# EDGAR Filing Document

**Accession Number:** 0001693317
**File Stem:** 0001693317-26-000005
**Filing Date:** 2026-5
**Character Count:** 170443
**Document Hash:** e2d06df04de286b65d370355e73589d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001693317-26-000005.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001693317-26-000005

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260506

**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:** 26950004

**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-20260331

    

**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 March 31, 2026

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](#ifc4a35e4db2c480989af529eb98ab1e1_10)</u> | <u>[1](#ifc4a35e4db2c480989af529eb98ab1e1_10)</u> |
| **<u>[Part I. Financial Information](#ifc4a35e4db2c480989af529eb98ab1e1_310)</u>** | **<u>[Part I. Financial Information](#ifc4a35e4db2c480989af529eb98ab1e1_310)</u>** | **<u>[Part I. Financial Information](#ifc4a35e4db2c480989af529eb98ab1e1_310)</u>** |
| <u>[Item 1.](#ifc4a35e4db2c480989af529eb98ab1e1_313)</u> | <u>[Consolidated Financial Statements](#ifc4a35e4db2c480989af529eb98ab1e1_313)</u> | <u>[3](#ifc4a35e4db2c480989af529eb98ab1e1_313)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations](#ifc4a35e4db2c480989af529eb98ab1e1_130)</u> | <u>[3](#ifc4a35e4db2c480989af529eb98ab1e1_130)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#ifc4a35e4db2c480989af529eb98ab1e1_136)</u> | <u>[4](#ifc4a35e4db2c480989af529eb98ab1e1_136)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Member's Equity](#ifc4a35e4db2c480989af529eb98ab1e1_142)</u> | <u>[5](#ifc4a35e4db2c480989af529eb98ab1e1_142)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#ifc4a35e4db2c480989af529eb98ab1e1_148)</u> | <u>[6](#ifc4a35e4db2c480989af529eb98ab1e1_148)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#ifc4a35e4db2c480989af529eb98ab1e1_151)</u> | <u>[7](#ifc4a35e4db2c480989af529eb98ab1e1_151)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1—Nature of Operations and Basis of Presentation](#ifc4a35e4db2c480989af529eb98ab1e1_154)</u> | <u>[7](#ifc4a35e4db2c480989af529eb98ab1e1_154)</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](#ifc4a35e4db2c480989af529eb98ab1e1_169)</u> | <u>[8](#ifc4a35e4db2c480989af529eb98ab1e1_169)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3—Inventory](#ifc4a35e4db2c480989af529eb98ab1e1_172)</u> | <u>[8](#ifc4a35e4db2c480989af529eb98ab1e1_172)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4—Property, Plant and Equipment, Net of Accumulated Depreciation](#ifc4a35e4db2c480989af529eb98ab1e1_175)</u> | <u>[8](#ifc4a35e4db2c480989af529eb98ab1e1_175)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5—Derivative Instruments](#ifc4a35e4db2c480989af529eb98ab1e1_184)</u> | <u>[9](#ifc4a35e4db2c480989af529eb98ab1e1_184)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6—Accrued Liabilities](#ifc4a35e4db2c480989af529eb98ab1e1_190)</u> | <u>[12](#ifc4a35e4db2c480989af529eb98ab1e1_190)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7—Debt](#ifc4a35e4db2c480989af529eb98ab1e1_193)</u> | <u>[12](#ifc4a35e4db2c480989af529eb98ab1e1_193)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8—Revenues](#ifc4a35e4db2c480989af529eb98ab1e1_205)</u> | <u>[14](#ifc4a35e4db2c480989af529eb98ab1e1_205)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9—Related Party Transactions](#ifc4a35e4db2c480989af529eb98ab1e1_214)</u> | <u>[16](#ifc4a35e4db2c480989af529eb98ab1e1_214)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10—Segment Information and Customer Concentration](#ifc4a35e4db2c480989af529eb98ab1e1_220)</u> | <u>[16](#ifc4a35e4db2c480989af529eb98ab1e1_220)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11—Supplemental Cash Flow Information](#ifc4a35e4db2c480989af529eb98ab1e1_229)</u> | <u>[17](#ifc4a35e4db2c480989af529eb98ab1e1_229)</u> |
| <u>[Item 2.](#ifc4a35e4db2c480989af529eb98ab1e1_82)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ifc4a35e4db2c480989af529eb98ab1e1_82)</u> | <u>[18](#ifc4a35e4db2c480989af529eb98ab1e1_82)</u> |
| <u>[Item 3.](#ifc4a35e4db2c480989af529eb98ab1e1_118)</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#ifc4a35e4db2c480989af529eb98ab1e1_118)</u> | <u>[26](#ifc4a35e4db2c480989af529eb98ab1e1_118)</u> |
| <u>[Item 4.](#ifc4a35e4db2c480989af529eb98ab1e1_316)</u> | <u>[Controls and Procedures](#ifc4a35e4db2c480989af529eb98ab1e1_316)</u> | <u>[26](#ifc4a35e4db2c480989af529eb98ab1e1_316)</u> |
| **<u>[Part II. Other Information](#ifc4a35e4db2c480989af529eb98ab1e1_298)</u>** | **<u>[Part II. Other Information](#ifc4a35e4db2c480989af529eb98ab1e1_298)</u>** | **<u>[Part II. Other Information](#ifc4a35e4db2c480989af529eb98ab1e1_298)</u>** |
| <u>[Item 1.](#ifc4a35e4db2c480989af529eb98ab1e1_301)</u> | <u>[Legal Proceedings](#ifc4a35e4db2c480989af529eb98ab1e1_301)</u> | <u>[28](#ifc4a35e4db2c480989af529eb98ab1e1_301)</u> |
| <u>[Item 1A.](#ifc4a35e4db2c480989af529eb98ab1e1_304)</u> | <u>[Risk Factors](#ifc4a35e4db2c480989af529eb98ab1e1_304)</u> | <u>[28](#ifc4a35e4db2c480989af529eb98ab1e1_304)</u> |
| <u>[Item 5.](#ifc4a35e4db2c480989af529eb98ab1e1_283)</u> | <u>[Other Information](#ifc4a35e4db2c480989af529eb98ab1e1_283)</u> | <u>[28](#ifc4a35e4db2c480989af529eb98ab1e1_298)</u> |
| <u>[Item 6.](#ifc4a35e4db2c480989af529eb98ab1e1_307)</u> | <u>[Exhibits](#ifc4a35e4db2c480989af529eb98ab1e1_307)</u> | <u>[28](#ifc4a35e4db2c480989af529eb98ab1e1_307)</u> |
| | <u>[Signatures](#ifc4a35e4db2c480989af529eb98ab1e1_274)</u> | <u>[29](#ifc4a35e4db2c480989af529eb98ab1e1_274)</u> |

---

i

------

<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_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 |
| DOE | U.S. Department of Energy |
| 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 U.S. |
| 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**](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

**Abbreviated Legal Entity Structure**

The following diagram depicts our abbreviated legal entity structure as of March 31, 2026, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:

![CCH Org Chart and Cap Structure - Feb 2026.jpg](cch-20260331_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**](#ifc4a35e4db2c480989af529eb98ab1e1_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 March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues | $1730 | $1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues—affiliate | 854 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 2584 | 1586 |
| 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) | 5219 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales—affiliate | 146 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense | 162 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense—affiliate | 42 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense—related party | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense—affiliate | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 152 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 5746 | 1875 |
| Loss from operations | (3162) | (289) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest | (16) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on modification or extinguishment of debt | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income—affiliate | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (31) | (1) |
| Net loss | $(3193) | $(290) |

---

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

------

<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**CONSOLIDATED BALANCE SHEETS**

**(in millions)**

**unaudited**

---

| | | |
|:---|:---|:---|
| | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| ASSETS |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | $221 | $195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables, net of current expected credit losses | 283 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables—affiliate | 379 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to affiliates | 95 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 172 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current derivative assets | 1 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 7 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets, net | 37 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1195 | 1163 |
| Property, plant and equipment, net of accumulated depreciation | 19345 | 18770 |
| Derivative assets | 1736 | 3913 |
| Other non-current assets, net | 407 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $22683 | $24267 |
| LIABILITIES AND MEMBER'S EQUITY |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $85 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 796 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities—related party | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 103 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current derivative liabilities | 1693 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities—affiliate | 24 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2719 | 1434 |
| Long-term debt, net of unamortized discount and debt issuance costs | 4837 | 5378 |
| Derivative liabilities | 623 | 308 |
| Other non-current liabilities | 26 | 28 |
| Other non-current liabilities—affiliate | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8207 | 7150 |
| Member's equity | 14476 | 17117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and member's equity | $22683 | $24267 |

