Cheniere Energy Partners LP (CQP) 2024 Q2 法說會逐字稿

Good day, and welcome to the Cheniere Energy second quarter 2024 Earnings Call and Webcast. Today's conference is being recorded. At this time, I'd like to turn the conference over to Randy Bhatia, Vice President of Investor Relations. Please go ahead, sir.

美好的一天，歡迎來到切尼爾能源 2024 年第二季財報電話會議和網路廣播。今天的會議正在錄製中。這次，我想將會議交給投資者關係副總裁蘭迪·巴蒂亞 (Randy Bhatia)。請繼續，先生。

Thanks, operator. Good morning, everyone, and welcome to Cheniere's second quarter 2024 earnings conference call. The slide presentation and access to the webcast for today's call are available at cheniere.com.

謝謝，接線生。大家早安，歡迎參加 Cheniere 2024 年第二季財報電話會議。今天電話會議的幻燈片演示和網路廣播可在 cheniere.com 上取得。

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 Cheniere's senior management.

今天早上和我一起來的還有 Cheniere 總裁兼執行長 Jack Fusco；阿納托爾‧費金 (Anatol Feygin)，執行副總裁兼首席商務官；札克戴維斯，執行副總裁兼財務長；以及切尼爾高階管理層的其他成員。

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描述的內容有重大差異。

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 to 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 LP, 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，今天的電話會議還可能包括 Cheniere Energy Partners LP (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 found 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 and increase 2024 guidance. After prepared remarks, we will open the call for Q&A.

電話會議議程請參閱投影片 3。傑克將從營運和財務要點開始。然後，Anatol 將提供液化天然氣市場的最新信息，扎克將審查我們的財務業績並增加 2024 年指導。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. Good morning, everyone. Thanks for joining us today as we review our second quarter results which exceeded our expectations, thanks to the success we have achieved across the entire Cheniere platform.

謝謝你，蘭迪。大家早安。感謝您今天加入我們，回顧我們第二季的業績，該業績超出了我們的預期，這要歸功於我們在整個 Cheniere 平台上取得的成功。

Before I address the quarterly results and guidance increase, I hope you saw our contract announcement earlier this week. We have entered into a new long-term SPA with the Portuguese multinational integrated energy company, Galp, for approximately 0.5 million tonnes for 20 years.

在我討論季度業績和指導成長之前，我希望您本週早些時候看到了我們的合約公告。我們與葡萄牙跨國綜合能源公司Galp簽訂了新的長期SPA，協議金額約50萬噸，為期20年。

And the SPA is tied to the date of the second train of the SPL expansion project. This contract demonstrates not only further progress and continued momentum on the development of the SPL expansion project but also the important role US LNG fulfills in the European energy system for decades to come. The SPA represents our longest dated contract with the European counterparty as the deal is expected to extend beyond 2050.

SPA 與 SPL 擴建工程第二列列車的日期有關。該合約不僅體現了SPL擴建項目的進一步進展和持續發展勢頭，而且體現了美國液化天然氣在未來幾十年在歐洲能源系統中發揮的重要作用。該 SPA 是我們與歐洲對手方簽訂的期限最長的合同，預計該交易將延續至 2050 年後。

We continue to be very excited about the market's response to the SPL expansion project and are working diligently across multiple work streams to advance the project towards FID. We are focused on being the world's LNG supplier of choice from the US, differentiating ourselves with a safety-first culture, superior reliability and a customer focus that demonstrates our long-term commitment to excellence in LNG operations.

我們仍然對市場對 SPL 擴建項目的反應感到非常興奮，並正在多個工作流程中努力工作，以推動該項目實現最終投資決定。我們致力於成為全球首選的美國液化天然氣供應商，以安全第一的文化、卓越的可靠性和以客戶為中心的理念，展現我們對液化天然氣運營卓越的長期承諾，從而使自己脫穎而出。

Please turn to slide 5, where I'll highlight our key accomplishments for the quarter and introduce our increased guidance for 2024. In the second quarter, we generated consolidated adjusted EBITDA of approximately $1.3 billion, distributable cash flow of approximately $700 million and net income of approximately $880 million. These actual financial results are once again the product of our maniacal focus on operational excellence.

請轉到投影片 5，我將重點介紹我們本季的主要成就，並介紹我們對 2024 年增加的指導。第二季度，我們的綜合調整後 EBITDA 約為 13 億美元，可分配現金流量約 7 億美元，淨利潤約 8.8 億美元。這些實際的財務表現再次是我們對卓越營運的瘋狂關注的產物。

During the quarter, we produced and exported 155 LNG cargoes from our facilities. Total LNG production across our platform was up slightly year-over-year for both the quarter and the first half of the year.

本季度，我們的設施生產並出口了 155 批液化天然氣貨物。本季和上半年，我們平台的液化天然氣總產量均較去年同期小幅成長。

On the maintenance front, during the second quarter, we executed our major maintenance programs at both Sabine Pass and Corpus Christi, and I'm extremely proud of the outcomes of each of those turnarounds. I'll come back to these programs in a minute for their safe and successful execution further reinforces our operating track record and sets Cheniere further apart from the competition.

在維護方面，第二季度，我們在薩賓帕斯和科珀斯克里斯蒂執行了主要維護計劃，我對每一次週轉的結果感到非常自豪。我稍後會回顧這些計劃，因為它們的安全和成功執行進一步鞏固了我們的營運記錄，並使 Cheniere 在競爭中進一步脫穎而出。

During the second quarter, we announced an update to our capital allocation plan highlighted by a $4 billion increase in our share repurchase authorization through 2027, as well as a planned increase in our dividend to $2 per share annualized next quarter.

第二季度，我們宣布了資本配置計畫的更新，重點是到 2027 年我們的股票回購授權將增加 40 億美元，並計劃將下季度的年化股息增加至每股 2 美元。

As Zach will speak to further, our capital allocation plan provides investors with an excellent framework in which they can take confidence, a proven, disciplined approach that provides for cash flow visibility, capital management, and long-term value creation.

正如扎克將進一步談到的那樣，我們的資本配置計劃為投資者提供了一個可以讓他們充滿信心的優秀框架，這是一種經過驗證的、嚴格的方法，可以提供現金流可視性、資本管理和長期價值創造。

Looking ahead to the balance of 2024, today, we are raising and tightening the ranges of our full year guidance to $5.7 billion to $6.1 billion in consolidated adjusted EBITDA and $3.1 billion to $3.5 billion of distributable cash flow.

展望 2024 年，今天，我們將全年指引範圍上調並收緊，綜合調整後 EBITDA 至 57 億至 61 億美元，可分配現金流至 31 億至 35 億美元。

The primary drivers of the increase, our portfolio optimization activities and excellent maintenance execution at both our sites, particularly at Corpus, where we expect to make up some of the lost production we had in the first quarter as a result of freeze-related gas composition issues that I discussed on our last call.

成長的主要驅動力是我們兩個工廠的產品組合優化活動和出色的維護執行，特別是在 Corpus，我們預計將彌補第一季因與凍結相關的氣體成分而造成的部分生產損失我在上次通話中討論過的問題。

Even accounting for the increased volume in the forecast, we continue to have an immaterial amount of unsold volume remaining for the balance of the year. And Zach will have more to say on the guidance increase in his remarks in a few minutes.

即使考慮到預測中銷量的增加，我們在今年剩餘時間裡仍然有少量未售出的銷量。幾分鐘後，扎克將在他的演講中就指導性增加發表更多言論。

Please turn to slide 6, where I'll update you on the growth of Stage 3 and Trains 8 and 9 at Corpus. On the construction execution side, Bechtel continues to progress our Stage 3 project at Corpus Christi on budget, on accelerated schedule, once again demonstrated in the LNG market, the reliability of execution and visibility on volumes from Cheniere.

請轉到投影片 6，我將向您介紹 Corpus 的第 3 階段以及第 8 和 9 個系列的最新發展。在施工執行方面，柏克德繼續按預算、加快進度推進我們在科珀斯克里斯蒂的第三階段項目，再次在液化天然氣市場上證明了切尼爾的執行可靠性和產量可見性。

In June Stage 3 reached over 62% completion, and the headcount has ramped to about 4,000 construction workers today. As you can see from the photos on the slide, Stage 3 is very much taking shape. Especially the first few trains for which construction is well advanced.

6 月，第三階段完成率超過 62%，目前建築工人人數已增至約 4,000 名。正如您從幻燈片上的照片中看到的那樣，第三階段已基本成型。尤其是前幾列列車的建設進展順利。

All equipment for the first 2 trains has been delivered to the project site, and last week, Train 5 coal boxes were shipped and Train 6 coal boxes are ready to ship. We continue to target first LNG from Train 1 by the end of the year and to bring the first 3 trains online by the end of 2025.

前2列列車的所有設備已運抵工程現場，上週5列煤箱已運送，6列煤箱已準備運送。我們繼續致力於在今年年底前從 1 號列車生產第一批液化天然氣，並在 2025 年底前將前 3 條列車投入使用。

To that end, recently, we commenced the process of turning over utility systems from E&C to the commissioning teams with approximately 35 such systems having already been turned over. And in June, Bechtel energized the Train 1 liquefaction and utility substations, a critical step, which will enable power at the project site.

為此，我們最近開始將公用事業系統從 E&C 移交給調試團隊，目前已經移交了大約 35 個此類系統。6 月，柏克德為 1 號列車液化站和公用變電站通電，這是關鍵的一步，這將使工程現場通電。

In addition, we have begun to make some necessary regulatory filings in preparation for the start of commissioning activities on Train 1. We expect to begin taking first gas into Train 1 in the next couple of months, which will begin the commissioning and startup process and will give us added visibility into the end of the year target for first LNG.

