Marketing and Trading Commodity Price Risk We have commodity contracts accounted for as derivative instruments which consist of natural gas supply contracts for the operation of the Liquefaction Project, excluding those contracts for which we have designated NPNS, as described in Note 1—Nature of Operations and Basis of Presentation, 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): June 30, 2026 December 31, 2025 Fair Value Change in Fair Value Fair Value Change in Fair Value Liquefaction Supply Derivatives $ (112) $ 20 $ (523) $ 588 See Note 6—Derivative Instruments of our Notes to Consolidated Financial Statements for additional details about our commodity derivative instruments.