Cheniere Energy Inc (LNG) 2024 Q3 法說會逐字稿

Good day, and welcome to the Cheniere Energy Third Quarter 2024 Earnings Call and Webcast. Today's conference is being recorded.

美好的一天，歡迎來到切尼爾能源 2024 年第三季財報電話會議和網路廣播。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Randy Bhatia, Vice President of Investor Relations. Please go ahead.

現在，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。

Thank you, operator. Good morning, everyone, and welcome to Cheniere's third quarter 2024 earnings conference call. The slide presentation and access to the webcast for today's call are available at cheniere.com. Joining me this morning are Jack Fusco, Cheniere's President and CEO; Anatol Feygin, Executive Vice President and Chief Commercial Officer; and Zach Davis, Executive Vice President and CFO.

謝謝你，接線生。大家早安，歡迎參加 Cheniere 2024 年第三季財報電話會議。今天電話會議的幻燈片演示和網路廣播可在 cheniere.com 上取得。今天早上和我一起來的還有 Cheniere 總裁兼執行長 Jack Fusco； Anatol Feygin，執行副總裁兼首席商務官；以及執行副總裁兼財務長 Zach Davis。

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

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。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，今天的電話會議可能還包括 Cheniere Energy Partners LP 或 CQP 的選定財務資訊和績效。我們不打算將 CQP 的表現與 Cheniere Energy, Inc. 的表現分開報導。

The call agenda is shown on slide 3. Jack will begin with operating and financial highlights. Anatol will then provide an update on the LNG market, and Zach will review our financial results, increased 2024 guidance and initial outlook for 2025. After prepared remarks, we will open the call for Q&A.

電話會議議程如投影片 3 所示。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情況，扎克將審查我們的財務業績、增加的 2024 年指導和 2025 年的初步展望。準備好發言後，我們將開始問答環節。

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

現在我將把電話轉給 Cheniere 總裁兼執行長 Jack Fusco。

Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our outstanding third quarter results, which reflect excellent performance and success achieved across the entire Cheniere platform.

謝謝你，蘭迪。大家早安。感謝您今天加入我們，回顧我們出色的第三季業績，這反映了整個 Cheniere 平台的出色表現和成功。

Before we get into the quarterly results and our full year guidance increase, I wanted to spend a brief moment addressing the US presidential election taking place next week. The election is an important time for our country as we are reminded of the freedom we are afforded as Americans to choose our president every four years. I encourage all of my senior colleagues in the US to exercise the right to vote in order to have their voices heard. As expected, emotions are running high, given we're so proximate to election day. But no matter the outcome in a few months' time, upon inauguration day, this country will have a new president and a new administration.

在我們討論季度業績和全年指導成長之前，我想花一點時間談談下週舉行的美國總統選舉。這次選舉對我們國家來說是一個重要時刻，因為我們提醒我們，身為美國人，我們擁有每四年選舉一次總統的自由。我鼓勵我在美國的所有高級同事行使投票權，以便讓他們的聲音被聽到。正如預期的那樣，鑑於我們距離選舉日如此之近，人們的情緒高漲。但無論幾個月後的結果如何，在就職之日，這個國家將有一位新總統和新政府。

At Cheniere, we look forward to working with the next president since issues and policies impacting energy security and availability are so critical to economic interest worldwide. As I mentioned on our August call, we believe our business to be bipartisan. Across multiple administrations spanning the political spectrum, Cheniere has successfully permitted, commercialized built and operated our platform.

在切尼爾，我們期待與下一任總統合作，因為影響能源安全和可用性的問題和政策對於全球經濟利益至關重要。正如我在八月的電話會議上提到的，我們相信我們的業務是兩黨合作的。在跨政治領域的多個政府中，切尼爾成功地批准、商業化了我們的平台的建構和運作。

We fully expect that to remain the case for decades to come. We maintain a significant presence and have excellent bipartisan engagement in Washington as well as the state and local level with elected and appointed officials given our business is heavily regulated and is a major source of direct and indirect economic output.

我們完全預計這種情況在未來幾十年仍將持續。鑑於我們的業務受到嚴格監管，並且是直接和間接經濟產出的主要來源，我們在華盛頓以及州和地方層面與民選和任命的官員保持著重要的影響力並進行了良好的兩黨合作。

I look forward to furthering the engagement in D.C. with the new administration in order to ensure our voice is heard on important policy matters that can affect our business both here and abroad. Cheniere's assets and overall platform (inaudible) last many decades to come, and our objective is to ensure not only our customers and stakeholders, but our country, and our allies can realize the full benefits of Cheniere's business well beyond the outcome of any single election.

我期待與新政府進一步加強在華盛頓的接觸，以確保在可能影響我們國內外業務的重要政策問題上聽到我們的聲音。Cheniere 的資產和整體平台（聽不清楚）將持續數十年，我們的目標不僅是確保我們的客戶和利益相關者，而且確保我們的國家和我們的盟友能夠實現Cheniere 業務的全部利益，遠遠超出任何一次選舉的結果。

Please turn to slide 5, where I'll highlight our key accomplishments for the quarter and introduce our increased guidance ranges for 2024. In the third quarter, we generated consolidated adjusted EBITDA of approximately $1.5 billion, distributable cash flow of approximately $820 million and net income of approximately $900 million. These excellent financial results are once again thanks to our company-wide commitment to operational excellence.

請轉到投影片 5，我將在其中強調我們本季的主要成就，並介紹我們增加的 2024 年指導範圍。第三季度，我們的綜合調整後 EBITDA 約為 15 億美元，可分配現金流量約 8.2 億美元，淨利潤約 9 億美元。這些出色的財務表現再次歸功於我們全公司對卓越營運的承諾。

During the third quarter, we continued to execute on our comprehensive capital allocation plan, which is designed to provide investors with cash flow visibility, disciplined capital management and long-term value creation.

第三季度，我們繼續執行全面的資本配置計劃，旨在為投資者提供現金流可視性、嚴格的資本管理和長期價值創造。

We repurchased another nearly $300 million of stock during the quarter, bringing the year-to-date total to approximately $2 billion. During the quarter, we also paid down $150 million of debt at Sabine Pass, and we funded approximately $500 million of CapEx, mainly related to Stage 3. We also increased our third quarter dividend by 15% to $2 per share annualized.

我們在本季又回購了近 3 億美元的股票，使年初至今的總額達到約 20 億美元。本季度，我們也償還了 Sabine Pass 1.5 億美元的債務，並資助了約 5 億美元的資本支出，主要與第三階段相關。我們也將第三季股利提高了 15%，達到年化每股 2 美元。

During the quarter, we produced and exported 158 LNG cargoes from our facilities, which was highlighted by the production and export of 1,000th LNG cargo from Corpus Christi. I would like to recognize the operational leadership team and everyone at Corpus Christi for the achievement of this major milestone and for further reinforcing Cheniere's globally recognized reputation as a safe and reliable operator.

本季度，我們從我們的設施生產和出口了 158 批液化天然氣貨物，其中科珀斯克里斯蒂生產和出口了第 1,000 批液化天然氣貨物。我要向科珀斯克里斯蒂的營運領導團隊和每個人表示感謝，感謝他們實現了這一重要里程碑，並進一步鞏固了切尼爾作為安全可靠運營商的全球公認聲譽。

Bechtel continues construction, execution on Corpus Christi Stage 3 on budget and on accelerated schedule. As of September 30, and the Stage 3 project had reached approximately 68% complete. Pre-commissioning activities continue on Train 1 with nearly half of the required systems turned over to commissioning and start-up teams who are beginning to place those systems into service. We expect the introduction of first gas into Train 1 to occur in the coming weeks. First gas is an important execution milestone and from a timing perspective, with that milestone occurring soon, it is consistent with the production of first LNG by the end of the year.