此外，我們已開始提交一些必要的監管文件，為 1 號列車的調試活動開始做準備。我們預計將在未來幾個月內開始將第一批天然氣送入 1 號列車，這將開始調試和啟動過程，並使我們更清楚地了解年底第一批液化天然氣的目標。

Speaking of regulatory matters. During the second quarter, we received a positive environmental assessment from FERC on Corpus Christi Trains 8, 9. This critical regulatory milestone helps to solidify our expected time line for us to be in a position to reach FID on Trains 8, 9 in 2025, which should enable us to realize project efficiencies of having Bechtel already outside for Stage 3.

說到監管問題。第二季度，我們收到了 FERC 對科珀斯克里斯蒂 8、9 號列車的積極環境評估。這個重要的監管里程碑有助於鞏固我們的預期時間表，使我們能夠在 2025 年實現 8 號和 9 號列車的 FID，這將使我們能夠實現 Bechtel 已經進入第三階段的專案效率。

Our ability to navigate the numerous regulatory bodies and obtain the required permits has been a key to our success to date and is essential to our growth plans for both Corpus and Sabine.

我們能夠順利通過眾多監管機構並獲得所需許可，這是我們迄今為止成功的關鍵，也是我們 Corpus 和 Sabine 發展計劃的關鍵。

Now turn to slide 7. We're pleased to cover some highlights for the maintenance program we executed at both Sabine Pass and Corpus Christi since our last earnings call and how our execution exemplifies Cheniere's cultural foundations of safety and operational excellence.

現在轉到投影片 7。我們很高興介紹自上次財報電話會議以來我們在薩賓帕斯和科珀斯克里斯蒂執行的維護計劃的一些亮點，以及我們的執行如何體現切尼爾安全和卓越運營的文化基礎。

As I've discussed previously, this year's major maintenance work would look a little different than last year's and that we would need extended periods of full outages at either facility. Rather, we would be able to complete our required maintenance programs under shorter outages or while operating at reduced rates, with a net impact to the total annual production from maintenance being about the same as a major SPL turnaround in 2023.

正如我之前所討論的，今年的主要維護工作與去年略有不同，並且我們需要延長任一設施的全面停電時間。相反，我們將能夠在較短的停機時間或以較低的速度運行的情況下完成所需的維護計劃，維護對年總產量的淨影響與 2023 年 SPL 的重大調整大致相同。

Major maintenance was concentrated to being passed last year, whereas this year, we performed major maintenance across both facilities. In the second quarter of Sabine Pass, we conducted a planned major turnaround for Trains 3 and 4. And at Corpus Christi, we completed a turnaround of Train 3 in the second quarter and a turnaround of Train 2 last month.

去年主要維護集中在通過，而今年我們對兩個設施進行了主要維護。在薩賓山口的第二季度，我們對 3 號和 4 號列車進行了計劃中的重大周轉。在科珀斯克里斯蒂，我們在第二季度完成了 3 號列車的周轉，上個月完成了 2 號列車的周轉。

I'm proud to say these turnarounds were all completed on or ahead of schedule, on budget, had 0 reportable environmental incidents and most importantly, 0 recordable or loss time injuries.

我很自豪地說，這些週轉工作全部按時或提前完成，符合預算，發生了 0 起可報告的環境事故，最重要的是，0 起可記錄或損失工時傷害。

To be clear, we will have major maintenance programs to execute at our sites every year. Maintenance turnarounds are part of our normal operations. So to have these successes on our major annual programs is critical to maintaining and reinforcing our reputation for safe and reliable operations.

需要明確的是，我們每年都會在我們的工廠執行重大維護計劃。維護週轉是我們正常營運的一部分。因此，在我們的主要年度計劃中取得這些成功對於維持和加強我們安全可靠營運的聲譽至關重要。

As many of you know, this is predicted to be a very busy hurricane season, and we have already had a significant storm, Hurricane Beryl, made landfall on the Texas Gulf Coast. In advance of the storm, we activated our hurricane preparedness plans at both facilities. These plans provide for operations risk assessment and mitigation before, during and after a storm event.

正如你們許多人所知，預計這將是一個非常繁忙的颶風季節，而且一場重大風暴「貝裡爾」颶風已經在德州墨西哥灣沿岸登陸。在風暴來臨之前，我們在兩個設施啟動了颶風防備計畫。這些計劃提供了風暴事件之前、期間和之後的營運風險評估和緩解措施。

The storm made landfall south of Houston, right in between Sabine Pass and Corpus Christi. We had uninterrupted, safe and reliable production of LNG at both facilities throughout the storm.

風暴在休士頓以南登陸，位於薩賓山口和科珀斯克里斯蒂之間。在整個風暴期間，我們的兩座工廠都不間斷、安全、可靠地生產液化天然氣。

To that point, on safety, I'd like to recognize the personnel on both sites for having achieved major safety milestones during the quarter that are worthy of acknowledgment and celebration. Corpus Christi surpassed 6 million man-hours worked without a single loss time incident. And Sabine Pass surpassed the 10 million man-hour mark. Those are exceptional achievements and I'd like to congratulate my Cheniere colleagues, at both sites, for a job well done.

就這一點而言，在安全方面，我想對兩個地點的工作人員表示認可，他們在本季度實現了值得認可和慶祝的重大安全里程碑。科珀斯克里斯蒂的工作工時超過 600 萬工時，沒有發生一起誤工事故。Sabine Pass 工時突破了 1,000 萬工時大關。這些都是非凡的成就，我要祝賀我在兩個工廠的切尼爾同事所做的出色工作。

And finally, before turning the call over, I'd just like to say a brief words relating to the upcoming presidential election. At Cheniere, we have developed, built and operated our assets under multiple administrations across both parties for the last decade plus. We believe our business and our product to be bipartisan, helping achieve policy priorities across the political spectrum. Economic impact, job creation, global decarbonization, energy independence or international trade, Cheniere and our LNG deliver on each and scale.

最後，在轉接電話之前，我想先就即將舉行的總統大選說幾句話。在切尼爾，過去十多年來，我們在雙方的多重管理下開發、建造和經營了我們的資產。我們相信我們的業務和產品是兩黨合作的，有助於實現跨政治領域的政策優先事項。經濟影響、創造就業機會、全球脫碳、能源獨立或國際貿易，切尼爾和我們的液化天然氣在每項和規模上都能實現。

The numerous and significant benefits of our LNG are proven. In addition, our LNG platform consists of assets that we believe will operate for many decades, transcending any single election cycle. We look forward to maintaining our constructive presence and working relationships in Washington, regardless of the outcome in November and to continue being a reliable supplier to our customers into the overall global energy balances and energy security.

我們的液化天然氣的許多顯著優勢已得到證實。此外，我們的液化天然氣平台包含的資產我們相信將運行數十年，超越任何單一的選舉週期。無論 11 月的結果如何，我們都期待在華盛頓保持建設性的存在和工作關係，並繼續成為客戶在全球整體能源平衡和能源安全方面的可靠供應商。

With that, I'll now hand the call over to Anatol to discuss the LNG markets. Thank you all again for your continued support of Cheniere.

現在，我將把電話轉給阿納托爾，討論液化天然氣市場。再次感謝大家對 Cheniere 的持續支持。

Thanks, Jack, and good morning, everyone. Please turn to slide 9. With the extreme volatility in prices of '22 now well in the rearview mirror, JKM and TTF were down 24% and 16%, respectively, year-on-year in the second quarter. However, both benchmarks increased during the quarter due to a series of supply outages of LNG facilities in Australia and the US, as well as upstream facilities in Norway. These supply disruptions coupled with stronger demand pull from Asia due to a hot early summer and restocking efforts led to TTF and JKM each helping approximately 25% from April lows to June.

謝謝，傑克，大家早安。請翻到投影片 9。隨著 22 年價格的劇烈波動已經成為過去，JKM 和 TTF 在第二季度同比分別下降了 24% 和 16%。然而，由於澳洲和美國的液化天然氣設施以及挪威的上游設施發生一系列供應中斷，這兩個基準在本季度均有所上升。這些供應中斷，加上初夏炎熱導致亞洲需求拉動強勁以及補貨工作，導致 TTF 和 JKM 從 4 月低點到 6 月各自幫助上漲了約 25%。

In the US, month end Henry Hub settlements averaged $1.89 an M in the second quarter, but prices strengthened with the June contract settling at $2.49 in MMBtu and July at $2.63. As the domestic market absorbs the impact of price-driven production cuts, along with strong early summer cooling demand and the return of Freeport LNG for maintenance. Throughout the quarter, the supply-demand balance remained delicate in the LNG market.

在美國，第二季亨利中心月末結算價平均為每月 1.89 美元，但價格走強，6 月合約以 MMBtu 計算為 2.49 美元，7 月合約為 2.63 美元。隨著國內市場吸收價格驅動的減產影響，以及初夏製冷需求強勁以及自由港液化天然氣恢復維護。整個季度，液化天然氣市場供需平衡依然脆弱。

Looking at the center charts, global LNG trade growth was constrained by minimal supply growth during the quarter, with Asia's increased demand met by attracting cargoes in the Atlantic Basin via higher prices. This demand pull from Asia is further evidenced by US LNG export flows, which continue to shift from Europe to Asia during the quarter.

從中心圖表來看，本季全球液化天然氣貿易成長受到供應成長最小的限制，亞洲透過更高的價格吸引大西洋盆地的貨物來滿足不斷增長的需求。美國液化天然氣出口流量進一步證明了來自亞洲的需求拉動，本季美國液化天然氣出口流量繼續從歐洲轉向亞洲。

The growth in global supply was partially offset as Egypt flips back to an LNG importer and other export facilities suffered protracted outages. The limited incremental supply, Egpyt's consumption growth was primarily dominated by China and India, leaving little volume for relatively new market areas such as Hong Kong, Vietnam, and the Philippines, which actually became our 40th delivery market last week. We expect this seemingly fragile market balance to continue until additional LNG export capacity comes online.

