Cheniere Energy Partners LP (CQP) 2023 Q3 法說會逐字稿

Please standby, we are about to begin. Good day and welcome to the Cheniere Energy third-quarter 2023 earnings call and webcast. Today's conference is being recorded. At this time, I would like to turn the conference over to Randy Bhatia. Please go ahead.

請稍候，我們即將開始。美好的一天，歡迎來到切尼爾能源 2023 年第三季財報電話會議和網路廣播。今天的會議正在錄製中。這次，我想把會議交給蘭迪·巴蒂亞（Randy Bhatia）。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Cheniere's third-quarter 2023, earnings conference call. Slide presentation and access to the webcast for today's call are available at cheniere.com. Joining me this morning are Jack Fusco, Cheniere's President and CEO; Anatol Feygin, Executive Vice President and Chief Commercial Officer; Zach Davis, Executive Vice President and CFO, and other members of the Cheniere's senior management team.

謝謝你，接線生。大家早安，歡迎參加 Cheniere 2023 年第三季財報電話會議。 cheniere.com 提供今天電話會議的幻燈片簡報和網路廣播。今天早上和我一起來的還有 Cheniere 總裁兼執行長 Jack Fusco； Anatol Feygin，執行副總裁兼首席商務官；執行副總裁兼財務長 Zach Davis 以及 Cheniere 高階管理團隊的其他成員。

Before we begin, I would like to remind all listeners that our remarks, including answers to your questions may contain forward-looking statements and actual results could differ materially from what is described in these statements.

在開始之前，我想提醒所有聽眾，我們的言論（包括對您問題的回答）可能包含前瞻性陳述，實際結果可能與這些陳述中的描述有重大差異。

Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, we may include references to certain non-GAAP financial measures, such as consolidated adjusted EBITDA and distributable cash flow. A reconciliation of these measures to the most comparable GAAP measure can be found in the appendix to the slide presentation.

我們簡報的投影片 2 包含這些前瞻性陳述和相關風險的討論。此外，我們可能會引用某些非公認會計準則財務指標，例如合併調整後的 EBITDA 和可分配現金流量。這些指標與最具可比性的 GAAP 指標的調整可以在投影片簡報的附錄中找到。

As part of our discussion of Cheniere's results, today's call may also include selected financial information and results for Cheniere Energy Partners, L.P. or CQP. We do not intend to cover CQP's results separately from those of Cheniere Energy Inc.

作為我們討論 Cheniere 業績的一部分，今天的電話會議可能還包括 Cheniere Energy Partners、L.P. 或 CQP 的選定財務資訊和績效。我們不打算將 CQP 的表現與 Cheniere Energy Inc. 的表現分開報導。

The call agenda is shown on slide 3. Jack will begin with operating and financial highlights. Anatol will then provide an update on the LNG market, and Zach will review our financial results in 2023 guidance. After prepared remarks, we will open the call for Q&A.

電話會議議程如幻燈片 3 所示。傑克將首先介紹營運和財務要點。然後，Anatol 將提供液化天然氣市場的最新信息，扎克將審查我們 2023 年財務業績的指導。準備好發言後，我們將開始問答環節。

I will now turn the call over to Jack Fusco, Cheniere's President and CEO.

我現在將把電話轉給 Cheniere 總裁兼執行長 Jack Fusco。

Thank you, Randy, and good morning, everyone. Thanks for joining us today, as we review our third-quarter results and approved full year 2023 outlook.

謝謝你，蘭迪，大家早安。感謝您今天加入我們，我們正在審查第三季業績並批准 2023 年全年展望。

Before we get started, I would like to acknowledge the tragedies of war taking place around the world. Our thoughts and prayers are with those whose lives have been and continue to be impacted by these devastating and heartbreaking events. These events are contributing to disruption, risk, uncertainty, and volatility in the energy markets around the world.

在我們開始之前，我想承認世界各地正在發生的戰爭悲劇。我們的思念和祈禱與那些生活已經並繼續受到這些毀滅性和令人心碎的事件影響的人同在。這些事件導致全球能源市場出現混亂、風險、不確定性和波動。

International gas supply sources in the critical infrastructure, enabling cross-border trade have become focal points with risk to this supply and its access increasingly reflected in price and volatility across international gas benchmarks in recent weeks. As the operator, the second largest LNG platform in the world stable and reliable operations at our facilities has arguably never been more critical than it is today.

關鍵基礎設施中的國際天然氣供應來源，促進跨境貿易，已成為供應風險的焦點，近幾週來，其供應管道越來越多地反映在國際天然氣基準的價格和波動性上。作為世界第二大液化天然氣平台的營運商，我們的設施穩定可靠的運作可以說從未像現在這樣重要。

As you all know, ensuring stable and reliable operations at our facilities, but safety as a foundation has been my central focus since becoming CEO in 2016, when I joined Cheniere just begun LNG operations producing its first LNG cargo that February. Today, we produce about two cargoes every single day. And during the third quarter, we produced our 3,000 cargo of LNG, becoming the fastest LNG producer in history to achieve that milestone.

眾所周知，確保我們設施的穩定可靠運行，但自2016 年成為首席執行官以來，安全作為基礎一直是我的核心關注點，當時我加入Cheniere，當年2 月剛開始液化天然氣業務，生產第一批液化天然氣貨物。如今，我們每天生產約兩批貨物。第三季度，我們生產了 3,000 批液化天然氣，成為史上實現這一里程碑最快的液化天然氣生產商。

I am extremely proud of the work we do at Cheniere, as a result of that work are providing tangible benefits in the lives of millions of people around the world. Our customers can take comfort knowing that my focus and the focus of my approximately 1,600 senior colleagues remains on maintaining best-in-class operations to help ensure energy security for our 30-plus customers throughout five continents.

我對我們在 Cheniere 所做的工作感到非常自豪，因為這些工作為全世界數百萬人的生活帶來了實實在在的好處。我們的客戶可以放心，因為我和我的大約 1,600 名高級同事的重點仍然是保持一流的運營，以幫助確保我們遍布五大洲的 30 多家客戶的能源安全。

Turn now to slide 5, where I will review key operational and financial highlights from the third quarter of 2023, as well as cover another long-term SBA, we announced this morning. We achieved successes across the Cheniere platform during the third quarter, generated consolidated adjusted EBITDA of approximately $1.7 billion, distributable cash flow of approximately $1.2 billion and net income of approximately $1.7 billion.

現在轉到幻燈片 5，我將回顧 2023 年第三季的主要營運和財務亮點，並介紹我們今天上午宣布的另一項長期 SBA。第三季度，我們在 Cheniere 平台上取得了成功，綜合調整後 EBITDA 約為 17 億美元，可分配現金流量約為 12 億美元，淨利潤約為 17 億美元。

We exported a total of 152 cargoes, an increase relative to the second quarter, as we had lower maintenance in the third quarter. As I just mentioned, we also produced our 3,000th cargo during the quarter and maintained our perfect track record of foundation customer cargo deliveries. These operational milestones are a tremendous source of pride for Cheniere and served to further distance our reputation from the competition.

我們總共出口了 152 批貨物，較第二季度增加，因為第三季的維護工作較少。正如我剛才提到的，我們還在本季度生產了第 3,000 批貨物，並保持了基礎客戶貨物交付的完美記錄。這些營運里程碑讓 Cheniere 感到無比自豪，並進一步拉開了我們在競爭中的聲譽。

Looking ahead to the balance of 2023, our forecast has improved slightly. And while we are raising our full year guidance today, we are currently tracking to the high end of the $8.3 to $8.8 billion of consolidated adjusted EBITDA and $5.8 billion -- $6.3 billion of DCF ranges.

展望 2023 年，我們的預測略有改善。雖然我們今天提高了全年指引，但我們目前正在追蹤 8.3 至 88 億美元的合併調整 EBITDA 和 58 億至 63 億美元 DCF 範圍的上限。

Improvement to our outlook is mainly driven by portfolio optimization activities, the timing of some expenses to a lesser extent from higher marketing margins and previously forecasted. Zach will provide more color on the guidance, but we have excellent visibility into the balance of the year and are confident in our ability to finish the year at the high end of the ranges.

我們前景的改善主要是由投資組合優化活動、一些費用的時間安排（較小程度來自更高的行銷利潤和先前的預測）所推動的。扎克將在指導中提供更多信息，但我們對今年的餘額有很好的了解，並且對我們以高端範圍結束今年的能力充滿信心。

On the commercial front, Anatol and his team continue to build momentum for the SPL Expansion Project, as we signed a long-term contract with BASF in August. Early volumes under the off-take agreement will begin in 2026 ramping to the 4.8 million tons with commercial start of the first Train 7 of the SPL Expansion Project and extending until 2043.

在商業方面，Anatol 和他的團隊繼續為 SPL 擴建項目創造動力，我們在 8 月與巴斯夫簽署了長期合約。承購協議下的早期產量將於 2026 年開始，隨著 SPL 擴建計畫首個 7 號列車的商業啟動，產量將增加至 480 萬噸，並延長至 2043 年。

This contract illustrates the rapid evolution of LNG into Europe. As, it's a long-term contract executed directly with an industrial consumer in Germany, which only a year ago didn't have a single LNG import terminal. And I hope you saw earlier this morning, we announced our second 20-year agreement with Foran, building upon the SPA we are executed with it in late 2021 that commenced earlier this year.

該合約說明了液化天然氣在歐洲的快速發展。因為，這是一份直接與德國工業消費者簽訂的長期合同，而僅僅一年前，德國還沒有一個液化天然氣進口終端。我希望您今天早些時候看到，我們宣布了與 Foran 的第二份 20 年協議，該協議以今年早些時候開始的 2021 年底簽署的 SPA 為基礎。

Of the almost 6 million tons of long-term offtake executed year-to-date, over 75% of that annual total is contracted with repeat customers, who clearly value their long-term partnership with Cheniere. Testament to the reputation and trust, we have earned with our long-term customers. This foreign contract is for approximately 0.9 million tons, will extend until 2050, and notably marks the first SPA tied to the second Train of the SPL Expansion Train 8, as commercialization on the first Train has effectively been completed.

在今年迄今執行的近 600 萬噸長期承購中，超過 75% 的年度總量是與回頭客簽訂的合同，這些客戶顯然很重視與 Cheniere 的長期合作關係。我們贏得了長期客戶的聲譽和信任，證明了我們的聲譽和信任。這份外國合約的產量約為90 萬噸，將延長至2050 年，值得注意的是，隨著第一列列車的商業化已經有效完成，第一個SPA 與SPL 8 號擴建列車的第二列列車相關聯。

We are extremely excited about the market's response to the SPL Expansion Project and demand for additional capacity from Cheniere. Since announcing the project in February, we have signed nearly 6 million tons per annum of long-term contracts in support of the project and our best-in-class long-term contracted portfolio, all with investment grade counterparties. And, I am confident, we have more to do this year.