柏克德公司繼續按照預算和加快進度建設和執行科珀斯克里斯蒂三期工程。截至9月30日，第三階段工程已完成約68%。預調試活動在 1 號列車上繼續進行，近一半所需系統已移交給調試和啟動團隊，他們開始將這些系統投入使用。我們預計第一批天然氣將在未來幾週內引入 1 號列車。首批天然氣是一個重要的執行里程碑，從時間角度來看，該里程碑很快就會發生，這與年底第一批液化天然氣的生產是一致的。

We are fortunate this year to avoid any impact from hurricanes on operations or construction activities at both Sabine Pass and Corpus Christi. As a result, our target of achieving first LNG production from Train 1 at Stage 3 by the end of the year remains within reach and substantial completion in early 2025, well ahead of the guaranteed schedule. We continue to expect to have three trains from Stage 3 achieved sensor completion during 2025, and Zach will cover the numbers in detail, but we expect to have more open volumes in 2025 than we did in 2024, driven primarily by the substantial completion of those Trains and that reinforces our expectations that 2024 should be an inflection point for EBITDA and financial growth resume in 2025 as those assets begin operations.

今年我們很幸運，避免了颶風對薩賓帕斯和科珀斯克里斯蒂的營運或施工活動產生任何影響。因此，我們在今年年底前實現第 3 階段 1 號生產線首次生產液化天然氣的目標仍然可以實現，並在 2025 年初基本完成，遠遠提前於保證的時間表。我們仍然預計 2025 年第三階段的三列列車將實現感測器完成，扎克將詳細介紹這些數字，但我們預計 2025 年的開放量將比 2024 年更多，這主要是由於這些項目的實質性完成這強化了我們的預期，即2024 年應該是EBITDA 的拐點，隨著這些資產開始運營，財務成長將在2025 年恢復。

Looking to the balance of 2024 today, we are raising and tightening the ranges of our full year guidance to $6 billion to $6.3 billion in consolidated adjusted EBITDA and $3.4 billion to $3.7 billion of distributable cash flow. The guidance increase is primarily driven by better-than-expected production and incremental margin along with portfolio optimization activities, upstream and downstream of our facility.

展望今天的 2024 年，我們將全年指引範圍上調並收緊，綜合調整後 EBITDA 至 60 億至 63 億美元，可分配現金流至 34 億至 37 億美元。指導成長主要是由好於預期的產量和增量利潤以及我們工廠上游和下游的投資組合優化活動所推動的。

On the previous call, we discussed a slightly improved production forecast as a result of our maintenance execution during the second quarter, and we are seeing that forecast production materialize. Even accounting for the increased volume in the forecast, we continue to have an immaterial amount of unsold volumes remaining for the balance of the year as the team has been opportunistically selling our open capacity this fall. Zach will have more to say on the guidance increases in his remarks in a few minutes.

在上次電話會議上，我們討論了由於第二季度執行維護而導致的生產預測略有改善，並且我們看到預測的生產得以實現。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，因為球隊今年秋天一直在機會主義地出售我們的開放產能。幾分鐘後，扎克將在演講中就指導意見的增加發表更多言論。

Please turn to slide 6. We'll update you on important development related to our environmental stewardship. I saw that yesterday we announced the establishment of a voluntary Scope 1 methane emissions intensity target for our liquefaction assets. The target calls for Cheniere to consistently maintain a Scope 1 annual measured methane emissions intensity of 0.03%. And per ton of LNG produced across Sabine Pass and Corpus Christi by 2027.

請翻到幻燈片 6。我們將向您通報與我們的環境管理相關的重要進展。我看到昨天我們宣佈為我們的液化資產設立自願範圍1甲烷排放強度目標。該目標要求切尼爾始終將範圍 1 年度測得的甲烷排放強度保持在 0.03%。到 2027 年，薩賓帕斯和科珀斯克里斯蒂生產的每噸液化天然氣。

The establishment of the methane target represents the latest milestone at Cheniere's climate strategy, which is built upon our principles of transparency, science, supply chain and operational excellence. Our measurement informed methane target of 0.03% is about 1/10 of the hypothetical emissions intensity, utilized recent publicized papers estimating life cycle LNG emissions. This rigorous target reflects our commitment to leverage our data-driven efforts to improve admissions performance across our operations, and is consistent with the requirements of gold standard certification within the UN Environmental Program, Oil and Gas Methane Partnership, 2.0, which Cheniere joined in 2022.

甲烷目標的確立代表了切尼爾氣候戰略的最新里程碑，該戰略建立在我們的透明度、科學、供應鏈和卓越營運原則的基礎上。我們的測量表明，0.03% 的甲烷目標約為假設排放強度的 1/10（利用最近發表的估算生命週期液化天然氣排放量的論文）。這個嚴格的目標體現了我們致力於利用數據驅動的努力來提高整個業務的准入績效，並且符合聯合國環境規劃署石油和天然氣甲烷合作夥伴關係2.0（Cheniere 於2022 年加入）內的黃金標準認證要求。

The methane target we have set is the culmination of significant work completed by our team and a series of technology providers and leading academic institutions. We are able to establish this target, thanks to the collective work we've done through the programs I've spoken about on previous calls, especially our quantification monitoring, reporting and verification or QMRV programs. The target builds upon and complements our QMRV program and other climate-related outputs, such as our cargo emission tax and our recently updated and peer-reviewed life cycle assessment.

我們設定的甲烷目標是我們的團隊以及一系列技術提供者和領先學術機構完成的重要工作的結晶。我們能夠實現這一目標，要歸功於我們透過我在先前的電話會議中談到的專案所做的集體工作，特別是我們的量化監測、報告和驗證或 QMRV 專案。該目標建立在我們的 QMRV 計劃和其他氣候相關成果的基礎上並對其進行補充，例如我們的貨物排放稅和我們最近更新並經過同行評審的生命週期評估。

The QMRV efforts, which have been underway for nearly two years and remain ongoing, involve multiscale measurement activities to develop a measurement informed inventory of emissions data. And that data informs the process of establishing the methane target included in the data set for our methane target, for example, our ratings from approximately 50 aero emission measurements of our operations at our facilities over a period of more than a year. Utilizing actual operational data and not simply emissions factors or outdated estimates provides a robust incredible foundation that stakeholders can trust and against which our performance can be measured.

QMRV 工作已經進行了近兩年並且仍在持續中，涉及多尺度測量活動，以開發測量知情的排放數據清單。這些數據為建立甲烷目標的過程提供了信息，該目標包含在我們的甲烷目標數據集中，例如，我們對我們設施在一年多的時間內進行的約 50 次航空排放測量的評級。利用實際營運數據，而不僅僅是排放因子或過時的估計，為利害關係人提供了一個可靠的、令人難以置信的基礎，讓利害關係人可以信任，並可以根據這個基礎來衡量我們的績效。

Cheniere's approach to environmental performance in stewardship has always been scientific, transparent and methodical, not reactionary or aspirational. And we are pleased to see our strategy and efforts to be recognized by ratings providers.

切尼爾在管理方面的環境績效方法始終是科學、透明和有條不紊的，而不是反動的或雄心勃勃的。我們很高興看到我們的策略和努力得到評級機構的認可。

During the quarter, MSCI has upgraded Cheniere's ESG rating to AAA, the highest score possible. With the upgrades specifically citing improvements in climate management reporting and greenhouse gas intensity performance. We'll continue to pursue our strategy guided by the same climate and sustainable principles that have helped lead us to the significant achievements we have accomplished to date.

本季度，MSCI 將 Cheniere 的 ESG 評級提升至 AAA，這是可能的最高分數。此次升級特別提到了氣候管理報告和溫室氣體強度績效的改善。我們將繼續在相同的氣候和永續原則的指導下推行我們的策略，這些原則幫助我們取得了迄今為止所取得的重大成就。

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

現在，我將把它交給阿納托爾來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 8. Over the last year, we've seen very limited LNG supply growth year-over-year, with September being an exception. Global LNG imports increased 33.6 million tons in the month, up more than 9% versus $23 million. This was largely due to lower levels of planned and unplanned supply outages this year compared to last, rather than true capacity-driven supply growth and the impact on the market was muted.