由於埃及重新成為液化天然氣進口國且其他出口設施長期停運，全球供應的成長部分抵銷。由於供應增量有限，埃及的消費成長主要由中國和印度主導，為香港、越南和菲律賓等相對較新的市場地區留下了很少的銷量，這些地區實際上上周成為了我們的第40個交付市場。我們預計這種看似脆弱的市場平衡將持續下去，直到額外的液化天然氣出口能力上線。

Let's address the regional dynamics on the next page. In Asia, LNG imports grew 11% or 6.7 million tonnes year-on-year in the second quarter. Extreme temperatures across the region listed gas power demand, while relatively lower prices in the first quarter and early second quarter spurred spot buying, resulting in significant increases throughout the first half of the year.

讓我們在下一頁討論區域動態。在亞洲，第二季液化天然氣進口量年增11%，即670萬噸。該地區的極端氣溫引發了天然氣發電需求，而第一季和第二季初價格相對較低刺激了現貨購買，導致整個上半年天然氣發電量大幅增加。

China's LNG imports grew 16% or 5.2 million tonnes in the first half of '24, with a lower growth rate in the second quarter as prices strengthened. A 10% year-on-year increase in the country's overall gas demand in the first half of the year underpin this LNG import growth, particularly when prices were conducive to LNG stock buy.

2024年上半年，中國液化天然氣進口量成長16%，即520萬噸，但因價格走強，第二季成長放緩。今年上半年，中國整體天然氣需求年增 10%，支撐了液化天然氣進口成長，特別是在價格有利於液化天然氣庫存購買的情況下。

Roughly one-fourth of this gas demand growth was met by pipeline imports consistent with the planned ramp-up in Russian gas deliveries through Power of Siberia. And the remaining 75% of the growth was evenly split between indigenous production and LNG imports.

天然氣需求成長的大約四分之一是透過管道進口來滿足的，這與俄羅斯透過西伯利亞力量計畫增加天然氣輸送量一致。其餘 75% 的成長由本土生產和液化天然氣進口平分。

Elsewhere in Asia, India's imports reached over 7 million tonnes in the second quarter. A 21% increase year-on-year. This growth propelled South and Southeast Asian imports to new highs, resulting in 6.4 million tonnes or 23% of cumulative growth through the first half of the year.

在亞洲其他地區，印度第二季的進口量超過700萬噸。較去年同期成長21%。這一成長推動南亞和東南亞進口量再創新高，上半年進口量達 640 萬噸，佔累計成長的 23%。

Other markets in the region also saw similar upticks, including Pakistan, Thailand as well as Singapore, we saw increased use of LNG and bunkering operations. This growth in demand resulted in steady competition for cargoes among markets across Asia and sustained the JKM premium over TTF.

該地區的其他市場也出現了類似的成長，包括巴基斯坦、泰國和新加坡，我們看到液化天然氣和加油業務的使用增加。需求的成長導致亞洲市場之間的貨物競爭穩定，並維持了 JKM 相對於 TTF 的溢價。

In Europe, imports were lower by about 13.4 million tonnes year-on-year in the first half. Despite a modest 5% uptick in industrial sector demand, in the 6 key markets we track, total gas demand in the region remained 4.3% below the comparable period last year. As shown in the chart on the lower right, strong seasonal generation from hydropower and wind and healthy nuclear power generation suppressed gas-fired power across the key European markets, resulting in an 18% year-on-year drop in gas burn in the first half of the year.

在歐洲，上半年進口量年減約1,340萬噸。儘管工業部門需求小幅增加 5%，但在我們追蹤的 6 個主要市場中，該地區的天然氣總需求仍比去年同期低 4.3%。如右下圖所示，強勁的水力發電和風電季節性發電以及健康的核電發電抑制了歐洲主要市場的燃氣發電，導致今年第一季燃氣燃燒量比去年同期下降18%半年。

In addition, mild temperatures for most of the quarter further limited heating demand. These dynamics enabled Europe to refill storage inventories at just above last year's level. EU gas storage stood at approximately 83% full as of July 20, almost meeting the previous record of 84% set for the comparable period during the pandemic back in 2020.

此外，本季大部分時間的溫和氣溫進一步限制了暖氣需求。這些動態使歐洲能夠補充略高於去年水準的庫存。截至 7 月 20 日，歐盟天然氣儲存已滿約 83%，幾乎達到了 2020 年疫情期間創下的 84% 的紀錄。

In the absence of weather supported demand in Europe and amid delays in new LNG facility startups, future demand growth trajectory will likely serve as the main factor impacting availability of LNG to Europe and its storage fill track.

在歐洲缺乏天氣支撐的需求以及新液化天然氣設施啟動的延遲的情況下，未來的需求成長軌跡可能會成為影響歐洲液化天然氣供應及其儲存填充軌跡的主要因素。

Let's move to the next slide for a longer-term perspective. After nearly 2 full years of focus on Europe and its energy crisis, Asia has in the first half of '24 regained the spotlight in the LNG marketplace. We believe this rebound is supportive of our long-term market thesis, namely that as the supply curve pushes out into the right and market liquidity continues to increase in the coming years, we will see incremental demand growth in both Europe and Asia. Market analysts agree that Asia remains the primary driver of LNG demand growth over the longer term.

讓我們轉到下一張投影片來了解更長遠的觀點。在近兩年來人們對歐洲及其能源危機的關注之後，亞洲在 24 年上半年重新成為液化天然氣市場的焦點。我們認為，這種反彈支持了我們的長期市場論點，即隨著供應曲線向右延伸和市場流動性在未來幾年繼續增加，我們將看到歐洲和亞洲的需求增量成長。市場分析師一致認為，從長遠來看，亞洲仍然是液化天然氣需求成長的主要動力。

As you can see from the chart to the left, we expect Asian demand to nearly double by 2040. So along this supply availability is not constrained. However, Europe will still need significant volumes of LNG now and in the long term it will continue to compete with Asia as domestic production and regional pipe imports continue to decline.

從左圖可以看出，我們預計到 2040 年亞洲需求將幾乎翻倍。因此，沿著這條供應鏈，供應量不會受到限制。然而，歐洲目前仍需要大量液化天然氣，從長遠來看，隨著國內產量和區域管道進口持續下降，歐洲將繼續與亞洲競爭。

As Jack highlighted earlier, we signed a new long-term SPA with Galp, which is expected to extend beyond 2015. Since the beginning of '22, we have signed over 5 million tonnes per annum of long-term contracts with European counterparties, who value the reliability and flexibility of our LNG, further reinforcing the long-term role of LNG in Europe's energy mix.

正如 Jack 早些時候強調的那樣，我們與 Galp 簽署了一份新的長期 SPA，預計將延續到 2015 年以後。自22年初以來，我們與歐洲對手方簽署了每年超過500萬噸的長期合同，他們重視我們液化天然氣的可靠性和靈活性，進一步加強了液化天然氣在歐洲能源結構中的長期作用。

On the right side, we delineate expected growth by region. This highlights the growth in Asia is not driven by China alone, but rather is spread across numerous markets in Asia, enhancing the durability of growth in the region over the coming decades. On previous calls, we have highlighted the significant growth potential of South and Southeast Asian markets and believe that these stand to particularly benefit from the coming increase in LNG supply, supporting grid stability and ensuring system flexibility and resiliency.

在右側，我們按地區描繪了預期增長。這凸顯出亞洲的成長並非僅由中國推動，而是分佈在亞洲眾多市場，從而增強了該地區未來幾十年增長的持久性。在先前的電話會議中，我們強調了南亞和東南亞市場的巨大成長潛力，並相信這些市場將特別受益於即將到來的液化天然氣供應增加，支持電網穩定並確保系統靈活性和彈性。

Ahead of this supply cycle, we expect the market to continue to balance primarily on the demand side. The expectation of growing supply from 2026 onwards should alleviate the constraints on demand growth, especially as moderate prompt LNG and gas prices prevail.

在這個供應週期之前，我們預期市場將繼續主要在需求方面保持平衡。從 2026 年起供應增加的預期應會緩解需求成長的限制，特別是在液化天然氣和天然氣價格溫和的即時價格盛行的情況下。

This would help both Europe and Asia, equally, in realizing security of supply as Europe will be better able to meet its requirements to replace Russian gas while backstopping growth in renewables, and Asia will be better equipped to displace coal and offset regional production declines, while underpinning investments in gas infrastructure and high-growth developing economies.

這將同樣有助於歐洲和亞洲實現供應安全，因為歐洲將能夠更好地滿足替代俄羅斯天然氣的要求，同時支持再生能源的成長，而亞洲將更有能力取代煤炭並抵消地區產量下降的影響。

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

這樣，我會將電話轉給扎克，以審查我們的財務表現和指導。

Thanks, Anatol, and good morning, everyone. I'm pleased to be here today to review our second quarter 2024 results key financial accomplishments and increased guidance for the year.

謝謝阿納托爾，大家早安。我很高興今天能夠在這裡回顧我們 2024 年第二季的業績、主要財務成就和今年增加的指導。

Turning to slide 13. For the second quarter of 2024, we generated net income of approximately $880 million, consolidated adjusted EBITDA of approximately $1.3 billion and distributable cash flow of approximately $700 million. With these second quarter results, we have now reported positive net income on a quarterly and cumulative trailing 4-quarter basis, 7 quarters in a row.

轉到投影片 13。2024 年第二季度，我們的淨利潤約為 8.8 億美元，綜合調整後 EBITDA 約為 13 億美元，可分配現金流量約 7 億美元。有了這些第二季度的業績，我們現在已經連續 7 個季度報告了季度淨利潤和累計過去 4 個季度的淨利潤。

Compared to last year, our second quarter 2024 results reflect a higher proportion of our LNG being sold under long-term contracts as well as further moderation of international gas prices relative to last year. Compared to the first quarter of this year, our production was lower in the second quarter due to the planned maintenance at both Sabine Pass and Corpus Christi, which Jack detailed, as well as warmer ambient temperatures at Sabine.

