold certain physical assets to a related party to support future natural gas transportation services to be provided to us involving such assets. Cheniere then contributed to us $34 million of other non-current assets obtained in the transaction.

See our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1693317/000169331725000004/cch-20241231.htm#ic5d1b76b405d4bc5a3ee52b6180eb810_82)</u> for additional information regarding the agreements referenced in the above table, as well as a description of other agreements we have with our affiliates, including the Equity Contribution Agreements.

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<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**CHENIERE CORPUS CHRISTI HOLDINGS, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**(unaudited)**

**NOTE 10—SEGMENT INFORMATION AND CUSTOMER CONCENTRATION**

We have determined that we operate as a single operating and reportable segment. The measure of profit and loss regularly provided to the chief operating decision maker (**"CODM"**) that is most consistent with GAAP is net income, as presented in our Consolidated Statements of Operations. This measure contributes to the CODM's assessment of performance and resource allocation, which includes monitoring of budget versus actual results, establishing compensation and deciding on capital allocation priorities. Significant expenses regularly provided to the CODM, and included in the measure of profit and loss, are cost of sales, operating and maintenance expense and general and administrative expense, as reported in our Consolidated Statements of Operations. Also provided regularly to the CODM are changes in the fair value of our derivative instruments, which are inclusive of significant noncash items, which were $645 million and $338 million in gains for the three months ended September 30, 2025 and 2024, respectively, and $1.3 billion and $556 million in gains for the nine months ended September 30, 2025 and 2024, respectively. Interest income, which is included in other income, net on our Consolidated Statements of Operations, was $1 million and $3 million for the three months ended September 30, 2025 and 2024, respectively, and $6 million and $7 million for the nine months ended September 30, 2025 and 2024, respectively.

The measure of segment assets is reported on our Consolidated Balance Sheets as total assets. Substantially all of our tangible long-lived assets, which consist of property, plant and equipment, are located in the United States. Total expenditures for additions to long-lived assets is reported on our Consolidated Statements of Cash Flows.

The concentration of our customer credit risk in excess of 10% of total revenues and/or trade and other receivables, net of current expected credit losses and contract assets, net of current expected credit losses was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Percentage of Total Revenues from <br>External Customers** | **Percentage of Total Revenues from <br>External Customers** | **Percentage of Total Revenues from <br>External Customers** | **Percentage of Total Revenues from <br>External Customers** | **Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers** | **Percentage of Trade and Other Receivables, Net and Contract Assets, Net from External Customers** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | |
| | **2025** | **2024** | **2025** | **2024** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Customer A | 19% | 17% | 20% | 19% | \* | \* |
| Customer B | 13% | 13% | 13% | 13% | \* | \* |
| Customer C | 10% | 16% | 12% | 13% | \* | \* |
| Customer D | 11% | \* | \* | \* | \* | \* |
| Customer E | \* | \* | \* | \* | 53% | 51% |
| Customer F | \* | \* | \* | \* | 11% | \* |

---

\* Less than 10%

**NOTE 11—SUPPLEMENTAL CASH FLOW INFORMATION**

The following table provides supplemental disclosure of substantive cash flow information (in millions):

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Cash paid during the period for interest on debt, net of amounts capitalized | $9 | $122 |
| Non-cash investing activities (1): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid purchases of property, plant and equipment (2) | 118 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers to property, plant and equipment from other non-current assets | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash contribution of assets (See <u>[Note 1](#i6348633548bd4445ade0fbb2b08fc36a_43)</u>) | 497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution from Cheniere for extinguishment of Senior Secured Notes <br>(see <u>[Note 7](#i6348633548bd4445ade0fbb2b08fc36a_70)</u>) |  | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conveyance of other non-current assets from Cheniere for infrastructure support (see <u>[Note 9](#i6348633548bd4445ade0fbb2b08fc36a_82)</u>) |  | 34 |

---

(1)Reflects unpaid portion, as of the end of each period, of assets and liabilities recognized during the respective periods.

(2)Net of proceeds not yet collected on commissioning sales of LNG of $11 million and zero, respectively.

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<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

**ITEM 2. *&nbsp;&nbsp;&nbsp;&nbsp;*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

**Information Regarding Forward-Looking Statements**

This quarterly report contains certain statements that are, or may be deemed to be, "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein or incorporated herein by reference are "forward-looking statements." Included among "forward-looking statements" are, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding our expected receipt of cash distributions from our subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements that we expect to commence or complete construction of our proposed LNG terminal, liquefaction facility, pipeline facility or other projects, or any expansions or portions thereof, by certain dates, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding future levels of domestic and international natural gas production, supply or consumption or future levels of LNG imports into or exports from North America and other countries worldwide or purchases of natural gas, regardless of the source of such information, or the transportation or other infrastructure or demand for and prices related to natural gas, LNG or other hydrocarbon products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding any financing transactions or arrangements, or our ability to enter into such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding our future sources of liquidity and cash requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements relating to the construction of our Trains and pipeline, including statements concerning the engagement of any EPC contractor or other contractor and the anticipated terms and provisions of any agreement with any EPC or other contractor, and anticipated costs related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding any SPA or other agreement to be entered into or performed substantially in the future, including any revenues anticipated to be received and the anticipated timing thereof, and statements regarding the amounts of total natural gas liquefaction or storage capacities that are, or may become, subject to contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding counterparties to our commercial contracts, construction contracts and other contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding our planned development and construction of additional Trains and pipelines, including the financing of such Trains and pipelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements that our Trains, when completed, will have certain characteristics, including amounts of liquefaction capacities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding our business strategy, our strengths, our business and operation plans or any other plans, forecasts, projections, or objectives, including anticipated revenues, capital expenditures, maintenance and operating costs and cash flows, any or all of which are subject to change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements relating to our goals, commitments and strategies in relation to environmental matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding legislative, governmental, regulatory, administrative or other public body actions, approvals, requirements, permits, applications, filings, investigations, proceedings or decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other statements that relate to non-historical or future information.

All of these types of statements, other than statements of historical or present facts or conditions, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "achieve," "anticipate," "believe," "contemplate," "continue," "estimate," "expect," "intend," "plan," "potential," "predict," "project," "pursue," "target," the negative of such terms or other comparable terminology. The forward-looking statements contained in this quarterly report are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe that such estimates are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond our control. In addition, assumptions may prove to be inaccurate. We caution that the forward-looking statements contained in this quarterly report are not guarantees of future performance and that such statements may not be realized or the forward-looking statements or events may not occur. Actual results may differ materially from those anticipated or implied in forward-looking statements as a result of a variety of factors described in this quarterly report and in the other reports and other information that we file with the SEC, including those discussed under "Risk Factors" in our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1693317/000169331725000004/cch-20241231.htm#ic5d1b76b405d4bc5a3ee52b6180eb810_238)</u> and our <u>[quarterly report on Form 10-Q for the](https://www.sec.gov/Archives/edgar/data/0001693317/000169331725000006/cch-20250331.htm#i25da18160ac341568748c530f12ce544_298)</u>

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<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

<u>[quarterly period ended March 31, 2025](https://www.sec.gov/Archives/edgar/data/0001693317/000169331725000006/cch-20250331.htm#i25da18160ac341568748c530f12ce544_298)</u>. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these risk factors. These forward-looking statements speak only as of the date made, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.