---

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

------

<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**CONSOLIDATED STATEMENTS OF MEMBER'S EQUITY** 

**(in millions)**

**unaudited**

---

| | | |
|:---|:---|:---|
| **Three Months Ended March 31, 2026** | | |
| |<br>**Cheniere CCH HoldCo I, LLC** |<br>**Total Member**'**s Equity** |
| Balance at December 31, 2025 | $17117 | $17117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash contribution from affiliate (see <u>[Note 7](#ifc4a35e4db2c480989af529eb98ab1e1_193)</u>) | 552 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | (3193) | (3193) |
| Balance at March 31, 2026 | $14476 | $14476 |

---

---

| | | |
|:---|:---|:---|
| **Three Months Ended March 31, 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;

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

------

<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in millions)**

**unaudited**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(3193) | $(290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 152 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount and debt issuance costs | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total losses on derivative instruments, net | 3805 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for settlement of derivative instruments | (47) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 21 | (1) |
| &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 | 28 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables—affiliate | (37) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to affiliates | 13 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (6) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (60) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 32 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities—related party | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred revenue | (4) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred revenue—affiliate | 23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 9 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net—affiliate |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 739 | 372 |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net of proceeds from commissioning sales of LNG of $40 million and $35 million, respectively | (707) | (290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (709) | (292) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | 100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments and repurchases of debt | (100) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions |  | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (4) | (119) |
| Net increase (decrease) in restricted cash and cash equivalents | 26 | (39) |
| Restricted cash and cash equivalents—beginning of period | 195 | 113 |
| Restricted cash and cash equivalents—end of period | $221 | $74 |

---

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

------

<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_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 approximately 8 mtpa was under construction and the remainder was in operation as of March 31, 2026. 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 3 mtpa under construction and the remainder in operation from the first five midscale Trains that have reached substantial completion as of March 31, 2026; 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 March 31, 2026.

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](#ifc4a35e4db2c480989af529eb98ab1e1_214)</u> for additional details of the activity under these services agreements during the three months ended March 31, 2026 and 2025.

**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, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_262)</u>.

Results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2026.

We are a disregarded entity for federal, state and local 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 tax return of Cheniere. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Consolidated Financial Statements. However, other state or local taxes owed by us are subject to a tax sharing arrangement our subsidiaries have with Cheniere.

**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.

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**unaudited**

**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):

---

| | | |
|:---|:---|:---|
| | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Trade receivables | $268 | $288 |
| Other receivables | 15 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade and other receivables, net of current expected credit losses | $283 | $306 |

---

Upon collection of our receivables, cash will be immediately restricted for the payment of liabilities related to the Liquefaction Project.

**NOTE 3—INVENTORY**

Inventory consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Materials | $153 | $146 |
| LNG | 11 | 12 |
| Natural gas | 7 | 9 |
| Other | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total inventory | $172 | $168 |

---

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

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

---

| | | |
|:---|:---|:---|
| | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| LNG terminal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminal and interconnecting pipeline facilities | $18201 | $17283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | 655 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction-in-process | 3444 | 3716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (2962) | (2811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total LNG terminal, net of accumulated depreciation | 19338 | 18763 |
| Fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (24) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed assets, net of accumulated depreciation | 7 | 7 |
| &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 | $19345 | $18770 |

---

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Depreciation expense | $151 | $117 |
| Sales proceeds earned from commissioning sales of LNG offset to LNG terminal (1) | 43 | 45 |

---

(1)We realize offsets to LNG terminal for sales proceeds from commissioning volumes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction.

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**unaudited**

**NOTE 5—DERIVATIVE INSTRUMENTS**

We have commodity derivatives consisting of natural gas and power supply contracts, including our long-term 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** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **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 (liability) | $— | $(49) | $(530) | $(579) | $— | $(14) | $3193 | $3179 |

---

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. 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.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Fair Value Liability**<br>**(in millions)** | **Valuation Approach** | **Significant Unobservable Input** | **Range of Significant Unobservable Inputs / Weighted Average (1)** |
| Liquefaction Supply Derivatives | $(530) | Market approach incorporating present value techniques | Henry Hub basis spread | $(6.340) - $0.050 / $(0.251) |
|  |  | Option pricing model | International LNG pricing spread, relative to Henry Hub (2) | 70% - 537% / 181% |

---

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

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**unaudited**

(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 March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Balance, beginning of period | $3193 | $506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and change in fair value gains (losses) included in net loss (1): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in cost of sales, existing deals (2) | (3839) | (764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in cost of sales, new deals (3) | 1 | (1) |
| &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) | 115 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out of level 3 (6) |  | (1) |
| Balance, end of period | $(530) | $(140) |
| Unfavorable changes in fair value relating to instruments still held at the end of the period | $(3838) | $(765) |

---

(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 other natural gas price indices. As of March 31, 2026, the remaining fixed terms of the Liquefaction Supply Derivatives ranged up to approximately 15 years, 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 6,298 TBtu and 6,423 TBtu as of March 31, 2026 and December 31, 2025, respectively, inclusive of amounts under contracts with unsatisfied contractual conditions, and exclusive of extension options that were uncertain to be taken as of both March 31, 2026 and December 31, 2025.

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**unaudited**

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** |
| **Consolidated Statements of Operations Location (1)** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **Consolidated Statements of Operations Location (1)** | **2026** | **2025** |
| LNG revenues | $(1) | $1 |
| Cost of sales | (3804) | (683) |

---

(1)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery. Fair value fluctuations associated with our 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** |
| | **March 31, 2026** | **December 31, 2025** |
| **Consolidated Balance Sheets Location** | | |
| Current derivative assets | $1 | $7 |
| Derivative assets | 1736 | 3913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivative assets | 1737 | 3920 |
| Current derivative liabilities | (1693) | (433) |
| Derivative liabilities | (623) | (308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivative liabilities | (2316) | (741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative asset (liability), net | $(579) | $3179 |

---

**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** |
| | **March 31, 2026** | **December 31, 2025** |
| Gross assets | $3530 | $4724 |
| Offsetting amounts | (1793) | (804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1737 | $3920 |
| Gross liabilities | $(2362) | $(771) |
| Offsetting amounts | 46 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net liabilities | $(2316) | $(741) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Balance Sheets Location** | | |
| | **Balance Sheets Location** | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Liquefaction Supply Derivatives | Other current assets, net | $17 | $9 |
| Liquefaction Supply Derivatives | Other current liabilities | (5) |  |

---

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**unaudited**

**NOTE 6—ACCRUED LIABILITIES**

Accrued liabilities consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Natural gas purchases | $406 | $492 |
| LNG terminal costs | 292 | 193 |
| Other accrued liabilities | 98 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accrued liabilities | $796 | $752 |

---

**NOTE 7—DEBT**

Debt consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| 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"**) |  | 550 |
| Working capital facility agreement (the **"CCH Working Capital Facility"**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt** | 4865 | 5415 |
| Unamortized discount and debt issuance costs | (28) | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-term debt, net of unamortized discount and debt issuance costs** | $4837 | $5378 |

---

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

**Credit Facilities**

Below is a summary of our credit facilities outstanding as of March 31, 2026 (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;Commitments prepaid or terminated (1) | 1150 | 1150 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letters of credit issued |  |  | 110 | 110 |
| Available commitment | $| 2110 | $| 1390 |
| Priority ranking | Senior secured | Senior secured | Senior secured | Senior secured |
| Interest rate on available balance (2) | 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 (2) | 0.525% | 0.525% | 0.10% - 0.20% | 0.10% - 0.20% |
| Letter of credit fees (2) | N/A | N/A | 1.0% - 1.5% | 1.0% - 1.5% |
| Maturity date | (3) | (3) | June 15, 2027 | June 15, 2027 |

---

(1)In March 2026, Cheniere prepaid $550 million of outstanding borrowings under the CCH Credit Facility on our behalf, in accordance with the Equity Contribution Agreement, as described in our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_82)</u>. Additionally, Cheniere paid $2 million of accrued interest at the time of the prepayment on our behalf. We recorded this total payment as a contribution from Cheniere to us, for which we paid no consideration, within our Consolidated Statements of Member's Equity. Concurrently, we canceled $600 million of unused commitments under the CCH Credit Facility.