與去年相比，我們 2024 年第二季的業績反映了我們根據長期合約銷售的液化天然氣比例較高，以及國際天然氣價格相對於去年進一步放緩。與今年第一季相比，我們第二季的產量較低，因為傑克詳細介紹了薩賓帕斯和科珀斯克里斯蒂的計畫維護，以及薩賓的環境溫度升高。

During the second quarter, we recognized in income, 562 TBtu of physical LNG, all of which was produced by our facilities. Approximately 93% of these LNG volumes recognized in income were sold under long-term SPA or IPM agreements with initial terms greater than 10 years, which makes this past quarter our most contracted quarter to date.

第二季度，我們在收入中確認了 562 TBtu 的實體液化天然氣，所有這些都由我們的設施生產。計入收入的液化天然氣銷量中約 93% 是根據長期 SPA 或 IPM 協議出售的，初始期限超過 10 年，這使得上一季成為迄今為止合約最多的季度。

Thanks to the team's focus on execution and operational excellence, we have generated over $3 billion of consolidated adjusted EBITDA and nearly $2 billion of distributable cash flow in the first half of 2024, boosting our confidence in the increased forecast for the remainder of the year, which I'll address further on the next slide.

由於團隊對執行和卓越營運的關注，我們在 2024 年上半年實現了超過 30 億美元的綜合調整後 EBITDA 和近 20 億美元的可分配現金流，增強了我們對今年剩餘時間成長預測的信心，我將在下一張幻燈片中進一步討論這一點。

The strong financial results enabled our team to deploy another approximately $1.2 billion under our comprehensive capital allocation plan towards shareholder returns, balance sheet management and accretive growth during the second quarter alone, bringing total cash deployed towards our 2020 Vision to over $11 billion, with over $3 billion in the first half of 2024.

強勁的財務表現使我們的團隊能夠根據全面的資本分配計劃，僅在第二季度就為股東回報、資產負債表管理和增值增長再部署約12 億美元，從而使為我們的2020 年願景部署的現金總額超過110 億美元，超過2024 年上半年將達 30 億美元。

This accelerated progress prompted us to increase our share repurchase authorization by another $4 billion through 2027, along with plans to increase our quarterly dividend by 15% next quarter to $2 per share annualized, as well as extend the dividend's annual growth target going forward by 10% through the decade.

這項加速進展促使我們在 2027 年之前將股票回購授權再增加 40 億美元，同時計劃將下季度的季度股息增加 15% 至年化每股 2 美元，並將股息的年度增長目標延長 10 %過去十年。

These announcements demonstrate continued follow-through of our stated objectives. To deploy at least $20 billion to further reduce share count and enhance capital returns, while retaining financial flexibility to fund accretive growth in order to generate over $20 per share of run rate distributable cash flow for our shareholders later this decade.

這些公告顯示我們對既定目標的持續貫徹。部署至少200 億美元，以進一步減少股份數量並提高資本回報，同時保留財務靈活性，為增值增長提供資金，以便在本十年晚些時候為我們的股東產生每股超過20 美元的運行率可分配現金流。

The capital allocation update in June was a powerful statement about Cheniere's performance, capital allocation to date and our outlook to grow cash flow per share in the future. At the foundation of our 2020 Vision plan is our multi-decade fixed fee contracts with investment-grade customers, coupled with our excellence in LNG operations, which gives us significant visibility into the billions of dollars of annual cash flow for the long term.

6 月的資本配置更新有力地說明了 Cheniere 的業績、迄今為止的資本配置以及我們未來每股現金流成長的前景。我們2020 年願景計劃的基礎是我們與投資級客戶簽訂的數十年固定費用合同，加上我們在液化天然氣運營方面的卓越表現，這使我們能夠對數十億美元的長期年度現金流有顯著的了解。

Perhaps just as important as visibility is flexibility. Maintaining and enhancing our IG ratings and steadily growing the dividend to a reasonable payout over time, provide ideal financial flexibility, which enables us to maintain a robust buyback plan, while simultaneously funding accretive brownfield growth within cash flow, which will improve both the numerator and denominator of our run rate DCF per share goals.

也許與可見性同樣重要的是靈活性。維持和提高我們的IG 評級，並隨著時間的推移穩步增加股息以達到合理的支付水平，提供理想的財務靈活性，使我們能夠維持穩健的回購計劃，同時為現金流內的棕地增長提供資金，這將改善分子和我們的每股運行率 DCF 目標的分母。

As Jack mentioned, the capital allocation plan is designed to provide investors with the framework, which they can take confidence, thanks to our cash flow visibility and financial flexibility to enable sustainable long-term value creation.

正如傑克所提到的，資本配置計畫旨在為投資者提供一個可以信賴的框架，這要歸功於我們的現金流可視性和財務靈活性，以實現可持續的長期價值創造。

During the second quarter, we repurchased over 3.1 million shares for approximately $500 million, helping bring our total shares outstanding to approximately $226 million today. The buyback program continues to work as designed, deploying allocated capital into the stock, which can increase significantly in periods of sustained dislocation as we saw in the first half.

第二季度，我們以約 5 億美元的價格回購了超過 310 萬股股票，使我們的流通股總數達到約 2.26 億美元。回購計畫繼續按設計進行，將分配的資本部署到股票中，在我們上半年看到的持續混亂時期，股票可能會大幅增加。

While the amount of shares repurchased in the second quarter trails that of the first quarter, it's important to remember that the first quarter is nearly $1.2 billion of share repurchases, was enabled in part by the accumulation of some cash in the plan over the preceding several quarters, which was unlocked as the stock underperformed in Q1 and into Q2.

雖然第二季回購的股票金額落後於第一季度，但重要的是要記住，第一季的股票回購金額接近 12 億美元，部分原因是前幾季計畫中累積了一些現金。由於該股在第一季和第二季表現不佳，該鎖定已解鎖。

With the upsized share repurchase authorization commencing at the start of the third quarter, we remain committed in our track to reach our goal of approximately 200 million shares outstanding later this decade. And opportunistically, complete the upsized $4 billion buyback program by 2027.

隨著第三季初開始擴大股票回購授權，我們將繼續致力於在本十年末實現約 2 億股已發行股票的目標。並把握機會，在 2027 年完成 40 億美元的擴大規模回購計畫。

Moving to the balance sheet. We issued our second investment grade bond at CQP in May. And in June, we used the $1.2 billion of proceeds from the 5.75% senior notes to redeem approximately $1.2 billion of a 5.625% senior secured notes at SPL due 2027.

轉向資產負債表。我們於 5 月在 CQP 發行了第二筆投資等級債券。6 月份，我們使用 5.75% 優先票據的 12 億美元收益，以 SPL 贖回了約 12 億美元、2027 年到期、利率為 5.625% 的優先擔保票據。

Consistent with prior issuances, this transaction extends our maturity profile while further desecuring and desubordinating our consolidated balance sheet by moving secured project debt from SPL to unsecured corporate debt at CQP.

與先前的發行一致，本次交易延長了我們的到期期限，同時透過將有擔保的專案債務從SPL 轉移到CQP 的無擔保公司債務，進一步解除了我們的合併資產負債表的擔保和從屬關係。

During the quarter, we also fully retired the 2024 SPL notes, repaying the remaining approximately $150 million of outstanding principal with cash on hand. Over the next few quarters, we'll focus on our debt paydown on the remaining outstanding principal of the SPL 2025 notes, after which point, we will not have any debt maturing until the middle of 2026.

本季度，我們也全面註銷了 2024 年 SPL 票據，用手頭現金償還了剩餘約 1.5 億美元的未償本金。在接下來的幾個季度中，我們將重點關注 SPL 2025 票據剩餘未償本金的債務償還，此後，我們在 2026 年中期之前不會有任何債務到期。

The rating agencies continue to recognize our progress on the balance sheet. In May, in conjunction with the CQP issuance, Moody's upgraded both CQP and SPL to Baa2 and Baa1, respectively, representing a double upgrade at CQP. And in July, Fitch upgraded CCH to BBB+. These positive rating actions reflect our balance sheet management to date and our commitment to opportunistically delever and desubordinate going forward as we target long-term leverage of under 4 times run rate EBITDA and BBB corporate credit ratings at both LNG and CQP.

評級機構繼續認可我們在資產負債表上的進展。5月，在發行CQP的同時，穆迪將CQP和SPL分別升級至Baa2和Baa1，代表CQP的雙重升級。7月，惠譽將CCH升級為BBB+。這些積極的評級行動反映了我們迄今為止的資產負債表管理，以及我們對未來機會主義去槓桿化和去附屬化的承諾，因為我們的目標是LNG 和CQP 的EBITDA 和BBB 企業信用評級的長期槓桿率低於4 倍。

The Corpus upgrade specifically is also a recognition of the significant progress achieved at Stage 3 today. For the second quarter, we have maintained a dividend of $0.435 per common share. As announced in June, we plan to increase the dividend by 15% to $2 annualized next quarter. Beyond this year, we remain committed to our guidance of growing our dividend by approximately 10% annually, not just through 2026, but through the decade, at which point we'll be at a payout ratio of only about 20%, enabling us to maintain the financial flexibility essential to a comprehensive and balanced long-term capital allocation plan and growth objectives, with investment-grade metrics and internally generated cash flow funding at both Sabine and Corpus.

Corpus 升級也是對今天第三階段的重大進展的認可。第二季度，我們維持每股普通股 0.435 美元的股利。正如 6 月宣布的那樣，我們計劃將下一季度的年化股息增加 15% 至 2 美元。今年之後，我們仍然致力於每年將股息增加約 10% 的指導方針，不僅是到 2026 年，而是整個十年，屆時我們的派息率將僅為 20% 左右，這使我們能夠通過Sabine 和Corpus 的投資等級指標和內部產生的現金流量融資，維持全面、平衡的長期資本配置計畫和成長目標所需的財務靈活性。

During the quarter, we funded approximately $400 million of CapEx on Stage 3, bringing total unlevered spend on the project to approximately $3.8 billion. Front-loading the equity spend has enabled considerable interest savings, and we still have over $3 billion available on our CCH term loan as additional liquidity for CEI in the coming years through construction.