謝謝，傑克，大家早安。請翻到幻燈片 8。去年，我們看到液化天然氣供應量年增率非常有限，九月是個例外。本月全球液化天然氣進口量增加 3,360 萬噸，增幅超過 9%，進口量為 2,300 萬美元。這主要是由於與去年相比，今年計劃內和計劃外的供應中斷水平較低，而不是真正的產能驅動的供應增長，並且對市場的影響不大。

The perceived underlying market tightness continued to support spot price levels, which continued to climb during the quarter despite healthy storage inventories and relatively soft near-term market dynamics in Europe. September TTF contract settled at $12.54 in MMBtu, up from $11.48 last year and $10.84 in July.

儘管儲存庫存健康且歐洲近期市場動態相對疲軟，但潛在的市場緊張狀況繼續支撐現貨價格水平，該價格水平在本季度繼續攀升。9 月 TTF 合約以 MMBtu 結算價為 12.54 美元，高於去年的 11.48 美元和 7 月的 10.84 美元。

Similarly, JKM settled September at $12.78, up from $11.21 last year and $12.14 in July. The run-up in month ahead prices was supported by escalating geopolitical risks, various supply outages, strong demand outside of Europe as well as some cooler weather forecasts within Europe.

同樣，JKM 9 月結算價為 12.78 美元，高於去年的 11.21 美元和 7 月的 12.14 美元。未來一個月價格的上漲受到地緣政治風險不斷升級、各種供應中斷、歐洲以外地區的強勁需求以及歐洲境內一些涼爽天氣的支撐。

In the US, Henry Hub settled September at $1.93, nearly flat relative to August, but lower than July settlement of $2.63 in MMBtu despite various price-driven production cuts. Strong demand in Asia kept JKM and premium TTTF during the quarter and throughout most of the year.

在美國，Henry Hub 9 月結算價為 1.93 美元，與 8 月幾乎持平，但低於 7 月結算價 2.63 美元（以 MMBtu 計算），儘管各種價格驅動的減產。亞洲的強勁需求使 JKM 和優質 TTTF 在本季和全年大部分時間保持穩定。

As shown on the top right, this spread to an over 18 million-ton shift in LNG flows from Europe to Asia for the first nine months of the year. However, this premium has narrowed substantially since the end of September due to cooler weather in Europe, residual Norwegian maintenance and an increase in geopolitical risk premium. I'll address the regional dynamics in more detail on the next slide.

如右上方所示，今年前 9 個月，超過 1,800 萬噸的液化天然氣從歐洲流向亞洲。然而，由於歐洲天氣轉涼、挪威剩餘維護以及地緣政治風險溢價增加，自 9 月底以來，這項溢價已大幅收窄。我將在下一張投影片中更詳細地討論區域動態。

As noted, LNG imports into Asia continued to grow in nearly all markets with third quarter receipts increasing 10% year-on-year. The JKT and China market areas combined contributed nearly 70% of the region's total 6.3 million tons year-on-year increase during the quarter. Long stretches of heat in Japan, South Korea and parts of China coupled with the need to fill storage ahead of the upcoming winter season continue to lift gas demand. Notably, China's imports in September surpassed 7 million tons, an increase of 32% year-on-year as two new regas terminals started operations and new storage capacity for the supported demand.

如上所述，亞洲幾乎所有市場的液化天然氣進口量均持續成長，第三季營收年增 10%。JKT和中國市場地區合計貢獻了該地區本季630萬噸年增率總量的近70%。日本、韓國和中國部分地區的長期高溫，加上即將到來的冬季之前需要填充儲存的需求，繼續提升天然氣需求。值得注意的是，隨著兩個新的再氣化終端投入運作以及新增的儲存能力滿足需求，中國9月份的進口量超過700萬噸，年增32%。

Taiwan's demand increased by 12% year-on-year during the quarter as the country shut down one reactor at a 950-megawatt nuclear plant in July. The country's last reactor is scheduled to be shut down in a year , which we expect will continue to expand the country's gas-fired power demand.

由於台灣 7 月關閉了一座 950 兆瓦核電廠的一座反應堆，該季度的需求年增了 12%。該國最後一座反應爐計劃於一年內關閉，我們預計這將繼續擴大該國的燃氣發電需求。

During the quarter, Thailand registered a slight decline in imports, primarily due to a boost in domestic gas production. While this renewed production should temporarily offset some of the broader declines in domestic gas production, we expect little to no impact on the country's call for LNG longer term. As mentioned earlier, Asia's growing import came at the expense of Europe, where imports were generally flat during the quarter and are down over 20% on the year.

本季度，泰國進口略有下降，主要是由於國內天然氣產量增加。雖然產量的恢復應該會暫時抵消國內天然氣產量大幅下降的部分影響，但我們預計，從長遠來看，該國對液化天然氣的需求幾乎不會受到影響。如前所述，亞洲進口的成長是以犧牲歐洲為代價的，該季度歐洲進口總體持平，年減超過 20%。

European gas fundamentals have remained steady in recent months with lower power demand and improving but still tepid industrial consumption. However, after a series of mild winters resulting in some demand destruction in the heating sector, some cooler temperatures in September across the region tighten the market, which has been amplified by increased geopolitical risks.

近幾個月來，歐洲天然氣基本面保持穩定，電力需求下降，工業消費改善，但工業消費仍不溫不火。然而，在一系列溫和的冬季導致供暖行業的需求受到一定程度的破壞之後，該地區 9 月份的一些涼爽氣溫使市場趨緊，而地緣政治風險的增加又加劇了市場的緊張。

European storage levels remained healthy at 95% as of mid-October, but price risk is skewed to the upside. All eyes are now focused on anticipated storage levels exiting winter in early '25, especially with limited support from Ukraine storage, which remains about 30% below last year's levels. Further reductions are expected in Russian flows, potential LNG supply disruptions from further outages or geopolitical escalations along with continued LNG pull from Egypt, could lead to sustained higher European premiums in order to attract flexible cargoes, particularly if we revert to normal weather temperatures in the region this year.

截至 10 月中旬，歐洲庫存水準維持在 95% 的健康水平，但價格風險偏上行。現在，所有人的目光都集中在 25 年初冬季結束時的預期儲存水平，特別是在烏克蘭儲存的有限支持下，烏克蘭儲存仍比去年水平低 30% 左右。預計俄羅斯流量將進一步減少，進一步停電或地緣政治升級可能導致液化天然氣供應中斷，以及埃及持續抽運液化天然氣，可能會導致歐洲溢價持續走高，以吸引靈活的貨物，特別是如果我們恢復到正常天氣溫度的話今年地區。

Additionally, it's important to also acknowledge the increased competition for LNG cargoes from rising demand in regions outside of Europe and Asia. Low hydropower output in Brazil along with a strong pull from the MENA region, supported Atlantic demand and tightened the JKM TTF spread during the quarter. LNG imports into the MENA region rose 57% year-on-year during the quarter, largely due to Egypt, which relied on the spot market to help alleviate rapidly declining domestic production.

此外，還必須承認歐洲和亞洲以外地區需求的成長導致液化天然氣貨物的競爭加劇。巴西水力發電量較低，加上中東和北非地區的強勁拉力，支撐了大西洋需求，並收緊了本季度 JKM TTF 價差。本季中東和北非地區的液化天然氣進口量年增 57%，這主要是由於埃及依靠現貨市場來幫助緩解國內產量迅速下降的局面。

In addition to imports the Jordan Aqaba terminal, Egypt imported approximately 20 cargoes during the third quarter and another 20 cargoes are expected to be delivered by year-end. In the absence of any immediate relief from new LNG supply, these dynamics should continue to highlight the delicate balance of the global gas market, further supporting the upside price risk I mentioned earlier.

除約旦亞喀巴碼頭進口外，埃及第三季進口了約20批貨物，另外20批貨物預計將於年底交付。在新液化天然氣供應沒有立即緩解的情況下，這些動態應該會繼續凸顯全球天然氣市場的微妙平衡，進一步支持我先前提到的價格上行風險。

Let's move to the next slide to further develop this point. We've noted for several quarters now how the LNG market remains precariously balanced, sensitive to any signs of potential disruption in supply or demand from geopolitical tensions to rapid shifts in market balances driven by extraneous elements such as weather, domestic gas production levels or the changes in the price or availability of competing fuels all underscore the criticality of adequate, reliable and flexible LNG supplies in the global energy mix.