我們對市場對 SPL 擴建項目的反應以及 Cheniere 增加產能的需求感到非常興奮。自二月份宣布該項目以來，我們每年簽署了近 600 萬噸長期合同，以支持該項目以及我們一流的長期合同組合，所有合同均與投資級交易對手簽訂。而且，我相信，今年我們還有更多工作要做。

As always, we remain laser-focused on developing that project to meet or exceed our disciplined capital investment parameters in order to deliver the world-class contracted infrastructure returns our shareholders are accustomed to. While on the topic of returns, Zack and his team continued to progress on our comprehensive 20/20 Vision Capital Allocation Plan.

一如既往，我們仍然專注於開發該項目，以滿足或超過我們嚴格的資本投資參數，以便為我們的股東提供世界一流的合約基礎設施回報。在談到回報主題時，扎克和他的團隊繼續推進我們全面的 20/20 願景資本分配計劃。

During the third quarter, we paid down another $50 million of long-term debt. We bought back approximately 2.2 million shares for $357 million, and we increased our quarterly dividend by 10% to $0.435 for the third quarter. On stage three, we continue to equity fund that project investing over $300 million during the quarter with a total of over $2.5 billion invested today.

第三季度，我們又償還了 5,000 萬美元的長期債務。我們以 3.57 億美元回購了約 220 萬股股票，並將第三季的季度股息提高了 10% 至 0.435 美元。在第三階段，我們繼續為該項目提供股權基金，該項目在本季投資超過 3 億美元，今天的投資總額超過 25 億美元。

Speaking of stage three, now turn to slide 6, where I am pleased to provide an update on the accelerated progress we are seeing. This activities on the project move more heavily into the construction phase a few quarters ago. We have indicated that certain of these construction activities were taking place ahead of plan, as we are now over 44% complete overall across engineering, procurement and construction.

說到第三階段，現在轉到幻燈片 6，我很高興在其中提供有關我們所看到的加速進展的最新資訊。幾個季度前，該項目的活動更多地進入了施工階段。我們已表示，其中某些施工活動提前於計劃進行，因為我們目前在工程、採購和施工方面已完成 44% 以上。

While, we remain in single digit in terms of percentage completion on construction for the overall project, it's becoming increasingly clear that the project is tracking month ahead of the guaranteed schedule. I am optimistic, we will be commissioning a Train one with first LNG production by the end of 2024 forecast all seven Trains to achieve substantial completion by the end of 2026.

雖然整個工程的施工完成百分比仍保持在個位數，但越來越明顯的是，該專案比保證進度提前了一個月。我很樂觀，我們將在 2024 年底前調試第一條生產液化天然氣的列車，預計所有七條列車將在 2026 年底前基本完工。

We are extremely excited about the progress factors making on stage three. We look forward to maintain and accelerating progress in order to again, deliver LNG to the market well ahead of schedule increase in our operating capacity, again starting in 2025.

我們對第三階段的進展感到非常興奮。我們期待維持並加速進展，以便再次從 2025 年開始提前提前向市場交付液化天然氣，增加我們的營運能力。

On the earnings call in August, I mentioned stage three was beginning to take shape, as the first structural steel was erected in our Train one coal boxes that arrived on site. One can certainly appreciate the progress that's been made since then from the photos on this slide. All Train one coal boxes have been set in place. Structural steel installation is advancing and piping an electrical installation has commenced.

在八月的財報電話會議上，我提到第三階段已經開始形成，第一批鋼結構已在抵達現場的一號列車煤箱中豎立起來。人們當然可以從這張幻燈片上的照片中欣賞到自那時以來所取得的進展。一號車所有煤箱均已就位。鋼結構安裝正在推進，管道和電氣安裝已經開始。

With the excellent progress made to date, headcount of over 1,500 personnel on site each day and the one-team culture firmly established between Cheniere and Bechtel. I am confident in the team's ability to maintain focus, continue on the accelerated schedule to deliver Corpus Christi Stage three* safely and ahead of schedule.

憑藉迄今為止所取得的出色進展，每天有超過 1,500 名人員在現場，切尼爾和柏克德之間牢固地建立了團隊文化。我對團隊保持專注、繼續加快進度、安全提前交付科珀斯克里斯蒂第三階段*的能力充滿信心。

With that, I will hand it over to Anatol to discuss the LNG markets. Thank you again, for your continued support at Cheniere.

接下來，我將把它交給阿納托爾來討論液化天然氣市場。再次感謝您對 Cheniere 的持續支持。

Thanks, Jack, and good morning, everyone. While the LNG market kicked off the third quarter with prices reflecting the relatively subdued demand of the shoulder season, unprecedented early winter gas procurement in Europe, coupled with threats of potential supply disruptions globally resulted in increased volatility and higher pricing throughout August and September.

謝謝，傑克，大家早安。雖然液化天然氣市場在第三季拉開序幕，價格反映了淡季需求相對疲軟，但歐洲前所未有的初冬天然氣採購，加上全球潛在供應中斷的威脅，導致整個8 月和9 月的波動加劇和價格上漲。

Prices remain elevated relative to pre-2021, as the market is still precariously balanced sensitive to any sign of disruption, given the lack of spare supply capacity in the system, which is expected to continue for the next few years. The proposed strikes at the Australian LNG export facilities representing approximately 10% of the global LNG market, garnered significant coverage during the quarter as market tried to gauge the scale and length of any potential disruption to global flows.

與 2021 年之前相比，價格仍然較高，因為市場仍然處於不穩定的平衡狀態，對任何中斷的跡像都很敏感，因為系統缺乏備用供應能力，預計這種情況將在未來幾年持續下去。澳洲液化天然氣出口設施約佔全球液化天然氣市場的 10%，而擬議的罷工在本季度獲得了廣泛報道，因為市場試圖衡量全球流動可能受到的任何潛在幹擾的規模和持續時間。

Fortunately, these risks were largely averted, and LNG exports continued to flow through the end of the quarter. Nevertheless, even the threat of disruption led to significant volatility in LNG prices, which was further exacerbated by the about 48% decline in Norwegian pipe gas to Europe in September following extensive maintenance at the Troll field and the closeness gas processing plants.

幸運的是，這些風險基本上得到了避免，液化天然氣出口持續到本季末。然而，即使是中斷的威脅也導致了液化天然氣價格的大​​幅波動，而在Troll 氣田和附近的天然氣加工廠進行大規模維護後，9 月份挪威輸往歐洲的管道天然氣下降了約48%，進一步加劇了這種波動。

As a result, despite elevated storage inventories throughout the region, volatility persisted as TTF spot prices experienced some fairly significant swings throughout the quarter. The maintenance in Norway supported prices from early June with July settling at $11.30 in MMBTU, while August settle over 25% lower at $8.30 [an M] as Norwegian volumes returned only to rebound in September, which settled at $11.5 amid concerns around the Australian strikes, as well as additional unplanned Norwegian maintenance.

因此，儘管整個地區的儲存庫存有所增加，但由於 TTF 現貨價格在整個季度經歷了一些相當大的波動，波動性仍然存在。挪威的維護工作從6 月初開始支撐了價格，7 月以MMBTU 計收於11.30 美元，而8 月則下跌25% 以上，收於8.30 美元[每M]，因為挪威的成交量在9 月份才恢復反彈，因對澳洲罷工的擔憂而收於11.5 美元，以及挪威額外的計劃外維護。

Still TTF prices remained at pre Russia-Ukraine war levels during the quarter and continued to edge higher with futures settling October above $12 an M.

本季 TTF 價格仍維持在俄羅斯-烏克蘭戰爭前的水平，並繼續小幅走高，10 月期貨結算價高於每月 12 美元。

Meanwhile, JKM prices largely tracked TTF throughout the third quarter, ultimately settled in September, slightly below TTF at $11.20. However, more recently, JKM futures settled October higher at $13.30 due to the uncertainty around the potential industrial action in Australia, as well as increased demand from China and India. Prices have since signed further as indications of winter demand started to emerge towards the end of the quarter with JKM November trading around $14 to $15 an ounce.

與此同時，JKM 價格在整個第三季度主要追蹤 TTF，最終於 9 月結算，略低於 TTF 的 11.20 美元。然而，最近，由於澳洲潛在罷工行動的不確定性以及中國和印度需求的增加，JKM 期貨 10 月收高至 13.30 美元。隨著冬季需求的跡像在本季末開始出現，價格進一步上漲，JKM 11 月交易價格約為每盎司 14 至 15 美元。

This is stark contrast to Henry Hub prices, which averaged $2.55 an M during the quarter as inventories held above the 5-year average. These price levels continue to support the attractiveness of US LNG globally. Unfortunately, threats of further disruptions in global gas markets remain ongoing, exposing key risks to an increasingly susceptible market that already lost 12 B's a day of Russian pipe gas last year. Furthermore, the recent lease at the Baltic connector adds to market apprehension, highlighting the critical need for the development of sufficient capacity globally in order to meet elastic demand and ensure the security of supply globally for the long term.

這與亨利中心的價格形成鮮明對比，本季亨利中心的平均價格為每月 2.55 美元，因為庫存高於 5 年平均值。這些價格水準繼續支撐美國液化天然氣在全球的吸引力。不幸的是，全球天然氣市場進一步中斷的威脅仍然存在，這給日益脆弱的市場帶來了重大風險，該市場去年已經每天損失 12 B 的俄羅斯管道天然氣。此外，波羅的海連接器最近的租約增加了市場的擔憂，凸顯出迫切需要在全球範圍內發展足夠的產能，以滿足彈性需求並確保全球長期供應安全。

Let's address the regional dynamics on the next page. During the third quarter and for the first time in two years, Europe's LNG imports were lower year-over-year. Imports were nearly 7% or 1.8 million tons lower in the third quarter due largely to the same fundamental reasons we discussed previously, including high storage levels, reduced gas use across sectors due to price elasticity, as well as conservation efforts plus increased renewables generation.

讓我們在下一頁討論區域動態。第三季度，歐洲液化天然氣進口量兩年來首次出現年減。第三季進口量減少了近7%，即180 萬噸，這主要是由於我們之前討論過的基本原因，包括高儲存水準、由於價格彈性而減少的各部門天然氣使用量、以及保護工作和可再生能源發電量的增加。

EU gas storage levels continue to grow nearing full as of early October, while lower economic activity put downward pressure on both industrial demand and electricity generation. Demand for gas fired power dropped by nearly 20% in Europe's key markets amid renewable power generation, which was 12% higher year-on-year. As a result, the reduced gas storage fill requirements, coupled with the lower gas demand year on year more than compensated for the further reduction in Russian pipe supply and the extended maintenance in Norway, allowing Asia to re-enter the market and pull some additional LNG cargoes from the Atlantic Basin, as shown in the upper middle and right charts.