本季度，我們為第三階段的資本支出提供了約 4 億美元的資金，使該項目的無槓桿支出總額達到約 38 億美元。前裝式股權支出節省了大量利息，而且我們的 CCH 定期貸款仍有超過 30 億美元的可用資金，可作為 CEI 未來幾年建設過程中的額外流動性。

We expect to spend between $1.5 billion to $2 billion in Stage 3 CapEx this year, before accounting for any draws on the CCH term loan. We maintained significant total liquidity in addition to our DCF forecast and therefore, flexibility with almost $3 billion of cash on hand, plus over $3 billion of available term loan at CCH as well as open revolvers across the Cheniere complex.

在考慮 CCH 定期貸款的提取之前，我們預計今年第三階段資本支出將支出 15 億至 20 億美元。除了DCF 預測之外，我們還保持了相當大的總流動性，因此保持了靈活性，手頭上有近30 億美元的現金，加上CCH 超過30 億美元的可用定期貸款以及整個Cheniere 綜合體的開放左輪手槍。

Turning now to slide 14 where I will discuss our upwardly revised 2024 guidance. Today, we are raising and tightening our full year 2024 guidance ranges to $5.7 billion to $6.1 billion and consolidated adjusted EBITDA from $5.5 billion to $6 billion, and $3.1 billion to $3.5 billion in distributable cash flow from $2.9 billion to $3.4 billion.

現在轉到投影片 14，我將在其中討論我們向上修訂的 2024 年指引。今天，我們將2024 年全年指引提高並收緊至57 億美元至61 億美元，合併調整後EBITDA 從55 億美元至60 億美元，可分配現金流從29 億美元至34 億美元至31億美元至35 億美元。

Several factors contributed to our improved forecast for the year primarily from additional production layered into the forecast post our turnarounds, as well as optimization activities achieved upstream and downstream of our facilities since the last call.

有幾個因素導致了我們今年預測的改善，主要是由於我們週轉後的預測中增加了產量，以及自上次電話會議以來我們設施的上游和下游實現的優化活動。

As Jack noted, our maintenance programs not only minimize production impacts to both sites, but also unlock efficiencies at CCL that should offset the impacts to production from the winter storm we experienced in the first quarter into the second half of this year.

正如傑克所指出的那樣，我們的維護計劃不僅最大限度地減少了對兩個工廠的生產影響，而且還提高了CCL 的效率，這應該抵消我們今年第一季到下半年經歷的冬季風暴對生產的影響。

Of course, we are still in hurricane season on the Gulf Coast, and while we had no impacts to our production from Hurricane Beryl last month, we keep a very close eye on potential hurricane impacts as our expected results could be impacted by future weather events at our sites.

當然，墨西哥灣沿岸仍處於颶風季節，雖然上個月的颶風貝裡爾對我們的生產沒有造成影響，但我們密切關注潛在的颶風影響，因為我們的預期結果可能會受到未來天氣事件的影響在在我們的網站上。

However, we decided to tighten the guidance considering we are now more than halfway through the year. We've completed our major maintenance at both sites, and a decent portion of the optimization has been locked in, on top of this being our most contracted year ever on a percentage basis. We still expect to produce approximately 45 million tonnes of LNG this year, inclusive of the planned maintenance downtime at both sites.

然而，考慮到今年已過半，我們決定收緊指導。我們已經完成了兩個站點的主要維護工作，並且已經鎖定了相當一部分的優化，此外，按百分比計算，今年是我們有史以來合約最多的一年。我們仍預計今年將生產約 4,500 萬噸液化天然氣，其中包括兩個基地計畫的維修停機時間。

And our guidance continues to reflect only contributions from completed or locked in portfolio optimization activities as we do not forecast potential contributions from future optimization opportunities. And of course, our results could be impacted by the timing of certain cargoes around year-end.

我們的指導繼續僅反映已完成或鎖定的投資組合優化活動的貢獻，因為我們不預測未來優化機會的潛在貢獻。當然，我們的業績可能會受到年底前後某些貨物的運輸時間的影響。

Our DCF for 2024 could also be affected by changes in the tax code. As noted on prior calls, we qualified for the corporate alternative minimum practice here. However, upcoming guidance related to the implementation of this tax, which is expected later this year, specifically regarding the taxing of unrealized derivatives, could impact the timing and amount of our cash tax payments this year and going forward. We would expect any impacts to primarily be a matter of timing and should not impact our ability to generate over $20 billion of available cash through 2026.

我們 2024 年的 DCF 也可能受到稅法變化的影響。如同先前電話所指出的，我們符合此處的企業替代最低限度做法。然而，即將出台的與該稅收實施相關的指導意見預計將在今年晚些時候出台，特別是關於對未實現的衍生品徵稅的指導意見，可能會影響我們今年和今後的現金稅繳納時間和金額。我們預期任何影響主要只是時間問題，不會影響我們在 2026 年創造超過 200 億美元可用現金的能力。

We do not forecast any contribution to revenues or EBITDA from Stage 3 volumes this year. We look forward to updating you on our 2025 volume projections, inclusive of Stage 3 contributions on our Q3 call. We continue to target first LNG at the end of the year and the first 3 trains to reach substantial completion by the end of 2025, reinforcing our view that 2024 is expected to be a trough year and 2025 will begin the step-up of our run rate production above the 9 train 45 mtpa.

我們預計今年第三階段的銷售不會對營收或 EBITDA 產生任何貢獻。我們期待向您通報我們 2025 年銷售預測的最新情況，包括第三季電話會議中的第三階段貢獻。我們的目標繼續是在今年年底實現第一條液化天然氣生產線，並在2025 年底前實現前3 條生產線的基本完工，這強化了我們的觀點，即2024 年預計將是一個低谷年，而2025 年將開始加速我們的運行9 列車的產量高於 45 噸/年。

As we look out beyond the next few years, our conviction in the long-term role of our LNG in global energy markets, and Cheniere's position in it, have only strengthened. At Cheniere, we lead with our safety track record operational and commercial reputation and financial discipline to generate and deploy accretively the billions of dollars to cash flow year after year.

展望未來幾年，我們對液化天然氣在全球能源市場中的長期作用以及切尼爾在其中的地位的信心只會更加堅定。在 Cheniere，我們憑藉我們的安全記錄、營運和商業聲譽以及財務紀律，年復一年地產生和部署數十億美元的現金流。

We are leveraging all of those advantages to continue to create sustainable and growing long-term value for our shareholders and supply our global customer base with our flexible, reliable and affordable LNG for decades to come.

我們正在利用所有這些優勢，繼續為我們的股東創造可持續且不斷增長的長期價值，並在未來幾十年為我們的全球客戶群提供靈活、可靠且負擔得起的液化天然氣。

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)

（操作員說明）

Theresa Chen with Barclays.

特蕾莎·陳（Theresa Chen）與巴克萊銀行。

With the progress we've made year-to-date, would you be able to provide any additional color on the drivers that underlie the low versus high end of the updated guidance range?

隨著我們今年迄今為止所取得的進展，您是否能夠為更新指導範圍的低端與高端的驅動程式提供任何額外的顏色？

Sure. Thanks, Theresa. This is Zach. I'd say going into the last call, we are already tracking to the upper half of the range. So we were in a good position. And now we're able to not only raise it, but tied in it by $200 million on the low end.

當然。謝謝，特蕾莎。這是札克。我想說的是，進入最後一次通話時，我們已經追蹤到範圍的上半部。所以我們處於有利的位置。現在，我們不僅能夠籌集資金，而且還能在低端增加 2 億美元。

So at this point, we're comfortably in the middle of the range, if not better. And the reason for that is that there was probably another incremental $100 million added to the EBITDA, thanks to production going up post the major maintenance at Corpus, helping Corpus catch up from some of the feed gas quality issues that it had in Q1. And then just more optimization across the board from upstream and downstream and sub chartering.

因此，在這一點上，我們即使不是更好，也可以輕鬆地處於該範圍的中間。原因是，由於 Corpus 進行重大維護後產量增加，EBITDA 可能又增加了 1 億美元，幫助 Corpus 解決了第一季遇到的一些原料氣品質問題。然後從上游、下游和分租機進行更多全面最佳化。

So to go from there, there's still a little variability. We won't account for most of the optimization that could happen in the second half of the year, in particular on the upstream side on basis differentials. And then Henry Hub is a variable just on lifting margin. Every $0.50 move in Henry Hub probably affects lifting margin and EBITDA by about $30 million still for the rest of the year.

因此，從那裡開始，仍然存在一些可變性。我們不會考慮下半年可能發生的大部分最佳化，特別是在上游方面的基礎差異。然後亨利中心只是提升裕度的變數。亨利港每變動 0.50 美元，可能會影響今年剩餘時間的利潤率和 EBITDA 提升約 3,000 萬美元。

And then we're still in a hurricane season. So weather permitting, if things go smoothly as they have gone to date, maybe there will be some incremental production. And if not, we could also lose some production if we have incremental downtime above and beyond what we normally budget or give ourselves coverage for.

然後我們仍然處於颶風季節。因此，如果天氣允許，如果事情進展順利，也許會有一些增量生產。如果不是這樣，如果我們增加的停機時間超出了我們通常的預算或自己的保障範圍，我們也可能會損失一些生產。

And then there's a little variability at the end of the year just on year-end timing of deliveries. We don't bake into the forecast late deliveries in the year. So that might add out a bit, but shouldn't materially affect us on the downside. So things are pretty big this year as it was already our most contracted year ever.

然後，在年底交付時間上會出現一些變化。我們不會考慮今年延遲交貨的預測。因此，這可能會增加一些，但不會對我們產生實質的負面影響。所以今年的事情相當大，因為它已經是我們有史以來簽約最多的一年。

And maybe turning into the permitting side. I would love to get your updated view on the regulatory and permitting landscape. Specifically, what industry read-through, if any, are there to glean from the [D.C. Circuit's] recent decision to vacate [FERC permits] at a couple of competitor projects amid environmental opposition? And what is your view on the permitting process for your own expansion projects?