讓我們轉到下一張投影片來進一步闡述這一點。幾個季度以來，我們已經注意到液化天然氣市場如何保持不穩定的平衡，對地緣政治緊張局勢、天氣、國內天然氣產量水平或其他外部因素驅動的市場平衡快速變化等潛在供應或需求中斷的任何跡象都很敏感。

In recent weeks, escalating geopolitical tensions have triggered renewed concerns about supply reliability and adequacy amidst that precarious balance. These events have already affected the European gas and LNG markets playing a critical role in elevating prices and market uncertainty.

最近幾週，不斷升級的地緣政治緊張局勢在這種不穩定的平衡中引發了人們對供應可靠性和充足性的新擔憂。這些事件已經影響了歐洲天然氣和液化天然氣市場，在推高價格和市場不確定性方面發揮關鍵作用。

Over the past three years, we've witnessed how geopolitics continue to have a significant impact on commodities, specifically impacting European gas infrastructure, pipe gas contracts, flows and transit routes, which has driven higher price levels as well as prolonged elevated market volatility. Today, Europe's winter gas balances remain vulnerable as further cuts in Russian pipeline gas flows seem likely if the transit agreement through Ukraine is not renewed.

在過去的三年裡，我們目睹了地緣政治如何繼續對大宗商品產生重大影響，特別是影響歐洲天然氣基礎設施、管道天然氣合約、流量和運輸路線，從而推高了價格水平並導致市場波動長期加劇。如今，歐洲冬季天然氣平衡仍然脆弱，因為如果不續簽通過烏克蘭的過境協議，俄羅斯管道天然氣流量可能會進一步削減。

The developments in the Middle East raised concerns about upstream and midstream gas infrastructure that could impact Egypt's gas supply security, potentially constraining global energy market balances. Meanwhile, (inaudible) delays from projects under development prevent immediate material relief in the prompt.

中東的發展引發了人們對上游和中游天然氣基礎設施的擔憂，這可能會影響埃及的天然氣供應安全，並可能限制全球能源市場的平衡。同時，（聽不清楚）正在開發的專案的延誤阻礙了及時的物質救濟。

Global liquefaction utilization has been pushed beyond seasonal norms to produce incremental volumes, but there is limited additional running room and demand continues to be rationed. The lack of spare capacity means that the system remains particularly vulnerable to any unplanned outages and risks to flow interruptions, be they operational geopolitical or otherwise.

全球液化利用率已超出季節性標準，以產生增量，但額外的運行空間有限，需求繼續受到限制。缺乏備用容量意味著該系統仍然特別容易受到任何計劃外停電和流量中斷風險的影響，無論是由於地緣政治還是其他原因。

To mitigate against these adverse impacts, we see long-term contracting and the related supply growth underpinned by these agreements as two key pillars for a more resilient, robust and stable market. In the past few years, we've seen an increase in longer-term contracts some in excess of 20 years, which support the development of much needed new capacity. Global supply growth and flexibility as well as affordable stable long-term contracts are key to enable energy security affordability and to help insulate consumers worldwide for future energy prices like we saw in 2022 and aligns with the establishment of our methane targets.

為了減輕這些不利影響，我們認為這些協議所支撐的長期合約和相關供應成長是增強市場彈性、強勁和穩定的兩個關鍵支柱。在過去幾年中，我們看到長期合約有所增加，其中一些合約期限超過 20 年，這支持了急需的新產能的開發。全球供應成長和靈活性以及負擔得起的穩定長期合約是實現能源安全可負擔性的關鍵，有助於使全球消費者免受未來能源價格的影響，就像我們在2022 年看到的那樣，並與我們所製定的甲烷目標保持一致。

We must also highlight the clear environmental advantages of LNG and the critical role it has set in global decarbonization. As developed and developing these alike, to increase LNG and natural gas company primary energy supply Cheniere's leadership role in environmental stewardship will only further separate us from the competition and enable us to continue developing and executing projects which deliver significant value to our shareholders.

我們還必須強調液化天然氣明顯的環境優勢及其在全球脫碳中所扮演的關鍵角色。隨著這些項目的開發和發展，為了增加液化天然氣和天然氣公司的一次能源供應，Cheniere 在環境管理方面的領導作用只會進一步使我們在競爭中脫穎而出，並使我們能夠繼續開發和執行為股東帶來重大價值的項目。

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

現在，我將把電話轉給扎克，以審查我們的財務表現和指導。

Thanks, Anatol, and good morning, everyone. I'm pleased to be here today to review our third quarter 2024 results key financial accomplishments are increased and tightened 2024 guidance and our current outlook for 2025.

謝謝阿納托爾，大家早安。我很高興今天在這裡回顧我們 2024 年第三季的業績、主要財務成就的增加和收緊的 2024 年指導以及我們目前對 2025 年的展望。

Turning to slide 12. For the third quarter of 2024, we generated net income of approximately $900 million, consolidated adjusted EBITDA of approximately $1.5 billion and distributable cash flow of approximately $820 million. With these third quarter results, we have now reported positive net income on a quarterly and cumulative trailing 4-quarter basis, eight quarters in a row.

轉到投影片 12。2024 年第三季度，我們實現淨利潤約 9 億美元，綜合調整後 EBITDA 約 15 億美元，可分配現金流量約 8.2 億美元。有了這些第三季的業績，我們現在已經連續八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 third quarter 2024 results reflect a higher proportion of our LNG being sold under long-term contracts as well as the continued moderation of international gas prices. These impacts were partially offset by higher volumes of LNG delivered from our two sites during the quarter. Similarly, compared to the second quarter of this year, our production was higher due to most of the planned maintenance at both sites occurring in June.

與去年相比，我們 2024 年第三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更高，以及國際天然氣價格持續放緩。這些影響被本季我們兩個基地交付的液化天然氣數量增加所部分抵消。同樣，與今年第二季相比，我們的產量更高，因為兩個工廠的大部分計劃維護都發生在 6 月。

During the third quarter, we recognized in income 563 TBtu of physical LNG, which included 560 TBtu from our projects and 3 TBtu sourced from third parties. Approximately 97% of our LNG volumes recognized in the quarter were sold in relation to term SPA or IPM agreements.

第三季度，我們確認了 563 TBtu 的實體液化天然氣收入，其中包括來自我們專案的 560 TBtu 和來自第三方的 3 TBtu。本季度確認的液化天然氣銷量中約 97% 是透過定期 SPA 或 IPM 協議出售的。

Our strong financial results continue to support meaningful progress on our 2020 Vision capital allocation plan with another $1 billion deployed in the third quarter towards shareholder returns, accretive growth and balance sheet management. As of the third quarter, we've allocated over $12 billion of our $20 billion plus target as we continue to reduce our share count and enhance our capital returns while retaining financial flexibility to fund accretive growth across our platform, all of which should position us to generate over $20 per share of run rate distributable cash flow for our shareholders later this decade.

我們強勁的財務表現繼續支持我們的 2020 年願景資本分配計畫取得有意義的進展，第三季另外部署 10 億美元，用於股東回報、增值成長和資產負債表管理。截至第三季度，我們已經分配了200 億美元以上目標中的超過120 億美元，因為我們繼續減少股份數量並提高資本回報，同時保留財務靈活性，為整個平台的增值增長提供資金，所有這些都應該使我們處於有利地位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。

During the third quarter, we repurchased approximately 1.6 million shares for approximately $282 million. Through the first nine months of the year, we've deployed approximately $2 billion into our shares and reduced our share count by over 12 million shares. We've now repurchased approximately 10% of our outstanding shares since announcing our 2020 Vision plan in September 2022. The reducing our shares outstanding from approximately $250 million to under $225 million today in the queue. At this point, we are over halfway to our midterm goal of 200 million shares.

