Excelerate Energy Inc (EE) 2025 Q1 法說會逐字稿

--Hello and welcome to the ExcelerateEnergy first quarter 2025, conference call. My name is Alex. I'll be coordinating today's call.

——您好，歡迎參加 ExcelerateEnergy 2025 年第一季電話會議。我的名字是亞歷克斯。我將負責協調今天的電話會議。

I'll now hand it over to your host, Craig Hicks, Vice President, Investor Relations and strategy. Please go ahead.

現在我將把發言權交給主持人、投資者關係和策略副總裁克雷格希克斯 (Craig Hicks)。請繼續。

Good morning, everyone.

大家早安。

Thank you for joining Excelerate Energy's first quarter, 2025 earnings call.

感謝您參加 Excelerate Energy 2025 年第一季財報電話會議。

Participating on the call today are Steven Kobos, Chief Executive Officer, and Dana Armstrong, Chief Financial Officer.

今天參加電話會議的有執行長 Steven Kobos 和財務長 Dana Armstrong。

Also joining the call today are Oliver Simpson, Chief Commercial Officer, and David Liner, Chief Operating Officer.

今天參加電話會議的還有商務長 Oliver Simpson 和營運長 David Liner。

Our first quarter, 2025 earnings results press release and presentation were released yesterday afternoon and can be found on our website at ir.excelerateenergy.com/

我們的 2025 年第一季獲利業績新聞稿和簡報已於昨天下午發布，可在我們的網站 ir.excelerateenergy.com/ 上查閱。

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.

我想提醒大家，我們將在本次電話會議上做出前瞻性陳述，其中涉及許多風險和不確定性。

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-gap financial measures.

今天的演講也將提及某些非缺口財政措施。

We have provided a reconciliation to the most directly comparable GAAP financial measures at the back of the presentation. But that is my pleasure to pass the call over to Steven Kobos.

我們在簡報的後面提供了與最直接可比較的 GAAP 財務指標的對帳。但我很高興將電話轉給史蒂文·科博斯。

Thanks, Craig, and good morning everyone.

謝謝，克雷格，大家早安。

It is truly a pleasure to have you on the call with us today.

今天非常榮幸您能與我們通話。

Excelerate is off to a great start in 2025, and we continue to make progress on our strategic objectives.

Excelerate 在 2025 年取得了良好的開端，我們將繼續在策略目標上取得進展。

I know that many of you may be familiar with Excelerate.

我知道你們中的許多人可能熟悉 Excelerate。

I also know that Excelerate is attracting the attention of a lot of new investors with our recent activities. So for the new ears on the call and eyes on the deck, I want to touch on who we are as a company.

我還知道 Excelerate 最近的活動正在吸引許多新投資者的注意。因此，對於電話會議中的新聽眾和甲板上的新眼睛，我想談談我們是一家甚麼樣的公司。

Excelerate Energy is the global leader in floating LNG import terminals and downstream LNG infrastructure.

Excelerate Energy 是浮動液化天然氣進口終端和下游液化天然氣基礎設施的全球領導者。

We operate 10 FSRUs which represents approximately 25% of the world's floating regasification capacity, and we have another FSRU under construction.

我們經營 10 艘 FSRU，約佔全球浮動再氣化能力的 25%，另外還有一艘 FSRU 正在建造中。

We are an experienced operator and we are expanding our LNG terminal presence in key natural gas markets around the world.

我們是一家經驗豐富的營運商，我們正在全球主要天然氣市場擴大我們的液化天然氣終端業務。

As a US company with a global presence, we help countries enhance their energy security while supporting the transition to a lower carbon future.

作為一家業務遍佈全球的美國公司，我們協助各國增強能源安全，同時支持轉型為低碳未來。

So what sets Excelerate apart from an investment perspective?

那麼從投資角度來看 Excelerate 有何不同呢？

First, our business is predominantly supported by take or pay contracts.

首先，我們的業務主要依靠照付不議合約。

These give us the ability to generate sustainable earnings regardless of economic cycles.

這些使我們能夠不受經濟週期影響地創造可持續的收益。

Second, we have a strong balance sheet that provides us with financial flexibility to execute our growth strategy.

其次，我們擁有強大的資產負債表，這為我們執行成長策略提供了財務靈活性。

And third, by focusing on the last mile of the LNG value chain, we are strategically positioned to scale our business as new LNG supply arrives online in the coming years.

第三，透過專注於液化天然氣價值鏈的最後一英里，我們將在未來幾年隨著新的液化天然氣供應的上線而具有策略性地擴大業務規模。

With these attributes as a foundation, Excelerate is a great investment opportunity.

有了這些屬性為基礎，Excelerate 是一個很好的投資機會。

On today's call, I'll go over several key highlights from the quarter and give an update on our strategy.

在今天的電話會議上，我將回顧本季的幾個關鍵亮點，並介紹我們的策略更新。

Then I'll hand the call over to Dana, who will discuss our financial results in more detail.

然後我會把電話交給達娜，她將更詳細地討論我們的財務結果。

Q1 was another strong quarter for Excelerate. We delivered $100 million of adjusted EBITDA and $56 million of adjusted net income.

第一季對於 Excelerate 來說又是一個強勁的季度。我們實現了 1 億美元的調整後 EBITDA 和 5,600 萬美元的調整後淨收入。

The financial results we achieved this quarter were driven primarily by the strong performance of our core regasification infrastructure business.

我們本季取得的財務業績主要得益於核心再氣化基礎設施業務的強勁表現。

I touched on this earlier, but I have to emphasize our FSRU and terminals business is underpinned by a high quality take or pay customer contract portfolio.

我之前提到過這一點，但我必須強調，我們的 FSRU 和終端業務以高品質的照付不議客戶合約組合為基礎。

This year that portfolio represents over 90% of our estimated full year adjusted EBITDA.

今年該投資組合占我們預計的全年調整後 EBITDA 的 90% 以上。

The steady cash flows this business generates gives us a strong financial base and it's the cornerstone of everything we do.

這項業務產生的穩定現金流為我們提供了強大的財務基礎，也是我們所做的一切的基石。

Let's talk operations for a moment.

讓我們來談談操作。

On the operations front, our teams continue to make operational excellence a top priority.

在營運方面，我們的團隊繼續將卓越營運作為首要任務。

We have an unwavering commitment to achieving high levels of reliability that helps us protect our revenue and consistently meet our customer commitments.

我們堅定不移地致力於實現高水準的可靠性，這有助於我們保護收入並始終如一地履行對客戶的承諾。

During the quarter, our team continued to see operational reliability above 99.9%. This is simply outstanding.

本季度，我們的團隊繼續看到營運可靠性達到 99.9% 以上。這簡直太出色了。

We exceeded all our primary safety targets as well.

我們也超額完成了所有主要安全目標。

This reaffirms our commitment to safe and sustainable operations.

這再次證明了我們對安全和永續營運的承諾。

In short, we have a great base business with best in class operations.

簡而言之，我們擁有出色的基礎業務和一流的營運。

Now let's turn to our great strategy.