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**unaudited**

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

(3)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.

**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. Additionally, our restricted cash and cash equivalents were primarily restricted for the payment of liabilities related to the Liquefaction Project as required under certain debt arrangements.

As of March 31, 2026, 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 March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Total interest cost | $61 | $54 |
| Capitalized interest | (45) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense, net of capitalized interest | $16 | $4 |

---

**Fair Value Disclosures**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying<br>Amount (1)** | **Estimated<br>Fair Value (2)** | **Carrying<br>Amount (1)** | **Estimated<br>Fair Value (2)** |
| Senior Secured Notes | $4865 | $4606 | $5415 | $4618 |

---

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

(2)As of both March 31, 2026 and December 31, 2025, $1.8 billion 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 any outstanding borrowings under 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.

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**unaudited**

**NOTE 8—REVENUES**

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Revenues from contracts with customers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues (excluding net derivative gain (loss) below) | $1731 | $1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues—affiliate | 854 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues from contracts with customers | 2585 | 1585 |
| Net derivative gain (loss) (see <u>[Note 5](#ifc4a35e4db2c480989af529eb98ab1e1_184)</u>) | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $2584 | $1586 |

---

For the three months ended March 31, 2026 and 2025, 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):

---

| | | |
|:---|:---|:---|
| | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Contract assets, net of current expected credit losses | $258 | $263 |

---

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):

---

| | |
|:---|:---|
| | **Three Months Ended March 31, 2026** |
| Deferred revenue, beginning of period | $32 |
| &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 | (3) |
| Deferred revenue, end of period | $29 |

---

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

---

| | |
|:---|:---|
| | **Three Months Ended March 31, 2026** |
| Deferred revenue—affiliate, beginning of period | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received but not yet recognized in revenue | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized from prior period deferral |  |
| Deferred revenue—affiliate, end of period | $23 |

---

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Unsatisfied Transaction Price (in billions)** | **Weighted Average Recognition Timing (years) (1)** | **Unsatisfied Transaction Price (in billions)** | **Weighted Average Recognition Timing (years) (1)** |
| LNG revenues | $41.1 | 8 | $41.7 | 8 |
| LNG revenues—affiliate | 3.9 | 9 | 1.0 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $45.0 |  | $42.7 |  |

---

(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 March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| LNG revenues | 67% | 56% |
| LNG revenues—affiliate | 80% | 82% |

---

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_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 March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **LNG revenues—affiliate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPAs and Letter Agreements | $852 | $508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts for Sale and Purchase of Natural Gas and LNG | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total LNG revenues—affiliate | 854 | 508 |
| **Cost of sales—affiliate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts for Sale and Purchase of Natural Gas and LNG |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shipping Services Agreements | 146 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of sales—affiliate | 146 | 30 |
| **Operating and maintenance expense—affiliate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services Agreements (see <u>[Note 1](#ifc4a35e4db2c480989af529eb98ab1e1_154)</u>) | 42 | 31 |
| **Operating and maintenance expense—related party** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Gas Transportation Agreements (1) | 8 | 8 |
| **General and administrative expense—affiliate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services Agreements (see <u>[Note 1](#ifc4a35e4db2c480989af529eb98ab1e1_154)</u>) | 15 | 11 |
| **Other income—affiliate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services Agreements (see <u>[Note 1](#ifc4a35e4db2c480989af529eb98ab1e1_154)</u>) | 1 |  |

---

(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 three months ended March 31, 2025.

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](#ifc4a35e4db2c480989af529eb98ab1e1_205)</u>.

See our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_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 Agreement. During the three months ended March 31, 2026, Cheniere prepaid $552 million of outstanding borrowings, including accrued interest, under the CCH Credit Facility on our behalf, which was recorded as a non-cash contribution to us under the Equity Contribution Agreement, as further described in <u>[Note 7—Debt](#ifc4a35e4db2c480989af529eb98ab1e1_193)</u>.

**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 loss, 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 $3.8 billion and $684 million in losses for the three months ended March 31, 2026 and 2025, respectively. Interest income, which is included in other income, net on our Consolidated Statements of Operations, was $2 million for both the three months ended March 31, 2026 and 2025.

------

<u>[Table of C](#ifc4a35e4db2c480989af529eb98ab1e1_7)[ontents](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED**

**unaudited**

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 U.S. Total expenditures for additions to long-lived assets is reported on our Consolidated Statements of Cash Flows.

The following table shows the concentration of our customer credit risk with 10% or more of total revenues from contracts with external customers and/or trade receivables, net of current expected credit losses and contract assets, net of current expected credit losses. Customers under common control are considered to be a single customer.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Percentage of Total Revenues from Contracts with External Customers** | **Percentage of Total Revenues from Contracts with External Customers** | **Percentage of Trade Receivables, Net and Contract Assets, Net from External Customers** | **Percentage of Trade Receivables, Net and Contract Assets, Net from External Customers** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
| | **2026** | **2025** | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Customer A | 16% | 21% | \* | \* |
| Customer B | 11% | 14% | —% | \* |
| Customer C | \* | 12% | —% | \* |
| Customer D | \* | \* | 52% | 46% |
| Customer E | \* | \* | 10% | 12% |
| Customer F | 10% | \* | \* | \* |

---

\* Less than 10%

**NOTE 11—SUPPLEMENTAL CASH FLOW INFORMATION**

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Cash paid during the period for interest on debt, net of amounts capitalized | $7 | $1 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid purchases of property, plant and equipment (1) (2) | 271 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid purchases of other non-current assets (1) |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash contribution from Cheniere in connection with paydown of the CCH Credit Facility (see <u>[Note 7](#ifc4a35e4db2c480989af529eb98ab1e1_199)</u>) | 550 |  |

---

(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 from commissioning sales of LNG of $24 million and $10 million, respectively.

------

<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_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, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_184)</u>. All forward-looking statements attributable to

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<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

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](#ifc4a35e4db2c480989af529eb98ab1e1_280)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Overview of Significant Events](#ifc4a35e4db2c480989af529eb98ab1e1_94)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Results of Operations](#ifc4a35e4db2c480989af529eb98ab1e1_100)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Liquidity and Capital Resources](#ifc4a35e4db2c480989af529eb98ab1e1_103)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Summary of Critical Accounting Estimates](#ifc4a35e4db2c480989af529eb98ab1e1_286)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Recent Accounting Standards](#ifc4a35e4db2c480989af529eb98ab1e1_115)</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, inclusive of estimated debottlenecking opportunities, of which approximately 8 mtpa was under construction and the remainder was in operation as of March 31, 2026. 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 3 mtpa under construction and the remainder in operation from the first five midscale Trains that have reached substantial completion as of March 31, 2026; 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 March 31, 2026.

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

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<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

contracted volumes irrespective of their election to cancel or suspend deliveries of LNG cargoes, and long-term 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 long-term IPM agreements currently in effect, with approximately 16 years of weighted average remaining life as of March 31, 2026, we have contracted through third parties approximately 75% 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. Additionally, there are SPAs that Cheniere Marketing currently holds that are expected to be novated to us in the future. LNG produced by the Liquefaction Project that is not contracted under long-term contracts is available for Cheniere Marketing, Cheniere's integrated marketing function, pursuant to an SPA it has with us.

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, regulatory approvals and acceptable commercial and financing arrangements before a positive FID is made.

**Overview of Significant Events**

Our significant events since January 1, 2026 and through the filing date of this Form 10-Q include the following:

***Strategic***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Following our pre-filing in July 2025, in February 2026, we and another subsidiary of Cheniere filed an application with the FERC under the NGA for authorization to site, construct and operate in a phased approach the Expansion Project, a potential further expansion of the Corpus Christi LNG Terminal, inclusive of four liquefaction trains and supporting infrastructure, with an expected total peak production capacity of up to 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities.