**Introduction**

The following discussion and analysis presents management's view of our business, financial condition and overall performance and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future.

Our discussion and analysis includes the following subjects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Overview](#i6348633548bd4445ade0fbb2b08fc36a_103)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Overview of Significant Events](#i6348633548bd4445ade0fbb2b08fc36a_106)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Results of Operations](#i6348633548bd4445ade0fbb2b08fc36a_109)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Liquidity and Capital Resources](#i6348633548bd4445ade0fbb2b08fc36a_112)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Summary of Critical Accounting Estimates](#i6348633548bd4445ade0fbb2b08fc36a_118)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Recent Accounting Standards](#i6348633548bd4445ade0fbb2b08fc36a_121)</u>

**Overview**

We are a Delaware limited liability company formed by Cheniere. We provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We aspire to conduct our business in a safe and responsible manner, delivering a reliable, competitive and integrated source of LNG to our customers.

LNG is natural gas (primarily methane) in liquid form and is a cleaner dispatchable fuel for power generation. The LNG we produce is shipped all over the world, converted back into natural gas (called "regasification") and then transported via pipeline to homes and businesses and used as an energy source that is essential for heating, cooking and other industrial uses.

We own a natural gas liquefaction and export facility located near Corpus Christi, Texas (the **"Corpus Christi LNG Terminal"**) through CCL, which has natural gas liquefaction facilities with total expected production capacity of over 30 mtpa of LNG, including over 12 mtpa under construction as of September 30, 2025, inclusive of estimated debottlenecking opportunities. The Corpus Christi LNG Terminal also has three LNG storage tanks with aggregate capacity of approximately 10 Bcfe and two marine berths that can each accommodate vessels with nominal capacity of up to 266,000 cubic meters. We also own and operate through CCP an approximately 21-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines (the **"Corpus Christi Pipeline"**).

The projects under construction at the Corpus Christi LNG Terminal include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** a project consisting of seven midscale Trains that is expected to add total production capacity of over 10 mtpa of LNG once fully completed (the **"Corpus Christi Stage 3 Project"**), with approximately 7 mtpa under construction and the remainder in operation from the first two midscale Trains that have reached substantial completion as of September 30, 2025 (subsequently, in October 2025, the third midscale Train reached substantial completion); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a project consisting of two additional midscale Trains that is expected to add total production capacity of approximately 5 mtpa of LNG once fully completed, inclusive of estimated debottlenecking opportunities (the **"Midscale Trains 8 & 9 Project"** and together with the existing assets at the Corpus Christi LNG Terminal, the Corpus Christi Stage 3 Project and the Corpus Christi Pipeline, the **"Liquefaction Project"**), which was under construction as of September 30, 2025. Cheniere's board of directors made a positive FID with respect to the Midscale Trains 8 & 9 Project on June 17, 2025, and issued a full notice to proceed with construction to Bechtel Energy Inc. effective June 18, 2025. Upon FID of the Midscale Trains 8 & 9 Project in June 2025, the related EPC contract was novated to CCL from another subsidiary of Cheniere that was developing the project, and the related

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<u>[**Table of Contents**](#i6348633548bd4445ade0fbb2b08fc36a_7)</u>

assets recognized by the subsidiary were contributed to CCL. Non-FTA export authorization on the Midscale Trains 8 & 9 Project is pending with the DOE.

Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows, and include SPAs, in which our customers are generally required to pay a fixed fee with respect to the contracted volumes irrespective of their election to cancel or suspend deliveries of LNG cargoes, and IPM agreements, in which a gas producer sells natural gas to us on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs. The SPAs also have a variable fee component, which is primarily indexed to Henry Hub and generally structured to cover the cost of natural gas purchases, transportation and liquefaction fuel consumed to produce LNG. Since we procure most of our feedstock for LNG production from the U.S., the structure of these contracts helps limit our exposure to fluctuations in U.S. natural gas prices. Through our SPAs and IPM agreements currently in effect, with approximately 16 years of weighted average remaining life as of September 30, 2025, we have contracted over 85% of the total anticipated production from the Liquefaction Project through the mid-2030s, excluding volumes that are contractually subject to additional liquefaction capacity beyond what is currently in construction or operation.

We remain focused on safety, 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 Project as a result of debottlenecking and other optimization projects. We believe these factors provide a foundation for additional growth in our portfolio of customer contracts in the future. We hold a significant land position at the Corpus Christi LNG Terminal, which provides opportunity for further liquefaction capacity expansion. The development of any future expansions, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before a positive FID is made.

**Overview of Significant Events**

Our significant events since January 1, 2025 and through the filing date of this Form 10-Q include the following:

***Strategic***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** In July 2025, we and another subsidiary of Cheniere submitted a request to initiate the pre-filing review process with the FERC under the National Environmental Policy Act for a potential further expansion of the Corpus Christi LNG Terminal with an expected total peak production capacity of up to 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In June 2025, Cheniere's Board made a positive FID with respect to the investment in the development, construction and operation of the Midscale Trains 8 & 9 Project and issued a full notice to proceed with construction to Bechtel under a fixed price separated turnkey EPC contract, which was novated to CCL, to commence construction of the Midscale Trains 8 & 9 Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In March 2025, we received authorization from the FERC under the Natural Gas Act of 1938, as amended to site, construct and operate the Midscale Trains 8 & 9 Project.

***Operational***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of October 24, 2025, approximately 1,250 cumulative LNG cargoes totaling over 85 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In March and August 2025, substantial completions of Trains 1 and 2, respectively, of the Corpus Christi Stage 3 Project were achieved. Subsequently in October 2025, Train 3 of the Corpus Christi Stage 3 Project achieved substantial completion.

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**Results of Operations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | |
| *(in millions)* | **2025** | **2024** |<br>**Variance** | **2025** | **2024** |<br>**Variance** |
| Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues | $1054 | $885 | $169 | $3229 | $2602 | $627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues—affiliate | 424 | 335 | 89 | 1350 | 843 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1478 | 1220 | 258 | 4579 | 3445 | 1134 |
| Operating costs and expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below) | 106 | 192 | (86) | 1153 | 916 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales—affiliate | 27 | 25 | 2 | 57 | 72 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense | 146 | 125 | 21 | 429 | 395 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense—affiliate | 35 | 28 | 7 | 100 | 84 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense—related party | 8 | 10 | (2) | 24 | 15 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 2 | 3 | (1) | 5 | 6 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense—affiliate | 11 | 11 |  | 34 | 32 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 131 | 115 | 16 | 373 | 341 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating costs and expenses |  |  |  |  | 4 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 466 | 509 | (43) | 2175 | 1865 | 310 |
| Income from operations | 1012 | 711 | 301 | 2404 | 1580 | 824 |
| Other income (expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest | (4) | (8) | 4 | (17) | (59) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on modification or extinguishment of debt |  |  |  |  | (3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 1 | 3 | (2) | 6 | 7 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income—affiliate |  |  |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (3) | (5) | 2 | 5 | (55) | 60 |
| Net income | $1009 | $706 | $303 | $2409 | $1525 | $884 |