截至 10 月初，歐盟天然氣儲存水準持續成長，接近滿載，而經濟活動的減少給工業需求和發電帶來了下行壓力。由於再生能源發電量年增 12%，歐洲主要市場的燃氣發電需求下降了近 20%。因此，天然氣儲存填充需求的減少，加上天然氣需求同比下降，足以彌補俄羅斯管道供應的進一步減少和挪威延長的維護，使亞洲能夠重新進入市場並拉動一些額外的力量。來自大西洋盆地的液化天然氣貨物，如中上圖及右圖所示。

However, the cost base and price spreads throughout the quarter were not wide enough to drive meaningful volume away from Europe towards Asia. Total LNG imports in Asia grew over 4% or 2.7 million tons year-on- year in the third quarter, driven by a rebound in imports to China and India, as prices softened and high summer temperatures boosted spot purchases.

然而，整個季度的成本基礎和價差還不足以將大量銷售量從歐洲轉移到亞洲。第三季度，亞洲液化天然氣進口總量年增超過 4%，即 270 萬噸，主要受到中國和印度進口反彈的推動，原因是價格走軟，夏季高溫提振了現貨採購。

However, lower imports across the JKT market largely offset the significant gains seen in China and other emerging Asian markets, as shown in the lower left chart. In fact, imports into the key growth markets of China and India were 21% and 27% higher in Q3, respectively. In China, gas demand picked up during the quarter, primarily due to the year-on-year recovery in gas-fired power generation following the drought that reduced hydro generation.

然而，JKT 市場進口量的下降很大程度上抵消了中國和其他亞洲新興市場的大幅成長，如左下圖所示。事實上，第三季中國和印度這兩個主要成長市場的進口量分別成長了 21% 和 27%。在中國，天然氣需求在本季有所回升，主要是由於乾旱導致水力發電量減少後燃氣發電量較去年同期恢復。

Despite the high demand, gas demand recovery in the industrial sector remains subdued, with consumption still below 2021 levels. Long-term fundamentals remain bullish for the Chinese market due to favorable policy targets and a massive gas infrastructure buildout, as we described in previous calls. This year alone, China has added 9 million tons of re-gas capacity across three new terminals, bringing the total to 110 mtpa. with another 95 mtpa under construction.

儘管需求旺盛，但工業部門的天然氣需求復甦依然疲軟，消費量仍低於 2021 年的水準。正如我們在先前的電話會議中所述，由於有利的政策目標和大規模的天然氣基礎設施建設，中國市場的長期基本面仍然看漲。光是今年，中國就在三個新終端增加了 900 萬噸再天然氣產能，使總產能達到 110 噸/年。另有 95 噸/年正在興建中。

Similarly, the country continues to expand its gas-fired power generation fleet with 46 gigawatts currently under construction on top of the existing 121 gigawatts. In India, a prolonged heat wave and below-average rainfall during the annual monsoon season increased the region's call on LNG. India imported 6 million tons in the third quarter, 1.3 million tons higher year-on-year as spot LNG prices moderated, incentivizing downstream gas used in the fertilizer and power sectors.

同樣，該國繼續擴大其燃氣發電群，在現有 121 吉瓦的基礎上，目前正在建造 46 吉瓦。在印度，每年季風季節持續的熱浪和低於平均水平的降雨量增加了該地區對液化天然氣的需求。印度第三季進口了 600 萬噸，年增 130 萬噸，原因是液化天然氣現貨價格放緩，刺激了化肥和電力產業下游天然氣的使用。

Gas-fired generation was up 48% year-on-year in July and August leading domestic player station tenders for cargoes to feed power demand. Furthermore, the new 6.5 mtpa Domra LNG Terminal, the first and India's east coast ramped up to imports 10 cargoes since starting commercial operations in May, adding to total imports in the quarter. The terminal, which raised the country's re-gas capacity to 44 mtpa, should enhance gas availability in northeastern India as connections to the grid improve, making gas more accessible to city gas distributors, as well as refineries and fertilizer facilities.

7 月和 8 月，燃氣發電量年增 48%，帶動國內電站招標以滿足電力需求。此外，自 5 月開始商業營運以來，印度東海岸第一個 6.5 噸/年 Domra 液化天然氣終端進口量增加至 10 批貨物，增加了本季的進口總量。該終端將印度的再天然氣能力提高到每年 44 噸，隨著電網連接的改善，將提高印度東北部的天然氣供應量，使城市天然氣分銷商以及煉油廠和化肥設施更容易獲得天然氣。

India's re-gas capacity is expected to reach 63 million tons and that along with the additional 11,000 kilometers of pipelines under development to make the country a top three LNG importer before 2040. In contrast, JKT imports dropped 11% or 3.7 million tons during the quarter following previous declines and offsetting much of the gains in Asia.

印度的再天然氣產能預計將達到6,300 萬噸，再加上正在建設的額外11,000 公里管道，到2040 年印度將成為三大液化天然氣進口國。相比之下，JKT 進口量在此期間下降了11 %，即370 萬噸。繼先前的下滑之後，該季度的業績下降並抵消了亞洲的大部分漲幅。

Year-to-date, JKT imports are 7.5 million tons lower versus last year, due largely to increased nuclear availability in Japan and Korea. The structural factor we have discussed previously. Japan's nuclear availability reached its highest level since the Fukushima disaster, and we expect this to present headwinds for gas power generation and LNG demand growth going forward. Accordingly, Japan's long-term gas demand is expected to decline gradually through 2040.

今年迄今為止，JKT 進口量比去年減少了 750 萬噸，這主要是由於日本和韓國的核子可用性增加。我們之前討論過結構性因素。日本的核電利用率達到了福島災難以來的最高水平，我們預計這將對未來的天然氣發電和液化天然氣需求成長帶來阻力。因此，日本的長期天然氣需求預計到2040年將逐漸下降。

Let's now elaborate on our updated expectations for long-term supply and demand on the next slide. As noted previously, the energy trilemma, especially with the market's heightened focus on long-term energy security has led to significant long-term LNG contracting in the past 18 or so months. These contracts signaled the need for further investment in liquefaction capacity and serve to underpin some of the recent project FIDs. As a result, we now see a significant amount of new capacity currently under construction.

現在讓我們在下一張投影片上詳細闡述我們對長期供需的最新預期。如前所述，能源三難困境，尤其是市場對長期能源安全的高度關注，導致在過去 18 個月左右的時間裡出現了大量的長期液化天然氣合約。這些合約表明需要進一步投資液化能力，並為最近的一些項目最終投資決定提供支援。因此，我們現在看到大量新產能正在建設中。

While this is expected to help reverse the systemic market tightening that has resulted from the curtailment of Russian volumes over the last two years, we believe that further LNG supply is needed to fully meet demand in 2028 and beyond, which we expect to be fulfilled with some of the proposed pre-FID export projects, of course, including our own expansion plans at Sabine Pass and Corpus Christi.

雖然這預計將有助於扭轉過去兩年因俄羅斯產量削減而導致的系統性市場緊縮，但我們認為需要進一步供應液化天然氣才能完全滿足 2028 年及以後的需求，我們預計將在當然，其中包括我們在薩賓帕斯和科珀斯克里斯蒂的擴建計劃。

The concentration of FID is taking place this year and next, along with the start of delayed projects in East and West Africa should help make LNG more accessible to price-sensitive markets, while also making the industry more resilient in the face of supply disruptions for major geopolitical upsets, such as those threatening the market balances today. And just as liquefaction development has been active this year, the same is true for the re-gas side of the business.

FID 的集中發生在今年和明年，加上東非和西非推遲項目的啟動，應有助於使液化天然氣更容易進入價格敏感的市場，同時也使該行業在面對供應中斷時更具彈性。重大地緣政治動盪，例如那些威脅當今市場平衡的動盪。正如今年液化開發一直活躍一樣，再天然氣業務方面也是如此。

Marketplace continues to develop import capacity across Europe and Asia, which in total, is expected to increase by nearly 50% by 2030. We continue to forecast healthy demand for LNG over the coming decades with Europe sustaining its growth through the mid-term and Asia driving future growth over the long term. As we have discussed before, we expect South and Southeast Asia, as well as China to drive future demand growth as LNG plays a critical role in the economic prosperity, energy availability, and decarbonization efforts in these regions.

市場繼續發展歐洲和亞洲的進口能力，預計到 2030 年總計將增加近 50%。我們繼續預測未來幾十年對液化天然氣的健康需求，歐洲將在中期保持成長，亞洲將保持成長推動未來的長期增長。正如我們之前討論的，我們預計南亞和東南亞以及中國將推動未來的需求成長，因為液化天然氣在這些地區的經濟繁榮、能源供應和脫碳工作中發揮關鍵作用。

Overall, we estimate that by 2040, more than 130 mtpa of additional supply is needed beyond what is under construction today, which is due in part to the decline in production from legacy projects where feedstock availability and upstream developments appear limited going forward. For all these reasons, we believe overall market conditions remain constructive for Gulf Coast LNG and as shown here, we remain resolute in building on the commercial successes of recent years to support our capacity growth.

總體而言，我們估計，到2040 年，除了目前正在建造的項目外，每年還需要超過130 公噸的額外供應，部分原因是遺留項目的產量下降，這些項目的原料供應和上游開發似乎在未來受到限制。基於所有這些原因，我們相信整體市場狀況對墨西哥灣沿岸液化天然氣仍然具有建設性，正如這裡所示，我們仍然堅定地在近年來的商業成功的基礎上支持我們的產能成長。

In 2023 alone, we have signed almost 6 million tons per annum with customers across Europe and Asia, including today's announcement of our second 20-year SPA with Foran. This contract could very well extend into the second half of the century, further evidencing our customers and the market's conviction in the long-term role of natural gas in the global energy mix and the need for further development of LNG capacity global.

光是 2023 年，我們就與歐洲和亞洲的客戶簽訂了每年近 600 萬噸的合同，包括今天宣布與 Foran 簽署的第二份 20 年 SPA。該合約很可能延續到本世紀下半葉，進一步證明了我們的客戶和市場對天然氣在全球能源結構中的長期作用的信念，以及進一步發展全球液化天然氣產能的必要性。

With that, I will turn the call over to Zach to review our financial results and guidance.

這樣，我將把電話轉給扎克，以審查我們的財務表現和指導。

Thanks, Anatol, and good morning, everyone. I am pleased to be here today to review our third-quarter 2023 results and key financial accomplishments, which are the result of our team's commitment to operational excellence and financial discipline, the long-term outlook as we continue to deliver upon our stated objectives of supplying the world with much needed LNG while creating long-term value for our stakeholders.

謝謝阿納托爾，大家早安。我很高興今天在這裡回顧我們 2023 年第三季的業績和主要財務成就，這是我們團隊致力於卓越營運和財務紀律的結果，也是我們繼續實現既定目標的長期前景為世界提供急需的液化天然氣，同時為我們的利害關係人創造長期價值。

Turn to slide 12. For the third quarter, we generated net income of approximately $1.7 billion. Consolidated adjusted EBITDA of approximately $1.7 billion and distributable cash flow of approximately $1.2 billion.

請參閱投影片 12。第三季度，我們的淨利潤約為 17 億美元。合併調整後 EBITDA 約 17 億美元，可分配現金流量約 12 億美元。

Our third quarter results continue to reflect a higher proportion of our LNG being sold under long-term contracts with less volumes being sold into short-term markets, as well as the further moderation of international gas prices relative to last year. Once again, these impacts were partially offset by certain portfolio optimization activities, upstream and downstream of our facilities.