***Operational***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of May 1, 2026, over 1,400 cumulative LNG cargoes totaling over 95 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In March 2026, substantial completion of Train 5 of the Corpus Christi Stage 3 Project was achieved.

***Financial***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In March 2026, the $550 million of outstanding borrowings under the CCH Credit Facility was fully prepaid by Cheniere on our behalf. Concurrently, we canceled $600 million of unused commitments under the CCH Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2026, Moody's Ratings upgraded their rating of our senior secured notes from Baa2 to Baa1 with a stable outlook.

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<u>[**Table of Contents**](#ifc4a35e4db2c480989af529eb98ab1e1_7)</u>

**Results of Operations**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | |
| *(in millions)* | **2026** | **2025** |<br>**Variance** |
| Revenues |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues | $1730 | $1078 | $652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNG revenues—affiliate | 854 | 508 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 2584 | 1586 | 998 |
| 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) | 5219 | 1535 | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales—affiliate | 146 | 30 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense | 162 | 141 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense—affiliate | 42 | 31 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and maintenance expense—related party | 8 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 2 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense—affiliate | 15 | 11 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 152 | 118 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 5746 | 1875 | 3871 |
| Loss from operations | (3162) | (289) | (2873) |
| Other income (expense) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest | (16) | (4) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on modification or extinguishment of debt | (17) |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 1 | 3 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income—affiliate | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (31) | (1) | (30) |
| Net loss | $(3193) | $(290) | $(2903) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
| | **Operational** | **Commissioning** | **Total** | **Operational** | **Commissioning** | **Total** |
| Volumes loaded and recognized (in TBtu) | 269 | 6 | 275 | 197 | 6 | 203 |

---

***Net loss***

Net loss increased by $2.9 billion during the three months ended March 31, 2026 as compared to the same period of 2025 primarily due to $3.1 billion of unfavorable changes in the fair value of agreements accounted for as derivative instruments, largely associated with our derivatives related to long-term IPM agreements. These losses were primarily attributable to widening spreads between global and U.S. domestic natural gas benchmarks and elevated global natural gas price volatility influenced in part by the tightening supply conditions, transit constraints and heightened geopolitical uncertainties from the conflict and instabilities across parts of the Middle East during 2026. Partially offsetting these losses was an increase in revenues, net of cost of natural gas feedstock, of $302 million attributable to increased volume of LNG loaded and recognized between the years and $40 million attributable to increased U.S. domestic natural gas prices.

Continued tightening of global natural gas and LNG supply conditions, including upstream production constraints, liquefaction capacity limitations and shipping and transit disruptions in the Middle East, together with heightened geopolitical uncertainties in key producing and consuming regions, may result in sustained volatility in natural gas and LNG prices. Such volatility, along with fluctuations in regional price differentials, could materially affect the fair value of our agreements accounted for as derivatives, particularly those indexed to global gas benchmarks.

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The following is an expanded discussion of the material drivers of the variance in net loss:

***Revenues***

The $1.0 billion increase in total revenues during the three months ended March 31, 2026 as compared to the same period of 2025 was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $685 million increase from higher production volume which was primarily due to the first four Trains of the Corpus Christi Stage 3 Project in operation throughout the three months ended March 31, 2026 as compared to the first Train of the Corpus Christi Stage 3 Project in operation for only half a month during the same period in 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $273 million increase from higher pricing per MMBtu as a result of increased Henry Hub pricing.

***Operating costs and expenses***

The $3.9 billion increase in total operating costs and expenses during the three months ended March 31, 2026 as compared to the same period of 2025 was primarily attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3.1 billion of unfavorable changes in the fair value of agreements accounted for as derivative instruments included in cost of sales, primarily on our long-term IPM agreements, resulting from the widening of global and U.S. domestic natural gas spreads, due to changes in volatilities of applicable global and U.S. domestic natural gas prices and the effect of relative change in volatilities of applicable global and U.S. domestic natural gas prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $508 million increase in cost of natural gas feedstock, largely due to increased volume of LNG delivered and to a lesser degree, increased U.S. natural gas prices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $116 million increase in cost of sales—affiliate, primarily due to increased shipping and transportation-related fees paid to Cheniere Marketing under our shipping services agreements. Refer to the Related Party Transactions footnote in the Notes to Consolidated Financial Statements of our <u>[annual report on Form 10-K for the fiscal year ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_82)</u> for further discussion regarding this agreement.

***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, unless they satisfy criteria for, and we elect, the normal purchases and normal sales exception which applies the accrual method of accounting. For commodity derivative instruments, including those related to our long-term 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](#ifc4a35e4db2c480989af529eb98ab1e1_184)</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

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the construction of that Train and are necessary activities to bring the asset to the condition for its intended use. During the three months ended March 31, 2026 and 2025, we realized offsets to LNG terminal costs of $43 million corresponding to 6 TBtu of LNG and $45 million corresponding to 6 TBtu of LNG, respectively, that was related to the sale of commissioning volumes associated with the Corpus Christi Stage 3 Project.

*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 operational liquefaction capacity, inclusive of estimated debottlenecking opportunities, once all Trains reach substantial completion, of which approximately 8 mtpa is still under construction as of March 31, 2026. As of March 31, 2026, the first five Trains of the Corpus Christi Stage 3 Project were in operation, while as of March 31, 2025, only the first Train of the Corpus Christi Stage 3 Project was in operation. 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.

*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.

**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.

---

| | |
|:---|:---|
| | **March 31, 2026** |
| Restricted cash and cash equivalents designated for the Liquefaction Project | $221 |
| Available commitments under our credit facilities (1): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term loan facility agreement (the **"CCH Credit Facility"**) | 2110 |
| &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 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total available liquidity | $3721 |

---

(1)Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of March 31, 2026. See <u>[Note 7—Debt](#ifc4a35e4db2c480989af529eb98ab1e1_193)</u> of our Notes to Consolidated Financial Statements for additional information on our credit facilities and other debt instruments.

Our liquidity position subsequent to March 31, 2026 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, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_112)</u>*.*

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***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 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.

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***Corpus Christi LNG Terminal Expansion***

The following table summarizes the project completion and construction status of the Corpus Christi Stage 3 Project and the Midscale Trains 8 & 9 Project as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| | **Corpus Christi Stage 3 Project** | **Midscale Trains 8 & 9 Project** |
| Overall project completion percentage | 96.5% | 36.9% |
| Completion percentage of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering | 99.7% | 85.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procurement | 100.0% | 51.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subcontract work | 96.8% | 41.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | 91.0% | 2.5% |
| Date of expected substantial completion | 1H 2026 - 2H 2026 (1) | 2H 2028 |

---

(1)As of March 31, 2026, substantial completions of the first five of seven midscale Trains of the Corpus Christi Stage 3 Project have been 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.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net cash provided by operating activities | $739 | $372 |
| Net cash used in investing activities | (709) | (292) |
| Net cash used in financing activities | (4) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in restricted cash and cash equivalents | $26 | $(39) |

---

*Operating Cash Flows*

The $367 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, as explained above in <u>[Results of Operations](#ifc4a35e4db2c480989af529eb98ab1e1_100)</u>. 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.

*Investing Cash Flows*

Our investing net cash outflows primarily related to: (1) construction costs for the Corpus Christi Stage 3 Project, which were $414 million and $321 million during the three months ended March 31, 2026 and 2025, respectively, and (2) $247 million of costs paid for the Midscale Trains 8 & 9 Project during the three months ended March 31, 2026 primarily related to procurement and engineering, compared to no costs paid in the same period in 2025 since another subsidiary of Cheniere 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. 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.

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*Financing Cash Flows*

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Proceeds from borrowings | $100 | $— |
| Repayments and repurchases of debt | (100) |  |
| Distributions |  | (115) |
| Other | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | $(4) | $(119) |

---

*Proceeds from Borrowings*

We borrowed $100 million under the CCH Working Capital Facility during the three months ended March 31, 2026 which was repaid within the respective quarter in which the borrowing occurred.