---

***Volumes loaded and recognized from the Liquefaction Project***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Operational** | **Commissioning** | **Total** | **Operational** | **Commissioning** | **Total** |
| Volumes loaded and recognized (in TBtu) | 205 | 7 | 212 | 601 | 13 | 614 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Operational** | **Commissioning** | **Total** | **Operational** | **Commissioning** | **Total** |
| Volumes loaded and recognized (in TBtu) | 191 |  | 191 | 555 |  | 555 |

---

***Net income*** 

Net income increased by $303 million and $884 million during the three and nine months ended September 30, 2025, respectively, as compared to the same periods of 2024. The increases were primarily attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $307 million and $709 million, respectively, of favorable changes in the fair value of agreements accounted for as derivative instruments largely due to changes in market-based locational forward price differentials for U.S. natural gas deliveries, partially offset for the three month periods by unfavorable movements on our IPM agreements due to the relative change in volatilities of applicable global and U.S. domestic natural gas prices;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $30 million and $199 million, respectively, of increased LNG revenues, net of cost of sales and excluding derivatives, which were primarily the result of increased production volume due to the substantial completions of Trains 1 and 2 of the Corpus Christi Stage 3 Project in March 2025 and August 2025, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $42 million decrease in interest expense, net of capitalized interest expense between the comparable nine month periods.

Partially offsetting these favorable changes between the comparable three and nine month periods were $26 million and $59 million increases, respectively, in operating and maintenance expense (including affiliate and related party) and $16 million and $32 million increases, respectively, in depreciation and amortization expense due to the substantial completions of Trains 1 and 2 of the Corpus Christi Stage 3 Project.

The following is an expanded discussion of the significant drivers of the variance in net income by line item:

***Revenues***

The $258 million and $1.1 billion increases in revenues between the three and nine months ended September 30, 2025, respectively, as compared to the same periods of 2024, were primarily attributable to $155 million and $827 million increases, respectively, from higher pricing per MMBtu as a result of increased Henry Hub pricing and $100 million and $302 million increases, respectively, from higher production volume, as described above under the caption *Net income*.

***Operating costs and expenses***

The favorable variance of $43 million between the three months ended September 30, 2025 and 2024 and the unfavorable variance of $310 million between the nine months ended September 30, 2025 and 2024 were primarily attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $305 million and $707 million, respectively, of gains from changes in fair value of agreements accounted for as derivative instruments included in cost of sales as further described above under the caption *Net income,* partially offset between the comparable three month periods and fully offset between the nine month periods by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $205 million and $885 million increases, respectively, in cost of natural gas feedstock, largely due to the increase in U.S. natural gas prices and to a lesser degree, increased volume of LNG delivered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $26 million and $59 million increases, respectively, in operating and maintenance expense (including affiliate and related party) and $16 million and $32 million increases, respectively, in depreciation and amortization expense as a result of the substantial completions of Trains 1 and 2 of the Corpus Christi Stage 3 Project in March 2025 and August 2025, respectively.

***Other income (expense)***

The variance between the three months ended September 30, 2025 and 2024 was negligible. The favorable variance of $60 million between the nine months ended September 30, 2025 and 2024 was primarily attributable to a $42 million decrease in interest expense, net of capitalized interest, due to a $23 million decrease in gross interest costs as a result of the full retirement in April 2024 of $1.5 billion of the 5.875% Senior Secured Notes due 2025, reducing the daily average debt balance from $5.4 billion during the nine months ended September 30, 2024 to $4.9 billion during the same period of 2025, and a $19 million increase in capitalized interest costs, given the higher carrying value of assets under construction, primarily associated with the Corpus Christi Stage 3 Project and the Midscale Trains 8 & 9 Project. Also contributing to the favorable variances between the comparable nine month periods was the $16 million increase in other income—affiliate related to service agreements with an affiliated subsidiary of Cheniere, as further described in <u>[Note 9—Related Party Transactions](#i6348633548bd4445ade0fbb2b08fc36a_82)</u> of our Notes to Consolidated Financial Statements.

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***Significant factors affecting our results of operations***

Below are significant factors that affect our results of operations.

*Gains and losses on derivative instruments*

Derivative instruments, which we use to manage certain risks, are reported at fair value in our Consolidated Financial Statements. For commodity derivative instruments, including those related to our IPM agreements, the underlying LNG sales being economically hedged are accounted for under the accrual method of accounting, whereby revenues expected to be derived from the future LNG sales are recognized only upon delivery or realization of the underlying transaction. Notwithstanding the operational intent to mitigate risk exposure over time, the recognition of derivative instruments at fair value has the effect of recognizing gains or losses relating to future period exposure, and given the significant volumes, long-term duration and volatility in price basis for certain of our derivative contracts, the use of derivative instruments may result in continued volatility of our results of operations based on changes in market pricing, counterparty credit risk and other relevant factors that may be outside of our control. For example, as described in <u>[Note 5—Derivative Instruments](#i6348633548bd4445ade0fbb2b08fc36a_61)</u> of our Notes to Consolidated Financial Statements, the fair value of the Liquefaction Supply Derivatives incorporates, as applicable, market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, which may require future development of infrastructure, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.

*Commissioning volumes*

Prior to substantial completion of a Train, amounts received from the sale of commissioning volumes from that Train are offset against LNG terminal construction-in-process, because these amounts are earned or loaded during the testing phase for the construction of that Train and are necessary activities to bring the asset to the condition for its intended use. During the three and nine months ended September 30, 2025, we realized offsets to LNG terminal costs of $45 million and $92 million, respectively, corresponding to 7 TBtu and 13 TBtu, respectively, of LNG that were related to the sale of commissioning volumes. We did not record any offsets to LNG terminal costs during the three and nine months ended September 30, 2024.

*Business Seasonality* 

Our quarterly results are affected by production levels, timing of our maintenance activities and the resulting availability of volumes. Therefore, operating profit may not be generated evenly throughout the year. Weather variations, including temperature, have an impact on LNG output at our Liquefaction Project. Our Liquefaction Project is capable of relatively higher production volumes during the cooler months as compared to the summer months. We typically perform our scheduled major maintenance activities at our site during shoulder months in the second and third quarters in order to mitigate the impact to our annual operating results.

*Additional liquefaction capacities*

The Corpus Christi Stage 3 Project and Midscale Trains 8 & 9 Project are currently under construction and are expected to add over 15 mtpa, of which over 12 mtpa is still under construction or commissioning as of September 30, 2025, of operational liquefaction capacity, inclusive of estimated debottlenecking opportunities, once all Trains reach substantial completion. Substantial completions of the first two midscale Trains have been achieved as of September 30, 2025, and subsequently in October 2025, substantial completion for the third midscale Train was achieved. The operation and maintenance of these Trains and increased LNG volumes produced are expected to result in higher revenues and operating costs and expenses. Additionally, potential expansion projects that increase the amount of LNG volumes produced, including those discussed above in *Disciplined Accretive Growth*, would also be expected to result in higher revenues and operating costs and expenses.

