Excelerate Energy Inc (EE) 2023 Q4 法說會逐字稿

Hello, everyone. My name is Drew, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Excelerate Energy fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions)

大家好。我叫德魯，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Excelerate Energy 第四季和 2023 年全年財報電話會議。（操作員說明）

I will now turn the call over to Craig Hicks, Vice President, Investor Relations. You may begin your conference.

我現在將把電話轉給投資者關係副總裁克雷格希克斯 (Craig Hicks)。您可以開始您的會議了。

Good morning, everyone. Thank you for joining Excelerate Energy's fourth-quarter and full-year 2023 earnings call. Participating on the call today are Steven Kobos, President and Chief Executive Officer; and Dana Armstrong, Executive Vice President and Chief Financial Officer. Also joining the call today is Oliver Simpson, Executive Vice President and Chief Commercial Officer. Our fourth-quarter and full-year 2023 earnings results press release and presentation were released yesterday afternoon and can be found on our website at ir.excelerateenergy.com.

大家，早安。感謝您參加 Excelerate Energy 的 2023 年第四季和全年財報電話會議。總裁兼執行長 Steven Kobos 參加了今天的電話會議；執行副總裁兼財務長 Dana Armstrong。今天參加電話會議的還有執行副總裁兼商務長奧利佛‧辛普森 (Oliver Simpson)。我們的 2023 年第四季和全年獲利結果新聞稿和簡報於昨天下午發布，可在我們的網站 ir.excelerateenergy.com 上找到。

I would like to remind everyone that we will be making forward-looking statements on this call that involve a number of risks and uncertainties. Our actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update or revise them.

我想提醒大家，我們將在這次電話會議上做出前瞻性聲明，其中涉及許多風險和不確定性。我們的實際結果可能與這些前瞻性陳述中所表達的結果有重大差異，我們沒有義務更新或修改它們。

Today's remarks will also refer to certain non-GAAP financial measures. We've provided a reconciliation to the most directly comparable GAAP financial measures at the back of the presentation.

今天的演講也將提及某些非公認會計準則財務指標。我們在簡報後面提供了最直接可比較的公認會計原則財務指標的調節表。

With that, it is my pleasure to pass the call over to Steven Kobos.

至此，我很高興將電話轉給史蒂文·科博斯。

Thanks, Craig, and thank you all for joining us on this call this morning. I look forward to our time together. In recent months, I've had conversations with many of you on this call, our analysts, our investors, people around the world who believe in Excelerate's unique potential, as well as some folks who are just new to the Excelerate's story.

謝謝克雷格，也謝謝大家今天早上參加我們的電話會議。我期待著我們在一起的時光。近幾個月來，我在這次電話會議上與你們中的許多人進行了交談，包括我們的分析師、投資者、世界各地相信 Excelerate 獨特潛力的人們，以及一些剛剛了解 Excelerate 故事的人。

I'd say there's a common thread in what we've heard from those discussions, that is there's some questions about our plans to deploy capital to promote growth, the steps we intend to take to drive near-term value creation, and I'd say, most importantly, the alignment of our capital allocation plans with our business strategy. I'd like to take our time this morning to address with all of you these questions and provide additional insight into our near-term strategy.

我想說，我們從這些討論中聽到的有一個共同點，那就是我們部署資本促進增長的計劃、我們打算採取的推動短期價值創造的步驟存在一些問題，而且我'最重要的是，我們的資本配置計劃與我們的業務策略保持一致。今天早上我想花點時間與大家討論這些問題，並對我們的近期策略提供更多見解。

Look, the most important thing you'll hear me say today is that in '24, Excelerate Energy is moving from strategy to action. Let's get started by talking about who we are as a company and how we plan to grow the business through our corporate strategy.

看，今天你會聽到我說的最重要的事情是，在 24 年，Excelerate Energy 正在從策略轉向行動。讓我們先討論我們是一家公司，以及我們計劃如何透過公司策略來發展業務。

We will emphasized three things: the strengths of our FSRU and terminals business, our expected near-term growth catalysts, and finally, our capital allocation strategy. Excelerate Energy is committed to providing cleaner, more affordable, and more reliable energy by delivering LNG and natural gas to hundreds of millions of people around the world. It's not an exaggeration. It's used out there depending upon Excelerate Energy for energy security or simply helping them maintain their quality of life.

我們將強調三件事：我們的 FSRU 和碼頭業務的優勢、我們預期的近期成長催化劑，最後是我們的資本配置策略。Excelerate Energy 致力於透過向全球數億人提供液化天然氣和天然氣，提供更清潔、更實惠、更可靠的能源。這並不誇張。它的使用取決於 Excelerate Energy 的能源安全或只是幫助他們維持生活品質。

How do we do that? Well, we do it as a leading provider of flexible LNG infrastructure and integrated solutions. We are a trusted partner for sovereign governments and major LNG producers around the world.

我們該怎麼做呢？嗯，我們是作為靈活的液化天然氣基礎設施和整合解決方案的領先供應商來做到這一點的。我們是世界各地主權政府和主要液化天然氣生產商值得信賴的合作夥伴。

LNG comes up in discussions on two main subjects: by providing energy security in the face of disorder around the world and as a critical tool and decarbonization. It's more than two years since the start of the war in Ukraine. And it seems like we have faced an endless series of geopolitical crises since then.

液化天然氣出現在兩個主要主題的討論中：在世界各地面臨混亂的情況下提供能源安全，作為關鍵工具和脫碳。烏克蘭戰爭爆發已經兩年多了。從那時起，我們似乎面臨一系列無止盡的地緣政治危機。

The need for energy security in a world of increasing or persistent disorder has never been more clear. Excelerate's infrastructure and the essential services we provide have likewise never been more valuable. We expect this to continue for decades to come and for Excelerate to remain a critical provider of energy security and an ally for decarbonization.

在一個日益混亂或持續存在的混亂世界中，對能源安全的需求從未如此明確。Excelerate 的基礎架構和我們提供的基本服務同樣具有前所未有的價值。我們預計這種情況將持續數十年，Excelerate 仍將是能源安全的重要提供者和脫碳的盟友。

We're going to continue this legacy of strengthening energy security for customers across our global footprint. As we turn to '24, our focus as an organization is on optimizing our business to provide superior returns to our shareholders. This includes taking several strategic actions to drive near-term value creation.

我們將延續這項傳統，為全球客戶加強能源安全。進入 24 世紀，我們作為一個組織的重點是優化我們的業務，為股東提供卓越的回報。這包括採取多項策略行動來推動短期價值創造。

I would summarize our near-term strategy and divide it into three pillars. The first pillar is investing in our core business portfolio of FSRUs and terminals. This generate recurring positive cash flows and they provide financial flexibility for Excelerate to execute our grid plans. We believe investing in our existing asset portfolio will help ensure that our core business continues to operate at high levels of reliability and contributes to earnings.