現在讓我們來談談我們的偉大策略。

Since last quarter, the Excelerate team has done a great job generating near-term value creation for our shareholders.

自上個季度以來，Excelerate 團隊為我們的股東創造了出色的近期價值。

We continue to advance our fleet asset optimization and expansion strategy.

我們繼續推進船隊資產優化和擴張策略。

The construction of hole 34S7 remains on track for expected delivery in mid 2026.

34S7 孔的施工進展順利，預計 2026 年中期交付。

We continue to see great demand for a whole 34S7, and we are in ongoing discussions with potential customers regarding the vessel's deployment.

我們繼續看到對整艘 34S7 的巨大需求，並且我們正在與潛在客戶就該船的部署進行討論。

The next construction milestone will occur in June when we launch or float the asset for the first time.

下一個建設里程碑將在 6 月發生，屆時我們將首次推出或浮動該資產。

Beyond ensuring robust support for our core regas business, we are pursuing strategic growth catalysts.

除了確保對我們的核心再氣化業務的強大支持之外，我們還在尋求策略性成長催化劑。

Obviously this includes our recently announced agreement to acquire an integrated LNG infrastructure and power platform in Jamaica.

顯然，這包括我們最近宣布的收購牙買加綜合液化天然氣基礎設施和電力平台的協議。

So let's talk a bit about our plans for Jamaica.

那麼讓我們來談談我們對牙買加的計劃。

In March we announced that we entered a definitive agreement to acquire the fully integrated downstream LG and power platform in Jamaica for a cash purchase price of approximately $1 billion.

今年 3 月，我們宣布達成最終協議，以約 10 億美元現金收購牙買加完全整合的下游 LG 和電力平台。

Under the terms of the agreement, Excelerate will acquire the assets and operations of the Montego Bay LNG terminal, the old harbor LNG terminal, and the Clarendon CHP power plant.

根據協議條款，Excelerate 將收購蒙特哥灣液化天然氣終端、舊港液化天然氣終端和克拉倫登熱電聯產發電廠的資產和營運。

These assets constitute Jamaica's sole LNG platform encompassing its only two LNG terminals and the island's only combined heat and power plant.

這些資產構成了牙買加唯一的液化天然氣平台，包括其僅有的兩個液化天然氣終端和島上唯一的熱電聯產廠。

This acquisition marks an important milestone for Excelerate and the execution of our downstream growth strategy.

此次收購對於 Excelerate 和我們下游成長策略的執行來說是一個重要的里程碑。

But most of all, it is an outstanding strategic and financial fit.

但最重要的是，它具有出色的策略和財務契合度。

Strategically, it aligns with our goal of investing in both LNG import terminals and complementary downstream infrastructure.

從戰略上講，這符合我們投資液化天然氣進口終端和互補下游基礎設施的目標。

It also enhances our aggregate long-term contract revenue and margins while diversifying our geographic exposure and customer base.

它還提高了我們的長期合約總收入和利潤率，同時使我們的地理覆蓋和客戶群多樣化。

Lastly, The integration of this downstream and last mile infrastructure will secure a creative offtake that dovetails nicely with the venture global volumes in our LNG portfolio.

最後，下游和最後一哩基礎設施的整合將確保創造性的承購，與我們液化天然氣投資組合中的全球創投完美契合。

In short, it is a big step forward, beyond the strategic benefits, the addition of the Jamaica business will deliver significant year term value to Excelerate and our shareholders.

簡而言之，這是向前邁出的一大步，除了戰略利益之外，牙買加業務的加入還將為 Excelerate 和我們的股東帶來顯著的年度價值。

First, the transaction will be immediately accretive to EPS and significantly enhance our operating cash flow.

首先，該交易將立即增加每股收益並顯著增強我們的營運現金流。

Second, it provides us with a contract portfolio of mostly investment grade counterparties, including Jamaica Public Service Company, which is one of the largest customers on the island.

其次，它為我們提供了主要由投資等級交易對手組成的合約組合，其中包括牙買加公共服務公司，該公司是島上最大的客戶之一。

In fact, on an enterprise level, it pulls our aggregate off-take profile to investment grade.

事實上，從企業層面來看，它將我們的整體承購狀況提升到了投資等級。

Third It will enhance our operational and financial profile.

第三，它將增強我們的營運和財務狀況。

And finally, The acquisition is going to provide us with a new pipeline of growth opportunities in both Jamaica and the Atlantic basin.

最後，此次收購將為我們在牙買加和大西洋盆地提供新的成長機會。

This is a great business, and these are fantastic assets.

這是一項偉大的事業，這些都是寶貴的資產。

We are excited to bring it into our portfolio and welcome the talented team of experts and professionals who have helped shape the LNG landscape in Jamaica.

我們很高興將其納入我們的投資組合，並歡迎幫助塑造牙買加液化天然氣格局的優秀專家和專業團隊。

We are making good progress on integration planning and are on track to close this quarter.

我們的整合規劃正在取得良好進展，並預計在本季完成。

We are committed to working with the Jamaican government to ensure the transition is as seamless as possible.

我們致力於與牙買加政府合作，確保過渡盡可能順利。

In summary, I am pleased with where Excelerate is positioned today, and we are excited about the opportunities that lie ahead.

總而言之，我對 Excelerate 目前的定位感到滿意，我們對未來的機會感到興奮。

With that, I'll turn the call over to Dana.

說完這些，我就把電話轉給達娜 (Dana)。

Thanks, Steven, and good morning. Excelerate delivered strong financial results for the 1st quarter.

謝謝，史蒂文，早安。Excelerate 第一季的財務表現表現強勁。

We reported adjusted net income of $56 million which is a sequential increase of $10 million, or up 20% as compared to the fourth quarter of last year.

我們報告調整後的淨收入為 5,600 萬美元，比去年第四季增加 1,000 萬美元，成長 20%。

Adjusted EBITDA for the first quarter was $100 million, up $9 million, or up about 10% versus the prior quarter.

第一季調整後 EBITDA 為 1 億美元，較上一季增加 900 萬美元，增幅約 10%。

The sequential increases in both adjusted net income and adjusted EBITDA over the 4th quarter of last year were primarily driven by the timing of vessel operating and maintenance activities, as well as lower SDNA expenses.

調整後淨收入和調整後 EBITDA 與去年第四季度相比均有所增長，這主要得益於船舶運營和維護活動的時間安排以及 SDNA 費用的降低。

In comparison to the first quarter of last year, the increase in adjusted net income and adjusted EBITDA was due to the dry docking of the FSRU summit LNG in the first quarter of 2024, and an increase in direct gas sales margins.

與去年第一季相比，調整後淨收入和調整後 EBITDA 的增加是由於 FSRU Summit LNG 於 2024 年第一季進行乾船塢作業，以及直接天然氣銷售利潤率的提高。

Now let's turn to our balance sheet. For the three months ended March 31, our total debt, including finance leases, was $677 million and we had $619 million of cash and cash equivalents on hand.