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**Liquidity and Capital Resources**

The following information describes our ability to generate and obtain adequate amounts of cash to meet our requirements in the short term and the long term. In the short term, we expect to meet our cash requirements using operating cash flows and available liquidity, consisting of restricted cash and cash equivalents and available commitments under our credit facilities. Additionally, we expect to meet our long term cash requirements by using operating cash flows and other future potential sources of liquidity, which may include debt offerings or contributions from Cheniere.

The table below provides a summary of our available liquidity (in millions). Future material sources of liquidity are discussed below.

---

| | |
|:---|:---|
| | **September 30, 2025** |
| Restricted cash and cash equivalents designated for the Liquefaction Project | $66 |
| Available commitments under our credit facilities (1): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term loan facility agreement (the **"CCH Credit Facility"**) | 3260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Working capital facility agreement (the **"CCH Working Capital Facility"**) | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total available commitments under our credit facilities | 4650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total available liquidity | $4716 |

---

(1)Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of September 30, 2025. See <u>[Note 7—Debt](#i6348633548bd4445ade0fbb2b08fc36a_67)</u> of our Notes to Consolidated Financial Statements for additional information on our credit facilities and other debt instruments.

Our liquidity position subsequent to September 30, 2025 will be driven by future sources of liquidity and future cash requirements. For a discussion of our future sources and uses of liquidity, see the liquidity and capital resources disclosures in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1693317/000169331725000004/cch-20241231.htm#ic5d1b76b405d4bc5a3ee52b6180eb810_109)</u>.

***Supplemental Guarantor Information***

Certain debt obligations of CCH (the **"Guaranteed Obligations"**), consisting of the 5.125% Senior Secured Notes due 2027, 3.700% Senior Secured Notes due 2029 and the series of Senior Secured Notes due 2039 with weighted average rate of 3.788% (collectively, the **"Senior Secured Notes"**), are jointly and severally guaranteed by each of our consolidated subsidiaries, CCL, CCP and Corpus Christi Pipeline GP, LLC (each a **"Guarantor"** and collectively, the **"Guarantors"**).

The Guarantors' guarantees of such obligations are full and unconditional, subject to certain release provisions including (1) the sale, exchange, disposition or transfer (by merger, consolidation or otherwise) of all or substantially all of the capital stock or the assets of the Guarantors, (2) the designation of a Guarantor as an "unrestricted subsidiary" in accordance with the indentures governing the respective debt instruments (the **"CCH Indentures"**), (3) the legal defeasance or covenant defeasance or discharge of obligations under the CCH Indentures and (4) the release and discharge of the Guarantors pursuant to the Common Security and Account Agreement. In the event of a default in payment of the principal or interest by CCH, whether at maturity of the respective debt instrument or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted against the Guarantors to enforce the guarantee.

The Guaranteed Obligations contain affirmative and negative covenants that are customary for the respective debt instrument, including, with limited exceptions, restrictions on CCH's and the CCH Guarantors' ability to incur additional indebtedness and/or liens, enter into hedging arrangements and/or engage in transactions with affiliates. The Guaranteed Obligations also include events of default that are customary for the respective debt instrument, which are subject to customary grace periods and materiality standards.

The rights of holders of the Guaranteed Obligations against the Guarantors may be limited under the U.S. Bankruptcy Code or federal or state fraudulent transfer or conveyance law. Each guarantee contains a provision intended to limit the Guarantor's liability to the maximum amount that it could incur without causing the incurrence of obligations under its guarantee to be a fraudulent conveyance or transfer under U.S. federal or state law. However, there can be no assurance as to what standard a court will apply in making a determination of the maximum liability of the Guarantors. Moreover, this

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provision may not be effective to protect the guarantee from being voided under fraudulent conveyance laws. There is a possibility that the entire guarantee may be set aside, in which case the entire liability may be extinguished.

The Guaranteed Obligations are CCH's senior secured obligations, ranking senior in right of payment to any and all of CCH's future indebtedness that is subordinated to the Guaranteed Obligations and equal in right of payment with CCH's other existing and future indebtedness that is senior and secured by the same collateral securing the Guaranteed Obligations. The obligations of CCH under the Guaranteed Obligations are secured by substantially all of the assets of CCH and the Guarantors, as well as by all membership interests in CCH and each of the Guarantors on a pari passu basis with the CCH Credit Facility and the CCH Working Capital Facility.

Summarized financial information about us and the Guarantors as a group is omitted herein because such information would not be materially different from our Consolidated Financial Statements.

***Corpus Christi LNG Terminal Expansion***

As of September 30, 2025, substantial completions of the first two of seven midscale Trains of the Corpus Christi Stage 3 Project were achieved. Additionally, In June 2025, our Board made a positive FID with respect to the Midscale Trains 8 & 9 Project and issued a full notice to proceed with construction to Bechtel under an EPC contract for a contract price of approximately $2.9 billion, subject to adjustment only by change order.

The following table summarizes the project completion and construction status of both the Corpus Christi Stage 3 Project and the Midscale Trains 8 & 9 Project as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Corpus Christi Stage 3 Project** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Midscale Trains 8 & 9 Project** |
| Overall project completion percentage | 90.5% | 21.2% |
| Completion percentage of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering | 99.4% | 57.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procurement | 100.0% | 33.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subcontract work | 93.3% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | 75.0% | 0.0% |
| Date of expected substantial completion of remaining Trains | 2H 2025 - 2H 2026 (1) | 2H 2028 |

---

(1)In October 2025, substantial completion of Train 3 of the Corpus Christi Stage 3 Project was achieved.

***Sources and Uses of Cash***

The following table summarizes the sources and uses of our restricted cash and cash equivalents (in millions). The table presents capital expenditures on a cash basis; therefore, these amounts differ from the amounts of capital expenditures, including accruals, which are referred to elsewhere in this report. Additional discussion of these items follows the table.

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Net cash provided by operating activities | $1469 | $1177 |
| Net cash used in investing activities | (1663) | (1475) |
| Net cash provided by financing activities | 147 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in restricted cash and cash equivalents | $(47) | $(97) |

---

*Operating Cash Flows*

The $292 million increase between the periods was primarily related to increased cash receipts from the sale of LNG cargoes due to higher revenue from increased Henry Hub pricing and higher production volume largely due to the substantial completions of Trains 1 and 2 of the Corpus Christi Stage 3 Project in March 2025 and August 2025, respectively. Also contributing to the increase was working capital, which increased mainly due to differences in timing of payments to suppliers and cash collections from the sale of LNG cargoes.