我將總結我們的近期策略並將其分為三個支柱。第一個支柱是投資於我們的 FSRU 和終端核心業務組合。這會產生經常性的正現金流，並為 Excelerate 執行我們的電網計劃提供財務靈活性。我們相信，投資於我們現有的資產組合將有助於確保我們的核心業務繼續以高水準的可靠性運作並為盈利做出貢獻。

The second is comprised of executing on near-term growth catalysts. These near-term growth catalysts include investments in downstream natural gas infrastructure, execution of long-term LNG sales and purchase agreements, and evaluation of potential equity investments in the LNG import terminals.

第二個是執行近期成長催化劑。這些近期成長催化劑包括對下游天然氣基礎設施的投資、長期液化天然氣銷售和購買協議的執行以及對液化天然氣進口終端潛在股權投資的評估。

The third pillar is maximizing value for shareholders through our capital allocation strategy. We are implementing a $50 million share repurchase program commencing this quarter, and we will continue to return capital to shareholders through our regular quarterly dividend. We are committed to all of you being transparent, and we'll continue to communicate our capital allocation strategy clearly and regularly in the future.

第三個支柱是透過我們的資本配置策略為股東實現價值最大化。我們將從本季開始實施 5000 萬美元的股票回購計劃，我們將繼續透過定期季度股息向股東返還資本。我們致力於讓大家保持透明，未來我們將繼續定期清楚地傳達我們的資本配置策略。

I'd like to take a few minutes to highlight some of the strengths of our core business. Cornerstone of our business model is our core for gasification, FSRU, and terminal services business. This generates consistently positive cash flow and affords us financial flexibility. As of January 1 of this year, our existing FSRU fleet is fully contracted and it's poised to deliver $315 million to $335 million of adjusted EBITDA in '24.

我想花幾分鐘時間強調我們核心業務的一些優勢。我們業務模式的基石是氣化、FSRU 和終端服務業務的核心。這會產生持續的正現金流，並為我們提供財務靈活性。截至今年 1 月 1 日，我們現有的 FSRU 船隊已完全簽約，並準備在 2024 年交付 3.15 億至 3.35 億美元的調整後 EBITDA。

Revenue from this business grew approximately 14% year over year in '23 as compared to '22. Our FSRU contract portfolio of over $4.2 billion of future contracted cash flows as a weighted average remaining term of seven years. We strengthened this portfolio in '23 by adding more than 15 years of contract wins.

與 22 年相比，23 年該業務的營收年增約 14%。我們的 FSRU 合約組合的未來合約現金流量超過 42 億美元，加權平均剩餘期限為七年。我們在 23 年透過增加超過 15 年的合約贏得來加強了這一投資組合。

And over the last two years, 40% of our FSRU fleet has been recontracted at higher day rates, reflective of the increased market value of the asset class. We also plan to grow our fleet through an asset growth plan that includes selective acquisitions and construction of new vessels. Our state-of-the-art newbuild FSRU with Hyundai Heavy Industries is advancing according to schedule, and we look forward to welcoming the vessel to our fleet in June of '26.

在過去兩年中，我們 40% 的 FSRU 船隊已以更高的日費率重新承包，這反映了該資產類別的市場價值的增加。我們還計劃透過資產成長計劃來擴大我們的船隊，其中包括選擇性收購和建造新船。我們與現代重工合作的最先進的新建 FSRU 正在按計劃推進，我們期待在 26 年 6 月歡迎該船加入我們的船隊。

I'd like to touch on the safety of our operations, which includes over 700 highly skilled seafarers operating our offshore assets. They are of utmost importance to us. In '23, we achieved a company safety milestone, which I've got to highlight. We had zero injuries that resulted in lost time away from work.

我想談談我們營運的安全問題，其中包括營運我們海上資產的 700 多名高技能海員。它們對我們來說至關重要。23 年，我們實現了公司安全里程碑，我必須強調這一點。我們的工傷為零，導致誤工時間減少。

We remain dedicated to fostering a robust safety culture, and we take pride in the steps we have taken to strengthen our core business in this area. In short, we've got a great base business. With that said, we believe that our current market valuation does not reflect the fundamental earnings power of the company.

我們仍然致力於培養強大的安全文化，我們為加強該領域核心業務所採取的措施感到自豪。簡而言之，我們擁有良好的基礎業務。儘管如此，我們認為目前的市場估值並不能反映公司的基本獲利能力。

Excelerate shares are trading at a price that is substantially below the company's value. We absolutely believe that our shares should be valued at a much higher level given the fair market value of our assets. We're somewhere in the neighborhood of 47% below the fair market appraised value of our fleet. The high quality of our long-term fixed fee FSRU contracts and our near-term capacity for growth.

Excelerate 股票的交易價格遠低於公司的價值。我們絕對相信，考慮到我們資產的公平市價，我們的股票估值應該會更高。我們的機隊價值比公平市場評估價值低 47% 左右。我們長期固定費用 FSRU 合約的高品質以及我們的近期成長能力。

Right now, we're trading below our book value of $16.71. This makes no sense. This is why we believe that implementing a share repurchase program at this time is the right thing to do. The $50 million share repurchase program will commence this quarter and has been approved for a two-year tenure.

目前，我們的交易價格低於 16.71 美元的帳面價值。這毫無意義。這就是為什麼我們認為此時實施股票回購計畫是正確的做法。價值 5000 萬美元的股票回購計畫將於本季開始，並已獲批准為期兩年。

Now let's turn to our near-term growth catalysts. As we mentioned in our third-quarter call, the sustained tightness of the FSRU market is going to create further opportunities for Excelerate to connect LNG downstream customers. And look, we are well positioned to take advantage of this market tightness.

現在讓我們轉向近期的成長催化劑。正如我們在第三季電話會議中提到的，FSRU 市場的持續緊張將為 Excelerate 連接 LNG 下游客戶創造更多機會。看，我們已經做好了利用市場緊張的準備。

To optimize our market position, we have defined a comprehensive organic and inorganic growth roadmap with three key priority areas along the value chain on which we're focusing. First area of focus involves evaluating and acquiring equity ownership in LNG regasification terminals that are either existing or under construction. We are now in discussions with several potential partners worldwide that meet Excelerate's requirements with value creation as well as compliance. And we are driving to close deals that have the potential to add accretive returns as early as '25 for these transactions.

為了優化我們的市場地位，我們制定了全面的有機和無機成長路線圖，其中包括我們重點關注的價值鏈上的三個關鍵優先領域。第一個重點領域涉及評估和收購現有或在建液化天然氣再氣化終端的股權。我們現在正在與全球多個潛在合作夥伴進行討論，這些合作夥伴可以滿足 Excelerate 在價值創造和合規性方面的要求。我們正在推動最早於 25 年完成有可能為這些交易增加增值回報的交易。

Our second catalyst for growth is the execution of long-term sale and purchase agreements or SPAs. We're establishing a diversified energy portfolio to support our long-term SPAs. These contracts provide us with take-or-pay economic uplift, which will enhance returns on our infrastructure.

