Utilities: Liquidity & capital resources (MD&A)

We are committed to make future cash payments for operations and capital expenditures pursuant to certain of our contracts. The following table summarizes our estimate of material cash requirements for operations and capital expenditures related to our core operations under executed contracts as of December 31, 2025 (in billions):

Estimated Payments Due Under Executed Contracts by Period (1)
2026	2027 - 2030	Thereafter	Total
Purchase obligations (2):
Natural gas supply agreements excluding IPM agreements (3) (4)	7.3	13.3	5.0	25.6
Natural gas transportation and storage service agreements (5)	0.6	2.2	4.4	7.2
Capital expenditures	1.5	0.9	—	2.4
Other Purchase Obligations	—	0.1	0.5	0.6
Leases (6)	0.9	3.2	4.7	8.8
Total	10.3	19.7	14.6	44.6

(1) Agreements in force as of December 31, 2025 that have terms dependent on project milestone dates are based on the estimated dates as of December 31, 2025.

(2) Purchase obligations consist of agreements to purchase goods or services that are enforceable and legally binding that specify fixed or minimum quantities to be purchased. We include contracts for which we have an early termination option if the option is not currently expected to be exercised. We include contracts with unsatisfied contractual conditions if the conditions are currently expected to be met.

(3) Natural gas supply agreements exclude IPM agreements, which are structured to generate a fixed margin when viewed in conjunction with the sale of LNG produced from the natural gas procured under the IPM agreements, as described under Liquidity from Executed IPM Agreements.

(4) Pricing of natural gas supply agreements is based on estimated forward prices and basis spreads as of December 31, 2025. Natural gas supply agreements are presented net of $0.2 billion in contracted sales of natural gas as of December 31, 2025.

(5) Natural gas transportation and storage services agreements include $1.3 billion in obligations to related parties. See Note 1 3 — Related Party Transactions for further information about our related parties.