第三季度，我們以約 2.82 億美元的價格回購了約 160 萬股股票。今年前 9 個月，我們投入約 20 億美元購買股票，並減少了超過 1,200 萬股。自 2022 年 9 月宣布 2020 年願景計畫以來，我們現已回購約 10% 的流通股。我們的流通股從大約 2.5 億美元減少到今天的 2.25 億美元以下。至此，我們已完成 2 億股中期目標的一半以上。

A foundational strategy of the plan is to enable us to buy back more shares when the stock underperforms on an absolute and relative basis, and the year-to-date results demonstrate the power of the plan's design. We are committed to further reducing our total shares outstanding as we completed the previous $4 billion share repurchase authorization this month and are currently starting to work through on our additional $4 billion share repurchase authorization through 2027.

該計劃的一個基本策略是，當股票在絕對和相對基礎上表現不佳時，我們能夠回購更多股票，而今年迄今為止的結果證明了該計劃設計的力量。我們本月完成了先前 40 億美元的股票回購授權，目前正開始完成到 2027 年額外 40 億美元的股票回購授權，我們致力於進一步減少流通股總數。

As previously announced with our June capital allocation update, we increased our third quarter dividend by approximately 15% to $2 annualized and intend to follow through with our guidance of growing our dividend by approximately 10% annually through the end of this decade. This goal should trend us closer to a payout ratio of approximately 20% over time, which will enable us to retain the financial flexibility essential to our comprehensive and balanced long-term capital allocation plan and disciplined growth objectives.

正如先前在6 月資本配置更新中宣布的那樣，我們將第三季度股息增加了約15%，年化股息達到2 美元，並打算遵循我們的指導方針，在本十年末將股息每年增加約10 %。隨著時間的推移，這一目標將使我們的派息率接近約 20%，這將使我們能夠保留對我們全面、平衡的長期資本配置計劃和嚴格的成長目標至關重要的財務靈活性。

Moving to the balance sheet. During the quarter, we repaid $150 million of outstanding principal of the SPL 2025 notes with cash on hand. We plan to repay the remaining $650 million outstanding principal of these notes with cash on hand ahead of its March 2025 maturity, as we focus our debt paydown within CQP in preparation for financing the SPL expansion project. After repaying the remaining SPL 2025 we will not have any debt maturing anywhere in the Cheniere complex until the middle of 2026.

轉向資產負債表。本季度，我們用手頭現金償還了 SPL 2025 票據的 1.5 億美元未償本金。我們計劃在 2025 年 3 月到期之前用手頭現金償還這些票據剩餘的 6.5 億美元未償本金，同時我們將重點償還 CQP 內的債務，為 SPL 擴建項目融資做準備。在償還 2025 年剩餘的 SPL 後，直到 2026 年中期，Cheniere 綜合體的任何地方都不會出現任何到期債務。

The rating agencies continue to recognize our progress on the balance sheet. Last week, S&P upwardly revised the ratings outlook at Corpus Christi Holdings, or CCH to positive. And as noted on our last call, we received our 22nd credit rating upgrade in the third quarter when Fitch upgraded CCH to BBB+. The continued recognition from the rating agencies is a testament to our team strategically managing our balance sheet and with regard to these rating agency actions, in particular, reflects the progress achieved on our Stage 3 projects.

評級機構繼續認可我們在資產負債表方面的進展。上週，標準普爾將科珀斯克里斯蒂控股公司（CCH）的評級展望上調至正面。正如我們在上次電話會議中所指出的，惠譽將 CCH 升級至 BBB+ 時，我們在第三季獲得了第 22 次信用評級升級。評級機構的持續認可證明了我們的團隊對資產負債表進行策略性管理，尤其是這些評級機構的行動反映了我們第三階段專案所取得的進展。

Speaking of Stage 3, during the quarter, we funded approximately $400 million of CapEx on Stage 3, bringing total spend on the project to over $4.3 billion. With approximately $3 billion in consolidated cash and over $10 billion of overall liquidity throughout the Cheniere complex, we expect to continue equity funding the Stage 3 CapEx, while also remaining active on our buyback program as we continue to manage down our cash balances before utilizing the undrawn $3 billion CCH term loan, which we expect to eventually draw in 2025.

說到第三階段，本季我們為第三階段提供了約 4 億美元的資本支出，使該項目的總支出超過 43 億美元。整個 Cheniere 綜合大樓擁有約 30 億美元的合併現金和超過 100 億美元的整體流動性，我們預計將繼續為第三階段資本支出提供股權融資，同時繼續積極開展我們的回購計劃，因為我們在利用未提取的30 億美元CCH 定期貸款，我們預計最終將於2025 年提取。

Turn now to slide 13, where I will discuss our updated 2024 guidance and initial outlook for 2025. Today, we are raising and tightening our full year 2024 guidance ranges to $6 billion to $6.3 billion in consolidated adjusted EBITDA and $3.4 billion to $3.7 billion in distributable cash flow, a $250 million increase to the midpoint as well as tightening of the ranges from $400 million to $300 million or less than 5% of the midpoint of guidance.

現在轉到幻燈片 13，我將在其中討論更新的 2024 年指導和 2025 年初步展望。今天，我們將2024 年全年綜合調整EBITDA 指引範圍提高至60 億美元至63 億美元，可分配現金流指引範圍提高至34 億美元至37 億美元，中位數增加2.5 億美元，範圍從400 美元收緊百萬至 3 億美元或低於指導中位數的 5%。

Our increased guidance is close to equally attributable to optimization activities completed upstream and downstream of our facilities since the last call, as well as slightly higher production and margins than previously forecast during the quarter and into 4Q. We were also able to tighten the ranges another $100 million as we are effectively sold out for the balance of this year, reducing the amount of variability in our forecast and our most contracted year-to-date.

我們增加的指引幾乎同樣歸因於自上次電話會議以來我們設施上游和下游完成的優化活動，以及本季和第四季產量和利潤率略高於先前的預測。我們還能夠將範圍再收緊 1 億美元，因為我們今年剩餘時間的產品實際上已售罄，從而減少了我們的預測和今年迄今為止簽訂的最大合約的可變性。

That being said, 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, albeit likely more limited this late in the year. And of course, our results could be impacted by the timing of certain cargoes around year-end.

話雖這麼說，我們的指導仍然只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，儘管在今年年底可能更加有限。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。

As noted on prior calls, our DCF could be affected by changes in the tax code, particularly as it relates to the alternative minimum tax and the treatment of certain tax positions related to our unrealized derivatives. These changes could impact the timing and amount of our cash tax payments this year and going forward, but should be immaterial on an NPV basis and not impact our ability to generate over $20 billion of available cash through 2026. And while we do not forecast any contribution to revenues or EBITDA from Stage 3 volumes this year, we continue to target first LNG from Train 1 by year-end.

正如先前電話會議中所指出的，我們的折現現金流量可能會受到稅法變化的影響，特別是因為它涉及替代最低稅以及與我們未實現的衍生性商品相關的某些稅務狀況的處理。這些變化可能會影響我們今年和今後的現金稅繳納時間和金額，但在 NPV 的基礎上應該無關緊要，並且不會影響我們到 2026 年創造超過 200 億美元可用現金的能力。雖然我們預計今年第三階段的銷售不會對收入或 EBITDA 做出任何貢獻，但我們繼續目標是在年底前從一號列車中生產第一批液化天然氣。

Based on the progress achieved to date, we forecast Train 1 to achieve substantial completion at the end of Q1 or early Q2 next year and Trains 2 and 3 to achieve substantial completion in the second half of the year. With this assumption, we expect to produce approximately 47 million to 48 million tonnes of LNG in total across our two sites next year, inclusive of forecast Stage 3 volumes and a major maintenance plan at Sabine Pass next year. Those step change from our 45 million-tonne run rate across our existing nine trains and operations, the variability is based on uncertainty around specific Stage 3 commissioning and ramp-up schedules as well as year-end timing.