也許會變成授權人。我很想了解您對監管和許可情況的最新看法。具體來說，可以從 [D.C. Circuit 最近決定在環境反對的情況下騰出幾個競爭對手項目的 [FERC 許可]？您對自己的擴建工程的許可流程有何看法？

Thanks, Theresa. This is Jack. I'll take a crack at that one. So first, a similar outcome can't happen with our permits at SPL on Trains 1 through 6 or CCL 1 through 3, including Stage 3 at CCL because all of our permits are no longer subject to appeal.

謝謝，特蕾莎。這是傑克。我會嘗試一下。因此，首先，我們在 SPL 的 1 至 6 號列車或 CCL 1 至 3 號列車（包括 CCL 的第 3 階段）的許可證不會發生類似的結果，因為我們所有的許可證都不再可以上訴。

On our expansion projects, which CCL 8, 9 and SPL Stage 5. As you all know, we dedicate a significant amount of time and resources just developing our projects and associated permit applications in a manner that we feel satisfies it's federal, state, local regulatory requirements. And we've done this over the course of more than a decade through multiple administrations, and we felt very confident in our ability to continue to perform that way.

我們的擴建項目包括 CCL 8、9 和 SPL Stage 5。眾所周知，我們投入了大量的時間和資源，只是以我們認為滿足聯邦、州、地方監管要求的方式開發我們的專案和相關許可申請。我們在十多年的時間裡透過多個政府部門做到了這一點，我們對繼續這樣做的能力充滿信心。

There's a significant amount of work that we do with the regulators to ensure that we have a robust record underpinning all of our permits, and we're thoughtful and accurately responding to their information request as well as comments from affected stakeholders. And that's what you see happening right now for 8 and 9 with all of our public hearings that we listened to the neighborhood. We listened to their concerns with EJ or air quality, and we respond appropriately to those concerns.

我們與監管機構做了大量工作，以確保我們擁有可靠的記錄來支持我們的所有許可，並且我們會深思熟慮、準確地回應他們的資訊請求以及受影響利益相關者的評論。這就是你在8月和9日所有公開聽證會上看到的情況，我們聽取了鄰居的意見。我們聽取了他們對 EJ 或空氣品質的擔憂，並對這些擔憂做出了適當的回應。

So I feel very good about our position versus what we saw transpire with some of the other folks in the LNG industry.

因此，與我們所看到的液化天然氣行業其他一些人所發生的情況相比，我對我們的立場感到非常滿意。

Jerry Tonet with JPMorgan.

摩根大通的傑瑞·託內特。

It's Jeremy Tonet from JPMorgan. Just wanted to touch on commercial discussions. Great to see the Galp contract earlier. And just wanted to see, I guess, how the state of commercial discussions are going with customers right now, given changes in the LNG market and especially the impact of competitor delays out there? The pause, election uncertainty. Just wondering how these things all come together to impact, I guess, commercial discussions for SPL expansion at this point?

我是摩根大通的傑瑞米·託內特。只是想談商業討論。很高興早點看到 Galp 合約。我想，考慮到液化天然氣市場的變化，特別是競爭對手延遲的影響，我想看看目前與客戶的商業討論進展如何？暫停，選舉的不確定性。只是想知道這些事情如何綜合起來影響目前 SPL 擴展的商業討論？

Jeremy, it's Anatol. Thanks for the question. No great fireworks, a very similar answer to last few quarters. Obviously, after '22, '23, there's a period of reassessing, digesting, thinking through portfolios. But in your question and partially in Jack and Zach's answers, we have continued to differentiate ourselves from a reliability standpoint, from a commercial behavior standpoint.

傑瑞米，我是阿納托爾。謝謝你的提問。沒有什麼精彩的煙火，與過去幾季的答案非常相似。顯然，在「22」、「23」之後，有一段重新評估、消化、思考投資組合的時期。但在你的問題以及傑克和札克的部分回答中，我們繼續從可靠性的角度、商業行為的角度來區分自己。

And as we've said, we expect the engagement to bear fruit that very much rhymes with what you've seen in the past. I cannot tell you, even with TTF rallying back into the EUR40 range, kind of highest levels year-to-date. I still don't expect a rush of European long-term counter parties. We've always said that there will be opportunities, 5 million tonnes that we've done to date, including Galp, but the drivers will continue to be Asian demand growth and North American production growth, and those discussions are healthy.

正如我們所說，我們期望這次合作能夠結出與您過去所看到的非常一致的成果。我無法告訴你，即使 TTF 回升至 40 歐元範圍，這是今年迄今為止的最高水平。我仍然預計歐洲長期交易對手不會蜂擁而至。我們一直說會有機會，迄今為止我們已經生產了 500 萬噸，包括 Galp，但驅動因素仍將是亞洲需求成長和北美產量成長，這些討論是健康的。

They appreciate the differentiation. They appreciate the -- Theresa's question on how we navigate various uncertainties. And I think all of those are tailwinds for the commercial team.

他們欣賞差異化。他們很欣賞特蕾莎關於我們如何應對各種不確定性的問題。我認為所有這些都是商業團隊的順風車。

Got it. That's very helpful there. And was wondering if we could turn to capital allocation for a minute. And it's good to see the dividend increase there.

知道了。這非常有幫助。我想知道我們是否可以談談資本配置。很高興看到那裡的股息增加。

I was just wondering if you could talk a bit more, I guess, on the size of the step-up at that point versus more versus less? And how that influences your thought process going forward?

我只是想知道你是否可以多談談當時的升級幅度以及更多與更少？這如何影響你未來的思考過程？

Sure. This is Zach. And obviously, everything we do needs to go through and be approved by the Board before we announce it. But let's put it this way, $4 billion isn't going to be it. And 200 million shares outstanding isn't our final target. So we're going to just continue to work it down. And we needed this right now follow through on the 2020 Vision.

當然。這是札克。顯然，我們所做的一切都需要經過董事會的批准才能宣布。但這麼說吧，40 億美元還不夠。2億股流通股並不是我們的最終目標。所以我們將繼續努力解決這個問題。我們現在需要落實 2020 年願景。

And getting to that point, we're on a run rate sustainable basis even at $2 margins, not like the $7, $8 margins we're seeing on the screen for the next 1.5 years. We're comfortably in the 20s on DCF per share.

到了這一點，即使利潤率為 2 美元，我們的運行率也能保持在可持續的基礎上，而不是像我們在未來 1.5 年在螢幕上看到的 7 美元、8 美元的利潤率那樣。我們的每股 DCF 處於 20 多歲的水平。

But how we look at it? That $4 billion should get us pretty close to 200 million shares really just depends on share price. And then we look at our cash flow forecast and ensure that we can meet those commitments of finishing a $4 billion incremental buyback program by 2027 or sooner with on top of that, being balanced on our capital allocation and achieving all the other goals we want to achieve, which is not just finishing up Stage 3 in '25 and '26, but FID and the expansion there and getting Sabine ready, having the balance sheet get to BBB across the board by being proactive on that. And obviously, we increased the dividend by 15% and committed to a 10% growth rate for the rest of the decade.

但我們要如何看待它呢？40 億美元應該能讓我們接近 2 億股，這其實只取決於股價。然後我們查看現金流預測，確保我們能夠履行到 2027 年或更早完成 40 億美元增量回購計劃的承諾，除此之外，平衡我們的資本配置並實現我們想要的所有其他目標實現，這不僅是在25 年和26 年完成第三階段，而是FID 和那裡的擴張，並讓Sabine 做好準備，透過積極主動地讓資產負債表全面達到BBB。顯然，我們將股息提高了 15%，並承諾在接下來的十年中實現 10% 的成長率。

So a balance of all of that is how we got to $4 billion, but I wouldn't think too much about that because we've been known to increase it over time.

因此，所有這些的平衡就是我們達到 40 億美元的原因，但我不會對此考慮太多，因為眾所周知，我們會隨著時間的推移而增加它。

John Mackay with Goldman Sachs.

高盛的約翰·麥凱。

This is probably one for Anatol. You guys have been pretty positive on the demand picture for a while now. I'd just be curious to hear a little more from you on if we're looking at your outlook for Asia demand, how sensitive this could be to kind of like the broader macro cycle, we've seen China a little slower recently. Maybe just a little sensitivity there versus, I think, your argument on a lot of this is kind of baked in growth at this point.

這可能是阿納托爾的一個。一段時間以來，你們對需求狀況一直非常樂觀。我只是很想聽聽您的更多信息，如果我們正在研究您對亞洲需求的前景，這對更廣泛的宏觀週期有多敏感，我們最近看到中國的增長速度有點慢。我認為，也許只是有點敏感，而你對這方面的許多觀點在這一點上已經在成長中得到了體現。

Thanks, John. Again, very boring really hasn't changed much. We see the dedication to gas with large being very sustained and durable across Asia. And across Europe, in fact, right, the investments that are being made, the -- we're going to approach something like 1,500 million tonnes of re-gas capacity by the time all is said and done. And, yes, there is some price sensitivity in some markets, but actually, we've been pleasantly surprised at, A , what levels and B, how much seemingly price inelastic demand in the short term is manifesting itself.

謝謝，約翰。再說一次，很無聊，確實沒有太大改變。我們看到整個亞洲對天然氣的投入非常持續且持久。事實上，在整個歐洲，我們正在進行的投資，到一切塵埃落定之後，我們將達到 15 億噸的再天然氣產能。是的，某些市場存在一定的價格敏感性，但實際上，我們驚訝地發現，A，什麼水平，B，短期內看似價格缺乏彈性的需求有多少表現出來。

So we see these emerging markets in South and Southeast Asia as being very hungry for gas. It still is going to be a very small piece of their primary energy mix and will perform a lot of grid reliability and balancing functions that modern grids expect. So continue to be just as constructive. In fact, what we're seeing now, as we touched on, is a supply-constrained market, and everything we've seen play out in North America and the rest of the world, again, just like in previous cycles, continues to move that supply constraint further and further out.