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*Investing Cash Flows*

Our investing net cash outflows primarily related to: (1) construction costs for the Corpus Christi Stage 3 Project, which were $1.1 billion and $1.3 billion during the nine months ended September 30, 2025 and 2024, respectively, and (2) $506 million of costs paid for the Midscale Trains 8 & 9 Project during the nine months ended September 30, 2025, not including the amount incurred by another subsidiary of Cheniere that was developing the project prior to the EPC contract being novated to CCL upon FID of the Midscale Trains 8 & 9 Project in June 2025, primarily related to procurement and engineering. The $0.2 billion decrease in construction costs for the Corpus Christi Stage 3 Project between the periods was primarily related to the timing of cash payments under the related EPC contract. We expect to continue to incur capital expenditures for the Corpus Christi Stage 3 Project and the Midscale Trains 8 & 9 Project as construction progresses on these projects.

*Financing Cash Flows*

The following table summarizes our financing activities (in millions):

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | $275 | $415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (115) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (13) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | $147 | $201 |

---

**Summary of Critical Accounting Estimates**

The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. There have been no significant changes to our critical accounting estimates from those disclosed in our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1693317/000169331725000004/cch-20241231.htm#ic5d1b76b405d4bc5a3ee52b6180eb810_118)</u>.

**Recent Accounting Standards** 

For a summary of recently issued accounting standards, see <u>[Note 1—Nature of Operations and Basis of Presentation](#i6348633548bd4445ade0fbb2b08fc36a_43)</u> of our Notes to Consolidated Financial Statements.

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Marketing and Trading Commodity Price Risk**

We have commodity derivatives consisting of natural gas and power supply contracts for the commissioning and operation of the Liquefaction Project and Midscale Trains 8 & 9 Project, as well as the associated economic hedges (collectively, the **"Liquefaction Supply Derivatives"**). In order to test the sensitivity of the fair value of the Liquefaction Supply Derivatives to changes in underlying commodity prices, management modeled a 10% change in the commodity price for natural gas for each delivery location as follows (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Change in Fair Value** | **Fair Value** | **Change in Fair Value** |
| &nbsp;&nbsp;Liquefaction Supply Derivatives | $1802 | $1970 | $539 | $2174 |

---

See <u>[Note 5—Derivative Instruments](#i6348633548bd4445ade0fbb2b08fc36a_61)</u> of our Notes to Consolidated Financial Statements for additional details about our derivative instruments.

**ITEM 4. *&nbsp;&nbsp;&nbsp;&nbsp;*CONTROLS AND PROCEDURES**

We maintain a set of disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports voluntarily filed by us under Section 21E of the Securities Exchange Act of 1934, as amended (the **"Exchange Act"**), is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. As of the end of the period covered by this report, we evaluated, under the supervision and with the participation of

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our management, including our President and Chief Financial Officer, the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 of the Exchange Act. Based on that evaluation, our President and Chief Financial Officer concluded that our disclosure controls and procedures are effective.

During the most recent fiscal quarter, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

**ITEM 1. *&nbsp;&nbsp;&nbsp;&nbsp;*LEGAL PROCEEDINGS**

We may in the future be involved as a party to various legal proceedings, which are incidental to the ordinary course of business. We regularly analyze current information and, as necessary, provide accruals for probable liabilities on the eventual disposition of these matters. There have been no material changes to the legal proceedings disclosed in our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1693317/000169331725000004/cch-20241231.htm#ic5d1b76b405d4bc5a3ee52b6180eb810_256)</u>.

**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS**

There have been no material changes from the risk factors disclosed in our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1693317/000169331725000004/cch-20241231.htm#ic5d1b76b405d4bc5a3ee52b6180eb810_238)</u>, except for the updates presented in our <u>[quarterly report on Form 10-Q for the quarterly period ended March 31, 2025](https://www.sec.gov/Archives/edgar/data/0001693317/000169331725000006/cch-20250331.htm#i25da18160ac341568748c530f12ce544_298)</u>.

**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1\* | <u>[Change order to the Lump Sum Turnkey Agreement for the Engineering, Procurement and Construction of the Corpus Christi Liquefaction Stage 3 Project, dated March 1, 2022, by and between CCL and Bechtel Energy, Inc.: (i) the Change Order CO-00110 Owner Accommodations at Contractor CityWest Offices, dated May 22, 2025, (ii) the Change Order CO-00111 Trim Modifications on PV-17016 and PV-17516 Valves, dated July 21, 2025, (iii) the Change Order CO-00112 Supply of Train 2 Demineralized Water (Owner Request), dated July 25, 2025](exhibit101cchq32025form10q.htm)[and (iv) the Change Order CO-00113 Acceleration Program Extension (August - November 2025)](exhibit101cchq32025form10q.htm)[,](exhibit101cchq32025form10q.htm)[dated August 4, 2025 (Portions of this exhibit have been omitted.)](exhibit101cchq32025form10q.htm)</u> |
| 22.1 | <u>[List of Issuers and Guarantor Subsidiaries (Incorporated by reference to Exhibit 22.1 to the Company's Annual Report on Form 10-K (SEC File No. 333-215435), filed on February 20, 2025)](https://www.sec.gov/Archives/edgar/data/1693317/000169331725000004/exhibit221cch2024form10k.htm)</u> |
| 31.1\* | <u>[Certification by President and Chief Financial Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act](exhibit311cchq32025form10q.htm)</u> |
| 32.1\*\* | <u>[Certification by President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321cchq32025form10q.htm)</u> |
| 101.INS\* | XBRL Instance Document |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE\* | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

\*\* Furnished herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | CHENIERE CORPUS CHRISTI HOLDINGS, LLC | CHENIERE CORPUS CHRISTI HOLDINGS, LLC |
| Date: | October 29, 2025 | By: | /s/ Zach Davis |
|  |  |  | Zach Davis |
|  |  |  | President and Chief Financial Officer |
|  |  |  | (Principal Executive and Financial Officer) |
| Date: | October 29, 2025 | By: | /s/ David Slack |
|  |  |  | David Slack |
|  |  |  | Chief Accounting Officer |
|  |  |  | (on behalf of the registrant and<br>as principal accounting officer) |

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## Exhibit 10.1

**Exhibit 10.1**

**[\*\*\*] indicates certain identified information has been excluded because it is both (a) not material and (b) would be competitively harmful if publicly disclosed.**

**CHANGE ORDER**

**OWNER ACCOMMODATIONS AT CONTRACTOR CITYWEST OFFICES**

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| | |
|:---|:---|
| **PROJECT NAME**: Corpus Christi Liquefaction Stage 3 Project **OWNER:** Corpus Christi Liquefaction, LLC<br>**CONTRACTOR:** Bechtel Energy Inc. | &nbsp;&nbsp;**CHANGE ORDER NUMBER:** CO-00110<br>**DATE OF AGREEMENT:** 01-Mar-2022<br>**DATE OF CHANGE ORDER:** 22-May-2025 |

---

**The Agreement between the Parties listed above is changed as follows:** 

1. Pursuant to Article 2.3 ("Owner Accommodations at Contractor Project Offices") of Attachment A, Schedule A-1 ("Scope of Work") of the Agreement, Contractor presently has the obligation to accommodate in Contractor's Houston home office up to a peak of fifty-five (55) Owner personnel for the period commencing at NTP and concluding at Substantial Completion of all Trains.