根據目前的進展，我們預計一號列車將在明年第一季末或第二季初基本完成，二號和三號列車將在下半年基本完成。根據這個假設，我們預計明年我們的兩個基地將總共生產約 4700 萬至 4800 萬噸液化天然氣，其中包括預測的第三階段產量和明年薩賓帕斯的主要維護計劃。這些步驟與我們現有的 9 條列車和營運中的 4500 萬噸運行率相比發生了變化，這種變化是基於具體的第三階段調試和產能提升計劃以及年底時間的不確定性。

Of that 47 million to 48 million tonnes of production, we forecast over 46 million to over 47 million tonnes of volume after commissioning, supporting 2025 EBITDA. After accounting for the approximately 43 million tonnes of long-term contracts already in place, we expect to have over 3 million to over 4 million tonnes of spot volume available for CMI.

在這 4,700 萬至 4,800 萬噸的產量中，我們預測投產後產量將超過 4,600 萬至 4,700 萬噸，支持 2025 年的 EBITDA。在考慮到已經簽訂的約 4,300 萬噸長期合約後，我們預計 CMI 可獲得超過 300 萬噸至超過 400 萬噸現貨量。

The team has been active opportunistically selling some of that 2025 spot volume since our last call. And we currently forecast approximately 2 million to 3 million tonnes or approximately 100 to 150 TBtu of unsold open capacity in 2025. We, therefore, also forecast that a $1 change in market margin would impact EBITDA by approximately $100 million to $150 million for the full year. Consistent with previous practice, we intend to provide official 2025 financial guidance on our February call.

自從我們上次電話會議以來，該團隊一直在積極尋找機會出售部分 2025 年現貨量。我們目前預測 2025 年未售出產能約為 200 萬至 300 萬噸，約 100 至 150 TBtu。因此，我們也預測，市場利潤率變化 1 美元將影響全年 EBITDA 約 1 億至 1.5 億美元。與先前的做法一致，我們打算在 2 月的電話會議上提供官方的 2025 年財務指引。

Looking at curves today, netbacks are averaging around $7 to $8 in 2025, so the timing of our Stage 3 trains coming online and the resulting incremental marketing volumes could drive significant variability in our expected earnings for 2025 as we grow beyond our 9-train platform.

從今天的曲線來看，到2025 年，淨收益平均約為7 至8 美元，因此，隨著我們的業務發展超出9 列車平台，我們的第3 階段列車上線的時間以及由此產生的增量行銷量可能會導致我們2025 年的預期收入出現顯著變化。

As a reminder, the Stage 3 trains are being built with a design and technology that is new to us, so the length and extent of the commissioning process is somewhat uncertain. As the initial trains start commissioning, we will gain a better sense on the specific timing of these new volumes and their contribution to our financial results next year.

需要提醒的是，第三階段列車的建造採用了我們全新的設計和技術，因此調試過程的長度和範圍有些不確定。隨著首批列車開始調試，我們將更了解這些新列車的具體時間及其對明年財務表現的貢獻。

As with the commissioning of our first nine trains, we hope to improve the commissioning process for each subsequent train by deploying lessons learned. We expect the remaining four mid-scale trains to reach substantial completion in 2026. And at which point, we have several million tons of new long-term contracts starting in 2026 and 2027, keeping our platform over 90% contracted with investment-grade counterparties and take-or-pay style cash flows, and averaging approximately 95% contracted through the mid-2030s.

與前九列列車的調試一樣，我們希望透過吸取經驗教訓來改善後續每列列車的調試流程。我們預計其餘四列中型列車將於 2026 年基本完工。屆時，我們將在 2026 年和 2027 年簽訂數百萬噸新的長期合同，使我們的平台 90% 以上與投資級交易對手和照付不議的現金流簽訂合同，平均約 95% 簽訂合同到2030 年代中期。

Earlier this year, I described 2024 is likely a trough year for EBITDA and as all of our long-term contracts supporting the 9-train platform had commenced and international gas prices began to moderate despite spot margins remaining very healthy this year, averaging $8. As Jack mentioned, we still expect this to be the case as Stage 3 volumes start to hit our P&L in 2025. We remain proud of our team's unrelenting efforts to unlock additional value to support financial metrics well above our nine train run rate guidance this year.

今年早些時候，我曾描述過2024 年可能是EBITDA 的低谷年，因為我們支持9 列車平台的所有長期合約都已經開始，而且國際天然氣價格開始放緩，儘管今年現貨利潤仍然非常健康，平均為8 美元。正如傑克所提到的，我們仍然預期情況會是這樣，因為第三階段的產量將在 2025 年開始影響我們的損益。我們仍然為我們的團隊不懈努力釋放額外價值以支持遠高於我們今年九列列車運行率指導的財務指標而感到自豪。

Looking ahead to 2025 and beyond, we will continue to leverage the vast competitive advantages afforded by our leading brownfield infrastructure platform in order to enhance the long-term value delivered to shareholders and to continue to supply our customers flexible, reliable and cleaner burning LNG.

展望2025年及以後，我們將繼續利用我們領先的棕地基礎設施平台所提供的巨大競爭優勢，以提高為股東提供的長期價值，並繼續為我們的客戶提供靈活、可靠和更清潔的燃燒液化天然氣。

That concludes our prepared remarks. Thank you for your time and your interest in Cheniere.

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。

(Operator Instructions) Jeremy Tonet, JPMorgan.

（操作員指示）Jeremy Tonet，摩根大通。

Very helpful. I was just wondering a bit on the commissioning process right now. As it stands right now, if you froze where the futures are where the spread is for LNG, those commissioning cargoes, what would be the potential scale of reduction in cost for the project. Could you help us kind of think through that?

非常有幫助。我現在只是想知道調試過程。就目前情況而言，如果你凍結液化天然氣的期貨價差和調試貨物的價格，那麼該項目成本降低的潛在規模是多少。你能幫我們想一下嗎？

Jeremy, it's Zach. I'd start first with the guidance of 47 million to 48 million tonnes of total production, including commissioning. And then we -- then I mentioned that we're over 46 million to over 47 million tonnes of basically P&L production in '25.

傑瑞米，我是札克。我首先會指導總產量為 4700 萬至 4800 萬噸，包括調試。然後我們——然後我提到，25 年我們的損益產量基本上超過 4600 萬噸到 4700 萬噸。

So it's around 1 million tonne, a little less than that in the guidance right now that is commissioning that's not supporting EBITDA and will offset CapEx because Stage 3 is combined with trains 1 through 3, those volumes in terms of the margins on those commissioning volumes will be a mix of spot volumes and contracted volumes. And that's accounted for when we talk about spot volumes in the P&L for CMI to sell of over 3 million to over 4 million tonnes. But as you think about around 1 million tonnes or 50 TBtu we're talking about hundreds of millions of dollars, that will help offset CapEx and just be another funding source for us in the coming year.

因此，大約為 100 萬噸，比目前指導中的略少，不支持 EBITDA，並將抵消資本支出，因為第 3 階段與 1 至 3 號列車相結合，這些量是根據這些調試量的利潤計算的將是現貨量和合約量的混合。當我們談論 CMI 損益表中出售的超過 300 萬噸至超過 400 萬噸的現貨量時，這一點已被考慮在內。但當你想到大約 100 萬噸或 50 TBtu 時，我們談論的是數億美元，這將有助於抵消資本支出，並成為我們來年的另一個資金來源。

Got it. Very helpful there, hundreds of millions of dollars. And then just want to, I guess, come back to the SPL expansion and kind of commercialization efforts at this point with the FDA authorization, how does that, I guess, impact discussions that you're having with customers right now? And I guess what's your outlook for that project? And how contracted are you looking for at this point?

知道了。那裡非常有幫助，數億美元。然後，我想，在獲得 FDA 授權的情況下，回到 SPL 擴展和商業化工作上來，我想這會如何影響您現在與客戶進行的討論？我想你對該專案的前景如何？您目前希望的合約程度如何？

Jeremy, it's Anatol. So as you know, we've got order of magnitude 10 million tonnes. There are three counterparties for mid-scale 9 and then the balance for Train 7, and we've started on Train 8 at SPL. We're taking our time now as we kind of optimize and figure out what the best path is for our brownfield advantages, and we're really pursuing these efforts with certain select counterparties and being very judicious at how we move that project forward as we figure out the best way to get the right balance of economics, returns and and contractual support.