我們第三季的業績持續反映了我們根據長期合約銷售的液化天然氣比例較高，而銷往短期市場的量較少，以及國際天然氣價格相對於去年進一步放緩。這些影響再次被我們設施上游和下游的某些投資組合最佳化活動所部分抵消。

During the third quarter, we recognized in income 555 TBtu of physical LNG, including 545 TBtu from our projects and 10 TBtu sourced from third parties. Approximately 89% of these LNG volumes recognized in income were sold under long-term SPA or IPM agreements with initial terms greater than 10 years. As a reminder, our reported net income is impacted by the unrealized noncash derivative impacts to our revenue and cost of sales line item, which are primarily related to the mismatch of accounting methodology for the purchase of natural gas and the corresponding sale of LNG under our long-term IPM agreements. The decline in international gas price curves quarter-over-quarter led to a lower mark to market valuation of the future liabilities associated with these agreements increasing our net income.

第三季度，我們確認了 555 TBtu 的實體液化天然氣收入，其中 545 TBtu 來自我們的項目，10 TBtu 來自第三方。計入收入的液化天然氣銷量中約 89% 是根據初始期限超過 10 年的長期 SPA 或 IPM 協議出售的。提醒一下，我們報告的淨利潤受到未實現的非現金衍生品對我們的收入和銷售成本的影響，這主要與我們購買天然氣和相應銷售液化天然氣的會計方法不匹配有關。長期 IPM 協議。國際天然氣價格曲線環比下降導致與這些增加我們淨利潤的協議相關的未來負債的市場估值較低。

With today's results, we have earned cumulative net income of approximately $12.4 billion for the trailing 12 months and have now reported positive net income on a quarterly and cumulative trailing four-quarter basis four quarters in a row. Throughout the quarter, we continued to deploy capital pursuant to our comprehensive capital allocation plan, our 20/20 vision, increasing shareholder returns, strengthening our balance sheet and investing in accretive growth.

根據今天的業績，我們過去 12 個月的累計淨利潤約為 124 億美元，並且現在已連續四個季度報告季度淨利潤和累計過去四個季度的淨利潤為正。在整個季度中，我們繼續根據我們的全面資本配置計劃、20/20 願景來部署資本，提高股東回報，加強我們的資產負債表並投資於增值成長。

During the quarter, we repaid $50 million of long-term indebtedness, redeeming a portion of the senior secured notes due in 2024 at SPL. As a reminder, in July, we used the proceeds from our inaugural investment grade offering at CQP to refinance and redeem $1.4 billion of the SPL 2024 notes. We plan to address the remaining balance of the SPL 2024 notes with cash on hand in 4Q and into the first half of next year, after which point we will have addressed all maturities in the complex through early 2025, but currently, no refinancing needs across our complex until then.

本季度，我們償還了 5,000 萬美元的長期債務，以 SPL 贖回了 2024 年到期的部分優先擔保票據。提醒一下，7 月份，我們利用 CQP 首次投資等級發行的收益對 14 億美元的 SPL 2024 票據進行了再融資和贖回。我們計劃在第四季度和明年上半年用手頭現金解決 SPL 2024 票據的剩餘餘額，之後我們將在 2025 年初解決該綜合體的所有到期問題，但目前，整個票據沒有再融資需求直到那時我們的複合體。

Since rolling out our revised capital allocation plan last year, we have received 14 distinct rating upgrades throughout our structure, a result of our operational track record and capital allocation plan to opportunistically deliver and efficiently refinance the short amount of time, which has not only strengthened our balance sheet for through-cycle resilience, it is also positioned Cheniere for our next phase of growth.

自去年推出修訂後的資本配置計劃以來，我們的整個結構已獲得14 次不同的評級升級，這是我們的營運記錄和資本配置計劃在短時間內機會主義地交付和高效再融資的結果，這不僅增強了我們的資產負債表具有整個週期的彈性，它也為切尼爾為我們下一階段的成長做好了準備。

Most recently, S&P upgraded CCH to BBB in mid-October. And in August, Moody's upgraded CEI to Baa3 and CCH to Baa2, while Fitch upgraded SPL to BBB+. With the Moody's upgrade, our parent entity is now investment grade across all three agencies, a major milestone for Cheniere considering where it started financially on this LNG export journey over a decade ago. As we have previously discussed, now that we have achieved investment-grade ratings across our corporate structure, we are targeting a one-to-one ratio of deleveraging in share buybacks on an aggregate basis through 2026.

最近，標準普爾在 10 月中旬將 CCH 評級升級為 BBB。 8 月，穆迪將 CEI 升級至 Baa3，將 CCH 升級至 Baa2，惠譽將 SPL 升級至 BBB+。隨著穆迪的升級，我們的母公司現在在所有三個機構中均獲得投資級別，考慮到切尼爾十多年前在液化天然氣出口之旅中的財務起點，這是一個重要的里程碑。正如我們之前所討論的，既然我們已經在整個公司結構中獲得了投資級評級，我們的目標是到 2026 年在總體基礎上實現一對一的股票回購去槓桿化。

During the third quarter, we repurchased approximately 2.2 million shares of common stock for approximately $357 million, which reinforces our intent for the catch-up of buybacks compared to the amount of capital deployed towards deleveraging going forward. We expect this to continue to work towards achieving that one-to- one ratio over the next year, as we continue to initially target buying back approximately 10% our market cap over time. We expect to deploy the remaining just under $2.5 billion of the repurchase authorization ahead of the three-year plan.

第三季度，我們以約 3.57 億美元的價格回購了約 220 萬股普通股，與未來去槓桿化部署的資本金額相比，這強化了我們追趕回購的意圖。我們預計明年將繼續努力實現這一一對一的比率，因為我們最初的目標是隨著時間的推移回購約 10% 的市值。我們預計在三年計劃實施之前部署剩餘的近 25 億美元的回購授權。

But recognize there may be variability quarter-to-quarter, as we aim to be opportunistic and are subject to the parameters of our 10B51 program. For the third quarter, we followed through earlier this week by announcing an increase of our quarterly dividend by 10% to $0.435 per common share were $1.74 annualized, which is consistent with our 20/20 plan of growing our dividend by approximately 10% annually into the mid-2020s through the construction of Stage 3. We intend to steadily increase our payout ratio over time while maintaining financial flexibility with a balanced capital allocation plan and the ability to fund brownfield growth with internally generated cash flow.

但要認識到季度與季度之間可能存在差異，因為我們的目標是機會主義，並受到 10B51 計劃參數的約束。對於第三季度，我們本週稍早宣布將季度股息增加10%，至每股普通股0.435 美元，年化股息1.74 美元，這與我們的20/20 計劃一致，即每年將股息增加約10%。透過第三階段的建設，我們打算在 2020 年代中期穩步提高派息率，同時透過平衡的資本配置計劃保持財務靈活性，並有能力利用內部產生的現金流為棕地增長提供資金。

And for the final pillar of our comprehensive capital allocation plan disciplined growth, we funded approximately $312 million of CapEx at our Stage 3 project during the quarter, with cash on hand. We still have over $3 billion available on our CCH term loan that we plan to utilize beginning in the second half of 2024, as the project progresses and the total capital spent to date continues to grow. By primarily funding the 50% equity component of the project ahead of the drawing down on the construction loan, we have saved considerably on interest expense while retaining all of our liquidity flexibility for the coming years to complete funding of the full project by 2026.

為了實現我們全面資本配置計畫紀律性成長的最後一個支柱，我們在本季為第三階段專案提供了約 3.12 億美元的資本支出，並持有現金。我們的 CCH 定期貸款仍有超過 30 億美元的可用資金，我們計劃從 2024 年下半年開始使用這些貸款，隨著專案的進展和迄今為止支出的總資本持續增長。透過在提取建設貸款之前主要為該專案 50% 的股權部分提供資金，我們節省了大量利息費用，同時保留了未來幾年的所有流動性靈活性，以便在 2026 年之前完成整個專案的融資。

Turning now to slide 13, where I will provide additional detail around 2023 guidance and our open capacity for 2024. Today, we are reconfirming our full year 2023 guidance ranges of $83 to $88 billion in consolidated adjusted EBITDA and $58 to $63 billion in distributable cash flow. But as Jack noted, we are tracking to the high end of those ranges.

現在轉向幻燈片13，我將在其中提供有關2023 年指導和2024 年開放產能的更多詳細資訊。今天，我們再次確認2023 年全年指導範圍為83 至880 億美元的合併調整EBITDA 和58 至630 億美元的可分配現金流動。但正如傑克指出的那樣，我們正在追蹤這些範圍的高端。

The improved outlook is driven by portfolio optimization activities, primarily in gas procurement and vessels of chartering and to a lesser extent, the timing of some expenses moving into 2024 and higher marketing margins and the minimal on the open capacity for CMI, we still had available for sale since the last call.

前景改善是由投資組合優化活動推動的，主要是在天然氣採購和船舶租賃方面，在較小程度上，一些費用的時間移至2024 年、更高的營銷利潤以及CMI 的開放產能最小化，我們仍然有可用的自上次通話以來出售。

With respect to our EBITDA sensitivity for the remainder of the year, we now have an immaterial amount of unsold LNG remaining. To our confident in our ability to deliver financial results at the high end of the ranges. As always, our results could be impacted by the timing of certain cargoes around year end, as well as incremental margin from further optimization, upstream and downstream of our facilities.

就我們今年剩餘時間的 EBITDA 敏感度而言，我們現在剩餘的未售出液化天然氣數量微乎其微。我們對提供高端財務表現的能力充滿信心。像往常一樣，我們的業績可能會受到年底前後某些貨物的運輸時間以及我們設施上游和下游進一步優化帶來的增量利潤的影響。

For distributable cash flow for 2023 could also be affected by any changes in the tax code under the IRA. However, the guidance provided today is based on the current IRA tax law guidance in which we would not qualify for the minimum corporate tax of 15% this year. However, as noted previously, both of these dynamics would mainly affect timing and not materially impact our cumulative cash flow generation through the mid 2020, as we think about our overall capital allocation plan and our 20/20 Vision goals.

2023 年的可分配現金流量也可能受到 IRA 稅法任何變更的影響。然而，今天提供的指導是基於現行 IRA 稅法指導，其中我們今年沒有資格享受 15% 的最低企業稅。然而，如前所述，當我們考慮我們的整體資本配置計劃和20/20 願景目標時，這兩種動態將主要影響時間安排，不會對我們到2020 年中期的累積現金流產生重大影響。

Looking ahead to next year, 2024 will be our most contracted year to date, as all of the contracts underpinning the initial Nine Train platform was commenced, as well as some bridging volumes for contracts tied to our growth. Additionally, our team continues to put away the few remaining uncontracted volumes, leaving us with approximately 50TBtu unsold for the full year, as of today's call, for about 2% of our 2024 production capacity.