2. In accordance with Section 6.1 of the Agreement ("Owner's Right to Change Order"), Contractor's scope for Owner personnel accommodation (Houston home office) is revised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;With respect to the quantity of spaces to be provided, Owner has requested increases above fifty-five (55) spaces, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1&nbsp;&nbsp;&nbsp;&nbsp;For the period August 2024 to October 2024 (inclusive); Owner requested that Contractor provide a full CityWest Building #4 floor that is the equivalent of one hundred and fifty-two (152) Owner spaces, and, in addition, a further two (2) dedicated large conference rooms the equivalent of fourteen (14) spaces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2&nbsp;&nbsp;&nbsp;&nbsp;For the period November 2024 through to April 2025 (inclusive); Owner requested that Contractor provide half of a CityWest Building #4 floor that is the equivalent of seventy-six (76) Owner spaces, and, in addition, a further two (2) dedicated large conference rooms the equivalent of fourteen (14) spaces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3&nbsp;&nbsp;&nbsp;&nbsp;For the period May 2025 through to December 2025 (inclusive); Owner has requested that Contractor provide half of a CityWest Building #4 floor that is the equivalent of seventy-six (76) Owner spaces, and, in addition, one (1) dedicated large conference room the equivalent of seven (7) spaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;Further, Owner requested certain once-off modifications including offices/double-size offices and an additional huddle room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;This change order only funds such Owner increased accommodation through to 31-Dec-2025; accordingly Owner agrees to provide confirmation, on or before 31-Oct-2025, if Owner elects to continue with increased accommodation beyond 31-Dec-2025.

3. The detailed cost breakdown for this Change Order is detailed in Attachments 1 and 2 of this Change Order.

------

4. Schedule C-1 Aggregate Labor and Skills Price Monthly Payment Schedule of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit 1 of this Change Order.

---

| | |
|:---|:---|
| **Adjustment to Contract Price** | |
| 1. The original Contract Price was …………………………………………………….................. | $5484000000 |
| 2. Net change by previously authorized Change Orders (# CO-00001 – CO-000109)…….…… | $502680390 |
| 3. The Contract Price prior to this Change Order was ………………………………………........ | $5986680390 |
| 4. The Aggregate Equipment Price will be (unchanged) by this Change Order in the amount of . | $[\*\*\*] |
| 5. The Aggregate Labor and Skills Price will be (increased) by this Change Order in the amount of .................................................................................................................................... | $[\*\*\*] |
| 6. The Aggregate Provisional Sum Equipment Price will be (unchanged) by this Change Order in the amount of ……………………………………………………………………………...... | $[\*\*\*] |
| 7. The Aggregate Provisional Sum Labor and Skills Price will be (unchanged) by this Change Order in the amount of ..……………………………………………………………………… | $[\*\*\*] |
| 8. The new Contract Price including this Change Order will be ………………………………… | $5987680390 |

---

The following dates are modified *(list all dates modified; insert N/A if no dates modified)*: **N/A**

**Impact to other Changed Criteria** (insert N/A if no changes or impact; attach additional documentation if necessary)

Adjustment to Payment Schedule: **Yes; see Exhibit 1 of this Change Order.**

Adjustment to Minimum Acceptance Criteria: **N/A**

Adjustment to Performance Guarantees: **N/A**

Adjustment to Basis of Design: **No**

Adjustment to Attachment CC (Equipment List): **To be updated on a quarterly basis**

Other adjustments to liability or obligation of Contractor or Owner under the Agreement: **N/A**

***Select either A or B***:

[A]This Change Order **shall** constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and **shall** be deemed to compensate Contractor fully for such change. Initials: <u>SS</u> Contractor <u>IS</u> Owner

[B]This Change Order **shall not** constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and **shall not** be deemed to compensate Contractor fully for such change. Initials: Contractor _ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties' duly authorized representatives.

------

**CORPUS CHRISTI LIQUEFACTION, LLC**

By: <u>/s/ Ian Swanbeck</u> 

Name: <u>Ian Swanbeck</u> 

Title: <u>Vice President, Project Execution</u> 

**BECHTEL ENERGY INC.**

By: <u>/s/ Steve Smith</u> 

Name: <u>Steve Smith</u> 

Title: <u>Cheniere Program Manager and Senior Vice President</u>

------

**CHANGE ORDER**

**Trim Modifications On PV-17016 And PV-17516 Valves**

---

| | |
|:---|:---|
| **PROJECT NAME**: Corpus Christi Liquefaction Stage 3 Project **OWNER:** Corpus Christi Liquefaction, LLC <br>**CONTRACTOR:** Bechtel Energy Inc. | **CHANGE ORDER NUMBE**R: CO-00111<br>**DATE OF AGREEMEN**T: 01-Mar-2022<br>**DATE OF CHANGE ORD**ER: 21-Jul-2025 |

---

**The Agreement between the Parties listed above is changed as follows:** 

1. In accordance with Section 6.1 of the Agreement ("Owner's Right to Change Order"), at Owner's request, the scope of the Agreement is revised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.With respect to Train 1, Contractor will provide Owner with originally designed actuators and topworks from Train 7 for Owner's subcontractor to retrofit. Owner to install retrofitted actuators and topworks and return presently-installed actuators and topworks to meet Contractor's schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.With respect to Train 2, Contractor will provide originally designed actuators and topworks from Train 6 to Owner to retrofit. Contractor to uninstall currently installed actuators and topworks and then install retrofitted actuators and topworks, once received from Owner, prior to Contractor's Train 2 strainer outage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.With respect to Trains 3-7, Contractor will send actuators and topworks offsite for retrofit per Owner's direction. Contractor to install retrofitted actuators and topworks prior to the respective Substantial Completion of each Train.

2. For clarity, [\*\*\*]. Presently, Owner has nominated the consideration of additional operations cases per Owner transmittal "CCL-0629-000-00-DMC-TRN-000002" and based on the new cases, Flowserve and Chart have designed a new valve trim per RCA conducted by Owner.

3. Additionally, Owner acknowledges that this Change Order does not serve to revise the feed gas composition, LNG production, or the operation of the heavies removal unit as is stated in the design basis of the Agreement. Owner further acknowledges [\*\*\*].

4. The detailed cost breakdown for this Change Order is detailed in Exhibit A of this Change Order.

5. Schedule C-1 Aggregate Labor and Skills Price Monthly Payment Schedule and C-3 Aggregate Equipment Price Payment Milestones of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit 1 of this Change Order.