現在讓我們來看看資產負債表。截至 3 月 31 日的三個月，我們的總債務（包括融資租賃）為 6.77 億美元，我們手頭上有 6.19 億美元的現金和現金等價物。

As of March 31, $350 million of undrawn capacity under our revolver was available for additional borrowings.

截至 3 月 31 日，我們的循環信用額度下有 3.5 億美元未動用額度可用於額外借款。

In April, Excelerate entered into an amendment to its senior secured revolving credit facility.

今年 4 月，Excelerate 對其優先擔保循環信貸安排進行了修訂。

The amendment extends the maturity of the revolving credit facility from March 2027 to March 2029 and increases the total capacity available for borrowing from $350 million to $500 million.

該修正案將循環信貸額度的期限從 2027 年 3 月延長至 2029 年 3 月，並將可供借款的總能力從 3.5 億美元增加到 5 億美元。

The amendment is contingent on the closing of the previously announced pending acquisition of the Jamaica business and the repayment in full of the existing term loan under the credit agreement.

該修訂取決於先前宣布的牙買加業務收購的完成情況以及根據信貸協議全額償還現有定期貸款。

Also in April, Fitch Ratings and S&P Global Ratings issued inaugural credit ratings for Excelerate Energy.

同樣在 4 月份，惠譽評級和標準普爾全球評級首次對 Excelerate Energy 發布了信用評級。

S&P has assigned an issuer and issuance rating of BB+ to the company, while Fitch has signed an issuer and issuance rating of double B.

標準普爾授予該公司 BB+ 的發行人及發行評級，而惠譽授予該公司 BB+ 的發行人及發行評級。

We're proud of our inaugural credit ratings. This achievement reflects our strong financial health and the stability of our take or pay business model.

我們對我們的首次信用評級感到自豪。這項成就反映了我們強勁的財務狀況和穩定的「照付不議」業務模式。

Now let's turn to a recap of our recent capital markets activity.

現在讓我們回顧一下最近的資本市場活動。

We are pleased to announce that we have completed the equity and debt financing for our previously announced acquisition of the business in Jamaica.

我們很高興地宣布，我們已經完成了先前宣布的收購牙買加業務的股權和債務融資。

Early in the second quarter, we completed an equity offering of $8 million shares of Class A Common stock at a price per share of $26.50 for $212 million of gross proceeds inclusive of the green shoe.

第二季初，我們完成了 800 萬美元 A 類普通股的股票發行，發行價格為每股 26.50 美元，包括綠鞋在內的總收益為 2.12 億美元。

Additionally, on May 5, we closed on our $800 million dollar offering of 8% senior unsecured notes due in 2030.

此外，5 月 5 日，我們完成了 8 億美元 8% 優先無擔保票據的發行，該票據將於 2030 年到期。

The equity and debt proceeds will be used to fund the Jamaica acquisition and to pay down the term loan under the credit facility.

股權和債務收益將用於資助牙買加收購併償還信貸安排下的定期貸款。

Now let's turn to an update on our financial guidance for 2025.

現在讓我們來了解一下 2025 年財務指導的最新情況。

Based on our first quarter results, we are increasing our previously communicated adjusted EBITDA guidance range for 2025.

根據我們第一季的業績，我們將提高先前公佈的 2025 年調整後 EBITDA 指引範圍。

This guidance range does not yet reflect any incremental EBITDA from the Jamaica acquisition.

此指導範圍尚未反映牙買加收購帶來的任何增量 EBITDA。

For the full year, we now expect adjusted EBITDA to range between $345 million and $365 million.

就全年而言，我們目前預計調整後的 EBITDA 將在 3.45 億美元至 3.65 億美元之間。

Excluding any additional capital expenditures related to the pending Jamaica acquisition, we reaffirm our previously announced guidance of maintenance Capex and committed growth capital for 2025, which are expected to range between $60 million and $0.70 million dollars and $65 million and $0.75 million respectively.

不包括與即將進行的牙買加收購相關的任何額外資本支出，我們重申先前宣布的 2025 年維護資本支出和承諾成長資本指導，預計分別在 6,000 萬美元至 70 萬美元之間以及 6,500 萬美元至 75 萬美元之間。

As a reminder, most of the committed growth capital this year is related to the milestone payments on our new build FSRU Hall 34S7.

提醒一下，今年承諾的成長資本大部分與我們新建的 FSRU Hall 34S7 的里程碑付款有關。

We made a roughly $30 million milestone payment related to the kill laying of hole 34S7 in the first quarter.

我們在第一季支付了與 34S7 孔壓井相關的約 3000 萬美元的里程碑付款。

The next maximum payment of roughly $20 million will be made in late Q2 following the launch of the vessel.

下一筆最高金額約為 2000 萬美元的款項將在該船下水後的第二季末支付。

We will continue to provide updates on our committed growth capital estimates as contracts are executed with counterparties that drive incremental capital needs for 2025. With that, we'll open up the call for Q&A.

隨著與推動 2025 年增量資本需求的交易對手簽訂合同，我們將繼續提供有關我們承諾的成長資本估算的最新資訊。接下來，我們將開始問答環節。

(Operatot Instructions).

（操作員指令）。

Our first question for today comes from Teresa Chen of Barclays. Your line is now open.

我們今天的第一個問題來自巴克萊銀行的 Teresa Chen。您的線路現已開通。

Thank you for taking my questions. Good morning.

感謝您回答我的問題。早安.

On Jamaica, a two part question. Can you remind us what are the remaining steps to close the transaction at this point given the target timeline of this quarter and less than 2 months left? And then in terms of your growth endeavors for these assets, you've outlined a variety A potential path to growth.

關於牙買加，問題分為兩部分。考慮到本季的目標時間表以及剩餘不到 2 個月的時間，您能否提醒我們目前完成交易還剩下哪些步驟？然後，就這些資產的成長努力而言，您已經概述了多種潛在的成長途徑。

And now that we've had a bit of time to digest the news and taking into account the evolving macro backdrop of both supply of LNG and demand for gas, what are you, what do you think are some of the lower hanging fruit and projects and what kind of eco can they bring?

現在我們有了一些時間來消化這些新聞，並考慮到液化天然氣供應和天然氣需求不斷變化的宏觀背景，您認為有哪些容易實現的成果和項目，它們能帶來什麼樣的生態效益？

Thanks, Teresa. I appreciate all 4 questions and good morning.

謝謝，特蕾莎。我很感謝你提出的所有四個問題，早安。

This is Stephen. In terms of closing, we're well into this, obviously we were, we did our due diligence earlier in the spring before we close, before we signed in March.

這是史蒂芬。就交易結束而言，我們已經進展順利，顯然，我們在春季早些時候，在交易結束之前，在三月簽約之前，已經做了盡職調查。

These are just a series of, I don't want to say anything routine, but just routine deliverables, consents. So I don't see any major impediments there with confidence solar will make good on those deliverables, so that's why we're comfortable just expressing the confidence that you heard earlier.

這些只是一系列，我不想說任何例行的事情，而只是例行的交付成果、同意。因此，我認為不存在任何重大障礙，我們有信心太陽能可以實現這些目標，這就是為什麼我們可以輕鬆地表達您之前聽到的信心。

In terms of In terms of macro.