展望明年，2024 年將是我們迄今為止簽訂合約最多的一年，因為支持最初的九號列車平台的所有合約都已經開始，以及一些與我們的成長相關的過渡合約。此外，我們的團隊繼續擱置剩餘的少數未簽約數量，截至今天的電話會議，全年約有 50TBtu 未售出，約占我們 2024 年產能的 2%。

The open volume is based upon a production forecast of approximately 45 million tons, which is similar to our production this year and takes into account planned maintenance activities for the year. With such minimal open exposure to the market, 2024 is expected to look the most like a Nine Train run rate year as any we will have, with results that should largely reflect the economics of a long-term fixed fee take-or-pay style cash flow business model.

未平倉量基於約 4500 萬噸的產量預測，這與我們今年的產量相似，並考慮了今年計劃的維護活動。由於對市場的公開敞口如此之小，預計 2024 年將是最接近九號列車運行費率的一年，其結果應在很大程度上反映長期固定費用照付不議方式的經濟性現金流商業模式。

With that said, currently forecast that a $1 change in market margin would impact EBITDA by approximately $50 million for the full year. And with market margins currently elevated through the next year compared to our run rate CMI assumption of 225 per MMBtu, we should be able to still beat the mid-point of our Nine Train run rate of $5.5 billion of EBITDA before any further volatility in commodity prices.

儘管如此，目前預測市場利潤率變化 1 美元將影響全年 EBITDA 約 5,000 萬美元。與我們對每 MMBtu 225 的 CMI 運行率假設相比，目前明年的市場利潤率有所提高，在大宗商品出現進一步波動之前，我們應該仍能超過 9 號列車運行率 55 億美元的 EBITDA 的中點價格。

2024 results are expected to come down from this year as our open capacity narrows until Stage 3 starts ramping up our operational capacity again in 2025. Thanks to our cash flow visibility, 2024 was always assumed to be a heavily contracted year and consistently baked into our financial plan, including in our 20/20 vision to generate over $20 billion of available cash through 2026 provided back in September 2022.

預計2024 年的業績將比今年有所下降，因為我們的開放產能將縮小，直到2025 年第三階段開始再次提高我們的營運能力。由於我們的現金流量可見性，2024 年一直被認為是嚴重收縮的一年，並始終納入我們的預測中。財務計劃，包括我們於 2022 年 9 月提供的 20/20 願景，即到 2026 年產生超過 200 億美元的可用現金。

As Jack noted, given the progress made by the Bechtel engineering teams on Stage 3, we remain optimistic to hope to be in commissioning with first LNG from Train 1 by the end of next year, which would provide additional LNG supply to the delicately balance market Anatol discussed earlier and increase our operational LNG capacity again in 2025.

正如傑克所指出的那樣，鑑於柏克德工程團隊在第三階段取得的進展，我們仍然樂觀地希望在明年年底之前從一號列車中調試第一批液化天然氣，這將為微妙平衡的市場提供額外的液化天然氣供應阿納托爾之前討論過，將在 2025 年再次增加我們的液化天然氣營運能力。

However, as a reminder, commissioning volumes would not impact our revenues or EBITDA for the year and instead show up in our financials as a reduction in our capital costs. With the meaningful progress achieved to date, we expect to invest between $1.5 billion to $2 billion of CapEx towards Stage 3 in 2024, consistent with this year, as we still expect to fund another approximately $0.5 billion of equity into the project this quarter.

然而，提醒一下，調試量不會影響我們今年的收入或 EBITDA，而是在我們的財務數據中顯示為資本成本的減少。鑑於迄今為止取得的有意義的進展，我們預計將在2024 年向第三階段投資15 億至20 億美元的資本支出，與今年一致，因為我們仍預計本季度向該項目另外提供約5 億美元的股權資金。

While the last few years have proven Cheniere's ability to respond to market signals and optimize throughout our business, our conviction in our highly contracted business model rooted in longer duration fixed fee cash flows from creditworthy counterparties has only been reinforced, as we look forward to internally funding further growth, as well as even more meaningful shareholder returns that can be relied on over time.

雖然過去幾年已經證明Cheniere 有能力響應市場信號並優化整個業務，但我們對高度契約化的業務模式的信念更加堅定，這種業務模式植根於來自信譽良好的交易對手的長期固定費用現金流，因為我們期待在內部為進一步的成長以及隨著時間的推移提供更有意義的股東回報提供資金。

These dependable cash flows form the foundation of the $40 billion natural gas infrastructure platform we have developed over the last decade plus. We remain a focused on maintaining reliable and safe operations to ensure we can continue delivering affordable LNG, as well as meaningful long-term value to our stakeholders around the world for decades to come.

這些可靠的現金流構成了我們在過去十多年開發的價值 400 億美元的天然氣基礎設施平台的基礎。我們仍然專注於維持可靠和安全的運營，以確保我們能夠在未來幾十年繼續提供負擔得起的液化天然氣，並為世界各地的利益相關者帶來有意義的長期價值。

That concludes our prepared remarks. Thank you for your time and your interest in Cheniere. Operator, we are ready to open the line for questions.

我們準備好的演講到此結束。感謝您抽出寶貴的時間以及對切尼爾的興趣。接線員，我們已準備好開通提問線路。

(Operator Instructions) Michael Blum, Wells Fargo.

（操作員說明）Michael Blum，富國銀行。

Thanks. Good morning, everyone. First question, I just wanted to make sure I understood. This quarter, you had a pretty big variance in volume at Sabine at the CQP level. Just wanted to confirm that, that was really just a maintenance taking the facility offline. Or is there anything else there to flag over there?

謝謝。大家，早安。第一個問題，我只是想確保我理解。本季度，Sabine 在 CQP 層級的交易量存在相當大的差異。只是想確認一下，這實際上只是一次使設施離線的維護工作。或是那邊還有什麼可以標記的嗎？

This is Zach, and I would say there is not much to flag there. Basically, the major maintenance on Trains one and two at Sabine were in June. And with that, the ramp-up then begun. And it takes time to eventually deliver those volumes. So, it reduced the amount of in transit going into Q3.

這是紮克，我想說那裡沒有什麼值得標記的。基本上，薩賓一號和二號列車的主要維護是在六月。就這樣，加速就開始了。最終交付這些數量需要時間。因此，它減少了進入第三季的運輸量。

And then on top of that, it was a really warm summer. So, with the ambient temperatures, we had a little less volume than you would have, if you are a bit cooler. So, regular course still on track with our forecast.

最重要的是，那是一個非常溫暖的夏天。因此，考慮到環境溫度，如果您涼爽一點，我們的音量會比您小一些。因此，常規路線仍符合我們的預測。

Okay. Got it. That makes sense. And then on the Sabine Pass expansion, obviously, BioMath here roughly, I don't know, 30% contracted on the total size of the project, but you are almost that contracted on the first train. So, my question is, would you consider going ahead with FID on just one train of the capacity? Are you going to wait until you get some percentage of the total project before you FID the entire project?

好的。知道了。這就說得通了。然後在 Sabine Pass 擴建上，顯然，BioMath 這裡大約，我不知道，項目總規模收縮了 30%，但在第一趟列車上幾乎收縮了這個規模。所以，我的問題是，您是否會考慮僅對一趟列車進行 FID？您是否要等到獲得整個專案的一定比例之後才對整個專案進行 FID？

No, I think -- Michael, this is Jack. And you are right. It would be our goal to FID in whatever fashion that made the most financial sense. And if it makes sense to build it in phases, do Train seven first and then train eight later, we are going to do it that way. So, we are currently working through Bechtel not only on a fixed price for the entire project, but also on implementation and execution.

不，我想——邁克爾，這是傑克。你是對的。我們的目標是以任何最具財務意義的方式進行最終投資決定。如果分階段建造它有意義，先進行第七次訓練，然後再進行第八次訓練，我們就會這樣做。因此，我們目前正在透過柏克德公司不僅確定整個專案的固定價格，而且還致力於實施和執行。

So, that's the way we think about it also, but we are going to continue to do it the way we have done it in the past, which is we are going to commercialize the project, we are going to get a fixed price, and we are going to work with Bechtel to make sure that there -- that we are locked in with price schedule on budget.

所以，這也是我們思考的方式，但我們將繼續按照過去的方式去做，即我們將專案商業化，我們將獲得固定價格，並且我們將與柏克德公司合作，確保我們的價格表符合預算。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Yeah, thanks. Congrats on the good quarter, guys. I will put both of my questions into one, if I could. You -- effectively, with the new contracts, including the two that are here, you are assuming, I suppose, a certain level of economics and cost inflation. And I know, Zach, you and I have talked that you are not going to do something that's noneconomic, but inflation continues to go higher.

是的，謝謝。恭喜你們，夥伴們，這個季度表現不錯。如果可以的話，我會將我的兩個問題合而為一。實際上，透過新合同，包括這裡的兩份合同，我想，您假設一定程度的經濟和成本通膨。我知道，扎克，你和我已經說過，你不會做一些非經濟的事情，但通貨膨脹繼續走高。

I guess really my question is, some of these have bridging volumes. So, how does the mechanism works such that, if inflation goes up and you are already committed and are already, in some degrees, selling on volumes? How do you adjust for that, if the costs end up coming in higher than what you thought it was going to?

我想我真正的問題是，其中一些有橋接卷。那麼，如果通膨上升，而你已經做出承諾，並且在某種程度上已經開始大量拋售，那麼該機制是如何運作的呢？如果成本最終高於您的預期，您將如何調整？

Hey, this is Zach. So I basically say anything that's firm, we are assuming, is going to be part of the operations of the 9 trains plus Stage 3. So, the economics work. We are making the margins that we want to make. And we are being covered for inflation in that, let's say, 15% to 20%-plus range to the fixed fee over time, which is really attractive in covering what we have experienced over the last few years.

嘿，這是紮克。所以我基本上說，我們假設任何堅定的東西都將成為 9 列列車和第三階段運營的一部分。所以，經濟是有效的。我們正在賺取我們想要的利潤。我們正在承受通貨膨脹，比如說，隨著時間的推移，固定費用會上漲 15% 到 20% 以上，這對於涵蓋我們過去幾年所經歷的情況來說確實很有吸引力。

In terms of the rest, those are speed to the FIDs of those projects. And we are just going to be disciplined. I think you have seen that in every FID that we have done. And if we can target that around, let's say, 7 times CapEx to EBITDA, get to 10% unlevered returns and always hold it up to beating the returns just embedded in buying back more of the stock without the growth, we are going to do that. And with inflation and cost of capital going up, that should be embedded in the stock price to an extent. So, we will keep ourselves honest and make sure it's clearly accretive to Cheniere.