---

| | |
|:---|:---|
| **Adjustment to Contract Price** | |
| &nbsp;&nbsp;1. The original Contract Price was …………………………………………………………................. | $5484000000 |
| &nbsp;&nbsp;2. Net change by previously authorized Change Orders (# CO-00001 – CO-000110)……….………. | $503680390 |
| &nbsp;&nbsp;3. The Contract Price prior to this Change Order was ………………………………………............... | $5987680390 |
| &nbsp;&nbsp;4. The Aggregate Equipment Price will be (increased) by this Change Order in the amount of ........... | $[\*\*\*] |
| &nbsp;&nbsp;5. The Aggregate Labor and Skills Price will be (increased) by this Change Order in the amount of . | $[\*\*\*] |
| &nbsp;&nbsp;6. The Aggregate Provisional Sum Equipment Price will be (unchanged) by this Change Order in the amount of …………………………………………………………………………………............... | $[\*\*\*] |
| &nbsp;&nbsp;7. The Aggregate Provisional Sum Labor and Skills Price will be (unchanged) by this Change Order in the amount of ..…………………………………………………………………………............... | $[\*\*\*] |
| &nbsp;&nbsp;8. The new Contract Price including this Change Order will be ……………………………………... | $5989169522 |

---

------

The following dates are modified *(list all dates modified; insert N/A if no dates modified)*: **N/A**

**Impact to other Changed Criteria** *(insert N/A if no changes or impact; attach additional documentation if necessary)*

Adjustment to Payment Schedule: **Yes; see Exhibit 1 of this Change Order.**

Adjustment to Minimum Acceptance Criteria: **N/A** 

Adjustment to Performance Guarantees: **N/A** 

Adjustment to Basis of Design: **No**

Adjustment to Attachment CC (Equipment List): **To be updated on a quarterly basis**

Other adjustments to liability or obligation of Contractor or Owner under the Agreement: **N/A**

***Select either A or B***:

[A]This Change Order **shall** constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and **shall** be deemed to compensate Contractor fully for such change. Initials: <u>MDR</u> Contractor <u>IS</u> Owner

[B]This Change Order **shall not** constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and **shall not** be deemed to compensate Contractor fully for such change. Initials: Contractor _ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties' duly authorized representatives.

------

**CORPUS CHRISTI LIQUEFACTION, LLC**

By: <u>/s/ Ian Swanbeck</u> 

Name: <u>Ian Swanbeck</u> 

Title: <u>Vice President, Project Execution</u> 

**BECHTEL ENERGY INC.**

By: <u>/s/ Maurissa Douglas Rogers</u> 

Name: <u>Maurissa Douglas Rogers</u> 

Title: <u>Cheniere Program Manager and Senior Vice President</u>

------

**CHANGE ORDER**

**SUPPLY OF TRAIN 2 DEMINERALIZED WATER (OWNER REQUEST)**

---

| | |
|:---|:---|
| **PROJECT NAME:** Corpus Christi Liquefaction Stage 3 Project **OWNER:** Corpus Christi Liquefaction, LLC<br>**CONTRACTOR:** Bechtel Energy Inc. | **CHANGE ORDER NUMBE**R: CO-00112<br>**DATE OF AGREEMEN**T: 01-Mar-2022<br>**DATE OF CHANGE ORD**ER: 25-Jul-2025 |

---

**The Agreement between the Parties listed above is changed as follows:** 

1. In accordance with Section 6.1 of the Agreement ("Owner's Right to Change Order"), at Owner's request, Contractor will supply certain quantities of demineralized water on Owner's behalf with respect to Train 2 only.

2. This Change Order includes the cost of demineralized water supply, and the cost of the delivery truck's standby time to pump water from the truck to the frac tank.

3. For context, demineralized water was originally an Owner-furnished item to be provided 365 days prior to the RFSU of each Train pursuant to Item 2 of Attachment V of the Agreement.

4. The detailed cost breakdown for this Change Order is detailed in Exhibit A of this Change Order.

5. Schedule C-1 Aggregate Labor and Skills Price Monthly Payment Schedule of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit 1 of this Change Order.

---

| | |
|:---|:---|
| **Adjustment to Contract Price** | |
| 1. The original Contract Price was …………………………………………………………........... | $5484000000 |
| 2. Net change by previously authorized Change Orders (# CO-00001 – CO-000111)……….…..... | $505169522 |
| 3. The Contract Price prior to this Change Order was ………………………………………......... | $5989169522 |
| 4. The Aggregate Equipment Price will be (unchanged) by this Change Order in the amount of.... | $[\*\*\*] |
| 5. The Aggregate Labor and Skills Price will be (increased) by this Change Order in the amount of .................................................................................................................................................. | $[\*\*\*] |
| 6. The Aggregate Provisional Sum Equipment Price will be (unchanged) by this Change Order in the amount of ………………………………………………………………………………....... | $[\*\*\*] |
| 7. The Aggregate Provisional Sum Labor and Skills Price will be (unchanged) by this Change Order in the amount of ..………………………………………………………………….......... | $[\*\*\*] |
| 8. The new Contract Price including this Change Order will be …………………………….…… | $5989625745 |

---

The following dates are modified *(list all dates modified; insert N/A if no dates modified)*: **N/A**

**Impact to other Changed Criteria** *(insert N/A if no changes or impact; attach additional documentation if necessary)*

Adjustment to Payment Schedule: **Yes; see Exhibit 1 of this Change Order.**

Adjustment to Minimum Acceptance Criteria: **N/A** 

Adjustment to Performance Guarantees: **N/A** 

Adjustment to Basis of Design: **No**

Adjustment to Attachment CC (Equipment List): **To be updated on a quarterly basis**

Other adjustments to liability or obligation of Contractor or Owner under the Agreement: **N/A**

------

***Select either A or B***:

[A]This Change Order **shall** constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and **shall** be deemed to compensate Contractor fully for such change. Initials: <u>MDR</u> Contractor <u>IS</u> Owner

[B]This Change Order **shall not** constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and **shall not** be deemed to compensate Contractor fully for such change. Initials: Contractor _ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties' duly authorized representatives.

**CORPUS CHRISTI LIQUEFACTION, LLC**

By: <u>/s/ Ian Swanbeck</u> 

Name: <u>Ian Swanbeck</u> 

Title: <u>Vice President, Project Execution</u> 

**BECHTEL ENERGY INC.**

By: <u>/s/ Maurissa Douglas Rogers</u> 

Name: <u>Maurissa Douglas Rogers</u> 

Title: <u>Cheniere Program Manager and Senior Vice President</u>

------

**CHANGE ORDER**

**ACCELERATION PROGRAM EXTENSION (AUGUST - NOVEMBER 2025)**

---

| | |
|:---|:---|
| **PROJECT NAME**: Corpus Christi Liquefaction Stage 3 Project **OWNER:** Corpus Christi Liquefaction, LLC<br>**CONTRACTOR:** Bechtel Energy Inc. | &nbsp;&nbsp;**CHANGE ORDER NUMBE**R: CO-00113<br>**DATE OF AGREEMEN**T: 01-Mar-2022<br>**DATE OF CHANGE ORD**ER: 04-Aug-2025 |

---

**The Agreement between the Parties listed above is changed as follows:** 

1.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms not defined in this Change Order have the meaning set forth in the Agreement;

2.&nbsp;&nbsp;&nbsp;&nbsp;Whereas Owner has requested Contractor developed a program targeting acceleration of respective present Forecast 1st LNG/RFSU dates as noted in the table below:

---

| | |
|:---|:---|
| **Train** | **Forecast 1**<sup>st</sup> **LNG/RFSU range** |
| **Train 3- String 2** | [\*\*\*] |
| **Train 3- String 1** | [\*\*\*] |
| **Train 4** | [\*\*\*] |
| **Train 5 - Note 1** | [\*\*\*] |
| **Train 6 - Note 1** | [\*\*\*] |
| **Train 7 - Note 1** | [\*\*\*] |

---

Note 1: Trains 5, 6 and 7 Accelerated RFSU dates assumes continuation of Acceleration Program through [\*\*\*]

3.&nbsp;&nbsp;&nbsp;&nbsp;Contractor will issue monthly individual forecast curves to substantial completion for Trains 3-4 reflecting the Acceleration Program Extension.