我們成長的第二個催化劑是執行長期銷售和購買協議或 SPA。我們正在建立多元化的能源組合來支持我們的長期SPA。這些合約為我們提供了照付不議的經濟提升，這將提高我們基礎設施的回報。

And our third area for growth is focused on strategic investments downstream of natural gas infrastructure. We expect these investments to allow us to secure value-accretive offtake contracts for terminal positions while enhancing the overall value of our LNG supply and infrastructure offerings.

我們的第三個成長領域是天然氣基礎設施下游的策略性投資。我們預計這些投資將使我們能夠獲得增值的終端承購合同，同時提高我們液化天然氣供應和基礎設施產品的整體價值。

Beyond the committed growth CapEx that we've disclosed as part of our '24 guidance, we have an actionable path to deploy significant growth capital through '26 in support of our growth program. We've shared with you before that securing long-term SPAs with our counterparties is an important part of our strategy. To support this goal, we've established a diversified LNG supply portfolio, including long-term supply agreements to support our growth strategy.

除了我們在「24 年指引」中揭露的承諾成長資本支出之外，我們還有一條可行的途徑，可以在「26 年」之前部署大量成長資本，以支持我們的成長計畫。我們之前曾與您分享過，與交易對手達成長期協議是我們策略的重要組成部分。為了支持這一目標，我們建立了多元化的液化天然氣供應組合，包括長期供應協議以支持我們的成長策略。

Over the last year, I want to highlight that we executed three notable SPAs. In February of last year, we signed a 20-year SPA to purchase 0.7 million tonnes per annum of LNG for Venture Global beginning in '27. This is going to meet the demand of our customers that have an appetite for Henry Hub volumes.

在過去的一年裡，我想強調的是，我們執行了三個著名的 SPA。去年2月，我們簽署了一份為期20年的SPA，從2027年開始每年為Venture Global購買70萬噸液化天然氣。這將滿足對亨利中心產量有興趣的客戶的需求。

In November, we signed a 15-year SPH to deliver up to 1 million tonnes per annum of LNG to Petrobank Lab beginning in early 26. These volumes are going to flow through our existing FSRUs in Bangladesh. And in January of this year, we signed a 15-year SPA to purchase up to 1 million tonnes of LNG per annum from QatarEnergy to be delivered on an X ship basis in Bangladesh beginning in early '26.

11 月，我們簽署了一份為期 15 年的 SPH，從 26 月初開始每年向 Petrobank 實驗室提供高達 100 萬噸液化天然氣。這些量將流經我們在孟加拉現有的 FSRU。今年 1 月，我們簽署了一份為期 15 年的 SPA，每年從卡達能源公司購買最多 100 萬噸液化天然氣，並從 26 年初開始在孟加拉透過 X 船交付。

I want to emphasize that the execution of the Petrobank Lab and QatarEnergy SPAs is value accretive to Excelerate. It highlights our ability to secure critical and affordable LNG volumes for customers, and we do this while enhancing returns on our existing infrastructure. With the PetroBangla and QatarEnergy SPAs now in place, we've locked in $15 million to $18 million of guaranteed adjusted EBITDA uplift for 15 years, beginning in January of '26.

我想強調的是，Petrobank Lab 和卡達能源 SPA 的執行對於 Excelerate 來說是增值的。它凸顯了我們為客戶確保關鍵且負擔得起的液化天然氣數量的能力，並且我們在這樣做的同時提高了現有基礎設施的回報。隨著 PetroBangla 和 QatarEnergy SPA 現已到位，我們已鎖定從 26 年 1 月開始的 15 年內保證調整後 EBITDA 增長 1500 萬至 1800 萬美元。

We cannot express enough the significance of having QatarEnergy as a strategic partner. It speaks volumes about how our peers and the industry view Excelerate and we look forward to unlocking further demand in the markets where we operate.

我們無法充分錶達卡達能源公司作為策略夥伴的重要性。它充分說明了我們的同行和行業如何看待 Excelerate，我們期待在我們經營所在的市場釋放進一步的需求。

But just quickly recap what we've talked about this morning. Execelerate is well positioned to deliver solid future earnings and cash flow growth. We have a healthy balance sheet and a capital allocation strategy focused on investing in growth while returning capital to shareholders through our recently approved share repurchase program and quarterly dividend payments.

但請快速回顧一下我們今天早上討論的內容。Execelerate 處於有利地位，能夠實現穩健的未來收益和現金流成長。我們擁有健康的資產負債表和資本配置策略，專注於投資成長，同時透過最近批准的股票回購計畫和季度股利支付向股東返還資本。

With that, I'd like to turn the call over to Dana to walk through our full-year and fourth-quarter '23 results and our outlook for '24.

說到這裡，我想將電話轉給 Dana，讓他詳細介紹我們 23 年全年和第四季的業績以及對 24 年的展望。

Thanks, Steven, and good morning. We are pleased with Excelerate's stellar financial performance for 2023. For the full-year 2023, our net income was $127 million, which is an increase of $47 million or up 59% as compared to the prior year. Adjusted EBITDA for 2023 was $347 million, in line with the high end of our guidance range and up $50 million versus last year, an increase of 17%.

謝謝，史蒂文，早安。我們對 Excelerate 2023 年出色的財務表現感到滿意。2023 年全年，我們的淨利潤為 1.27 億美元，比上年增加 4,700 萬美元，成長 59%。2023 年調整後 EBITDA 為 3.47 億美元，符合我們指引範圍的上限，比去年增加 5,000 萬美元，成長 17%。

Our year-over-year results were primarily driven by new charters in Finland and Germany; higher rates on charters in Brazil, Argentina, and the UAE; higher direct margin on gas sales; and lower operating lease expense due to the acquisition of the FSRU Sequoia early last year, partially offset by dry-dock expenses for the FSRU Excellence in the fourth quarter.

我們的同比業績主要是由芬蘭和德國的新特許經營推動的；巴西、阿根廷和阿聯酋的包機費率較高；天然氣銷售的直接利潤較高；去年年初收購 FSRU Sequoia 導致營業租賃費用降低，部分被第四季 FSRU Excellence 的乾船塢費用所抵銷。

For the fourth quarter of 2023, we delivered $20 million of net income and $71 million of adjusted EBITDA. Net income and adjusted EBITDA decreased sequentially from last quarter, primarily due to drydocking expense related to the FSRU Excellence, spot LNG cargo sales during the third quarter that did not reoccur in the fourth quarter, and planned vessel repair and maintenance activities in the fourth quarter.

2023 年第四季度，我們實現了 2,000 萬美元的淨利潤和 7,100 萬美元的調整後 EBITDA。淨利潤和調整後的EBITDA 環比上季度下降，主要是由於與FSRU Excellence 相關的干船塢費用、第三季度的現貨液化天然氣貨物銷售（未在第四季度再次發生）以及第四季度計劃的船舶維修和保養活動。

As of year-end 2023, our total debt, including finance leases, was $768 million, and we had $556 million in cash and cash equivalents on hand, $49 million of letters of credit issued, and no outstanding borrowings under our revolver. As part of our capital allocation strategy, we intend to use our balance sheet when appropriate to pay down debt.