*Debt Redemptions and Repayments*

We repaid $100 million under the CCH Working Capital Facility during the three months ended March 31, 2026.

**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, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_253)</u>.

**Recent Accounting Standards** 

For a summary of recently issued accounting standards, see <u>[Note 1—Nature of Operations and Basis of Presentation](#ifc4a35e4db2c480989af529eb98ab1e1_154)</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, 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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **Change in Fair Value** | **Fair Value** | **Change in Fair Value** |
| &nbsp;&nbsp;Liquefaction Supply Derivatives | $(579) | $2119 | $3179 | $1828 |

---

See <u>[Note 5—Derivative Instruments](#ifc4a35e4db2c480989af529eb98ab1e1_184)</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 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 our management, including our President and Chief Financial Officer, the effectiveness of our disclosure controls and procedures pursuant to

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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, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_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, 2025](https://www.sec.gov/Archives/edgar/data/1693317/000169331726000003/cch-20251231.htm#if6191ef4686242ee8cafcec9a0a87c14_184)</u>.

**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

On May 3, 2026, Cheniere executed a Deed of Guarantee in favor of CCL to guarantee all of the obligations of Cheniere Marketing International LLP (**"CMI"**) under the SPA between CCL and CMI, dated February 25, 2026.

**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-00116 Stage 3 VI-GO Fall Arrest System, dated December 1, 2025, (ii) the Change Order CO-00117 Train 2-4 FERC Refrigerant Staging and Fittings Changeout, dated January 26, 2026, (iii) the Change Order CO-00118 Thermoplastic Striping for Road Markings, dated January 26, 2026, and (iv) the Change Order CO-00119, Liquilink (Engineering and Hazop Only), dated January 26, 2026 (Portions of this exhibit have been omitted.)](exhibit101cchq12026form10q.htm)</u> |
| 10.2\* | <u>[Deed of Guarantee, between Cheniere Energy, Inc. and CCL, dated May 4, 2026](exhibit102cchq12026form10q.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](exhibit311cchq12026form10q.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](exhibit321cchq12026form10q.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.

---

| | | | |
|:---|:---|:---|:---|
| | | CHENIERE CORPUS CHRISTI HOLDINGS, LLC | CHENIERE CORPUS CHRISTI HOLDINGS, LLC |
| Date: | May 6, 2026 | By: | /s/ Zach Davis |
|  |  |  | Zach Davis |
|  |  |  | President and Chief Financial Officer |
|  |  |  | (Principal Executive and Financial Officer) |
| Date: | May 6, 2026 | By: | /s/ David Slack |
|  |  |  | David Slack |
|  |  |  | Chief Accounting Officer |
|  |  |  | (on behalf of the registrant and<br>as principal accounting officer) |

---

## 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**

**STAGE 3 VI-GO FALL ARREST SYSTEM**

---

| | |
|:---|:---|
| **PROJECT NAME**: Corpus Christi Liquefaction Stage 3 Project **OWNER:** Corpus Christi Liquefaction, LLC<br>**CONTRACTOR:** Bechtel Energy Inc. | &nbsp;&nbsp;**CHANGE ORDER NUMBER:** CO-00116<br>**DATE OF AGREEMENT:** 01-Mar-2022<br>**DATE OF CHANGE ORDER:** 01-Dec-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"), the scope of the Agreement is revised as follows.

2. Owner has decided to discontinue use of the VI-GO fall arrest system. Presently, Contractor has installed, and will proceed to uninstall, [\*\*\*] VI-GO fall arrest devices. Furthermore, Contractor will not install remaining VI-GO devices presently planned to be installed (approximately [\*\*\*]).

3. Contractor will dispose approximately [\*\*\*] VI-GO devices in storage, along with the [\*\*\*] devices that are to be uninstalled.

4. With respect to temporary construction individual self-retracting lifeline units ("SRL"), Contractor will leave the SRL(s) in place with Substantial Completion of each respective Train. Owner will subsequently uninstall and return the SRL(s) to Contractor once they are uninstalled.

5. The detailed cost breakdown for this Change Order is detailed in Exhibit A 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-00115)…….…….... | $557170715 |
| 3. The Contract Price prior to this Change Order was ………………………………………........ | $6041170715 |
| 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 (unchanged) by this Change Order in the amount of ..………………………………………………………………………. | $[\*\*\*] |
| 8. The new Contract Price including this Change Order will be …………………………………. | $6041170715 |

---

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**

***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 Roger</u> 

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

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

------

**CHANGE ORDER**

**TRAIN 2-4 FERC REFRIGERANT STAGING AND FITTINGS CHANGEOUT**

---

| | |
|:---|:---|
| **PROJECT NAME**: Corpus Christi Liquefaction Stage 3 Project **OWNER:** Corpus Christi Liquefaction, LLC <br>**CONTRACTOR:** Bechtel Energy Inc. | **CHANGE ORDER NUMBER:** CO-00117<br>**DATE OF AGREEMENT:** 01-Mar-2022<br>**DATE OF CHANGE ORDER:** 26-Jan-2026 |

---

**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"), the scope of the Agreement is revised as follows.

2. As part of Owner's request to seek FERC approval, Contractor was required to stage Trains 2 through 4 refrigerant with a driver at all times. This Change Order also the change out of Ethylene ISO Hiltap type fittings to Acme type fittings.

3. For greater clarity this Change Order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.Captures the additional cost based on actual charges received from the refrigerant supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.Pertains to the retention of truck drivers on standby, only. There is no change to the scope with respect transportation and offloading, which is in Contractor's existing scope.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.Does not address refrigerant staging for Trains 5, 6 and 7.

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** | |
| &nbsp;&nbsp;1. The original Contract Price was …………………………………………………………............... | $5484000000 |
| &nbsp;&nbsp;2. Net change by previously authorized Change Orders (# CO-00001 – CO-00116)……….…........ | $557170715 |
| &nbsp;&nbsp;3. The Contract Price prior to this Change Order was ………………………………………............. | $6041170715 |
| &nbsp;&nbsp;4. The Aggregate Equipment Price will be (unchanged) 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 …………………………………..... | $6041276010 |

---

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: **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**

***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**

**THERMOPLASTIC STRIPING FOR ROAD MARKINGS**

---

| | |
|:---|:---|
| **PROJECT NAME**: Corpus Christi Liquefaction Stage 3 Project **OWNER:** Corpus Christi Liquefaction, LLC<br>**CONTRACTOR:** Bechtel Energy Inc | &nbsp;&nbsp;**CHANGE ORDER NUMBER:** CO-00118<br>**DATE OF AGREEMENT:** 01-Mar-2022<br>**DATE OF CHANGE ORDER:** 26-Jan-2026 |

---

**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"), the scope of the Agreement is revised as follows.

2. Per Owner's request, Contractor will use thermoplastic striping for road markings instead of water-based striping.

3. This Change Order captures the difference in cost for using thermoplastic striping instead of water-based striping for road markings.

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-00117).…….……….….. | $557276010 |
| 3. The Contract Price prior to this Change Order was ………………………………………................ | $6041276010 |
| 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 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 …………………………………........ | $6041395885 |

---

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: **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**

------

***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**

**LIQUILINK (ENGINEERING AND HAZOP ONLY)**

---

| | |
|:---|:---|
| **PROJECT NAME**: Corpus Christi Liquefaction Stage 3 Project **OWNER:** Corpus Christi Liquefaction, LLC <br>**CONTRACTOR:** Bechtel Energy Inc. | **CHANGE ORDER NUMBER:** CO-00119<br>**DATE OF AGREEMENT:** 01-Mar-2022<br>**DATE OF CHANGE ORDER:** 26-Jan-2026 |

---

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

1. Capitalized terms have the meaning ascribed in the Agreement.

2. In accordance with Section 6.1 of the Agreement ("Owner's Right to Change Order") and as requested by Owner, Contractor will perform the LiquiLink project scope described in <u>Annex 1</u> of this Change Order.