因此，我們認為南亞和東南亞的這些新興市場對天然氣非常渴望。它仍然只是其一次能源結構中很小的一部分，並將執行現代電網所期望的許多電網可靠性和平衡功能。因此，請繼續保持建設性態度。事實上，正如我們所提到的，我們現在看到的是一個供應受限的市場，我們在北美和世界其他地區看到的一切都在繼續，就像之前的周期一樣。越遠。

And you're seeing kind of '26, '27 now being the period of that supply entering the market as opposed to a year ago when most were penciling it in 12 to 18 months earlier. So we think as that supply comes in, you'll see some very dramatic growth numbers as various economies avail themselves of this moderately priced and reliable resource.

你會看到「26」、「27」現在是供應進入市場的時期，而不是一年前，當時大多數人都在 12 到 18 個月前預測。因此，我們認為，隨著供應的增加，隨著各個經濟體利用這種價格適中且可靠的資源，您將看到一些非常戲劇性的成長數字。

That's great. Appreciate that. Maybe just for my second one, with the Galp deal announced and you guys kind of continuing to make progress on some of the expansion projects. Can you just remind us kind of what you're thinking about in terms of what you have now and targets you'd like to get to for the 2 incremental Corpus trains and then the broader Sabine expansion?

那太棒了。很欣賞這一點。也許只是我的第二個項目，隨著 Galp 交易的宣布，你們在一些擴張項目上繼續取得進展。您能否提醒我們一下，對於 2 個增量 Corpus 列車以及更廣泛的 Sabine 擴展，您現在的想法和目標是什麼？

Yes. Maybe I'll start and tag team with Zach. But in terms of quantum of commercial support, we're right around 10 million tonnes. We've got about just under 3 million tonnes with 3 customers that are [CPed] to the mid-scale expansion. And with Galp, about 7 kind of beyond that. So as always, we're navigating all of the levers, commercial, of course, being one of them to think about what the right way to get to the appropriate project is.

是的。也許我會開始和札克一起組隊。但就商業支持量而言，我們的數量約為 1000 萬噸。我們的 3 位客戶的產量約為 300 萬噸，正在 [CPed] 進行中期規模擴張。對於 Galp，大約有 7 種以上。因此，一如既往，我們正在利用所有的槓桿，當然，商業槓桿，也是其中之一，以思考實現適當項目的正確方法是什麼。

And I'll just add with all the success that the team that the origination team has had in the last year or 2, if we wanted to be -- we could be 100% contracted even with the mid-scale expansion of 8 to 9 and debottlenecking. That's how many contracts we have. So we're in a really good spot where -- now with the EA at Corpus from its mid-scale to 9 targeting FID next year once we have the permits and we can make that fully contracted. .

我只想補充一下，創始團隊在過去一年或兩年裡取得的所有成功，如果我們願意的話，我們可以 100% 收縮，即使中等規模擴張為 8 到 9 個和消除瓶頸。這就是我們有多少合約。因此，我們處於一個非常好的位置，現在 Corpus 的 EA 規模從中等規模增加到 9 個，目標是明年一旦我們獲得許可，我們就可以完全簽訂 FID。。

And with the contract at Galp and everything else that we've signed tied to Train 7 or Train 8, we have more than enough to even FID in a couple of years or so, a first phase of a Sabine expansion.

憑藉 Galp 的合同以及我們簽署的與 7 號線或 8 號線相關的所有其他合同，我們有足夠的能力甚至可以在幾年左右的時間內完成最終投資決定，即薩賓擴建的第一階段。

So that's in mind too, as we continue to do value engineering there and work on it with Bechtel.

因此，當我們繼續在那裡進行價值工程並與柏克德公司合作時，我們也牢記這一點。

Ben Nolan with Stifel.

班諾蘭與史蒂菲爾。

I wanted to maybe start with the cost side. We saw I guess, earlier this week, Bechtel come out with a new EPC contract and appreciating that it's -- there's probably some differences. But I was curious if that sort of came in line with how you're thinking about the expansions that you're working on and contemplate it with the pricing of the gas that you've sold?

我想也許從成本方面開始。我猜，本週早些時候，柏克德公司拿出了一份新的 EPC 合同，並意識到它可能存在一些差異。但我很好奇，這是否符合您對正在進行的擴建工作的看法，並考慮到您已售出天然氣的定價？

I'll answer that. And we can't speak for what's going on at these other projects, obviously. And it doesn't really matter because if we're not going to hit our financial standard, why are we going to take undue risk and dilute the returns that we're already providing to all our shareholders. That we can easily get by just buying back more stock and letting investors own more of Sabine and Corpus already in place. So that's their brownfield like best, I guess, and that's for them to figure out.

我會回答這個問題。顯然，我們無法談論這些其他項目的情況。這並不重要，因為如果我們達不到我們的財務標準，我們為什麼要冒不適當的風險並稀釋我們已經為所有股東提供的回報。我們可以透過回購更多股票並讓投資者擁有更多 Sabine 和 Corpus 的股份來輕鬆實現這一點。我想這就是他們最好的棕地，這需要他們自己去弄清楚。

Whereas for us, we think we can do even better. And that will allow us to achieve 7 times CapEx to EBITDA, 10% unlevered returns. And that's just contracted nothing more than $2.25 on CMI and a fully wrapped EPC. Anything beyond that in terms of early completion, higher CMI levels, optimization, that's just upside to us all, but never baked in when we FID these projects.

而對我們來說，我們認為我們可以做得更好。這將使我們能夠實現 EBITDA 7 倍的資本支出和 10% 的無槓桿回報。就 CMI 和完全包裝的 EPC 而言，合約金額不超過 2.25 美元。除此之外，在提前完成、更高的 CMI 水平、優化方面，這對我們所有人來說都是有利的，但當我們 FID 這些項目時，從來沒有考慮過這一點。

Okay. Maybe another way to ask that is, to the extent that you got similar pricing, the math still works fine. Like is that maybe in a different way to get to the same place?

好的。也許另一種問法是，在定價相似的情況下，數學仍然有效。就像可能以不同的方式到達同一個地方嗎？

Working with Bechtel, clearly now thinking about limited notices to proceed even later this year and then to be in a position to have full notice to proceed next year. We have a decent sense of where pricing is shaking out, especially for (technical difficulty) and it's all looking good.

與柏克德公司合作，顯然現在正在考慮在今年稍後進行有限通知，然後能夠在明年收到全面通知來進行。我們對價格的變化有很好的認識，特別是對於（技術難度），而且一切看起來都不錯。

Perfect. And then sort of a follow-up or a second question. The -- I appreciate your comments on the FERC things going on. But as you're getting closer to Corpus Christi, any updated thoughts on the DOE non-FTA? Any sense as to if we're getting closer to an unpause there?

完美的。然後是後續問題或第二個問題。- 我感謝您對 FERC 正在發生的事情發表評論。但隨著距離科珀斯克里斯蒂越來越近，您對能源部非自由貿易協定有何最新想法嗎？對於我們是否正在接近取消暫停有任何感覺嗎？

No. I think you, Ben, you probably have seen that they filed an appeal on that ban -- of the ban. I think, again, this is probably is not going to get settled until after November. But it's not going to impact, [what] we do here at Cheniere.

不。我想你，本，你可能已經看到他們對該禁令提出了上訴。我再次認為，這個問題可能要到 11 月之後才能解決。但這不會影響我們在切尼爾所做的事情。

Keith Stanley with Wolfe Research.

沃爾夫研究中心的基斯‧史丹利。

Just one question. Can you touch on potential plans to add gas power plant capacity with your old friends at Calpine under the Texas loan program? Just strategic rationale for that cost and what you're hoping to achieve?

只有一個問題。您能否與您在卡爾派恩的老朋友談談根據德克薩斯州貸款計劃增加天然氣發電廠產能的潛在計劃？只是該成本的策略理由以及您希望實現的目標嗎？

Thanks, Keith. So as you know, with our Stage 3 increase at Corpus or demand for electricity increases dramatically. Because those are electric compression, not gas compressors. So we wanted to manage that risk. We were able to do that very efficiently and effectively and cheaply by buying an existing power plant that was on the outskirts of our site. That's the old [GPP] plant.

謝謝，基斯。如您所知，隨著 Corpus 的第三階段成長，或電力需求急劇增加。因為那些是電動壓縮，不是氣體壓縮機。所以我們想要管理這種風險。透過購買位於我們場地郊區的現有發電廠，我們能夠非常有效率、有效且便宜地做到這一點。那是老[GPP]工廠。

And we have partnered with Calpine to make that a reliable combined cycle power plant, which they've done a very good job at to date. The plant has run almost every day since we bought it last year, very efficiently and reliably, but it's our intent to grow that facility to match our demand profile. And in that way, it will be a financial hedge to our power exposure at Corpus Christi. So that's the intent of the relationship with Calpine and our ownership in that power plant.

我們與 Calpine 合作，打造了一座可靠的聯合循環發電廠，到目前為止，他們做得非常好。自從我們去年購買以來，工廠幾乎每天都在運行，非常有效率且可靠，但我們的目的是擴大設施以滿足我們的需求。這樣，這將成為我們在科珀斯克里斯蒂的電力風險的財務對沖。這就是我們與卡爾派恩建立關係以及我們對該發電廠的所有權的目的。

And as you also know, we own our own power plant at Sabine Pass that's not connected to the grid, but we have power generating facilities there already. So we're perfectly comfortable with owning and operating those facilities.

如您所知，我們在薩賓帕斯擁有自己的發電廠，該發電廠未連接到電網，但我們在那裡已經有了發電設施。因此，我們對擁有和營運這些設施感到非常滿意。

Craig Shere with Tuohy Brothers.