4.&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, the Parties agree to implement an acceleration program with respect to Train 3 and Train 4, compensable as a new Provisional Sum (together the "**Acceleration Program Extension**", with this Provisional Sum being the "**APE Provisional Sum**"). Therefore, Attachment GG (Provisional Sums) of the Agreement is revised to include Section 12 as set forth in Attachment 1 of this Change Order.

5.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding that the Parties have agreed to call this a Provisional Sum, in this case Contractor may not invoice any costs or expenses incurred for the Acceleration Program Extension in excess of the APE Provisional Sum amount of [\*\*\*](U.S. $[\*\*\*]) in the aggregate. Unless Owner otherwise agrees by Change Order, any amounts invoiced for the Acceleration Program Extension in excess of U.S. $[\*\*\*] shall be for Contractor's account. Notwithstanding anything to the contrary herein, Contractor shall not be obligated to continue the Acceleration Program Extension once the APE Provisional Sum has been exceeded.

6.&nbsp;&nbsp;&nbsp;&nbsp;The APE Provisional Sum shall, notwithstanding anything to the contrary, apply only to the methodologies necessary to accelerate the Work (as further detailed in this Change Order) and any such amounts may not be applied to any activities that Contractor would otherwise be performing, or would otherwise have performed, if the Parties had not executed this Change Order. The APE Provisional Sum mechanism shall be as follows: Contractor shall submit a formal offer of proposed APE Provisional Sum methodologies and corresponding amounts for the subsequent month, and the Parties shall mutually agree on such methodologies and amounts. In the subsequent month, actual methodologies performed by Contractor will be trued up as set forth in Section 12.3 of Attachment 1.

7.&nbsp;&nbsp;&nbsp;&nbsp;Parties agree that Contractor will not charge Owner any type of markup for the subject Acceleration Program.

------

8.&nbsp;&nbsp;&nbsp;&nbsp;Parties agree there shall be one (1) cost reconciliation to adjust the APE Provisional Sum by Change Order at the end of the Acceleration Program Extension (but only if the costs and expenses incurred by Contractor for the Acceleration Program Extension are less than the APE Provisional Sum), provided, however, there shall be a rolling Monthly process (as set forth in Attachment 1) by which to review and true up such payments from previous Months.

9.&nbsp;&nbsp;&nbsp;&nbsp;Parties acknowledge that Owner may unilaterally cancel the Acceleration Program Extension provided that a minimum notice of one (1) Month is given to Contractor. The Parties agree that continuation of the Acceleration Program Extension is predicated on improvement in schedule across all remaining Trains with RFSU dates reforecast on a monthly basis. Contractor shall provide Owner with the following items on the same day Contractor provides Owner the Monthly Updated Project Schedule as required under Section 5.4D of the Agreement: 1) planned and actual progress by Train for Trains 3-4; 2) the proposed subsequent month APE Provisional Sum; and 3) the revised RFSU date summary table.

10.&nbsp;&nbsp;&nbsp;&nbsp;Schedule C-1 (Aggregate Labor and Skills Price Payment Milestones) of the Agreement will be updated to add the Payment Milestone(s) listed in Exhibit 1 of this Change Order.

11.&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, there shall be no adjustment to the Guaranteed Dates as a result of this Change Order.

---

| | |
|:---|:---|
| **Adjustment to Contract Price** | |
| 1. The original Contract Price was …………………………………………………………................. | $5484000000 |
| 2. Net change by previously authorized Change Orders (# CO-00001 – CO-00112)……….….…...... | $505625745 |
| 3. The Contract Price prior to this Change Order was ………………………………………............... | $5989625745 |
| 4. The Aggregate Equipment Price will be (unchanged) by this Change Order in the amount of ........ | $[\*\*\*] |
| 5. The Aggregate Labor and Skills Price will be (unchanged) by this Change Order in the amount of .. | $[\*\*\*] |
| 6. The Aggregate Provisional Sum Equipment Price will be (unchanged) by this Change Order in the amount of …………………………………………………………………………………………... | $[\*\*\*] |
| 7. The Aggregate Provisional Sum Labor and Skills Price will be (increased) by this Change Order in the amount of ..…………………………………………………………………………............... | $[\*\*\*] |
| 8. The new Contract Price including this Change Order will be ……………………………………... | $6033899555 |

---

The following dates are modified *(list all dates modified; insert N/A if no dates modified)*: **N/A**

**Impact to other Changed Criteria** *(insert N/A if no changes or impact; attach additional documentation if necessary)*

Adjustment to Payment Schedule: **N/A**

Adjustment to Minimum Acceptance Criteria: **N/A** 

Adjustment to Performance Guarantees: **N/A** 

Adjustment to Basis of Design: **N/A**

Adjustment to Attachment CC (Equipment List): **To be updated on a quarterly basis**

Other adjustments to liability or obligation of Contractor or Owner under the Agreement: **N/A**

------

This Change Order **shall** constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and **shall** be deemed to compensate Contractor fully for such change. Initials: <u>MDR</u> Contractor <u>IS</u> Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is executed by each of the Parties' duly authorized representatives.

**CORPUS CHRISTI LIQUEFACTION, LLC**

By: <u>/s/ Ian Swanbeck</u> 

Name: <u>Ian Swanbeck</u> 

Title: <u>Vice President, Project Execution</u> 

**BECHTEL ENERGY INC.**

By: <u>/s/ Maurissa Douglas Rogers</u> 

Name: <u>Maurissa Douglas Rogers</u> 

Title: <u>Cheniere Program Manager and Senior Vice President</u>

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION BY PRESIDENT AND CHIEF FINANCIAL OFFICER** 

**PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER THE EXCHANGE ACT** 

I, Zach Davis, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Cheniere Corpus Christi Holdings, LLC;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 29, 2025

---

| |
|:---|
| /s/ Zach Davis |
| Zach Davis |
| President and Chief Financial Officer of |
| Cheniere Corpus Christi Holdings, LLC |

---

## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION BY PRESIDENT AND CHIEF FINANCIAL OFFICER** 

**PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the quarterly report of Cheniere Corpus Christi Holdings, LLC (the "Company") on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Zach Davis, President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 29, 2025

---

| |
|:---|
| /s/ Zach Davis |
| Zach Davis |
| President and Chief Financial Officer of |
| Cheniere Corpus Christi Holdings, LLC |

---

<br>