就其餘而言，這些都是這些項目最終投資決定的速度。我們只會遵守紀律。我想您已經在我們所做的每一次 FID 中看到了這一點。如果我們能夠以 EBITDA 的 7 倍為目標，獲得 10% 的無槓桿回報，並始終保持在高於回購更多股票但不增長的回報水平，我們就會這樣做。隨著通貨膨脹和資本成本的上升，這應該在一定程度上體現在股價中。因此，我們將保持誠實，並確保這對切尼爾有明顯的促進作用。

That makes sense. And just maybe as a follow-up, in your conversations as far with Bechtel on the expansions, are you starting to see some stability with respect to price, any sort of early indications, as to whether or not things are leveling off a bit?

這就說得通了。也許作為後續行動，在您與柏克德關於擴張的對話中，您是否開始看到價格方面的一些穩定性，任何早期跡象，關於情況是否有點趨於平穩？

Yeah. This is Jack, Ben. And we are -- and I am glad to say that some of the steel prices and cement and rebar and everything else, structural still have come back down off their highs. So, I think it's all moving in the right direction. And I feel really good about the timing of the project, and we have time to wait to see how this all works out before we lock in.

是的。這是傑克，本。我很高興地說，有些鋼材、水泥、螺紋鋼以及其他結構性產品的價格仍然從高點回落。所以，我認為一切都在朝著正確的方向發展。我對這個項目的時間安排感覺非常好，在我們鎖定之前，我們有時間等待看看這一切如何進行。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Question maybe somewhat more operational or construction development in nature here. But just curious, if we look back, I guess, in the history of LNG development, both domestically and internationally, there is been just a long list of projects that have been delayed and not come online on time, yet Cheniere is not just hitting the timelines of bringing them forward early.

問題本質上可能更多的是營運或建設開發。但好奇的是，如果我們回顧一下，我想，在國內外液化天然氣發展史上，只有一長串項目被推遲而沒有按時上線，但切尼爾不僅僅是在打擊提前推進的時間表。

Just wondering specifically, if you could help us understand how Cheniere is able to bring these facilities online earlier than expected? And I guess, is there room for more?

只是具體想知道，您是否可以幫助我們了解 Cheniere 如何能夠比預期更早地使這些設施上線？我想，還有更多的空間嗎？

Yes. So Jeremy, I mean, that's where our relationship with Bechtel has really paid off. When we talk about the one team approach between Cheniere and Bechtel, we really mean it. We do everything together. We walk the site together. We try to execute on different construction plans to see which one will work better for us, be more efficient, more effective. It really is a win-win between the two companies.

是的。所以傑里米，我的意思是，這就是我們與柏克德的關係真正得到回報的地方。當我們談論 Cheniere 和 Bechtel 之間的團隊合作時，我們是認真的。我們一起做所有事情。我們一起走遍現場。我們嘗試執行不同的建設計劃，看看哪一個對我們來說效果更好、更有效率、效果更好。這確實是兩家公司之間的雙贏。

And I can't say enough about how appreciative I am of Bechtel for working so collaboratively with us over these -- at least for me, close to the last eight years. So, it's no more or less than that.

我對柏克德在這些問題上與我們如此合作的感激之情無法言喻——至少對我來說，在過去八年裡是如此。所以，不多也不少。

Got it. That's helpful. Thank you for that.

知道了。這很有幫助。謝謝你。

And then maybe just kind of pivoting towards capital allocation a little bit here, Zach, if I could. Just wondering -- current thoughts here, I guess, on the pace of buybacks as you see it as it relates to debt paydown and also financing, the Corpus expansion, latest thoughts on how you see that all balancing. It looks like on the balance sheet, there is a mountain of cash that's pretty high. So, just wondering what your current thoughts are.

如果可以的話，扎克，也許只是稍微轉向資本配置。只是想知道 - 我想，目前的想法是關於回購的速度，因為它與債務償還和融資、語料庫擴張有關，以及您如何看待所有平衡的最新想法。看起來資產負債表上有一座相當高的現金山。所以，只是想知道你目前的想法是什麼。

Hey, Jeremy. I was expecting that question from you. But basically, yeah, we have over $3 billion of cash sitting at CEI, specifically. And you should assume over time as we fund Corpus, and there is still about $1.2 billion of equity funding to go on stage 3, and obviously, pick up on the buyback, that will trend to $1 billion in a run rate phase, once we get really through stage 3.

嘿，傑里米。我正期待著你問這個問題。但基本上，是的，我們在 CEI 擁有超過 30 億美元的現金。你應該假設，隨著時間的推移，當我們為Corpus 提供資金時，仍然有大約12 億美元的股權融資進入第三階段，顯然，一旦我們完成回購，在運行率階段，這將趨向於10億美元真正度過第三階段。

And in terms of the buyback, you just look at the last two quarters and you are starting to see that the buyback deployment is higher than the debt pay down. Just in Q3, it was $300 million higher, 7 times as much. And at this point, buybacks for the year are about to eclipse the amount of debt pay down we did mainly earlier this year to get to IG.

在回購方面，只要看看過去兩個季度，您就會開始看到回購部署高於債務償還。光是第三季度，這一數字就增加了 3 億美元，是原來的 7 倍。目前，今年的回購額將超過我們今年稍早主要為 IG 支付的債務償還額。

And for everyone to just be tracking the buyback, it will be lumpy, volatile quarter-to-quarter, as we try to be opportunistic. But what you can track it to is basically, we have already deployed over $3.5 billion to debt pay down in the updated capital allocation plan and just over $1.5 billion of buybacks so far in the same plan.

如果每個人都只專注於回購，那麼季度與季度之間的回購將會是不穩定的、不穩定的，因為我們試圖抓住機會。但你可以追蹤到的基本上是，我們已經在更新的資本配置計劃中部署了超過 35 億美元用於償還債務，並且迄今為止在同一計劃中回購了略多於 15 億美元的資金。

So, there is basically a $2 billion plus catch-up trade that needs to occur really through 2024. So, you can imagine we are pretty focused at CEI on funding the Corpus Stage 3 growth, as it accelerates and to catch up on the buybacks with that, yes, at least $2 billion to go in the next year or so.

因此，到 2024 年，基本上需要進行 20 億美元以上的追趕性交易。因此，您可以想像，我們 CEI 非常專注於為 Corpus 第 3 階段的成長提供資金，因為它正在加速並趕上回購是的，明年左右至少要投入20 億美元。

In the meantime, we will focus on Sabine growth, getting ready with all this commercialization that we have done by likely ramping down the variable DPU next year to start being in a position to fund that project once we can FID that in the next few years. And in terms of the Stage 3 expansion upon that for Train 8 and 9, we might fund that from debt. There is going to be plenty of equity up there as well with the $20 billion-plus of available cash through '26.

同時，我們將專注於 Sabine 的成長，為我們已經完成的所有商業化做好準備，明年可能會降低可變 DPU，以便在我們能夠在未來幾年內確定該專案後開始為該專案提供資金。就 8 號和 9 號列車的第三階段擴建而言，我們可能會透過債務為其提供資金。到 26 年，那裡還將有大量的股本以及超過 200 億美元的可用現金。

Got it. Very helpful. That makes sense and also looking forward to Corpus coming online early some extra marketing margins there, helping out even more. So thank you for all the color, and we will be talking later to see you at the conference.

知道了。很有幫助。這是有道理的，我們也期待 Corpus 盡早上線，從而獲得一些額外的營銷利潤，從而提供更多幫助。謝謝大家的精彩報道，我們稍後會在會議上見到您。

John Mackay, Goldman Sachs.

約翰麥凱，高盛。

Thank you for the time. Why don't we pick up on the CQP variable distribution comments there? I figured that we have a fourth quarter call conversation, but thanks for kind of flagging that. Well, I just be curious on kind of where you think that needs to go at the CQP level? And then kind of more broadly, where do you want to see the kind of CQP-specific balance sheet go to, to be able to fund the SPL expansion, if that moves forward?

謝謝你的時間。我們為什麼不了解那裡的 CQP 變數分佈評論呢？我認為我們將在第四季度進行電話交談，但感謝您對此進行標記。好吧，我只是好奇您認為 CQP 等級需要做什麼？然後更廣泛地說，您希望看到 CQP 特定的資產負債表去哪裡，以便能夠為 SPL 擴張提供資金（如果繼續推進的話）？

Sure. So we will provide guidance for EBITDA and DCF for CEI on the Q4 call in February, and we will provide guidance on the DPU for CQP at the same time as we work that through with our partners in Brookfield, Blackstone, and the Board there.

當然。因此，我們將在 2 月的第四季度電話會議上為 CEI 的 EBITDA 和 DCF 提供指導，同時我們將與 Brookfield、Blackstone 的合作夥伴以及董事會合作，為 CQP 的 DPU 提供指導。

But basically, CEI is going to be focused on the growth and focused on the catch-up on the buyback in the billions. CQP is going to be focused on a robust distribution and really trending their debt-to-EBITDA metrics closer and closer to 4 times or under. Basically, CEI is a consolidated entity and why it's investment grade is because, we are already under 4 times on a run rate basis with lower margins than today.

但基本上，CEI 將專注於成長並專注於追趕數十億美元的回購。 CQP 將專注於穩健的分佈，並使其債務與 EBITDA 指標越來越接近 4 倍或更低。基本上，CEI 是一個綜合實體，其投資評級的原因是，我們的運作率已經低於 4 倍，利潤率也比今天低。

CQP is slightly above. So how we think about it is, basically, if we can retain some of that cash flow over the next couple of years, get the metrics down a bit lower, we are going to give ourselves a lot of flexibility financially to really re-up the leverage when we FID the Sabine expansion, keep at the very least, but probably more than the base distribution going, and yeah, keep the ratings and everything intact, while growing that DPU over time to something closer to over $5.

CQP略高一些。因此，我們的想法是，基本上，如果我們能夠在未來幾年保留部分現金流，將指標降低一點，我們將在財務上給予自己很大的靈活性，以真正實現重建當我們FID 薩賓擴張時的槓桿，至少保持，但可能超過基本分配，是的，保持評級和一切完好無損，同時隨著時間的推移將DPU 增加到接近5 美元以上。

So yeah, we are still pretty comprehensive across the board in terms of debt paydown, buybacks, and growth. It's just going to be mixed between LNG and CQP.

所以，是的，我們在債務償還、回購和成長方面仍然非常全面。它只是將液化天然氣和 CQP 混合在一起。

I appreciate that. Maybe just picking up on one thing we haven't talked about, I guess, more recently, just the CCE, CCS potential, for some of the expansions. We are just be curious to hear how much you are getting asked by your customer base to kind of include that? I know you have been able to sign a couple of different types of customers without necessarily moving forward on that, but would be curious kind of where broader sentiment sits there. Thank you.

我很感激。我想，也許最近我們剛剛談到了一件我們沒有討論過的事情，就是一些擴展的 CCE、CCS 潛力。我們只是想知道您的客戶群有多少要求您將其納入？我知道你已經能夠簽下幾種不同類型的客戶，而不必繼續推進，但你會好奇更廣泛的情緒在那裡。謝謝。

Yeah. Thanks, John. I will talk about the CCUS capabilities or what we have been doing at Sabine in Corpus. We have spent an enormous amount of time on engineering looking at ways to capture whatever carbon or greenhouse gases. We can -- we think the IRA bill going from $50 to $85 was a step in the right direction, and we continue to look for opportunities to make our operations cleaner and more sustainable, which is a real focal point of myself and the team, and our customers, as you know, quite a few of them are from Western Europe and they are asking us as many questions as you are. And I will turn it over to Anatol.