從宏觀來講。

I'll just make a couple of comments and hand it over to Oliver and see if he wants to amplify. What we like about the Jamaica platform in particular is it it does look like there are some lower hanging opportunities there. There are also some opportunities that, compared with the scale of what we've talked about before, there's some generally good opportunities that are of modest Capex, so we see that as being an incremental driver on why we like this this deal, but I'll let Oliver expand upon that if you would.

我只想發表幾點評論，然後將其交給奧利弗，看看他是否願意進一步闡述。我們特別喜歡牙買加平台，因為它確實看起來有一些更容易實現的機會。與我們之前談到的規模相比，還有一些機會，有一些總體上不錯的機會，而且資本支出適中，因此我們認為這是我們喜歡這筆交易的一個增量驅動因素，但如果你願意的話，我會讓奧利弗詳細說明這一點。

Yes. Thanks, Stephen. Thanks, Teresa. So, yeah, I think, for us it's really, the focus is on getting to close and I think, post close, you'll see us kind of communicate more on the on the growth strategy in Jamaica, but Really, the way we see it is, these are, these are some great assets that we're acquiring on the island and there's, they create an immediate platform for growth. They are, we just through those assets, we can do incremental gas and LNG sales.

是的。謝謝，史蒂芬。謝謝，特蕾莎。所以，是的，我認為，對我們來說，真正的重點是達成協議，我認為，協議達成協議後，你會看到我們就牙買加的成長策略進行更多的溝通，但實際上，我們認為，這些是我們在島上收購的一些優質資產，它們為成長創造了一個直接的平台。是的，我們僅透過這些資產，就可以實現增量天然氣和液化天然氣銷售。

Which is what we'll be looking to capitalize on, upon completion. I also think, Jamaica just from its geo geographical location, we, we've talked about the sort of hub and spoke model. It's a fantastic hub, to and creates a platform to grow on in the region, and look at other projects and other markets around there using these assets as the base for that. So yeah, we're extremely excited about the platform this creates for us. But as I said, we'll get this to close and then we'll look to come and communicate more details on this with us.

這正是我們在完成後想要利用的。我還認為，僅從牙買加的地理位置來看，我們就討論了樞紐輻射模型。這是一個很棒的中心，它為該地區的發展創造了一個平台，並利用這些資產作為基礎來考察周圍的其他項目和其他市場。是的，我們對這個為我們創建的平台感到非常興奮。但正如我所說，我們會結束此事，然後我們會就此事與我們溝通更多細節。

Thank you for humoring me. My first question parts A through D.

謝謝你遷就我。我的第一個問題部分是 A 到 D。

Second question on the new build whole 34S7. Would you mind providing an update on the latest prospects in terms of finding a home for this asset as well as gas supply? How are market dynamics evolving for the potential economics that a new build SSRU of this size, scale, and specificity can command?

關於新建整個 34S7 的第二個問題。您能否介紹一下為該資產尋找歸屬以及天然氣供應的最新前景？對於這種規模、範圍和特性的新建 SSRU 所能帶來的潛在經濟效益，市場動態如何演變？

Teresa, I'll take that one just because I'm going to be careful about it because I welcome all our investors on the call, but those ain't the only people listening in on what our plans are. So I'll just say that we are excited about it. It is.

特蕾莎，我接受這個問題只是因為我會小心處理這個問題，因為我歡迎所有投資者參加電話會議，但他們並不是唯一聽取我們計劃的人。所以我只想說我們對此感到興奮。這是。

It takes all of the lessons that we've learned over the past 23 years and applies to it. It's going to have the best in class boil off, just all kinds which economically is huge.

它吸取了我們過去 23 年所學到的所有經驗教訓並應用於此。它將擁有同類中最好的沸點，所有類型的沸點在經濟上都是巨大的。

But we are talking we're in serious discussions on multiple fronts at this point, and people want it for all kinds of ways, and we will not be hidebound and insist that come with LNG supply. It might with certain of the counterparties we're talking to, it might not with some others, so we are.

但我們目前正在就多個方面進行認真的討論，人們希望以各種方式實現這一目標，我們不會墨守成規，堅持要求提供液化天然氣供應。對於我們正在談判的某些交易對手，可能如此，但對於其他一些交易對手，可能不如此，所以我們是這樣做的。

Leaving everything on the table as we always do, we don't like to limit ourselves in terms of the opportunities set on this massive Tam.

像我們一貫做的那樣，我們把一切都擺在桌面上，我們不想在這個巨大的 Tam 上限制自己所擁有的機會。

So I don't think I can say more without prejudicing our ability to continue in those discussions, so I'll leave it at that there's intense interest. It's going to be the best asset afloat, and we're excited and can't wait to bring it home.

因此，我認為我不能說更多，否則會影響我們繼續討論的能力，所以我只能說大家非常感興趣。它將成為海上最好的資產，我們非常興奮，迫不及待地想把它帶回家。

Thank you so much.

太感謝了。

Thank you. Our next question comes from Chris Robertson of Deutsche Bank. Your line is now open. Please go ahead.

謝謝。下一個問題來自德意志銀行的克里斯羅伯森。您的線路現已開通。請繼續。

Thank you, operator. Good morning, everybody.

謝謝您，接線生。大家早安。

Thank you for taking my questions. Steven, I just wanted to circle back on your comment related to the venture global volumes, which I guess for a phase two plaques are expected by [32-2027]. So could you just walk us through The available supply volumes that would be available upon closing of the transaction presumably from, 22 this year through [32 2027]. What does that look like and then does it create a situation wherein then your long LNG supply once the BG volumes come into play or how should we think about that?

感謝您回答我的問題。史蒂文，我只是想回到你關於創投全球交易量的評論，我猜第二階段的牌匾預計在[32-2027]。那麼，您能否向我們介紹一下，交易完成後，大概從今年 22 月到[32 2027]。這看起來是什麼樣的？一旦 BG 量開始發揮作用，是否會造成您的長期液化天然氣供應的情況？或者我們應該如何看待這種情況？

Good morning, Chris. Thanks for joining us. It's always good to hear from you. I'm going to hand it to Oliver in a second. I would say obviously in terms of how the VG Plaqueman expansion volumes dovetail, they dovetail.

早上好，克里斯。感謝您的加入。很高興收到您的來信。我馬上就把它交給奧利佛。我想說，顯然就 VG Plaqueman 擴展體積如何相吻合而言，它們是相吻合的。

Long term, perfectly we're looking at 2021, year contracts and extensions on the island.

從長遠來看，我們正考慮在 2021 年簽訂島上的年度合約和延期。

That base needs about 0.6 and as MTPA and as VG for us over almost the exact same length of time as 0.7.

這個基礎需要大約 0.6 和 MTPA 以及 VG，時間長度幾乎與 0.7 完全相同。

In the LNG world, that's almost a perfect match. We do, we are getting.