3. Overview: Upon completion, the CCL Stage 3 and Midscale Trains 8-9 projects will, amongst other expansion scope, add [\*\*\*] Chart technology Trains. Each Train is comprised of [\*\*\*] liquification units. The design concept of the "LiquiLink" project is to install [\*\*\*] interconnections between the "warm ends" of all [\*\*\*] Trains in order to allow the operational flexibility to route warm natural gas from Unit 13's outlet (Dehydration Mercury Removal) of any Train to Unit 16 (MR Refrigeration and LNG Liquefaction) of any Train,

4. Presently, execution of the LiquiLink scope is envisaged in several phases. However, this Change Order authorizes only (i) value engineering, (ii) detailed engineering and (iii) HAZOP as per the scope and deliverables provided in <u>Annex 1</u> of this Change Order CO-00119.

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 <u>Exhibit 1</u> of this Change Order.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**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-00118).…….……….… | $557395885 |
| &nbsp;&nbsp;3. The Contract Price prior to this Change Order was ……………………………………….............. | $6041395885 |
| &nbsp;&nbsp;4. The Aggregate Equipment Price will be (unchanged) 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 ……………………………………... | $6043394467 |

---

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: **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**

***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> 

## Exhibit 10.2

**Exhibit 10.2**

**<u>GUARANTEE</u>**

**THIS DEED OF GUARANTEE**, is made and entered into on May 4, 2026 BETWEEN:

(1)**Cheniere Energy, Inc.**, a Delaware corporation whose principal place of business is located at 845 Texas Avenue, Ste. 1250, Houston, TX 77002 ("<u>Guarantor</u>"), and

(2)**Corpus Christi Liquefaction, LLC**, a Delaware limited liability company whose principal place of business is located at 845 Texas Avenue, Ste. 1250, Houston, TX 77002 (together with its successors and permitted assigns, "<u>Beneficiary</u>").

WITNESSETH:

WHEREAS, Beneficiary has entered into the SPA with Cheniere Marketing International LLP, a UK limited liability partnership (together with any successor or permitted assign under the SPA, "<u>Buyer</u>"); and

WHEREAS, Buyer is a wholly-owned subsidiary of Guarantor; and

WHEREAS, the SPA provides that Buyer's obligations thereunder be guaranteed by the Guarantor in accordance with and subject to the provisions of this Guarantee and the Guarantor has agreed (it being in its best commercial interests to do so) to enter into this Guarantee in respect of the Guaranteed Obligations:

NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein, Guarantor and Beneficiary hereby agree as follows:

**ARTICLE 1.**

**DEFINITIONS**

1.1.<u>Definitions</u>. Except as otherwise expressly provided or unless the context otherwise requires, the terms defined in this Section 1.1 shall, for all purposes of this Guarantee, have the meanings herein specified, the following definitions to be equally applicable to both the singular and plural forms of any of the terms herein defined:

"<u>Banking Day</u>" means any day other than a Saturday, a Sunday or any other day on which commercial banks in New York City or London are authorized or required to be closed.

"<u>Beneficiary</u>" has the meaning set out in the preamble of this Guarantee.

"<u>Buyer</u>" has the meaning set out in the recitals of this Guarantee.

"<u>Guarantee</u>" means this deed of Guarantee dated as of the date first written above, as may from time to time be supplemented, modified or amended as provided herein.

"<u>Guaranteed Obligations</u>" has the meaning set forth in Section 3.1 of this Guarantee.

"<u>Guarantor</u>" has the meaning set out in the preamble of this Guarantee.

------

"<u>Local Banking Day</u>" has the meaning set forth in Section 4.4(a) of this Guarantee.

"<u>SPA</u>" means that certain LNG Sale and Purchase Agreement (FOB) dated February 25, 2026 between Buyer and Beneficiary, as such SPA may from time to time be supplemented, modified or amended as provided therein.

1.2.<u>Other Defined Terms</u>. Capitalized terms not otherwise defined in this Guarantee shall have the meanings ascribed thereto in the SPA.

1.3.<u>Effect as a deed</u>. This Guarantee is intended to take effect as a deed notwithstanding that Beneficiary may have executed it under hand only.

**ARTICLE 2.**

**REPRESENTATIONS OF GUARANTOR**

2.1<u>Representations of Guarantor</u>. Guarantor makes the following representations to Beneficiary as of the date hereof and are deemed to be repeated each day whilst Guarantor has any liability (actual or contingent) under this Guarantee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Guarantor has been duly incorporated and is validly existing under the laws of the State of Delaware, has full legal right, power and authority to enter into perform and deliver this Guarantee and to carry out and consummate all transactions contemplated by this Guarantee, and by proper corporate action has duly authorized the execution, performance and delivery of this Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the execution, performance and delivery of this Guarantee and the consummation of the transactions herein contemplated will not conflict with or constitute on the part of Guarantor a breach of or default under any constitutional documents, as existing on the date hereof, or any indenture, or other material agreement or instrument to which Guarantor is a party or by which it or its properties are bound or any law, judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over Guarantor or any of its activities or properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)this Guarantee has been duly authorized, executed and delivered by Guarantor and constitutes the valid, binding and enforceable obligation of Guarantor, except to the extent enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors' rights generally and by general equitable principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)without prejudice to the generality of paragraph (c), Guarantor's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.irrevocable submission under this Guarantee to the jurisdiction of the courts of England,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.agreement that this Guarantee is governed by English law, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.agreement not to claim any immunity to which it or its assets may be entitled, are legal, valid and binding under the laws of its jurisdiction of

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incorporation and any judgment obtained in England will be recognised and be enforceable by the courts of its jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the execution by Guarantor of this Guarantee constitutes, and the exercise by it of its rights and performance of its obligations under this Guarantee will constitute, private and commercial acts performed for private and commercial purposes and it will not be entitled to claim immunity from suit, execution, attachment or other legal process in any proceedings taken in its jurisdiction of incorporation in relation to this Guarantee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)no litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency have (to the best of its knowledge and belief) been started or threatened against Guarantor.

**ARTICLE 3.**

**GUARANTEE AND AGREEMENTS**

3.1<u>Guarantee</u>. Guarantor absolutely, unconditionally and irrevocably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)guarantees to Beneficiary the full and prompt payment when due by Buyer of all of its payment obligations under the SPA to Beneficiary and its successors and permitted assigns, including payment obligations in respect of any breach of the SPA by Buyer (the obligations guaranteed under this Guarantee are hereinafter referred to as the "<u>Guaranteed Obligations</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)undertakes to Beneficiary that whenever Buyer does not pay any amount when due under or in connection with the SPA, Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)agrees with Beneficiary that if any obligation guaranteed by it under this Guarantee is or becomes unenforceable, invalid or illegal it will, as an independent and primary obligation and as principal debtor indemnify Beneficiary immediately against any cost, loss or liability it incurs as a result of Buyer not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under the SPA on the date when it would have been due. The amount payable by Guarantor under this indemnity will not exceed the amount it would have had to pay under this Guarantee if the amount claimed had been recoverable on the basis of a guarantee.

3.2<u>Continuing Guarantee</u>. This Guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by Buyer or Guarantor under or in connection with the SPA or this Guarantee, regardless of any intermediate payment or discharge in whole or in part or other matter whatsoever.

3.3<u>Reinstatement</u>. If any discharge, release or arrangement (whether in respect of the obligations of Buyer or Guarantor or any security for those obligations or otherwise) is made by Beneficiary in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of Guarantor under this Guarantee will continue or be reinstated as if the discharge, release or arrangement had not occurred.