傑瑞米，我是阿納托爾。如您所知，我們的產量為 1000 萬噸。中等規模的 9 有三個交易對手，然後是系列 7 的餘額，我們已經在 SPL 開始了系列 8。我們現在正在花時間優化並找出實現我們棕地優勢的最佳途徑，我們確實正在與某些特定的交易對手一起努力，並在我們如何推進該項目時非常明智。合約支援之間取得適當平衡的最佳方法。

But ultimately, it's not going to be very different from our kind of 90% plus contracted 7 times CapEx to EBITDA target as we navigate that. And as you've heard Zach mentioned on previous calls, it will probably be a phased approach. So we're in very good shape. We've got great engagement. Obviously, as the world thinks through all of these challenges and as we continue to deliver now over 3,700 cargoes from our two facilities without missing a beat. We're in a very good position on our commercial engagements.

但最終，當我們實現這一目標時，這與我們 90% 以上的合約 7 倍資本支出達到 EBITDA 目標不會有太大不同。正如您在之前的電話會議中聽到扎克提到的那樣，這可能會是一個分階段的方法。所以我們的狀態非常好。我們有很好的參與度。顯然，隨著全世界對所有這些挑戰的思考，以及我們現在繼續從我們的兩個設施運送 3,700 多件貨物，沒有錯過任何機會。我們在商業活動中處於非常有利的位置。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Maybe first on the commercial front. As a follow-up to Jeremy's question. Just as your competing projects in the US Gulf Coast has seemingly continue to face delays and other challenges, while remains on time, on budget. How has this influenced or impacted your commercial discussions for the upcoming projects?

也許首先是在商業方面。作為傑里米問題的後續。正如您在美國墨西哥灣沿岸的競爭項目似乎繼續面臨延誤和其他挑戰，但仍按時、按預算進行。這對您即將進行的專案的商業討論有何影響？

Theresa, thank you for the question. And I can tell you, we have a very strong relationship with Bechtel that we've built over the last decade, that has allowed us to work very closely as a team to be sure that we deliver our projects on budget, ahead of schedule and that the performance is guaranteed. Our reliability, the 1,000 cargoes at Corpus Christi, the 2,700 cargoes that we've produced at Sabine have made Anatol's job a little bit easier because we're finally being recognized as a very reliable, safe provider of LNG, and I'll let Anatol cover how those conversations have been going.

特蕾莎，謝謝你的提問。我可以告訴你，我們與柏克德在過去十年中建立了非常牢固的關係，這使我們能夠作為一個團隊非常密切地合作，以確保我們按預算、提前交付我們的項目，並保證性能。我們的可靠性，科珀斯克里斯蒂的1,000 批貨物，我們在薩賓生產的2,700 批貨物，使阿納托爾的工作變得更加輕鬆，因為我們最終被認為是非常可靠、安全的液化天然氣供應商，我會讓阿納托爾報道了這些對話的進展。

Yes. Thanks, Jack. The Anatol's job keeps getting easier and easier. What we announced earlier -- well, I guess last night about the methane target. We've been going down the path of these scientific kind of very process-driven assessments of our own emissions profile and all of our MRV efforts.

是的。謝謝，傑克。阿納托爾的工作變得越來越容易。我們早些時候宣布的——嗯，我想昨晚是關於甲烷目標的。我們一直在對我們自己的排放概況和所有 MRV 工作進行科學的、流程驅動的評估。

We've talked to you guys about how that's been recognized by our counterparties for the last couple of years, but things as transparent as establishing a methane target are another key component. So we've got the reliability we've got, as you pointed out, and Jack mentioned the E&C EPC execution, the reliability of our products and delivering projects on time, on budget and serving our customers with an ever cleaner product. So yes, lots of tailwinds for Anatol's efforts.

我們已經與你們討論了過去幾年我們的交易對手如何認識到這一點，但像建立甲烷目標這樣透明的事情是另一個關鍵組成部分。因此，正如您所指出的，我們擁有我們所擁有的可靠性，傑克提到了 E&C EPC 執行、我們產品的可靠性以及按時、按預算交付項目以及為我們的客戶提供更加清潔的產品。所以，是的，阿納托爾的努力有很多順風車。

Great. And not trying to make Anatol's job harder, but I have a follow-up on your comments related to the regas outlook in Asia. So related to your views on China's regas capacity coming online or Asia in general, where do you think we go from here? And do you think that any sort of cyclical softness over the near and medium term could potentially decelerate this pace of expansion? Is there any elasticity in that time line?

偉大的。我並不是想讓阿納托爾的工作變得更加困難，但我對您有關亞洲再氣化前景的評論進行了跟進。那麼，與您對中國或整個亞洲的再氣化產能上線的看法相關，您認為我們下一步將走向何方？您是否認為近期和中期任何形式的周期性疲軟都可能減緩這種擴張速度？這個時間線有彈性嗎？

Well, the expansion has been so rapid that just algorithmically, I would not be shocked if the pace of growth slowed, but China is going to be a 250-plus million tonne regas capacity market, we expect it to get to about 140 million, 150 million tonnes of imports over the next five to seven years, and the rest of Asia is going to continue to grow. I'm not a fan of summarizing kind of the environment as quote, Chindia, end quote, but if you look at Asia's growth overall, those two economies are responsible. Everything else is kind of rounds up and down to very little change, and we expect them to continue to grow at very robust rates.

嗯，擴張速度如此之快，從演算法來看，如果成長速度放緩，我不會感到震驚，但中國將成為一個超過250 萬噸再氣化能力的市場，我們預計它將達到約1.4 億噸，未來五到七年進口量將達到 1.5 億噸，亞洲其他地區也將持續成長。我不喜歡將這種環境總結為引用，Chindia，結束引用，但如果你看看亞洲的整體成長，這兩個經濟體是負責任的。其他一切都是向上和向下四捨五入，變化很小，我們預計它們將繼續以非常強勁的速度成長。

And one of the things that we talk about that I think would be very beneficial to the market over the medium term is to the extent the prices moderate, as this new supply enters the market over the next three to five years, the number of gassy economies that have been really starved of product at these elevated price levels we expect to reenter and to avail themselves of more gas. Unfortunately, they don't have the credit and the scale to have the kind of long-term contracts that afford them the ability -- the stable and reliable supply that we're touting here. But I think -- I don't see any cyclical slowdown or a moderation of growth rate for gas, which has grown LNG actually has grown over 5% as a CAGR over the last decade, and I think that will continue.

我們談論的一件事我認為在中期對市場非常有利，那就是價格適度，隨著新的供應在未來三到五年內進入市場，天然氣的數量將減少。缺乏產品的經濟體我們預計將重新進入並利用更多的天然氣。不幸的是，他們沒有信用和規模來簽訂長期合同，從而提供他們的能力——我們在這裡吹捧的穩定可靠的供應。但我認為，我沒有看到天然氣出現任何週期性放緩或增長率放緩，液化天然氣在過去十年中的複合年增長率實際上已經增長了5% 以上，而且我認為這種情況將持續下去。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Wanted to ask about the the beaten rates from this quarter, are these portfolio optimization initiatives and the higher production that drove the guidance increase in 2024. Is that sustainable as we look to 2025?

我想詢問本季的超預期利率，這些投資組合優化措施和更高的產量是否推動了 2024 年指引值的成長。展望 2025 年，這種情況是否可持續？

We would hope so, but we won't know until we see it show up in the actuals. We have a budget like we rigorously go through with the operations team and then we go through with the board, and we'll be in a position to give you a good range for next year in February in terms of the financial guidance.