在液化天然氣領域，這幾乎是完美的匹配。我們確實如此，我們正在取得進展。

We are getting a third party non NF supply for some interim period of time, but you're going to have to help me out in terms of But we haven't closed yet, so obviously I don't want to wrong foot anything here, but you might talk to about that overlay if you would please.

我們將在一段時間內獲得第三方非 NF 供應，但你必須在方面幫助我，但我們還沒有結束，所以顯然我不想在這裡犯任何錯誤，但如果你願意的話，你可以談談那個覆蓋。

Yeah, I think we haven't given specifics on on the timeline, but as you mentioned, Chris, our VG volumes are coming out in sort of 27, there is some, there is some overlap between what What we'll be inheriting with the NFE transaction and those, I think that is obviously we had these VG volumes prior to the Jamaica transaction, so we were going to manage those within the portfolio, and I think that continues to be the plan. But as Stephen alluded to, I think longer term I think we see the tenure and the size of the size of the volumes is a good fit for Jamaica and that potential growth there.

是的，我認為我們還沒有給出時間表上的具體細節，但正如你提到的，克里斯，我們的 VG 數量將在 27 左右出現，有一些，我們將通過 NFE 交易繼承的內容和那些有一些重疊，我認為這顯然是在牙買加交易之前我們擁有這些 VG 數量，所以我們將在投資組合內管理它們，我認為這仍然是計劃。但正如史蒂芬所提到的，我認為從長遠來看，我們看到的任期和交易量的大小非常適合牙買加以及那裡的潛在增長。

Yeah, I I think the one thing, it is worth saying, nothing's changed about how we view commodities. I think we are almost alone in this space and we try to be agnostic as to the price of commodities. We try to lock in fixed margins. We like to buy and sell in the same basin, and what I can assure you is we'll bring that same philosophy. That we always bring to all of this.

是的，我認為值得一提的是，我們對商品的看法沒有任何改變。我認為我們在這個領域幾乎是孤獨的，我們試圖對商品價格保持不可知論。我們嘗試鎖定固定的利潤。我們喜歡在同一個盆地裡買賣，我可以向你們保證的是，我們會帶來同樣的概念。我們始終致力於這一切。

Okay, yeah, makes sense. Follow up question for me this is more of a.

好的，是的，有道理。對我來說，這更像是一個後續問題。

Diving into kind of the hub and spoke type of model you talked about a bit here but because as you kind of look at the landscape of countries, especially in the Caribbean here who are pursuing renewables, solar, wind, some intermittent type of power where they may need the flexibility of LNG imports to have at least a base load backup system that runs on natural gas, is there an opportunity you think with the Jamaica asset as the base there to, pursue maybe a little bit more flexible terminals that are smaller scale and seasonal in nature, much like you have in in Argentina or the or North West gateway, just some something in that realm.

深入探討一下您在這裡談到的樞紐輻射型模型，但因為當您觀察這些國家，特別是加勒比地區的國家時，他們正在追求可再生能源、太陽能、風能和一些間歇性能源，他們可能需要液化天然氣進口的靈活性，以便至少擁有一個以天然氣為動力的基本負荷備用系統，您認為是否有機會以牙買加資產為基礎，西北的那樣更小、具有安全性領域，只是這個地方的季節性，只是這個地方和城市基礎，西北追求這個季節，只是這個季節。

Yeah, Chris, what, [ ] I love the question because you're going to the heart of why Excelerate is a good partner for the scaling of renewables, the poster child for that for us is our valuable partner customer Petrobras in Brazil, and as Brazil's gosh, their hydroelectric power generation part of the mix is 80%, and then when you add their solar and wind, it's another.

是的，克里斯，什麼？ [ ] 我喜歡這個問題，因為你抓住了 Excelerate 成為可再生能源擴展良好合作夥伴的核心原因，對我們來說，這方面的典型代表是我們在巴西的寶貴合作夥伴客戶巴西石油公司，作為巴西的天哪，他們的水力發電部分佔發電量的 80%，然後當你添加他們的太陽能和風能時，它又佔了一半。

10% at times so but you can, you cannot be that dependent upon intermittency unless you've got that gas-fired power backup. So I think that's going to be, that's not just true of someone who's done a fantastic job. Of scaling renewable power generation like Brazil, it's going to be true of anyone who wants to be able to rely upon renewables. It has to be reliable.

有時是 10%，但你不能那麼依賴間歇性，除非你有燃氣發電備用電源。所以我認為這不僅適用於那些做出了傑出貢獻的人。像巴西一樣擴大再生能源發電規模，對於任何想要依賴再生能源的人來說都是如此。它必須是可靠的。

Also, you have seen Chancellor Mertz, his government was just sworn in a couple of days ago.

另外，您也看到了默茨總理，他的政府幾天前才剛宣誓就職。

I think it's why I think it's why Chancellor Mertz and was so keen to Announce the amount of gas-fired power generation that Germany is going to be adding because it doesn't matter what your base load is, if it's hydroelectric or wind, you still need a reliable backup to it. So on a different scale, that same phenomenon is going to be apparent for anyone with these ambitions.

我認為這就是為什麼默茨總理如此熱衷於宣布德國將增加的燃氣發電量，因為不管你的基本負載是多少，如果它是水力發電或風力發電，你仍然需要一個可靠的備用電源。因此，從不同的角度來看，任何有這些抱負的人都會看到同樣的現象。

Thanks, Steven. I'll turn it over.

謝謝，史蒂文。我把它翻過來。

Thank you. Our next question comes from Bobby Brooks of Northland Capital Markets. Your line is now open. Please go ahead.

謝謝。我們的下一個問題來自 Northland Capital Markets 的 Bobby Brooks。您的線路現已開通。請繼續。

Hey, good morning guys.

嘿，大家早安。

Thank you for taking my question. I first one for me is I was just curious what's gas sales up over $100 million, two quarters in a row now.

感謝您回答我的問題。對我來說，首先我很好奇天然氣銷售額為何連續兩季超過 1 億美元。

I was kind of expecting that to kind of continue to be a smaller number, so I was just curious kind of what's what's driving that.

我有點希望這個數字繼續保持較小，所以我只是好奇是什麼導致了這種情況。

Hey Bobby, this is Dana. It's a couple of things. So we've spoken previously about our Atlantic basin deal that we, that started in the fourth quarter and continued in the 1st quarter, so that's part of that number. And then on top of that we had 3 other cargoes, 2 into Asia and 1 into Europe. So it's really those.

嘿，鮑比，我是達娜。這是幾件事。我們之前談到過我們的大西洋盆地交易，該交易於第四季度開始並在第一季繼續進行，所以這是該數字的一部分。除此之外，我們還有另外 3 批貨物，2 批運往亞洲，1 批運往歐洲。所以確實就是那些。

4 items that are driving that number. So we've seen good success there and that's something that we expect to continue.

推動這數字成長的有 4 個因素。因此，我們在那裡看到了良好的成功，我們希望這種成功能持續下去。

Fair enough, good, hopefully.

還算公平，希望如此。

I was just going to say Bobby. Oh yeah, no, but once again all those deals were locked in on a fixed basis, we like them, but you know we're not swinging for the fences there. That's just an example where we follow our philosophy and lock in either fixed prices or lock in same same base.