是的。謝謝，約翰。我將談論 CCUS 功能或我們在 Corpus 的 Sabine 所做的事情。我們在工程上花費了大量的時間來尋找捕獲碳或溫室氣體的方法。我們可以——我們認為IRA 帳單從50 美元升至85 美元是朝著正確方向邁出的一步，我們將繼續尋找機會使我們的營運更乾淨、更永續，這是我和團隊真正關注的焦點，如您所知，我們的客戶中有相當多來自西歐，他們向我們提出的問題和您一樣多。我會把它交給阿納托爾。

Yeah. Thanks, Jack. Thanks for the question, John. The customers that engage with us on this front, and obviously, it's a growing percentage. Jack mentioned some of the key European partners that are probably more advanced stages of developing these strategies. It is a comprehensive approach, and we partner with them across a number of dimensions. Nothing is prescriptive, but one of the reasons we have these engagements and have the opportunity to proceed is because of all of the things that we are doing to improve our life cycle emissions profile.

是的。謝謝，傑克。謝謝你的提問，約翰。在這方面與我們互動的客戶，顯然，這個比例正在不斷成長。傑克提到了一些主要的歐洲合作夥伴，他們可能處於制定這些策略的更高級階段。這是一種全面的方法，我們在多個方面與他們合作。沒有什麼是規定性的，但我們參與這些活動並有機會繼續進行的原因之一是因為我們正在採取一切措施來改善我們的生命週期排放。

CCS is part of it, as well as all of our programs with producers' pipeline shipping companies that measure and ultimately report our emissions. We have the only program to date that issues a cargo emissions with every cargo that we have had in place for a little over a year. All those are critical components to these engagements. Now that it is so prescriptive as to say, we will work on X, and we will deliver Y.

CCS 是其中的一部分，也是我們與生產商管道運輸公司合作測量並最終報告我們的排放量的所有計劃的一部分。到目前為止，我們有唯一一個針對一年多來實施的每批貨物都發布貨物排放量的計劃。所有這些都是這些活動的關鍵組成部分。現在它已經是規定性的了，我們將致力於 X，我們將交付 Y。

And if you haven't already seen it, it's posted on our website. Our CR report went live about two months ago.

如果你還沒看過，它已發佈在我們的網站上。我們的 CR 報告大約兩個月前上線。

Jean Salisbury, Bernstein.

讓‧索爾茲伯里，伯恩斯坦。

Okay, good morning. There is been some news articles recently highlighting that the Biden administration is moving extremely slowly on approving non-FTA LNG export permits. Could this become a gating issue for CC 8 and 9 FID? And is there any flexibility that you might have in your portfolio to FID, CC 8, and 9, even if you are waiting for that permit?

好的，早安。最近有一些新聞文章強調，拜登政府在批准非自由貿易協定液化天然氣出口許可證方面進展極為緩慢。這會成為 CC 8 和 9 FID 的門控問題嗎？即使您正在等待許可證，您的投資組合對於 FID、CC 8 和 9 是否有任何靈活性？

I don't think it's going to be a gating issue at all. We are already commercialized the repeat customers. 8, 9 are backed by Chevron, Equinor, and Petro China. Yeah, so I feel pretty good about where 8, 9 are. I am also very optimistic. I mean, Chairman Willie Phillips at FERC, he is been moving things along. I mean he is been acting in a bipartisan manner. We have seen good signs coming out of there recently. I am hopeful that energy security now is on top of everybody's mind, and our allies need more, not less from the US.

我認為這根本不會成為門控問題。我們已經將回頭客商業化。 8、9 得到了雪佛龍、Equinor 和中油的支持。是的，所以我對 8、9 的位置感覺很好。我也很樂觀。我的意思是，聯邦能源監管委員會 (FERC) 主席威利·菲利普斯 (Willie Phillips)，他一直在推動事情向前發展。我的意思是，他一直在以兩黨合作的方式行事。最近我們看到了良好的跡象。我希望能源安全現在成為每個人的首要考慮，我們的盟友需要美國提供更多而不是更少的能源安全。

And I will just add, basically, we need to get going on construction of Trains 8 and 9 at Corpus in 2026, as the first seven trains are complete. And our goal is definitely well ahead of that to get going. In the meantime, with the cash that we have, the flexibility we have in our revolvers and term loans, our long lead items opportunistically , we will lock that in, in the coming year or so, when possible. So, yeah, we don't see issues there. We have quite a bit of buffer just with Trains 1 through 7 coming online in '25 and '26.

我只想補充一點，基本上，我們需要在 2026 年開始在 Corpus 建造 8 號和 9 號列車，因為前 7 列列車已經完工。我們的目標絕對是遠遠超前的。同時，憑藉我們擁有的現金、我們在左輪手槍和定期貸款方面的靈活性以及我們的長期項目，我們將在可能的情況下在未來一年左右鎖定這些項目。所以，是的，我們沒有看到那裡的問題。光是 1 號至 7 號列車將於 25 年和 26 年上線，我們就有相當多的緩衝。

Okay, great. That's helpful. Sounds like the news reports are a little overstated. And then as a follow-up, my understanding is that most are all of the recent contracts that you signed that are linked to the Sabine Pass expansion can be kept even if you delay the expansion, which would give you the option to be close to 100% contracted on your volumes exiting Pass expansion. Am I thinking about this correctly as sort of the base case for Cheniere here, if you can't ultimately get to the numbers that you want for the Sabine Pass expansion ?

好的，太好了。這很有幫助。聽起來新聞報道有點誇大了。然後作為後續行動，我的理解是，即使您推遲擴展，您最近簽署的與薩賓通行證擴展相關的大部分合約都可以保留，這將使您可以選擇接近退出通行證擴展的捲已 100% 收縮。如果您最終無法獲得薩賓山口擴張所需的數字，我是否正確地將此視為切尼爾的基本情況？

Hey, Jean Ann. I guess we will tag team this to some extent. But yeah, you are absolutely right in the sense that the contracts that we enter into give us tremendous flexibility on where they ultimately wind up and what projects they ultimately support.

嘿，讓安。我想我們會在某種程度上給團隊貼上標籤。但是，是的，你絕對是對的，因為我們簽訂的合約給了我們極大的靈活性，讓我們能夠靈活地決定最終的結果以及最終支持的專案。

Now of course, we are very proud of the fact that unlike most projects to date, it does not have bridging volumes. It is linked initially to Sabine Train 8, our first contract that supports Train 8. But ultimately, we have full flexibility on where that contract ends up. So you are absolutely right in your assumption of kind of an extreme case that can be the decision to keep the contract, if we so choose and not proceed for example.

當然，現在我們感到非常自豪的是，與迄今為止的大多數項目不同，它沒有橋接體積。它最初與 Sabine Train 8 相關聯，這是我們第一個支持 Train 8 的合約。但最終，我們對該合約的最終結果擁有完全的靈活性。因此，您對極端情況的假設是絕對正確的，如果我們選擇不繼續執行，則可以決定保留合約。

Yeah, that's right. So basically, depending on the timing, yeah, we might have to bridge some of these contracts with existing capacity, and we will have that with our 55-plus million tonnes when Stage 3 comes online. And in these other scenarios that you just can't see when you are seeing out on the curve, still $5, $6 margins in a few years.

是啊，沒錯。所以基本上，根據時間安排，我們可能必須將其中一些合約與現有產能銜接起來，當第三階段上線時，我們將用 55 多萬噸的產能來實現這一目標。在這些其他情況下，當你在曲線上看到時，你是看不到的，幾年後仍然有 5 美元、6 美元的利潤。

Yeah, we could be 100% contracted in a downside scenario. But that's not the plan. We are moving forward with the development of both of the sites. And we are going to try to stick to that 90%, give or take, contracted level.

是的，在不利的情況下我們可能會 100% 收縮。但這不是計劃。我們正在推動這兩個網站的開發。我們將盡力堅持 90%，無論多少，合約水準。

Keith Stanley, Wolfe Research.

基思‧史丹利，沃爾夫研究公司。

Hi, good morning. On the 2024 volume, so realize it's only 50 TBtu unsold and you are closer to the run rate EBITDA. Is there any way to think about or quantify, if any material amount of next year's production was sold as bridging volumes for Stage 3 or shorter-term contracts that are more linked to what forward curves were at the time or should we think of it as 98% of productions effectively sold at long-term SPA type prices?

早安.對於 2024 年的銷量，請注意，只有 50 TBtu 未售出，您更接近運行率 EBITDA。是否有任何方法可以考慮或量化明年產量的任何實質數量是否作為第三階段或短期合約的過渡量出售，這些合約與當時的遠期曲線更加相關，或者我們應該將其視為98% 的產品有效地以長期SPA 類型的價格出售？

I would say, almost. So, some of the numbers I'd give you is basically this year, we had over 40 million tonnes of long-term contracts. Next year, once we have full year of some of the contracts that started this year, some step-ups, and even the start of a contract with PETRONAS, we will be over 43 million tonnes of long-term contracting.

我想說，幾乎。所以，我給你的一些數字基本上是今年，我們有超過 4000 萬噸的長期合約。明年，一旦我們今年開始的一些合約完成全年，一些升級，甚至開始與 PETRONAS 簽訂合同，我們的長期合約將超過 4300 萬噸。

I will say with 50 TBtu open, the team has always been proactive. And they have already sold a few cargoes for next year in the short -- on a short-term basis, but just a few, but in that $9 to $10 range that you can see on the curves today. So, there is a little already embedded in there. And yeah, we will see where we are in February. We will probably sold a bit more, but this is really our operational coverage to really fulfilling our obligations on 43 million-plus tonnes of long-term contracts.

我想說的是，在 50 TBtu 開放的情況下，團隊一直都很主動。他們已經在短期內出售了一些明年的貨物——在短期基礎上，但只是少數，但在你今天在曲線上看到的 9 至 10 美元的範圍內。所以，那裡已經嵌入了一些內容。是的，我們會在二月看到我們的情況。我們可能會賣出更多一點，但這確實是我們真正履行4,300萬噸以上長期合約義務的營運範圍。

That's helpful. Second one, just clarifications on Stage 3 with it running ahead of plan. So, can you remind us commissioning cargoes are treated as a reduction in the capital cost, but if you get the substantial completion early, those excess volumes should drive higher EBITDA in 2025 and '26? And then relatedly, if we think about a seven train project, should we expect, if the first train comes on three to six months early, is that pretty even then for the rest of the trains as you see it coming on three to six months early? Or is it lumpy?