截至 2023 年底，我們的總債務（包括融資租賃）為 7.68 億美元，我們手頭上有 5.56 億美元的現金和現金等價物，簽發了 4900 萬美元的信用證，並且我們的循環貸款下沒有未償還借款。作為我們資本配置策略的一部分，我們打算在適當的時候使用我們的資產負債表來償還債務。

During the fourth quarter, the company paid down $68 million of debt, including a $55 million discretionary repayment of debt on its term loan. After this debt repayment for year-end 2023, we had roughly $212 million of net debt.

第四季度，該公司償還了 6,800 萬美元的債務，其中包括自行決定償還定期貸款債務的 5,500 萬美元。2023 年底償還債務後，我們的淨債務約為 2.12 億美元。

Also, as of year end, we had roughly $300 million of available borrowing capacity on our revolving credit facility. With our healthy balance sheet and the liquidity provided by our revolving credit facility, we're confident in our ability to fund our growth plans and strategic objectives in the near term.

此外，截至年底，我們的循環信貸額度約有 3 億美元的可用借款能力。憑藉我們健康的資產負債表和循環信貸安排提供的流動性，我們有信心有能力在短期內為我們的成長計劃和策略目標提供資金。

Now let's turn to our financial guidance for this year. In 2024, we expect to see continued strong performance of our existing FSRU and terminal services contracts in Europe, the Middle East, South America, and Asia Pacific. For the full year, we expect adjusted EBITDA to range between $315 million to $335 million.

現在讓我們來看看今年的財務指引。到 2024 年，我們預計歐洲、中東、南美和亞太地區現有的 FSRU 和碼頭服務合約將繼續保持強勁表現。我們預計全年調整後 EBITDA 將在 3.15 億美元至 3.35 億美元之間。

As Steven mentioned, the fixed fee revenues from our FSRUs and terminals create an exceptional foundation for sustainable growth. As part of our financial plan this year, we expect to see an increase in business development expense as compared to last year as we advance on our commercial growth opportunities that Steven referenced earlier. These business development costs, which are estimated about $20 million, are included in our guidance range and will be reported within our selling, general and administrative expenses in our income statement.

正如史蒂文所提到的，我們的 FSRU 和碼頭的固定費用收入為永續成長奠定了特殊的基礎。作為我們今年財務計劃的一部分，隨著我們推進史蒂文之前提到的商業成長機會，我們預計業務開發費用將比去年增加。這些業務開發成本估計約為 2000 萬美元，包含在我們的指導範圍內，並將在損益表中的銷售、一般和管理費用中報告。

Also included in our full-year adjusted EBITDA guidance is the impact of a planned first-quarter dry-dock for the FSRU Summit LNG. This vessel is our second FSRU that is under a Build-Own-Operate-Transfer or BOOT structure, and provide services in Bangladesh. Because of FSRU is under a BOOT structure, the related expenses will not be classified as maintenance CapEx, but instead the financial impact of the drydock will be recognized through our income statement in the first quarter of 2024.

我們的全年調整後 EBITDA 指引還包括計畫第一季 FSRU Summit 液化天然氣乾船塢的影響。該船是我們的第二艘 FSRU，採用建造-擁有-運營-轉移或 BOOT 結構，並在孟加拉國提供服務。由於FSRU屬於BOOT結構，相關費用不會歸類為維護資本支出，而是乾船塢的財務影響將透過我們2024年第一季的損益表予以確認。

This is consistent with the impact of the drydock for the FSRU Excellence, which underwent drydock services in the fourth quarter of 2023. These are the only two vessels in our fleet that are under a bridge structure. Thus, all our other vessel drydock costs are capitalized as maintenance CapEx.

這與乾船塢對 FSRU Excellence 的影響一致，該船於 2023 年第四季度進行了乾船塢服務。這是我們船隊中僅有的兩艘位於橋樑結構下的船隻。因此，我們所有其他船舶幹塢成本都資本化為維護資本支出。

Maintaining a solid presence for our FSRU fleet will require that our teams continue to place a high priority on operational excellence and safety. This year, we will increase our maintenance CapEx spend to enhance the performance of our fleet. For the full year, we expect maintenance CapEx to range between $50 million and $60 million. The maintenance CapEx spend anticipated for 2024 will ensure our ability to operate our fleet with the consistently high levels of reliability that our customers expect.

要保持我們的 FSRU 船隊的穩定存在，我們的團隊將繼續高度重視卓越營運和安全性。今年，我們將增加維護資本支出，以提高機隊的績效。我們預計全年維護資本支出將在 5,000 萬美元至 6,000 萬美元之間。預計 2024 年的維護資本支出將確保我們能夠以客戶期望的一致的高可靠性來運作我們的機隊。

As part of our efforts to increase the transparency and disclosure around our business, we are providing additional guidance on committed growth CapEx, which is defined as capital allocated and committed to specific investments currently in execution for previously approved capital projects. For the full year, committed growth CapEx is expected to range between $70 million to $80 million. Most of this committed growth CapEx is related to milestone payments on a newbuild FSRU which will be delivered in June 2026. We will continue to provide updates to our committed growth capital estimates as contracts are executed with counterparties that drive incremental capital needs for 2024.

作為我們提高業務透明度和揭露的努力的一部分，我們正在提供有關承諾成長資本支出的額外指導，其定義是分配資本並致力於當前正在執行的先前批准的資本項目的特定投資。全年承諾成長資本支出預計在 7,000 萬美元至 8,000 萬美元之間。大部分承諾的成長資本支出與 2026 年 6 月交付的新建 FSRU 的里程碑付款有關。隨著與交易對手簽訂的合約推動 2024 年增量資本需求，我們將繼續更新我們承諾的成長資本估算。

Now let me provide an overview of our share repurchase program. The Board of Directors has authorized a share repurchase program under which the company may repurchase up to $50 million of outstanding Class A common stock through February 2026. This share repurchase program underscores the strength of our business and our ability to enhance shareholder returns while preserving financial flexibility on our balance sheet to support our strategic growth initiatives.

現在讓我概述一下我們的股票回購計畫。董事會已授權一項股票回購計劃，根據該計劃，公司可在 2026 年 2 月之前回購最多 5,000 萬美元的已發行 A 類普通股。此股票回購計畫凸顯了我們的業務實力以及我們提高股東回報的能力，同時保持資產負債表的財務靈活性以支持我們的策略成長計畫。

In closing, in 2024 and beyond, our highly contracted business model will continue to be underpinned by long-term take-or-pay cash flows from our core FSRU and terminal services business. We remain well positioned financially to optimize our core regasification business and to execute on our focused growth strategy. We look forward to advancing our plans to create meaningful value for our shareholders.

最後，在 2024 年及以後，我們高度合約化的業務模式將繼續得到我們核心 FSRU 和碼頭服務業務的長期照付不議現金流的支撐。我們在財務上仍然處於有利地位，可以優化我們的核心再氣化業務並執行我們的重點成長策略。我們期待推進我們的計劃，為股東創造有意義的價值。

With that, we'll open up the call for Q&A.