我只是想說鮑比。哦，是的，不，但再一次，所有這些交易都是在固定的基礎上鎖定的，我們喜歡它們，但你知道我們不會孤注一擲。這只是一個例子，我們遵循我們的理念，鎖定固定價格或鎖定相同的基礎。

Yeah, so a good point. All of those are back to back, as Steven said, that's our business model.

是的，這是一個很好的觀點。正如史蒂文所說，所有這些都是背對背的，這就是我們的商業模式。

Got it, really helpful color there.

明白了，那裡的顏色真的很有幫助。

Thank you. And so obviously also you guys have more dry powder now after raising some equity and increasing the revolver. So could you just kind of and obviously the opportunities set for growth in front of you is vast. So could you maybe just discuss the appetite for more growth CapEx this year after you finalize the Jamaican acquis asset acquisitions.

謝謝。因此，顯然在籌集了一些股權並增加了循環信貸後，你們現在擁有了更多的乾火藥。那麼，您能否做到這一點？顯然，您面前的成長機會是巨大的。那麼，在完成牙買加資產收購後，您能否討論今年對更多成長資本支出的需求。

We're going to hand it over to Dana, but you're exactly right, Bobby. We do have adequate dry powder for our growth ambitions. I'll let Danny, you want.

我們會把它交給達娜 (Dana)，但你說得完全正確，鮑比 (Bobby)。我們確實擁有足夠的資金來實現我們的成長目標。我會讓丹尼，你想要的。

But we might as well speak to capital allocation and how we're thinking about it. I mean priority does remain.

但我們不妨談談資本配置以及我們對此的看法。我的意思是優先權確實仍然存在。

Yeah, priority remains growth. IMean, obviously we're really excited about Jamaica. It's a big M&A acquisition. We're excited about it, but to Stephen's point, we've still got plenty of capacity to fund additional growth, we have our new bill being delivered in 2026. That's 2. Million of Capex that we'll use mid next year, so about a year from now. We obviously have our projects in Vietnam and other markets and so, we're really pleased with where we landed, it's kind of a tough bond market, so we're really excited with where we where we landed. If you look at our net leverage profile, on a pro forma basis.

是的，首要任務仍然是成長。我的意思是，顯然我們對牙買加感到非常興奮。這是一次大型併購。我們對此感到興奮，但正如史蒂芬所說，我們仍然有足夠的能力為額外的成長提供資金，我們的新法案將於 2026 年出台。那是 2。我們將在明年年中，也就是大約一年後，使用數百萬的資本支出。我們顯然在越南和其他市場都有項目，因此，我們對我們的落地情況感到非常滿意，這是一個艱難的債券市場，所以我們對我們的落地情況感到非常興奮。如果您以備考為基礎來看一下我們的淨槓桿狀況。

I think we're at like 2.5, and by this, and that's without Jamaica. So once you layer in Jamaica and add that EBITDA and that cash flow will be well under 2.5 by the end of the year, so plenty of opportunity to fund additional growth. As far as, where is the growth going to come from, I'll turn that over to Oliver.

我認為我們的數字大概是 2.5，而且這還不包括牙買加。因此，一旦您將牙買加納入考慮並添加 EBITDA，到年底，現金流將遠低於 2.5，因此有足夠的機會為額外的增長提供資金。至於成長將從何而來，我將把這個問題交給奧利佛。

Yeah, I mean, I think, we continue to look at the same pipeline obviously is, we've been focused on Jamaica, but there's a pipeline of opportunities that we've continued to focus on the side. We see a, we see the fundamentals are good for that. We see that, the LNG suppliers coming online. We see that general interest. So, as Steven spoke to with seeing interest on the new build, we're seeing a lot of interest in the market and we continue to be Confident in these different growth opportunities we're looking at.

是的，我的意思是，我認為，我們繼續關注相同的管道，顯然，我們一直專注於牙買加，但我們也繼續關注其他一系列機會。我們看到，我們看到基本面是好的。我們看到，液化天然氣供應商正在上線。我們看到了這種普遍的興趣。因此，正如史蒂文所說的那樣，我們看到了人們對新建築的興趣，我們也看到了市場對新建築的濃厚興趣，並且我們繼續對我們正在關注的這些不同的成長機會充滿信心。

Perfect. And then just just last one for me, kind of a broader question, but being a US based LNG company, that's been a nice edge for y'all. But now with all the tariff back and forth and some uncertainty, I think some people might first think that changes that dynamic of it being an edge, but I think that's not truly the case since you aren't an exporter of the actual molecule. So could you just discuss how a US international diplomacy has impacted or likely not impacted the forward growth opportunities for you guys.

完美的。然後對我來說只是最後一個問題，有點寬泛，但作為一家美國液化天然氣公司，這對你們來說是一個很好的優勢。但現在由於關稅問題反覆無常，而且存在一些不確定性，我想有些人可能首先會認為這會改變其優勢，但我認為事實並非如此，因為你不是實際分子的出口國。那麼，您能否討論一下美國的國際外交如何影響或可能不影響您們未來的發展機會。

Yeah, thanks Bobby. I'll take that one. This is Steven again. Look, short answer in many ways, Excelerate essentially tariff proof.

是的，謝謝 Bobby。我要那個。我又是史蒂文。看起來，從很多方面來說，Excelerate 本質上就是關稅證明。

That's the short answer. The reality is we're not building a lot of, we're not building anything in the US that needs a lot of steel or aluminum, so we're not sitting here like so many companies wrestling, what's our EPC cost going to be or anything like that. What we do is Overseas, we open up the downstream part of the LNG TAM, so I don't see a lot of that impacting us at all. In terms of support for Excelerate we are seeing that many countries that do have a balance of trade deficit are in fact quite anxious to rebalance that deficit any way they can. And once you look around, I know you're dialing in from Minnesota, but Bobby, there's only so much corn that those countries can import, or wheat that they can import. So the only way they can quickly alter their balance of trade is is through something like LNG.

這是簡短的回答。事實是，我們在美國沒有建造很多需要大量鋼鐵或鋁的項目，所以我們不會像許多公司一樣坐在這裡苦苦思索我們的 EPC 成本是多少或諸如此類的事情。我們所做的是在海外，我們開放了 LNG TAM 的下游部分，所以我認為這不會對我們產生太大的影響。在對 Excelerate 的支持方面，我們看到許多存在貿易逆差的國家實際上非常渴望以任何可能的方式重新平衡逆差。一旦你環顧四周，我知道你是從明尼蘇達州打來的，但是鮑比，這些國家可以進口的玉米或小麥的數量是有限的。因此，他們能夠迅速改變貿易平衡的唯一方法就是透過液化天然氣之類的方式。

So we think we're actually seeing a lot of countries anxious to import more LNG.

因此，我們認為實際上看到許多國家急於進口更多的液化天然氣。

And here's their pickle. If you don't have the import, the downstream infrastructure to do it, that tool is not available to you. So many people are waking up to the fact that they do need the infrastructure that on this part of the value chain that we provide. So I look for those tailwinds to continue for some time.