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3.4<u>Unconditional Nature of Obligations</u>. Except as expressly provided in the proviso of Section 3.1, the obligations of Guarantor under this Guarantee shall be absolute, irrevocable and unconditional irrespective of the value, genuineness, validity, regularity or enforceability of the SPA or any other agreement or instrument referred to herein or therein or any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor and shall remain in full force and effect until the date this Guarantee terminates in accordance with Section 4.8 hereof, and without limiting the generality of the foregoing, such obligations shall not be affected, modified or impaired upon the happening from time to time of any event, including without limitation any of the following, whether or not with notice to, or the consent of, Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the waiver, surrender, compromise, settlement, release or termination of any or all of the obligations, covenants or agreements of Buyer under the SPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the failure to give notice to Guarantor of the occurrence of a default under the SPA, except for the written demand required by the proviso at the end of Section 3.5 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the waiver, compromise or release of the payment, performance or observance by Buyer or by Guarantor, respectively, of any or all of the obligations, covenants or agreements of either of them contained in the SPA or this Guarantee, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the extension of the time for payment of any Guaranteed Obligations under the SPA or of the time for performance of any other obligations, covenants or agreements under or arising out of the SPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the modification, amendment novation, supplement, extension, restatement or alteration (whether material or otherwise and whether or not more onerous) of any obligation, covenant or agreement set forth in the SPA or any other document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the taking or the omission of any of the actions referred to in the SPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any failure, omission, delay or lack on the part of Beneficiary to enforce, assert or exercise any right, power or remedy conferred on it in the SPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets, administration of assets and liabilities,

receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition with creditors or readjustment of, or other similar proceedings affecting Guarantor or Buyer or any of the respective assets of either of them, or any allegation or contest of the validity of this Guarantee in any such proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any defense based upon any legal disability of Buyer or, to the extent permitted by law, any release, discharge, reduction or limitation of or with respect to any sums owing by Buyer or any other liability of Buyer to Beneficiary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)to the extent permitted by law, the release or discharge by operation of law of Guarantor from the performance or observance of any obligation, covenant or agreement contained in this Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the default or failure of Guarantor fully to perform any of its obligations set forth in this Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, Buyer or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of Buyer or any other person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)any unenforceability, illegality or invalidity of any obligation of any person under the SPA or any other document or security.

If any payment by Buyer to Beneficiary is rescinded or must be returned by Beneficiary, the obligations of Guarantor hereunder shall be reinstated with respect to such payment.

Except as expressly set forth in the proviso of Section 3.1, no set-off, counterclaim, reduction, or diminution of any obligation, or any defense of any kind or nature which Buyer has or may have against Beneficiary shall be available hereunder to Guarantor to reduce the payments to Beneficiary under Section 3.1 of this Guarantee. Furthermore, no defense previously raised by Buyer arising out of or in connection with a Guaranteed Obligation claimed hereunder and which has been settled in Beneficiary's favor by the dispute resolution procedures of Section 21.1 of the SPA may be raised by Guarantor and no cure period previously used by Buyer may be used by Guarantor.

Guarantor assumes responsibility for being and remaining informed of the financial condition of Buyer and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations which diligent inquiry would reveal and agrees that Beneficiary shall not have a duty to advise Guarantor of information known to it regarding such condition or any such circumstances.

3.5<u>Proceedings Against Guarantor</u>. In the event of a default in the payment of the Guaranteed Obligations when and as the same shall become due, Beneficiary shall have the right to proceed first and directly against Guarantor under this Guarantee without proceeding against Buyer or exhausting any other remedies which it may have. Accordingly, Guarantor waives any right it may have of first requiring Beneficiary to proceed against or enforce any other rights or security or claim payment from any person before claiming from Guarantor under this Guarantee. This waiver applies irrespective of any law or any provision of the SPA to the contrary. Notwithstanding the foregoing or anything to the contrary contained herein, Beneficiary shall deliver to Guarantor a written demand for payment of all amounts claimed by Beneficiary hereunder, which written demand shall specify in reasonable detail the basis for such demand, and Guarantor shall pay such

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amounts promptly, but no later than ten (10) Business Days after its receipt of such written demand.

3.6<u>Appropriations</u>. Until all amounts which may be or become payable by Buyer and Guarantor under or in connection with the SPA and this Guarantee have been irrevocably paid in full, Beneficiary may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)refrain from applying or enforcing any other monies, security or rights held or received by Beneficiary in respect of those amounts, or apply and enforce the same in such manner and order as it secs fit (whether against those amounts or otherwise) and Guarantor shall not be entitled to the benefit of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)hold in an interest-bearing suspense account any monies received from Buyer or Guarantor on account of Guarantor's liability under this Guarantee.

3.7<u>Deferral of Guarantor's rights</u>. Until all amounts which may be or become payable by Buyer and Guarantor under or in connection with the SPA and this Guarantee have been irrevocably paid in full, Guarantor will not exercise any rights which it may have by reason of performance by it of its obligations under this Guarantee or by reason of any amount being payable, or liability arising, under this Guarantee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to be indemnified by Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to claim any contribution from any other guarantor of Buyer's obligations under the SPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of Beneficiary under the SPA or of any other guarantee or security taken pursuant to, or in connection with, the SPA by Beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)to bring legal or other proceedings for an order requiring Buyer to make any payment, or perform any obligation, in respect of which Guarantor has given a guarantee, undertaking or indemnity under this Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)to exercise any right of set-off against Buyer; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)to claim or prove as a creditor of Buyer in competition with Beneficiary.

If Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to Beneficiary by Buyer under or in connection with the SPA to be repaid in full on trust for Beneficiary and shall promptly pay or transfer the same to Beneficiary.

3.8<u>Additional security</u>. This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by Beneficiary.

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3.9<u>Subrogation</u>. Upon payment of the Guaranteed Obligations, Guarantor shall be subrogated to the rights of Beneficiary against Buyer with respect to such Guaranteed Obligations, and Beneficiary agrees to take at Guarantor's expense such steps as Guarantor may reasonably request to implement such subrogation, provided that Beneficiary shall not be obligated to take any such steps and Guarantor shall not enforce any right arising by way of subrogation or exercise any other right or remedy arising by reason of any performance by it of this Guarantee, including, but not limited to, any contractual, statutory or common law rights of reimbursement, contribution or indemnity, whether against Buyer or any other Person, until the date this Guarantee terminates in accordance with Section 4.8 hereof.

3.10<u>Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Guarantor agrees to pay all costs, expenses and fees, including without limitation all reasonable and documented out-of-pocket attorneys' fees, which may be incurred by Beneficiary in enforcing or attempting to enforce this Guarantee following any default on the part of Guarantor hereunder, whether the same shall be enforced by suit or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Guarantor covenants to pay to Beneficiary immediately on demand a sum equal to any liability which Beneficiary incurs in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)stamp duty, registration fees and other taxes imposed by any Governmental Authority which is or becomes payable in connection with the entry into or performance of this Guarantee and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)stamp duty, registration fees and other taxes which is or becomes payable in connection with enforcement of this Guarantee, in each case including any interest, penalties, liabilities, costs and expenses resulting from any failure to pay or delay in paying any such duty, fee or tax.

3.11<u>Existence of Guarantor; Consolidation, Merger, Sale or Transfer</u>. Guarantor covenants that so long as it has any outstanding obligations under this Guarantee, it will maintain its existence, will not dissolve, sell or otherwise dispose of all or substantially all of its assets and will not consolidate with or merge into another corporation or permit one or more other corporations to consolidate with or merge into it; provided that Guarantor may, without violating the covenants contained in this Section 3.11, consolidate with or merge into another corporation or permit one or more other corporations to consolidate with or merge into it, or sell or otherwise transfer to another corporation all or substantially all of its assets as an entirety, if the surviving, resulting or transferee entity, as the case may be, (a) assumes jointly with the Guarantor (or alone if the Guarantor is dissolved as a consequence of such transaction), if such corporation or other entity is not Guarantor, all of the obligations of Guarantor hereunder (unless such assumption occurs by operation of law, in which case no express assumption shall be required) and (b) is not, after such transaction, otherwise in default under any provisions hereof or the SPA.

3.12The Guarantor agrees to comply with the terms of Section 26.3 of the SPA in connection with this Guarantee, the SPA and the activities contemplated therein.

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**ARTICLE 4.**

**MISCELLANEOUS**

4.1<u>Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Guarantee and any non-contractual obligations arising out of or in connection with it are governed by English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Guarantee (including a dispute relating to the existence, validity or termination of this Guarantee or any non-contractual obligation arising out of or in connection with this Guarantee) (a "<u>Dispute</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Parties agree that the courts of England are the most &nbsp;&nbsp;&nbsp;&nbsp;appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This Section 4.1 is for the benefit of Beneficiary only. As a result, Beneficiary shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, Beneficiary may take concurrent proceedings in any number of jurisdictions.

4.2<u>Service of process</u>.

Without prejudice to any other mode of service allowed under any relevant law, Guarantor agrees that failure by a process agent to notify Beneficiary of the process will not invalidate the proceedings concerned.