這很有幫助。第二個，只是對第三階段的澄清，它比計劃提前進行。那麼，您能否提醒我們，試運轉貨物被視為資本成本的減少，但如果您儘早基本完成，這些過剩的數量應該會在 2025 年和 26 年推動更高的 EBITDA？與此相關的是，如果我們考慮一個七列火車項目，我們是否應該預期，如果第一列火車提前三到六個月開行，那麼對於其餘火車來說，你看到它會在三到六個月開行嗎？早期的？還是塊狀的？

Basically, yes. We will give you updates as we keep on progressing on each. We have goals for each of the trains. First is getting Train one up and running. And hopefully, the rest are relatively cookie cutter to there, but it will take through '26 really to complete the state -- the seven trains and get them to substantial completion.

基本上，是的。隨著我們在每項工作上不斷取得進展，我們將為您提供最新資訊。我們對每趟列車都有目標。首先是讓一號列車啟動並運行。希望其餘的內容相對來說是千篇一律的，但要真正完成這個狀態——七列火車，並讓它們實質地完成，需要 26 年的時間。

And you are right, if we get into commissioning, you won't see -- like you won't see EBITDA in 2024 related to Stage 3. But at the rate we are going, next November's call for production in '25 and open capacity will be a lot more interesting than today.

你是對的，如果我們進入調試，你不會看到- 就像你不會在2024 年看到與第3 階段相關的EBITDA 一樣。但按照我們目前的速度，明年11 月的生產要求將在25 年開始並開放容量將比今天有趣得多。

Craig Shere, Tuohy Brothers.

克雷格·謝爾，圖伊兄弟。

Thanks for taking the questions. So what -- how does it look in terms of further potentially upsizing legacy train capacity beyond 5 MTPA and could any concerted effort in that regard work concurrently with your efforts to contract out in FID, your SPL Stage 5 expansion?

感謝您提出問題。那麼，在進一步擴大傳統列車容量超過 5 MTPA 方面，這方面的情況如何？在這方面的任何協調一致的努力是否可以與您在 FID（SPL 第 5 階段擴建）中的外包工作同時進行？

Yeah. So Craig, this is Jack. So, the team is constantly looking at our debottlenecking and maintenance optimization program. So, I have a lot of respected faith for this operating group and their ability to continue to surprise us. So, it's my expectation that we will get technically get above 5 MTPA per train, but it may take some additional work before we get there.

是的。克雷格，這是傑克。因此，團隊不斷研究我們的消除瓶頸和維護優化計劃。因此，我對這個營運團隊以及他們繼續帶給我們驚喜的能力充滿信心。因此，我期望從技術上講，每列列車的 MTPA 能達到 5 以上，但在實現這一目標之前可能還需要一些額外的工作。

As far as how it connects to the SPL expansion, as Zach said, our focus is to get that commercialized to get those costs under control and locked in and meet our financial objectives and build those trains. So, while we have a lot of optionality and flexibility, we are 100% focused on construction.

至於它如何與 SPL 擴建相聯繫，正如扎克所說，我們的重點是將其商業化，以控制和鎖定這些成本，並實現我們的財務目標並建造這些列車。因此，雖然我們有很多選擇和靈活性，但我們 100% 專注於建造。

And Craig, just for some numbers that we have talked about before is basically with Stage 3, we will be a little over 55 million tonnes. And then with train data 9, those are 3 million -- that's 3 million tonnes, but we would hope just by adding those trains and some debottlenecking from Stage 3 and even maybe some from Train one through three there, we are going to get to 60 million tonnes.

克雷格，僅就我們之前討論過的一些數字而言，基本上是在第三階段，我們的產量將略高於 5500 萬噸。然後，根據列車數據 9，這些是 300 萬——即 300 萬噸，但我們希望通過添加這些列車並消除第三階段的一些瓶頸，甚至可能是列車一到三的一些瓶頸，我們將達到6000萬噸。

And then as we think about some of the efforts that we are doing and the development at Sabine, we are thinking of things like oil reliquefication of the gas. So, that could add incremental capacity as well. So, we are pretty focused on the debottlenecking today. We are still at 5 million tonnes per train and we will update you when we make more progress there.

然後，當我們思考我們正在做的一些努力和薩賓的開發時，我們正在考慮諸如天然氣的石油再液化之類的事情。因此，這也可以增加增量容量。因此，我們今天非常關註消除瓶頸。每列列車的運載量仍為 500 萬噸，當我們取得更多進展時，我們會向您通報最新情況。

Thanks. And the second question, more for Anatol. Beforehand agreement seems comparatively more vanilla than your prior SPL Stage 5 offtake agreements or related agreements. Would you say that the market is starting to -- with higher interest rates, would worry about cost of capital and execution and large infrastructure projects, the progress you have already made on scale Stage 5? Your obvious historic execution and worries about peers are starting to make market off-takers look at saving expansion with greater value even without all the bells and whistles of DES or early cargoes and things like that.

謝謝。第二個問題更多的是關於阿納托爾的。與先前的 SPL 第 5 階段承購協議或相關協議相比，事先協議似乎更加普通。您是否會說，隨著利率上升，市場會開始擔心資本成本和執行成本以及大型基礎設施項目，以及您在第五階段規模上已經取得的進展？你們明顯的歷史執行力和對同行的擔憂開始讓市場承購商考慮以更大的價值節省擴張，即使沒有 DES 或早期貨物之類的所有花哨的東西。

Yeah, Craig, I will not take offense to your comments on behalf of the origination team. But as we have said in the past, we do expect, as we move forward, that the contractual support will largely rhyme with what we have done in the past. It will be a mix of [fobs as] the complexity in these transactions is -- as you guys know, Stage 5 and specially Train 8 is quite far out. So, there is nothing that is as valuable in the market today as prompt volumes. You can see that obviously in the curve.

是的，克雷格，我不會代表發起團隊冒犯你的評論。但正如我們過去所說，我們確實預計，隨著我們的前進，合約支援將在很大程度上與我們過去所做的事情一致。它將是 [fobs] 的混合體，因為這些交易的複雜性是——正如你們所知，第 5 階段，特別是第 8 階段，還很遙遠。因此，當今市場上沒有什麼比即期成交量更有價值的了。您可以在曲線中清楚地看到這一點。

And when we are talking about a contract that will start in most likely early next decade and continue for 20 years, there is complexity in that, right? So, that is the -- that is the key issue there. But you are absolutely right on the second leg of your complement. As Jack said, 3,000-plus cargoes, perfect delivery track record at a time when other facilities in the US globally -- and globally, the utilization rate for liquefaction is in the mid-80s. And of course, we don't even count the Libyas and the Yemens in those numbers, right? So, our track record and the team's performance is a standout relative to our peers globally, and that is being reflected in our commercial engagements.

當我們談論一份很可能在下個十年初期開始並持續 20 年的合約時，這很複雜，對吧？所以，這就是關鍵問題。但你在你的補充的第二條腿上絕對是正確的。正如 Jack 所說，超過 3,000 批貨物，在美國和全球其他設施的液化利用率處於 80 年代中期的情況下，交付記錄完美。當然，我們甚至沒有將利比亞和葉門算在這些數字中，對嗎？因此，與全球同業相比，我們的業績記錄和團隊表現非常出色，這也反映在我們的商業活動中。

Brian Reynolds, UBS.

瑞銀集團的布萊恩雷諾茲。

Hey. Good morning, everyone. I will keep it to one question, and that will be our -- Zach, thanks for the clarification on the follow-up on the nine train run rate guidance in the commentary there. But Cheniere has made a lot of money on optimization on the portfolio, whether it's gas sourcing, re-gas, or shipping, so just kind of curious, if you can just update us if this is included in kind of the nine train run rate guidance?

嘿。大家，早安。我將保留一個問題，那就是我們的紮克，感謝您在評論中對九趟列車運行率指導的後續行動進行澄清。但切尼爾在投資組合的優化上賺了很多錢，無論是天然氣採購、再天然氣還是運輸，所以有點好奇，如果你能告訴我們這是否包含在九列火車運行率中指導？

And is there a way to kind of capitalize this number going forward, just given that it seems pretty ratable over the last 24 months? Or should we think about more cargoes going to Asia over the long term, maybe biting into some of that optimization? Thanks.

考慮到過去 24 個月的評分似乎相當高，有沒有辦法在未來將這個數字資本化？或者，從長遠來看，我們是否應該考慮將更多貨物運往亞洲，也許會進行一些優化？謝謝。

Sure. So basically, I mean, you can even look at like other revenue, where the sub-chartering revenue comes in. And that goes all over the place quarter-to-quarter, just depending on the dynamics of how much length we have in our shipping portfolio to even sublease out.

當然。所以基本上，我的意思是，你甚至可以像其他收入一樣看待轉租收入的來源。這每個季度都會發生變化，只是取決於我們在我們的業務中擁有多少長度的動態。運輸組合甚至轉租出去。

So, these types of things, they wouldn't be in our run rate numbers whatsoever. They are not even usually in our guidance until it's locked in because, we just can't rely on it. It's another reason why we wait for guidance in February because, there is a good amount of variability for in-transit between '23 and '24. Those are the types of things we don't want to count on with the guidance and somehow miss for just a timing reason.

因此，這些類型的事情無論如何都不會出現在我們的運行率數字中。在它被鎖定之前，它們通常都不在我們的指導之下，因為我們不能依賴它。這是我們等待 2 月指導的另一個原因，因為 23 日至 24 日之間的運輸途中存在很大的變化。這些是我們不想指望指導的類型，並且只是因為時間而錯過了。

So, that's why we will come out with guidance in '24. And you could assume when we give you guidance, maybe on the high end, we are taking advantage of some of the optimization, not just in sub-chartering out our length on the shipping side and using third-party volumes to deliver some of our DES deals, but upstream of the sites as well. We have been really successful this year, taking advantage of basis differentials in lifting margin, and yeah, enhancing that lifting margin that we have made at both facilities. So, not baked into run rate guidance, and we will see where we are in February, but usually a tailwind to our guidance quarter-to-quarter.

因此，這就是我們將在 24 年發布指導的原因。您可以假設，當我們為您提供指導時，也許在高端，我們正在利用一些優化，而不僅僅是在運輸方面分包我們的長度並使用第三方數量來交付我們的一些DES 交易，但也包括網站的上游。今年我們確實取得了成功，利用了提升幅度的基差，是的，提高了我們在兩家工廠的提升幅度。因此，沒有納入運行率指導，我們將在 2 月看到我們的情況，但通常是我們季度指導的順風車。

Great. Makes sense. I will leave it there. Thanks for the reminder on the CapEx to EBITDA swap for commissioning cargoes. Enjoy the rest of your morning.

偉大的。說得通。我會把它留在那裡。感謝您關於調試貨物的資本支出與 EBITDA 互換的提醒。享受你早上剩下的時間。

At this time, there are no further questions. I will now turn the call back to management for additional or closing remarks.

目前，沒有其他問題了。我現在將把電話轉回給管理層，以徵求補充或結束語。

I just want to thank everybody for their continued support of Cheniere, and we will talk soon.

我只想感謝大家對 Cheniere 的持續支持，我們很快就會談。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。