這是他們的泡菜。如果您沒有進口，下游基礎設施就無法使用該工具。許多人開始意識到，他們確實需要我們提供的價值鏈這一部分的基礎設施。因此我希望這些順風能夠持續一段時間。

And you know we're going to do the best to be a good partner with any of those markets and help them achieve their ambition.

你知道，我們將盡最大努力成為這些市場的良好合作夥伴，並幫助他們實現他們的抱負。

Very helpful answer. I appreciate the color and congrats on another good quarter. I'll return to the queue.

非常有幫助的答案。我很欣賞這個顏色，並祝賀又一個好季度。我會回到隊列。

Thank you. Our next question comes from Wade Suki of Capital One. Your line is now open. Please go ahead.

謝謝。我們的下一個問題來自 Capital One 的 Wade Suki。您的線路現已開通。請繼續。

Good morning.

早安.

Thank you, operator. I appreciate you all taking the question. Just sort of dovetailing on Bobby's question. I mean, it sounds like this and the Anxiety I guess being felt by some of our trade partners is maybe perhaps pushing forward or accelerating. I'm not intended accelerating some of the opportunities out there. Is that a fair way to think about it?

謝謝您，接線生。感謝大家回答這個問題。這與 Bobby 的問題有些吻合。我的意思是，聽起來是這樣，我猜我們的一些交易夥伴所感受到的焦慮可能正在推進或加速。我無意加速一些現有的機會。這是一種公平的思考方式嗎？

Good morning, Wade. Yeah, I do think that is a fair way of thinking about it, and I suppose I'd like to just lean in on this in that.

早上好，韋德。是的，我確實認為這是一種公平的思考方式，我想我只是想在這方面傾向於這一點。

Yeah, those tailwinds are out there, but this is a reminder. I'm well aware of, gosh, how many of our colleagues out there in the public company marketplace are giving two sets of guidance or, just lowering guidance based upon tariffs. So I'm proud that our base business model. Is one where we can confidently say that it is not impacted by tariffs and this predictability of these take or pay earnings. We have high confidence of continuing and that's reflected in Dana's comments raising the guidance on our base business. So if anything. You know this testing environment has just showed just how robust and resilient our base business is, so thank you for letting me have that plug, and yes, those tailwinds are real and out there.

是的，那些順風就在那裡，但這是一個提醒。天哪，我很清楚，上市公司市場上有多少同事給了兩套指導，或只是根據關稅降低指導。所以我對我們的基本商業模式感到自豪。我們可以自信地說，它不受關稅和照付不議收入可預測性的影響。我們對繼續保持這一勢頭充滿信心，這在 Dana 提高我們基礎業務指導的評論中有所體現。所以如果有的話。您知道，這個測試環境剛剛展示了我們的基礎業務是多麼的強大和有彈性，所以感謝您讓我擁有這個插件，是的，這些順風是真實存在的。

Great, thank you. I appreciate that. I just switching gears a little bit, anything, any updates on your LNG, vessel kind of conversion plans here? Where does that sort of fit in now with the Jamaica transaction, coming up on close?

太好了，謝謝。我很感激。我只是稍微轉換一下話題，有什麼關於你們的 LNG 船舶改裝計畫的最新消息嗎？這與即將結束的牙買加交易有何關聯？

Yeah, I will.

是的，我會的。

Wait, I'm going to take that question as being one of can we walk and chew gum. We definitely can walk and chew gum, but I'm going to toss that over to Oliver and David to some degree. I mean, we've been, we've had a number of discussions and we've been advancing our engineering substantially, so let them elaborate on that, please.

等一下，我認為這個問題就是我們能不能邊走邊嚼口香糖。我們當然可以邊走邊嚼口香糖，但在某種程度上，我會把這項任務交給奧利佛和大衛。我的意思是，我們已經進行過多次討論，我們的工程技術也取得了長足的進步，所以請讓他們詳細說明一下。

Yeah. Hey Wade, it's, Oliver here, but, yeah, so I think we're We're in discussions with a few people. We've identified some candidates. I think we're getting pretty close to doing something. It's still, just to be clear, it's still very much in the plan, to acquire an asset this year and then to do the engineering and to plan around the conversion. So, I think it's it's just going through, going through the steps, but it's still very much on target for this year from our side, and, you know.

是的。嘿，韋德，我是奧利佛，是的，我想我們正在和幾個人討論。我們已經確定了一些候選人。我認為我們已經快要有所成就了。需要明確的是，這仍然在計劃之中，即今年收購一項資產，然後進行工程並圍繞轉換進行規劃。所以，我認為這只是在經歷、在執行這些步驟，但從我們的角度來看，今年的目標仍然非常明確，你知道的。

I think that's probably where I'd be it up for now.

我想這可能就是我現在所想的。

Yeah, on the engineering side that's progressing really well. We plan to wrap up the kind of initial phase of engineering here in the middle of the year, and that will give us good insight into those long lead items and And yeah, just help us get one step further down the road, so all is on track.

是的，工程方面進展非常順利。我們計劃在今年年中完成初步的工程階段，這將使我們對那些長期項目有深入的了解，是的，這將幫助我們向前邁進一步，所以一切都在正軌上。

Fantastic. Great. Well, thanks so much. I appreciate you questions and I guess I'll see you in a couple of weeks.

極好的。偉大的。嗯，非常感謝。感謝您的提問，我想幾週後我們就能見面了。

Thanks, Wade. I look forward to it.

謝謝，韋德。我很期待。

Thank you. Our next question comes from [Michael Calla of Stevens]. Your line is now open. Please go ahead.

謝謝。我們的下一個問題來自[史蒂文斯的邁克爾卡拉]。您的線路現已開通。請繼續。

Good morning. I just wanted to see if you could provide any update on Vietnam and what you need to see there before that MOU can move to some sort of binding agreement.

早安.我只是想看看您是否可以提供關於越南的最新情況，以及在諒解備忘錄轉化為某種具有約束力的協議之前您需要了解越南的情況。

Thanks, Mike. I'm going to, I think Oliver's going to weigh in there. We actually have two MOUs with two separate subsidiaries of Petro Vietnam.

謝謝，麥克。我要去，我認為奧利佛會參與其中。實際上，我們與越南石油公司的兩家獨立子公司簽署了兩份諒解備忘錄。

I will say Petro Vietnam is the constant there that's the game in town, and we are, we're striving to enhance that trust and relationship and that value for for them in any way we can.

我想說的是，越南石油公司是當地一家實力雄厚的公司，我們正在盡一切努力增強這種信任和關係，並為他們創造價值。

Yeah, thanks, Stephen. Thanks, Mike.

是的，謝謝，史蒂芬。謝謝，麥克。

Look, I think, for us, we're just talking about the, tariffs and the effect that has on some partners. I think in Vietnam, we've seen fairly publicly from the Vietnamese government. They've come out and talked about, LNG is one of one of those solutions to their trade deficit. So I think there's an intense focus there from them on this, we've been methodically sort of working our way through.