4.3<u>Waiver of immunity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Guarantor waives generally all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the issue of any process against its assets or revenues for the enforcement of a judgment or, in an action in rem, for the arrest, detention or sale of any of its assets and revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Guarantor agrees that in any proceedings in England this waiver shall have the fullest scope permitted by the English State Immunity Act 1978 and that this waiver is intended to be irrevocable for the purposes of the English State Immunity Act 1978.

4.4<u>Notices</u>. All notices and other communications to Guarantor or Beneficiary may be electronically communicated or hand delivered or sent by overnight courier, to any party hereto at the addresses as provided in this Section 4.4:

**All communications intended for Guarantor shall be sent to:**

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Cheniere Energy, Inc.

845 Texas Avenue, Ste. 1250

Houston, TX 77002

with a copy to Buyer at:

Cheniere Marketing International LLP

Third Floor, The Zig Zag Building, 70 Victoria Street

London SW1E 6SQ, United Kingdom

**All communications intended for Beneficiary shall be sent to:**

Corpus Christi Liquefaction, LLC

845 Texas Avenue, Ste. 1250

Houston, TX 77002

or at any other address of which either of the foregoing (or Guarantor in the case of a change of address for Buyer) shall have notified the other in any manner prescribed in this Section 4.4.

For all purposes of this Guarantee, a notice or communication will be deemed effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if delivered by hand or sent by overnight courier, on the day it is delivered unless (i) that day is not a day upon which commercial banks are open for the transaction of business in the city specified (a "<u>Local Banking Day</u>") in the address for notice provided by the recipient or (ii) if delivered after the close of business on a Local Banking Day, then on the next succeeding Local Banking Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if sent by facsimile transmission, on the date transmitted, provided that oral or written confirmation of receipt is obtained by the sender unless the date of transmission and confirmation is not a Local Banking Day, in which case on the next succeeding Local Banking Day.

4.5<u>Banking Days</u>. Except as otherwise provided in this Guarantee, if any date on which a payment is to be made, notice is lo be given or other action taken hereunder is not a Banking Day, then such payment, notice or other action shall be made, given or taken on the next succeeding Banking Day in such place, and in the case of any payment, no interest shall accrue for the delay.

4.6<u>Successors and Assigns</u>. This Guarantee shall be binding upon Guarantor and its successors and permitted assigns and inure to the benefit of Beneficiary and its successors and permitted assigns. Except as provided in Section 3.11 hereof, Guarantor may not assign its obligations hereunder without the prior written consent of Beneficiary. Beneficiary may not assign its rights and obligations hereunder without the prior written consent of Guarantor, except that Beneficiary may, without any prior consent of Guarantor, (i) assign, mortgage or pledge all or any of its rights, interests or benefits hereunder to secure payment of any indebtedness incurred or to be incurred in connection with any financing or refinancing of the Corpus Christi Facility (as defined in the SPA), and (ii) assign its right

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and obligations hereunder to any permitted assignee of the SPA. Guarantor agrees to execute and deliver to the lenders to whom such indebtedness is owed a direct agreement with the agent acting on behalf of any such lenders as required under Section 22.4.2 of the SPA.

4.7<u>No Third Party Rights</u>. This Guarantee is entered into by Guarantor for the benefit of Beneficiary. No person who is not a party to this Guarantee shall have any rights under this Guarantee and this Guarantee is not intended to be enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person other than the Guarantor and Beneficiary. The Guarantor and Beneficiary may agree to rescind or vary this Guarantee in whole or in part, without the consent of any other person not a party to this Guarantee.

4.8<u>Term</u>. This Guarantee shall terminate and be of no further force and effect upon the last to occur of the following: (a) full payment of the Guaranteed Obligations and all amounts, if any, owed by Guarantor pursuant to this Guarantee and (b) termination of the SPA.

4.9<u>Amendments and Waivers</u>. Any provision of this Guarantee may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by each of Guarantor and Beneficiary.

4.10<u>Headings</u>. The article and section headings of this Guarantee are for convenience only and shall not affect the construction hereof.

4.11<u>Partial Invalidity</u>. The invalidity of any one or more phrases, sentences, clauses or sections in this Guarantee shall not affect the validity or enforceability of the remaining portions of this Guarantee or any part thereof.

4.12<u>No Waiver, Remedies</u>. No failure or delay by Beneficiary in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

4.13<u>Execution in Several Counterparts</u>. This Guarantee may be executed in any number of counterparts, each of which shall for all purposes be deemed to be an original; but such counterparts shall together constitute but one and the same instrument.

4.14<u>No deduction</u>. Al1 payments to be made by Guarantor under this Guarantee shall be made without any set-off, counterclaim or equity and (subject to the following sentence) free from, clear of and without deduction for any taxes, duties, levies, imposts or charges whatsoever, present or future. If Guarantor is compelled by the law of any applicable jurisdiction (or by an order of any regulatory authority in such jurisdiction) to withhold or deduct any sums in respect of taxes, duties, levies, imposts or charges from any amount payable to Beneficiary under this Guarantee or, if any such withholding or deduction is made in respect of any recovery under this Guarantee, Guarantor shall pay such additional amount so as to ensure that the net amount received by Beneficiary shall equal the full amount due to it under the provisions of this Guarantee (had no such withholding or deduction been made).

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4.15<u>Currency of payment</u>. The obligation of Guarantor under this Guarantee to make payments in any currency shall not be discharged or satisfied by any tender, or recovery pursuant to any judgment or otherwise, expressed in or converted into any other currency, except to the extent that tender or recovery results in the effective receipt by Beneficiary of the full amount of the currency expressed to be payable under this Guarantee.

4.16<u>Currency indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any sum due from Guarantor under this Guarantee (a "<u>Sum</u>"), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "<u>First Currency</u>") in which that Sum is payable into another currency (the "<u>Second Currency</u>") for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.making or filing a claim or proof against Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.applying the Sum in satisfaction of any of the Guaranteed Obligations, Guarantor shall, as an independent obligation, within three Business Days of demand, indemnify Beneficiary against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to Beneficiary at the time of its receipt of that Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Guarantor waives any right it may have in any jurisdiction to pay any amount under this Guarantee in a currency unit other than that in which it is payable.

4.17<u>Trust</u>. If contrary to this Guarantee, Guarantor takes or receives the benefit of any security or receives or recovers any money or other property, such security, money or other property shall be held on trust for Beneficiary and shall be delivered to Beneficiary on demand and if such asset or property is no longer capable of delivery, Guarantor shal1 pay to Beneficiary an amount equal to the value of such asset or property.

4.19<u>Retention of this Guarantee</u>. Beneficiary shall be entitled to retain the original of this Guarantee after as well as before the payment or discharge of all of the Guaranteed Obligations for such period as Beneficiary may determine.

[Remainder of page intentionally left blank]

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IN WITNESS whereof this Guarantee has been executed and delivered as a deed on the date first above written.

---

| | | |
|:---|:---|:---|
| EXECUTED AS A DEED by |) | |
| **Cheniere Energy, Inc.** |) | |
| |) | /s/ Matthew Healey |
| Acting by: Matthew Healey |) | Title: Senior Vice President, Finance and Treasury |
| In the presence of: |) | |

---

---

| |
|:---|
| Signature of witness |
| /s/ Naomi Panarella |
| NAOMI PANARELLA |
| Name of witness |
| (in BLOCK CAPITALS) |
| Address of witness |
| 845 Texas Avenue, Ste. 1250 |
| Houston, TX 77002 |

---

SIGNATURE PAGE TO GUARANTEE

------

---

| | | |
|:---|:---|:---|
| EXECUTED AS A DEED by |) | |
| **Corpus Christi Liquefaction, LLC** |) | |
| |) | /s/ Matthew Healey |
| Acting by: Matthew Healey |) | Title: Senior Vice President, Finance and Treasury |
| In the presence of: |) | |

---

---

| |
|:---|
| Signature of witness |
| /s/ Naomi Panarella |
| NAOMI PANARELLA |
| Name of witness |
| (in BLOCK CAPITALS) |
| Address of witness |
| 845 Texas Avenue, Ste. 1250 |
| Houston, TX 77002 |

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SIGNATURE PAGE TO GUARANTEE

## 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: May 6, 2026

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| |
|:---|
| /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 March 31, 2026, 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: May 6, 2026

---

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

---

<br>