Marketing and Trading Commodity Price Risk We have commodity contracts accounted for as derivative instruments which consist of natural gas and power supply contracts, including certain of our long-term IPM agreements for which we have not designated as NPNS, as described in Note 1—Nature of Operations and Basis of Presentation, for the commissioning and operation of the Liquefaction Projects and the SPL Expansion Project, as well as the associated economic hedges (collectively, the “Liquefaction Supply Derivatives”) and LNG contracts in which we have contractual net settlement and economic hedges on the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”). In order to test the sensitivity of the fair value of the Liquefaction Supply Derivatives and the LNG Trading Derivatives to changes in underlying commodity prices, management modeled a 10% change in the commodity price for natural gas for each delivery location and a 10% change in the commodity price for LNG, respectively, as follows (in millions): June 30, 2026 December 31, 2025 Fair Value Change in Fair Value Fair Value Change in Fair Value Liquefaction Supply Derivatives $ 255 $ 649 $ 2,865 $ 2,722 LNG Trading Derivatives (57) 17 (17) 1 See Note 5—Derivative Instruments of our Notes to Consolidated Financial Statements for additional details about our commodity derivative instruments.