聽著，我認為，對我們來說，我們只是在談論關稅及其對一些合作夥伴的影響。我認為在越南，我們已經相當公開地看到了越南政府的舉動。他們公開表示，液化天然氣是解決貿易逆差的方案之一。所以我認為他們非常關注這個問題，我們也一直有條不紊地開展工作。

With our Vietnamese partners and going through this, and obviously, as Stephen mentioned, we have these two MOUs with subsidiaries of Petro Vietnam, PTSC, and PB gas.

與我們的越南合作夥伴一起經歷這一切，顯然，正如史蒂芬所提到的，我們與越南石油、PTSC 和 PB gas 的子公司簽署了這兩份諒解備忘錄。

So a lot of ongoing discussions with them. We're seeing the momentum there, we're pushing to get something over the line. We'll come back when we can, but there's, I think there's no definitive updates on this call, but certainly we really like the tailwinds there and I hope to find some deal space.

因此，我們與他們進行了很多討論。我們看到了那裡的勢頭，我們正在努力取得進展。我們會盡快回來，但我認為這次通話沒有明確的更新，但我們確實喜歡那裡的順風，我希望找到一些交易空間。

Okay, sounds good. I guess my second one's for Dana. You mentioned some of the timing issues that caused the to be a bit higher in the first quarter. You did increase the 2025, guidance a bit. Can you give us any idea of how, maintenance and operations will impact you, over the remainder of the year just kind of looking for some. Cadence general cadence on Ibi over the course of the year.

好的，聽起來不錯。我想我的第二個是給達娜的。您提到了一些時間問題，導致第一季的成長率略高。您確實稍微提升了 2025 年的指導。您能否告訴我們，在今年剩餘時間內，維護和營運將如何影響您？節奏 全年中 Ibi 的整體節奏。

Yeah, so as we don't guide to the quarters, but what I can say is, that we do have a tendency at times to see some lumpiness in our spin related to vessel ops or vessel repairs and maintenance, and that just depends on our schedules and you know what we're able to do quarter over quarter. And so some of that some of that overachievement that we saw in the first quarter was related. Some of those costs pushing out later in the year, but some of that overachievement was real cost savings, so it's a combination of those things. We also have some lower SDNA costs in the first quarter which helped us, which, that's been banked for the year, but in terms of, where we'll spend and what we'll spend on, I mean, we still stand behind our full year guidance that we just pushed out. And so we'll see some of that R&M catch up in over the course of Q2, Q3, and Q4. And then as a reminder we're still on track to do the dry docks that we've talked about previously. Obviously that's capital capital expenditures this cost that'll be in the third quarter for the exemplar and the fourth quarter for the explorer and so we're still standing behind what we've said in our previous earnings cost on on those items.

是的，雖然我們沒有按季度進行指導，但我可以說的是，我們確實有時會傾向於在與船舶操作或船舶維修和保養相關的旋轉中看到一些不均勻，這取決於我們的時間表，你知道我們每個季度能夠做什麼。因此，我們在第一季看到的一些超額成績是相關的。其中一些成本將在年底前顯現，但其中一些超額完成的成本是真正的成本節約，所以這是多種因素共同作用的結果。我們第一季的 SDNA 成本也有一些降低，這對我們有幫助，這已經為全年帶來了收益，但就我們的支出方向和支出用途而言，我們仍然堅持剛推出的全年指導方針。因此，我們將看到 R&M 的部分內容在第二季、第三季和第四季中迎頭趕上。然後提醒一下，我們仍然在按計劃進行我們之前談到的乾船塢建設。顯然，這是資本支出，該成本將在第三季度用於 Exemplar，在第四季度用於 Explorer，因此我們仍然堅持我們在先前的收益成本中對這些項目所說的內容。

Thank you.

謝謝。

Thank you. Our next question comes from Zack Van Everen of TPH. Your line is now open. Please go ahead.

謝謝。我們的下一個問題來自 TPH 的 Zack Van Everen。您的線路現已開通。請繼續。

Hi, all thanks for taking my question. Just one for me, as we've seen international gas prices come down in the spot and the Ford markets, have you seen an uptick in demand, whether it's for gas sales or more people coming to the table on the new bill just around some of the developing countries that generally have can afford more of the gas when it comes down in price? Just curious if you've seen a change in demand there.

大家好，感謝你們回答我的問題。我只想問一個問題，我們看到現貨和福特市場的國際汽油價格下降，您是否看到需求上升，無論是汽油銷售還是更多的人來到新法案，就在價格下降時，一些發展中國家通常可以負擔更多的汽油？我只是好奇您是否看到那裡的需求改變了。

Yeah, look, I think that's exactly right that, I think a lot of these, especially developing world, a lot of these markets, affordability of LNG is a critical part for them. So with this LNG supply starting to come on this year and 26, 27 through the end of the decade, that certainly provides them the comfort that the LNG will be there for those projects. So I think we've definitely seen more interest, more interest on the back of that. And I think that, goes to the point earlier.

是的，看，我認為這是完全正確的，我認為在許多市場，特別是發展中國家，液化天然氣的可負擔性對他們來說都是至關重要的部分。因此，隨著今年以及 26、27 年開始的液化天然氣供應，直到本世紀末，這無疑讓他們放心，液化天然氣將用於這些項目。因此我認為我們確實看到了更多的興趣，更多基於此的興趣。我認為這已經切中要點了。

We always say we're agnostic to the price of LNG. We want to open up these markets and in many ways, as the LNG prices return to sort of long term affordable levels, this brings the buyers out of the woodwork. So I think we're seeing that interest and I think people are seeing that , within.

我們總是說我們不清楚液化天然氣的價格。我們希望開放這些市場，並且在許多方面，隨著液化天然氣價格回歸到長期可負擔的水平，這將吸引買家。所以我認為我們看到了這種興趣，而且我認為人們也看到了這一點。

Coming to the market within the next year or so, they also, it's also translating into interest to do, relatively fast track projects, which is what we're trying to look at.

大約在未來一年內進入市場，他們也對相對快速的項目產生了興趣，這正是我們正在努力研究的。

Perfect, very helpful. I'll leave it there. Thanks guys.

非常完美，非常有幫助。我就把它留在那裡。謝謝大家。

Thank you. At this time, we currently have no further questions, so I'll hand back to CEO Steven Kobos for any further remarks.

謝謝。目前，我們沒有其他問題，因此我將把問題交還給執行長史蒂文·科博斯 (Steven Kobos)，以便進一步發表評論。

I want to thank all of our Analysts and investors on the call for your interest, and you're going to see us out on the road. I think we'll be out at a number of conferences this month and next month, and we look forward to seeing as many of you as we can.

我要感謝所有分析師和投資者在電話會議上的關注，你們將在路上看到我們。我想我們本月和下個月會參加一些會議，我們期待見到盡可能多的你們。

Thank you.

謝謝。

Thank you all for joining today's call. You may now disconnect your lines.

感謝大家參加今天的電話會議。現在您可以斷開線路了。