克雷格‧謝爾 (Craig Shere) 與圖伊兄弟 (Tuohy Brothers)。

Just one for me. Sounds like your debottlenecking is making a lot more progress. It's obviously been going on for years. Barring hurricane risk, is it fair to say that your average multiyear legacy train output is already notably and systemically over 5 mtpa at this point? And what would it take for you to guide to something higher in the coming quarters?

只給我一個。聽起來你的消除瓶頸正在取得更大的進展。這顯然已經持續了多年。排除颶風風險，可以公平地說，您的多年傳統列車平均產量目前已顯著且系統性地超過 5 噸/年嗎？您需要怎麼做才能在未來幾季實現更高的目標？

I guess we should have expected that question from you. But I'll just say -- we've been at around 5 million tonnes per train on the first 9 trains for a while, and now we're still at 5 million tonnes per train. And we're doing major maintenance every year.

我想我們應該預料到你會問這個問題。但我只想說，前 9 趟列車的運載量一直保持在每列 500 萬噸左右，現在我們仍然保持在每列 500 萬噸的水平。我們每年都會進行重大維修。

So for the next few years, hard to see that moving materially up. But we are making investments. We've mentioned before, things like fin fans that should eventually help us get closer to the higher end of that range. But not yet. We're not in the business of overpromising on this.

因此，在接下來的幾年裡，很難看到這種情況有實質的成長。但我們正在進行投資。我們之前提到過，像鰭扇這樣的東西最終應該可以幫助我們更接近該範圍的高端。但還沒有。我們不會對此做出過度承諾。

Craig, I was going to say, as soon as we get comfortable that we can reliably meet the production numbers over a 20-year period, we will let you know.

克雷格，我想說，一旦我們確信能夠可靠地滿足 20 年內的生產數量，我們就會通知您。

Zach Van Everen with TPH.

扎克·範·埃弗倫 (Zach Van Everen) 與 TPH。

Maybe just to start on the global demand outlook. I know you talked about it on the last call around data centers, internationally. We've seen some positive developments here in the US on the midstream side.

也許只是從全球需求前景開始。我知道您在上次關於國際資料中心的電話中談到了這個問題。我們在美國中游方面看到了一些積極的進展。

Has anything come up or anything changed there as far as conversations with potential customers or just increased demand from the global kind of AI data center demand ramp?

就與潛在客戶的對話而言，是否發生了任何事情或發生了任何變化，或者只是全球人工智慧資料中心需求增加帶來的需求增加？

Yes. Thanks, Zach. It's Anatol. There are -- we're, let's say, roughly two steps away from that. But clearly, this is a very nice tailwind for that Asian story as well. We see a dedicated kind of hyperscaler commitments to Singapore, Malaysia, Japan, other markets where we are working with our counterparts who will ultimately be supplying into that demand.

是的。謝謝，扎克。是阿納托爾。可以說，我們離這個目標大約還有兩步之遙。但顯然，這對亞洲故事來說也是一個非常好的順風車。我們看到了對新加坡、馬來西亞、日本和其他市場的專門的超大規模承諾，我們正在與同行合作，最終將滿足這一需求。

So it is another component of the electrification and the reliability that the grids need that will be driven by this additional gas supply, and it is a component in the global story. But again, we are not the load serving entity, right? So we're a step or two removed from that.

因此，這是電網所需的電氣化和可靠性的另一個組成部分，將由額外的天然氣供應驅動，也是全球故事的一個組成部分。但話又說回來，我們不是負載服務實體，對吧？所以我們離這個目標還差一、兩步。

Got you. That makes sense. And then maybe one on the US kind of gas macro side. You mentioned that Stage 3 will start taking feed gas in the next few months. Can you give an idea of the volumes there? Is it a couple of hundred MMcf a day or a little bit less than that as you start to commission that first train?

明白你了。這是有道理的。然後也許是美國天然氣宏觀的一個。您提到第三階段將在未來幾個月內開始使用原料氣。您能大概了解一下那裡的捲數嗎？是每天幾百 MMcf 還是比您開始調試第一列列車時的數字少一點？

Yes. Zach, the way that works is, it will be small first as we dry out the internal piping and the compression, and we continue to test things. And then it will grow -- should grow significantly after that. And our -- the pipeline that provides the gas from Aqua Dulce into Stage 3 is already in operations.

是的。扎克，工作的方式是，當我們乾燥內部管道和壓縮時，它會首先變小，然後我們繼續進行測試。然後它就會增長——之後應該會顯著增長。我們的—將 Aqua Dulce 的天然氣輸送到第三階段的管道已經投入運作。

Michael Blum with Wells Fargo.

麥可布魯姆與富國銀行。

I just had one question left here. Just in terms of the operational enhancements you talked about, which led to your increased '24 guidance. I just wanted to confirm that these carry forward to future years? Is there anything kind of onetime in nature to the second half boost in production?

我只剩下一個問題了。就您談到的營運增強而言，這導致您增加了「24 小時指引」。我只是想確認這些是否可以延續到未來幾年？下半年產量是否會出現一次性成長？

I would say no commitment yet for the future years. If we go back to the May call, we basically said that production was a little light compared to forecast because after the freeze, we had some feed gas quality issues at Corpus, but we more than made up with it, with the optimization, we were able to do upstream and downstream in the plan.

我想說的是，目前還沒有對未來幾年做出任何承諾。如果我們回到5 月的電話會議，我們基本上會說，與預測相比，產量有點少，因為凍結後，我們在Corpus 遇到了一些原料氣品質問題，但我們透過優化彌補了這個問題，我們能夠在計劃中進行上游和下游。

We have more upstream and downstream optimization and subchartering added to the forecast this time around. But on top of that, we're catching back up to where we thought we would be and closer to target for the full year. So hard to say that this is going to be a benefit for the future, but maybe more -- allow us to be more solid on the forecast going forward.

這次我們在預測中加入了更多的上下游優化和轉租。但最重要的是，我們正在回到我們預期的水平，並更接近全年目標。很難說這會為未來帶來好處，但也許更多——讓我們對未來的預測更加可靠。

Manav Gupta with UBS.

瑞銀集團的馬納夫·古普塔。

I have one quick question. CCL Stage 3 is about 62.4% complete, was about, I think, 55.9% last quarter. Is that a good run rate? That's how we should think it comes online? Or it can get very lumpy because of the construction phase kicking in?

我有一個簡單的問題。CCL 第 3 階段大約完成了 62.4%，我認為上個季度大約完成了 55.9%。這是一個好的運行率嗎？我們應該這樣認為它是在線的嗎？或者由於施工階段的開始，它會變得非常凹凸不平？

Yes. So there's really -- that's an overall construction completion date or percentage. And what I like to look at is Trains one and two and three. And those numbers are significantly different, as you could see from the photos that we've provided you.

是的。所以確實有——這是一個總體施工完成日期或百分比。我喜歡看的是一號、二號和三號列車。正如您從我們提供給您的照片中看到的那樣，這些數字有很大不同。

But there's really three things that I look at. One is supply chain, do we have all the parts that we need, at least for the initial 3 to 5 trains. And yes, and so we don't -- I'm not worried about supply chain messing me up.

但我確實專注於三件事。一是供應鏈，我們是否擁有我們需要的所有零件，至少是最初的 3 到 5 列火車。是的，所以我們不會——我不擔心供應鏈會讓我陷入困境。

The next thing is we look at worker's availability. And if -- are we adding the workforce that we need with the right skills that we need to hit the critical path of the schedule, and we are.

接下來我們要來看看工人的可用性。如果——我們是否增加了我們需要的具有正確技能的勞動力，我們需要達到時間表的關鍵路徑，我們確實這樣做了。

And then thirdly, I look at commissioning activities. Are we turning over systems from E&C construction to commissioning and getting those systems started up. And how many employees, operations employees have been seconded to Bechtel. And we have -- at this point, we have about 50 operators that are seconded that are doing commissioning activities. Those are all really positive signs to me that Stage 3 Trains one, two and three are really moving along very well.

第三，我關注委託活動。我們是否將系統從 E&C 建設轉向調試並啟動這些系統？以及有多少員工、營運員工被借調到柏克德。目前，我們有大約 50 位借調操作員正在進行調試活動。對我來說，這些都是非常積極的跡象，表明第三階段的一號、二號和三號列車確實進展順利。

Alexander Bidwell from Webber Research.

韋伯研究中心的亞歷山大·比德韋爾。

This is Alex Bidwell on for Greg this quarter. Looking at CCL Stage 3. So first LNG on Q1 is coming or is expected at the end of the year. Can you guys define first LNG? Are we talking a substantial volume or a small volume, say, a few cubic meters?

這是本季格雷格的亞歷克斯·比德韋爾 (Alex Bidwell)。看看 CCL 第 3 階段。因此，第一季的第一批液化天然氣即將到來或預計在今年年底。你們能定義第一個液化天然氣嗎？我們談論的是大體積還是小體積，例如幾立方米？

We're not in this to play games. We're in it to run a real business. And when we tell you we've achieved first LNG, hopefully, after a decade of doing this in 3,700 tankers under my belt that you all believe us that, we're there making LNG.

我們不是來玩遊戲的。我們參與其中是為了經營真正的業務。當我們告訴你們我們已經實現了第一批液化天然氣時，希望經過十年在我的帶領下在 3,700 艘油輪上實現這一目標你們都相信我們，我們正在製造液化天然氣。

So I'm not going to try to define it. I hope that I've earned some credibility with all of you over at least my last 8 years in Cheniere's last 10.

所以我不會嘗試去定義它。我希望至少在切尼爾過去 10 年的過去 8 年裡，我已經贏得了大家的信任。

And ladies and gentlemen, this concludes our Q&A session on today's call. I will now turn the call back to the Cheniere team.

女士們、先生們，今天的電話問答環節到此結束。現在我將把電話轉回切尼爾團隊。

Thank you all very much for your support. And please be safe out there.

非常感謝大家的支持。請注意安全。

And this concludes today's call. Thank you for your participation. You may now disconnect, and have a great day.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開連接，祝您有美好的一天。