至此，我們將開始問答環節。

(Operator Instructions)

（操作員說明）

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Hi, good morning. Thanks for taking our questions. This is Ben Mohr on for Chris Robertson here at Deutsche Bank. On capital returns, can you please discuss why the company decided to institute your share repurchase program as opposed to just having more cash available as dry powder to pursue growth opportunities? Will this hurt the free float?

早安.感謝您回答我們的問題。我是德意志銀行的 Ben Mohr 替克里斯羅伯森 (Chris Robertson) 發言。關於資本回報，您能否討論為什麼公司決定實施股票回購計劃，而不是僅僅擁有更多現金作為乾粉來尋求成長機會？這會損害自由流通量嗎？

Ben, thanks for joining us. Appreciate that. Touch on a couple of good points. First thing, why the share repo now? I think I touched on it in the remarks. It's really driven by the share price. It's a great investment. We think it's a great opportunity.

本，感謝您加入我們。感謝。談幾個優點。首先，為什麼現在要進行股票回購？我想我在發言中談到了這一點。它確實是由股價所驅動的。這是一項巨大的投資。我們認為這是一個很好的機會。

And no, we think we're sitting in such a good position in terms of do we have sufficient dry powder to go after the targets in front of us? We absolutely do. If we thought we were danger and that in any way, we would not have done this, but we think we can do both and we think this is the most prudent way to return capital to shareholders right now because of the share price.

不，我們認為我們處於如此有利的位置，我們是否有足夠的乾粉來追擊我們面前的目標？我們絕對願意。如果我們認為自己處於危險之中，並且無論如何，我們都不會這樣做，但我們認為我們可以兩者兼得，而且我們認為，鑑於股價，這是目前向股東返還資本的最謹慎方式。

Moving forward, obviously, we continue to look and evaluate our dividend. But first and foremost, in our mind is the ability to pursue growth. And does that answer your question?

顯然，展望未來，我們將繼續關注和評估我們的股利。但我們首先考慮的是追求成長的能力。這能回答你的問題嗎？

Okay. Great. Yes, it does. Maybe as a follow-up, looking at the current LNG and downstream power landscape, where do you think the global market is in terms of short-term versus longer term-infrastructure investment opportunity contracting?

好的。偉大的。是的，它確實。也許作為後續行動，看看當前的液化天然氣和下游電力格局，您認為全球市場在短期與長期基礎設施投資機會收縮方面處於什麼位置？

Okay. I mean, obviously, we're quite bullish long stream -- long term into downstream opportunities. In terms of power, we are interested in our assets. I mean, it's early days for us there. I think I pointed out some of the areas that we're focused on in the near term, the nearer term targets, it's a mix of LNG import terminals, either existing or under developments and downstream natural gas infrastructure and also vessels, of course.

好的。我的意思是，顯然，我們非常看好長期的下游機會。就權力而言，我們對我們的資產感興趣。我的意思是，我們現在還處於早期階段。我想我指出了我們近期關注的一些領域，近期目標，它是液化天然氣進口終端的組合，無論是現有的還是正在開發的，當然還有下游天然氣基礎設施和船舶。

So I think probably within your question is also where we think folks are going in terms of purchasing LNG. And so we think on that, there's continued and increasing demand for long-term folks moving for the affordability and predictability of long-term LNG, which matches nicely with their need for the downstream infrastructure. So we think the purchasing pattern in the global south and elsewhere shows the continued viability of this downstream asset class.

因此，我認為您的問題可能還包括我們認為人們購買液化天然氣的方向。因此，我們認為，長期人們對長期液化天然氣的可負擔性和可預測性的需求持續增長，這與他們對下游基礎設施的需求非常匹配。因此，我們認為南半球和其他地區的購買模式顯示了這個下游資產類別的持續生存能力。

Okay, great. Thanks. I'll hop out and maybe come back for additional questions if there's room. Thank you.

好的，太好了。謝謝。我會跳出去，如果有空間的話，也許會回來問其他問題。謝謝。

Bobby Brooks, Northland Capital Markets.

布魯克斯 (Bobby Brooks)，北國資本市場。

Hey, good morning, guys. Thank you for taking my question. So the QatarEnergy and PetroBangla deals were a great example of how you guys can uplift your EBITDA through existing assets. But I also understand the dynamics that you're going to procure LNG in the manner that customers want. And that's not always necessarily through long-term contracts.

嘿，早上好，夥計們。謝謝你回答我的問題。因此，卡達能源公司和孟加拉石油公司的交易是一個很好的例子，說明了你們如何透過現有資產提高 EBITDA。但我也了解您將以客戶想要的方式購買液化天然氣的動態。這並不總是需要透過長期合約來實現。

So my question is: of your current customer base, how many of them do you feel would be interested in similar deals to like QatarEnergy, or I should say more so say, the PetroBangla deal that you guys did? And then maybe if you could size how much demand in terms of -- maybe in terms of [PTA] those customers would be looking to secure? Like I would assume the amount, say, Bangladesh wants would vary from what Finland might want.

所以我的問題是：在您目前的客戶群中，您認為有多少人會對像卡達能源這樣的類似交易感興趣，或者我應該說更多，例如您所做的 PetroBangla 交易？然後，也許您可以根據這些客戶希望獲得的 [PTA] 來衡量需求量？就像我假設的那樣，孟加拉想要的金額與芬蘭可能想要的金額有所不同。

I think just based upon those relative populations, you're absolutely right, Bobby. I'll probably hand this over to my colleague, Oliver Simpson. I will say, first and foremost, the thing that's a great proof point about Bangladesh is that's just an infrastructure contract we have.

我認為僅根據這些相對人口，你是絕對正確的，鮑比。我可能會把這個交給我的同事奧利佛辛普森。我想說，首先也是最重要的是，關於孟加拉的一個很好的證據是，這只是我們擁有的基礎設施合約。

And even though we only have an infrastructure in Bangladesh, it didn't stop us from being engaged with the customer, figuring out what their need was. Their need was to rapidly increase the amount of long-term priced -- favorably priced LNG that they needed. We made an upgrade, enhance the send-out capacity of our existing infrastructure. And as a consequence, we were able to secure that.

儘管我們只在孟加拉擁有基礎設施，但這並沒有阻止我們與客戶互動，並弄清楚他們的需求是什麼。他們的需要是迅速增加他們所需的長期價格優惠的液化天然氣的數量。我們對現有基礎設施進行了升級，增強了發送能力。結果，我們能夠確保這一點。

So I would say just looking at all the markets, I'll start first with our existing markets, we're always going to be engaged and seeing what the customer needs. In past, we've talked about how some markets are far more variable in their needs. Some are seasonal, but we're always going to be attuned to what what they need.

所以我想說，只要看看所有市場，我將首先從我們現有的市場開始，我們將始終參與並了解客戶的需求。過去，我們討論過一些市場的需求差異很大。有些是季節性的，但我們總是適應他們的需求。

But, Oliver, you want to speak to how we see the markets just focused on a particular market outside of that, rest of the world?

但是，奧利佛，您想談談我們如何看待市場只關注世界其他地區之外的特定市場？

Yes, sure thing. Thanks, Steven. Thanks, Bobby. Yes, I think first, just on the the QatarEnergy, PetroBangla, I mean, we're extremely proud of that relationship as Steven mentioned. I think today, Qatar, maybe 10% of its annual production is regasified through Excelerate's FSRUs globally. So I think this new relationship with them showcases our ability to deliver these incremental returns on our infrastructure, but also our ability to work with these top producers.

是的，當然可以。謝謝，史蒂文。謝謝，鮑比。是的，我想首先，就卡達能源公司和孟加拉石油公司而言，我的意思是，正如史蒂文所提到的那樣，我們對這種關係感到非常自豪。我認為，如今，卡達可能有 10% 的年產量透過 Excelerate 的全球 FSRU 進行再氣化。因此，我認為與他們的這種新關係展示了我們在基礎設施上提供這些增量回報的能力，以及我們與這些頂級生產商合作的能力。

I mean, I think if you look at those volumes, the 1 million tonnes is about 20% of the re-gas capacity of an FSRU in Bangladesh. So we're talking 10%, to 15% of Bangladesh's demand. So I think that shows when we take that to other markets, that a million tonnes is a very modest amounts in any of the markets that we work. So I think we will keep looking for opportunities of those size and some of the new markets.

我的意思是，我認為如果你看一下這些容量，100 萬噸大約是孟加拉國 FSRU 再供氣能力的 20%。所以我們談論的是孟加拉需求的 10% 到 15%。因此，我認為這表明，當我們將其應用於其他市場時，100 萬噸對於我們工作的任何市場來說都是一個非常小的數量。因此，我認為我們將繼續尋找這種規模的機會和一些新市場。

As Steven mentioned, different markets will have different needs. And we're focused on delivering to the customers what they want in terms of LNG supply to meet their needs and ensure they have the right products.

正如史蒂文所提到的，不同的市場會有不同的需求。我們專注於向客戶提供他們想要的液化天然氣供應，以滿足他們的需求並確保他們擁有合適的產品。

Got it. Thank you. And then so I understand that on the inorganic M&A opportunities, you guys can't really frame that until the deal is signed. But I think it might be beneficial to talk about some key lessons learned in 2023 in pursuit of that inorganic M&A. And maybe more specifically, could you give any examples of M&A opportunities you ultimately passed on and what drove that decision to step away from it?

知道了。謝謝。然後我明白，在無機併購機會上，在交易簽署之前，你們無法真正確定這一點。但我認為討論 2023 年在進行無機併購時學到的一些重要經驗教訓可能會有所幫助。也許更具體地說，您能否舉出一些您最終放棄的併購機會的例子，以及是什麼促使您做出放棄併購機會的決定？

Thank you, Bobby, for inviting us to open up a post-mortem seminar here. Look, everything is dependent upon the market. We're looking at what we think about the fundamental demand. We often talk about the fact that we don't invest in projects; we like to invest in markets. We care about the fundamental demand and need for energy in a particular market, whether it's the demand for energy security or the demand for energy. We want to know that there is a solid business case of driving the demand. And then we'll look at what we expect.

謝謝鮑比邀請我們在這裡舉辦事後研討會。你看，一切都取決於市場。我們正在研究我們對基本需求的看法。我們常說我們不投資項目，而是投資項目。我們喜歡投資市場。我們關心特定市場對能源的基本需求和需求，無論是能源安全的需求或能源的需求。我們想知道是否有可靠的商業案例來推動需求。然後我們會看看我們的期望是什麼。

We've said before, we're looking for mid-teens, unlevered after-tax returns on a lot of those sorts of projects. So we're looking at our hurdle rates in different markets. These are big opportunities. Obviously, you're talking about CapEx. It can vary. I would say they average $200 million to $400 million in terms of opportunity size.

我們之前說過，我們正在尋找許多此類項目的十幾歲左右的無槓桿稅後回報。因此，我們正在研究不同市場的最低門檻利率。這些都是巨大的機會。顯然，您談論的是資本支出。它可能會有所不同。我想說，就機會規模而言，他們平均為 2 億至 4 億美元。

But if you're going to pass on anything and I'm not going to speak to that, I think we have a track record of doing great due diligence out there in the world, evaluating the need for energy in a particular market that drives a successful project over many years, and then making sure that is going to meet our hurdle rates, that we're comfortable with our governance. So it's a host of things. But I do think we've got a good track record. And surely, we have rigor in this process.

但如果你要傳遞任何東西，而我不會談論這一點，我認為我們在世界範圍內進行了出色的盡職調查，評估了特定市場對能源的需求，從而推動了能源的發展。一個多年來成功的項目，然後確保它能夠滿足我們的最低門檻，我們對我們的治理感到滿意。所以這是很多事情。但我確實認為我們有良好的記錄。當然，我們在這個過程中非常嚴格。

Yes, I would definitely agree with that in terms of the solid track record that you guys have built. And then I guess just last question would be, I think Dana mentioned, you'll use the balance sheet to pay down debt when appropriate.

是的，就你們所建立的可靠記錄而言，我絕對同意這一點。然後我想最後一個問題是，我認為達納提到，你將在適當的時候使用資產負債表來償還債務。

You guys made that extra $50 million payment towards debt in the fourth quarter. So I was just wondering maybe what triggers made it appropriate to pay down more debt in the fourth quarter last year.

你們在第四季額外支付了 5,000 萬美元的債務。所以我只是想知道也許是什麼觸發因素使得去年第四季償還更多債務是合適的。

Hi, Bobby. Yes, thanks for the question. So as we went into the fourth quarter of last year, we did quite a bit of analysis on our cash flow and our ongoing projections and our CapEx needs and so on. And as we looked at where we finished the year and as you can see from our balance sheet, we finished the year with very healthy amount of cash. We felt comfortable that we had enough excess cash to continue to move forward with these growth programs as well as the share repurchase program and pay down some debt.

嗨，鮑比。是的，謝謝你的提問。因此，當我們進入去年第四季時，我們對現金流、持續預測以及資本支出需求等進行了大量分析。當我們審視今年的收尾情況時，正如您從我們的資產負債表中看到的那樣，我們以非常健康的現金數量結束了這一年。我們感到放心的是，我們有足夠的多餘現金來繼續推進這些成長計劃以及股票回購計劃並償還一些債務。

We made a decision to pay back roughly $55 million; that's about 7%. So that will save us roughly $4 million a year. And we felt like that was a good use of cash based on where we are right now with our balance sheet. So we'll continue to evaluate it as we look at our growth needs going forward and make those decisions on a case-by-case basis.

我們決定償還約 5500 萬美元；大約是 7%。因此，這將為我們每年節省約 400 萬美元。根據我們目前的資產負債表狀況，我們認為這是對現金的良好利用。因此，我們將繼續評估它，同時考慮我們未來的成長需求，並根據具體情況做出這些決定。

Got it. That makes sense. I really appreciate the color and I'll return to the queue. Thank you, guys.

知道了。這就說得通了。我真的很喜歡這個顏色，我會回到隊列中。感謝你們。

Eli Justin, JPMorgan.

伊萊賈斯汀，摩根大通。

Hey, good morning, everyone. Just hoping to circle back on the share repurchase program. So I know you highlighted a 1Q '24 commencement. Are you able to confirm have there been any repurchases yet to date? And then kind of just how do you see the cadence of those playing out through the year? Thanks.

嘿，大家早安。只是希望能回到股票回購計畫上來。所以我知道你強調了 24 年第一季的畢業典禮。您能否確認迄今為止是否有任何回購？那麼您如何看待這一年中的比賽節奏？謝謝。

So thanks, Eli. And we actually haven't opened that. We're still in a quiet period. So obviously, as we release earnings today, we'll exit our quiet period. We intend to start those very early next week. So we have not actually started yet.

所以謝謝，伊萊。我們實際上還沒有打開它。我們還處於平靜期。顯然，當我們今天發布財報時，我們將退出平靜期。我們打算在下週初開始這些工作。所以我們還沒有真正開始。

As far as the cadence, we fully intend to -- even though we announced that over a two-year program, we expect that to be -- likely will be complete and be ahead of that two-year program. And that's because, you know, just based on where our stock is today and the fact that we're so undervalued based on the parameters that we've set with the banks, we feel very comfortable that we'll be able to get that done within a year.

就節奏而言，我們完全打算 - 儘管我們宣布了一個為期兩年的計劃，但我們預計 - 很可能會完成並領先於該兩年計劃。那是因為，你知道，僅僅基於我們的股票今天的位置，以及根據我們與銀行設定的參數我們被如此低估的事實，我們感到非常放心，我們將能夠得到這個一年內完成。

Got it. That's great color. Appreciate it. And then maybe just if we could pivot back to some of the portfolio additions you guys have referenced in the forward-looking CapEx guide. So beyond the new build coming on in 2026, what are the puts and takes for the kind of build versus buy strategy in your view? And can you just remind us how you kind of compare economics between those two strategies?

知道了。那顏色真棒。欣賞它。然後，也許我們可以回到你們在前瞻性資本支出指南中提到的一些投資組合補充。那麼，除了 2026 年推出的新版本之外，您認為建立與購買策略的優缺點是什麼？您能否提醒我們您如何比較這兩種策略的經濟效益？

Sure. I mean, the bulk of the committed CapEx, as Dana mentioned, is for a tranche on the new building with Hyundai Heavy Industries. As we mentioned on the call, we're going to continue to evaluate opportunities to expand the fleet as part of the strategy. We feel very strongly that there is a market tightness in this asset class.

當然。我的意思是，正如達納所提到的，承諾的資本支出的大部分用於現代重工新大樓的一部分。正如我們在電話中提到的，作為策略的一部分，我們將繼續評估擴大機隊的機會。我們強烈感覺到該資產類別存在市場緊張。

We continue to see that. We think it's one of the limiting factors and projects and the ability to move forward with us. We will continue to be evaluating acquisition or new building of the fleet.

我們繼續看到這一點。我們認為這是限制因素和專案以及與我們一起前進的能力之一。我們將繼續評估收購或新建機隊。

In terms of -- the question giving us to organic or inorganic development of some of the opportunities we've discussed, it's just at both. And obviously, we want to look to the inorganic opportunities because we're interested in accelerating earnings in '25 and '26. No doubt about it. So that is one of the key drivers on that.

就我們所討論的一些機會的有機或無機發展的問題而言，兩者都是如此。顯然，我們希望尋找無機機會，因為我們有興趣在 25 和 26 年加速獲利。毫無疑問。這是關鍵驅動因素之一。

Plus, not every market is the same. Some are better suited for organic development. Some are better suited for buying something that's further along. So it's horses for courses. We're going to keep evaluating those.

另外，並非每個市場都是一樣的。有些更適合有機發展。有些更適合購買更遠的東西。所以這是課程的馬匹。我們將繼續評估這些。

But we have very definite return expectations and hurdle rates we have to meet. And whether we get there through an organic or inorganic basis, we have our expectations, which we fully intend to meet and anything we're going to execute on is going to be accretive for the company and for our shareholders.

但我們有非常明確的回報預期和必須滿足的最低要求率。無論我們是透過有機還是無機的方式實現這一目標，我們都有我們的期望，我們完全打算滿足這些期望，並且我們將要執行的任何事情都將為公司和我們的股東帶來增值。

Got it. I appreciate all that color. Thanks again.

知道了。我很欣賞所有這些顏色。再次感謝。

Zack Van Everen, TPH.

扎克·範·埃弗倫，TPH。

Hey, guys. Thanks for taking my question. Just to start on the EBITDA guidance, could you touch on what would you -- the low end versus high end with how contracted you are? Is there still some marketing opportunities baked then or gas sales in there as well?

大家好。感謝您提出我的問題。首先談談 EBITDA 指導，您能談談您的看法嗎——低端與高端以及您的合約程度如何？當時是否仍有一些行銷機會或天然氣銷售？

Dana and I can speak to that. I mean in terms of -- well, first of all, hey, good morning, Zach.

達納和我可以談談這一點。我的意思是——嗯，首先，嘿，早上好，扎克。

Good morning.

早安.

It's good to chat. Yes, good morning. In terms of what could push it down, I mean, I think that would probably be more likely than anything an increase in development expense spends. As we get further traction than we might expect on some opportunities, that would be one driver. But what would you add to that?

聊天很好。是的，早安。就可能導致其下降的因素而言，我的意思是，我認為這可能比開發費用支出的增加更有可能。當我們在某些​​機會上獲得比我們預期更大的吸引力時，這將是一個驅動因素。但你還要補充什麼呢？

To that, what I will say is that we feel very confident about this range. You know, there's not a lot of upside; there's not a lot of downside. The upside obviously would be equity like August. But as you know, all of our merchant vessels on contract, so we don't expect to blow out this range. We expect to come in within this guidance.

對此，我要說的是，我們對這個範圍非常有信心。你知道，沒有太多的好處；沒有太多的缺點。上行顯然是像八月一樣的股票。但如您所知，我們所有的商船都是簽訂合約的，因此我們預計不會超出這個範圍。我們希望遵循這一指導方針。

If we are successful in doing several cargoes like we did last year, then that could obviously drive it up. So there's definitely that possibility.

如果我們像去年那樣成功地運送了幾批貨物，那麼顯然會推高價格。所以肯定有這種可能性。

As David said, there's a possibility that we invest more in business development. That could potentially drive it down, but we don't expect it to go beyond that $315 million. So we we do feel very good about the $315 million to $335 million range. But to add to your point, with all of our vessels on long-term contracts, that does give us really good visibility into 2024 results like we're going to be within this range this year.

正如大衛所說，我們有可能在業務發展上投入更多。這可能會導致其下降，但我們預計不會超過 3.15 億美元。因此，我們確實對 3.15 億至 3.35 億美元的範圍感到非常滿意。但補充一點，我們所有的船舶都簽訂了長期合同，這確實讓我們對 2024 年的結果有了很好的了解，就像我們今年將在這個範圍內一樣。

Got you. And then maybe just one more on the international market and obviously the news with the DOE here in the US. When you guys look at future SPAs, you have signed some in the US and obviously international as well. Are you leaning more towards SPAs internationally as the US kind of works through it regulatory environment? Or is there really a preference there?

明白你了。然後也許只是國際市場上的另一個消息，顯然還有美國能源部的消息。當你們考慮未來的 SPA 時，你們已經在美國簽署了一些協議，顯然也簽署了國際協議。由於美國在其監管環境下運作，您是否更傾向於國際上的 SPA？或者真的有偏好嗎？

So I think, Zach, we are -- first I'd say we're pleased with the suppliers that we have agreements with. Currently that's Venture Global, that's QatarEnergy. Very happy with both the steels. There's definitely interest from some parties for Henry Hub indexed long-term deals. We like the US.

所以我認為，扎克，我們——首先我想說，我們對與我們達成協議的供應商感到滿意。目前，這就是 Venture Global，即卡達能源公司。對這兩種鋼都非常滿意。某些方面肯定對亨利中心指數長期交易感興趣。我們喜歡美國。

Same time, you just saw just in the past few days, QatarEnergy announce an additional 16 million tonnes coming up. That's going to take their total up to 144 million. This just means there is a continuing demand for increasing demand for LNG around the world. Other producers will step up if the US doesn't.

同時，您剛在過去幾天看到，卡達能源公司宣布將追加 1,600 萬噸產能。這將使他們的總數達到 1.44 億人。這僅僅意味著全球對液化天然氣的需求持續成長。如果美國不這樣做，其他生產商也會採取行動。

We're somewhat agnostic. We hope there will be further US production. And we think it's in the best interest of the US and a harmonious global system that people can afford to add this product and access it widely. You've seen some nations increased significantly their targets for natural gas in recent weeks as part of their mix. That's usually to the disadvantage of coal. So we're in favor of and think it's great for the US or any other market to increase its LNG production.

我們有點不可知論。我們希望美國能有更多生產。我們認為，人們有能力添加該產品並廣泛使用它，這符合美國和和諧的全球體系的最佳利益。作為其組合的一部分，您已經看到一些國家最近幾週大幅提高了天然氣目標。這通常對煤炭不利。因此，我們贊成並認為增加液化天然氣產量對美國或任何其他市場都有好處。

Got you. That's all I had. Appreciate the time. Thanks, guys.

明白你了。這就是我所擁有的一切。珍惜時間。多謝你們。

Thank you.

謝謝。

(Operator Instructions) Chris Robertson, Deutsche Bank.

（操作員指令）克里斯·羅伯遜，德意志銀行。

Hi. Yes, thanks for taking our follow-up. This is Ben Mohr again for Chris Robertson. Looking at the SPA for QatarEnergy and a sales agreement with PetroBangla for the volumes you discussed, can you talk a bit about how these contracts are structured? Have you locked in a particular margin based on your purchase price of LNG volumes plus the cost of transport and the gas?

你好。是的，感謝您接受我們的跟進。這是克里斯羅伯森 (Chris Robertson) 的本莫爾 (Ben Mohr)。看看卡達能源公司的 SPA 以及與 PetroBangla 就您討論的數量簽訂的銷售協議，您能談談這些合約的結構嗎？您是否根據液化天然氣的購買價格加上運輸和天然氣成本鎖定了特定的利潤？

Thanks for that, Ben. I'm going to throw that one back over to Oliver Simpson, who will answer it without going into too much detail.

謝謝你，本。我將把這個問題轉回給奧利佛辛普森 (Oliver Simpson)，他會回答這個問題，但不會透露太多細節。

Thanks, Steven. Thanks, Ben. I think on that one, I mean, I think we have -- we entered into a long-term agreement with PetroBangla that to sell energy in Bangladesh and backfilled it with a long term DS supply agreement from Qatar.

謝謝，史蒂文。謝謝，本。我認為在這一點上，我的意思是，我認為我們已經與 PetroBangla 簽訂了一項長期協議，在孟加拉國出售能源，並透過卡達的長期 DS 供應協議進行回補。

So on that in terms of volume, delivery location, it is pretty much the district contracts are aligned and we have a fixed margin in between the two. So I think fairly de-risked contracts and assets.

因此，就數量、交貨地點而言，地區合約幾乎是一致的，我們在兩者之間有固定的利潤。所以我認為合約和資產的風險相當低。

And that's in line with what we've said philosophically about commodities for some time and the fact we're looking for structure uplift.

這符合我們一段時間以來對大宗商品的哲學看法，也符合我們尋求結構性提升的事實。

Wonderful. That's my one. Thank you so much.

精彩的。那是我的。太感謝了。

Thanks, Ben.

謝謝，本。

That concludes the Q&A portion of today's call. I will now turn the session back over to Craig Hicks for final comments.

今天電話會議的問答部分到此結束。我現在將把會議轉回克雷格·希克斯（Craig Hicks）徵求最後意見。

I'm going to grab the mic from Craig Hicks. This is Steven Kobos. Thank you again to everyone who joined on today's call. As you heard this morning, we delivered strong full-year results in '23, and we are optimistic about our plans to maximize shareholder value. We take pride in being one of the world's premier providers of flexible LNG infrastructure and a preferred partner for countries seeking to stabilize their energy systems.

我要從克雷格·希克斯手中接過麥克風。這是史蒂文·科博斯。再次感謝參加今天電話會議的所有人。正如您今天早上所聽到的，我們在 23 年取得了強勁的全年業績，我們對實現股東價值最大化的計劃持樂觀態度。我們為成為全球領先的靈活液化天然氣基礎設施供應商之一以及尋求穩定能源系統的國家的首選合作夥伴而感到自豪。

Before closing this earnings call, I would like to reinforce our commitment to our investors to be extremely transparent regarding our action-oriented growth strategy based on our highly ratable take-or-pay FSRU base business and the growth catalysts we've talked about and our capital allocation strategy.

在結束本次財報電話會議之前，我想重申我們對投資者的承諾，即我們以行動為導向的增長戰略極其透明，該戰略基於我們高評級的照付不議的FSRU 基礎業務以及我們討論過的成長催化劑，我們的資本配置策略。

I look forward to providing you with additional progress updates in the coming months. Thank you all for your time this morning.

我期待在未來幾個月為您提供更多進展更新。感謝大家今天早上抽出寶貴的時間。

That concludes today's Excelerate Energy fourth-quarter and full-year 2023 earnings conference call. You may now disconnect your line.

今天的 Excelerate Energy 第四季和 2023 年全年財報電話會議到此結束。現在您可以斷開線路。