我們希望如此，但直到我們看到它出現在實際時我們才會知道。我們有一個預算，就像我們與營運團隊嚴格審查，然後與董事會審查一樣，我們將能夠在明年二月份為您提供一個良好的財務指導範圍。

But when it comes to optimization, we're the second largest operator of LNG in the world. And we have a lot of ships that we charter, and we buy a lot of gas in this country. So there should be opportunities. But to say what the quantum is, that would be hard to define ahead of time.

但在最佳化方面，我們是世界第二大液化天然氣業者。我們租了很多船隻，並且在這個國家購買了大量天然氣。所以應該有機會。但要說量子是什麼，很難事先定義。

But in terms of the guidance increase this time, I'd say I'd split it three ways on the optimization side. Upstream of the plants, there were better basis differentials that we just couldn't have forecasted earlier on, that were able to be captured. Then we were able to opportunistically subcharter more of our length ahead of Stage 3 coming online for the rest of the year. And then with some of the positions we have all over the world and a few third-party sourcing, we were able to optimize the portfolio downstream. And together, that was around $100-plus million added to the guidance.

但就這次的指導增加而言，我想說我會在優化方面將其分為三種方式。在工廠的上游，有更好的基差，這是我們之前無法預測的，但卻能夠被捕捉。然後，我們能夠在第三階段在今年剩餘時間內上線之前，機會主義地轉租更多的長度。然後，透過我們在世界各地擁有的一些職位和一些第三方採購，我們能夠優化下游的產品組合。總共為指導增加了約 1 億多美元。

On the production side, honestly, that would be hard to forecast ahead of time considering. We had a relatively smooth hurricane season for Cheniere, the ambient temperatures were also lower, and they were able to just outperform it at both sites and honestly pick up from earlier in the year where production was slightly down. So that alone with $8, $9 margins for the rest of this year added another $100-plus million. So hard to say we can bake that in. And I would assume in the February guidance, we wouldn't be baking that in initially.

在生產方面，老實說，考慮到這一點很難提前預測。我們對切尼爾經歷了一個相對平穩的颶風季節，環境溫度也較低，他們在兩個地點的表現都比它​​好，而且老實說，從今年早些時候產量略有下降的情況來看，情況有所好轉。因此，光是今年剩餘時間的 8、9 美元利潤就又增加了 1 億多美元。很難說我們可以把它放進去。我認為在二月的指導中，我們最初不會考慮這一點。

Okay. Great. No, that's good color. I appreciate it. And then I was wondering if you can give us a sense of your assumptions on the time line for the three Stage 3 trains that you expect to complete in 2025. And given your track record and Bechtel's track record, I mean, I realize this is a new technology, but do you think a fourth train could possibly be achieved in 2025?

好的。偉大的。不，這個顏色很好。我很感激。然後我想知道您是否可以向我們介紹一下您對預計在 2025 年完成的三列第三階段列車的時間線的假設。考慮到您的業績記錄和柏克德的業績記錄，我的意思是，我意識到這是一項新技術，但您認為第四列火車可能在 2025 年實現嗎？

Michael, this is Jack. As you know, I'm pushing the organization pretty hard right now on our construction efforts. We have today over 70 operators [Secunda] to Bechtel that are commissioning and in start-up mode, and I tend to be a glass is half full kind of guy, but I think our guiding you to three trains would be enough for me to pop a bottle of champagne and celebrate. For trains, I think, would be a little much for us to for us to accomplish as a team. And I'm just being totally transparent and honest with you.

邁克爾，這是傑克。如你所知，我現在正在大力推動組織的建設工作。今天，我們有超過 70 名 Bechtel 操作員 [Secunda] 正在調試並處於啟動模式，我往往是那種半滿半杯的人，但我認為我們引導您乘坐三列火車就足以讓我開一瓶香檳慶祝一下。我認為，對於火車來說，我們作為一個團隊要完成的任務有點多。我只是對你完全透明和誠實。

But I'll turn it over to Zach, and he can tell you what his assumptions are in his production model.

但我會把它交給扎克，他可以告訴你他的生產模型中的假設是什麼。

Sure. Just for a little more clarity, on the high end, if we're going to make it to 48 million tons of production next year, you'd have to assume that Trains 1, 2, and 3 reached substantial completion by the end of Q1, Q2 and Q3, respectively.

當然。更清楚地說，在高端，如果我們明年的產量要達到 4800 萬噸，你必須假設 1、2 和 3 號生產線在 2017 年年底基本完工。

And then on the lower end, where we're closer to 47, we have decent visibility on Train 1. So we're hopeful that can still come online in late Q1 or early Q2. But then it would be a little bit later in the second half of the year for trains 2 and 3, to end up at the 47 million-tonne level. So ideally, we'll have a bit more of an understanding of how things are going by the next call. But even by the next call, we don't expect to have substantial completion of even Train 1.

然後在低端，我們接近 47，我們在 1 號列車上有不錯的能見度。因此，我們希望仍能在第一季末或第二季初上線。但 2 號和 3 號列車要在今年下半年晚些時候才能達到 4,700 萬噸的水準。因此，理想情況下，我們將在下次通話時對事情的進展有更多的了解。但即使到了下一次電話會議，我們也不希望 1 號列車能夠實質完成。

Keith Stanley, Wolfe Research.

基思‧史丹利，沃爾夫研究公司。

First First, just curious on the 100 to 150 TBtu of open exposure. How comfortable would you be trying to hedge more of that ahead of the winter, or do you prefer to keep that open just operationally until you have the Stage 3 train starting to come online.

首先，我只是對 100 到 150 TBtu 的開放暴露感到好奇。您是否願意在冬季之前嘗試對沖更多風險，或者您是否更願意保持開放狀態，直到第三階段列車開始上線。

So this is Zach. I saw a few notes from folks this morning, and I just want to make it clear. As you think about 2025, first and foremost, it's about the CMI spot capacity. The CMI spot capacity that we guided to is over 3 million to over 4 million tonnes.

這就是札克。今天早上我看到了一些人的留言，我只是想澄清一下。當你考慮 2025 年時，首先也是最重要的是 CMI 現貨產能。我們指導的CMI現貨產能在300萬噸以上至400萬噸以上。

Since the call, we were able to be opportunistic and sell some of our 2025 length, and we sold over 1 million tonnes in a market that was trading around $8 at the time for next year. So that's locking in nicely around $0.5 billion for the company. That was mainly locking in production from the existing nine trains just because we have more clarity, more understanding of how those produce over time, whereas it would be very difficult for us to sell physically or even to sell hedge financially volumes that were -- are not as certain. So some of those will have to be closer to the date of loading than to be as proactive as we have been.

自電話會議以來，我們能夠抓住機會並出售部分 2025 年長度，我們在明年當時的交易價格約為 8 美元的市場上出售了超過 100 萬噸。因此，這為該公司鎖定了約 5 億美元的收入。這主要是鎖定現有九列列車的產量，只是因為我們對這些列車隨著時間的推移如何生產有了更清晰、更了解的了解，而我們很難出售實物，甚至很難出售對沖財務量，這些量是——不那麼確定。因此，其中一些必須更接近載入日期，而不是像我們那樣積極主動。

With all that said, Q1 and Q4 will still be our biggest production quarters just with lower ambient temperatures and the fact that our major maintenance will happen in the summer. And then as you can imagine with the cadence of the trains coming online, at best, there will be one train operating in Q2 and then ideally in the second half of the year, two more come online.

話雖如此，第一季和第四季仍將是我們最大的生產季度，只是環境溫度較低，而且我們的主要維護將在夏季進行。然後，正如您可以想像的那樣，隨著列車上線的節奏，第二季度最多會有一列列車運行，然後理想的情況是在下半年，再運行兩列列車。

So Q2 is probably our lowest level of production for the year. So we might have more confidence going into next year or early next year to start selling at the latter part of the year as we have more production. But assume we're -- we sold quite a bit already considering it's only October still.

因此，第二季可能是我們今年的最低產量水準。因此，我們可能更有信心進入明年或明年初，因為我們有更多的產量，因此可以在今年下半年開始銷售。但假設我們——考慮到現在才十月，我們已經賣掉了不少東西。

That all makes sense. Second question on -- just a market question. What are your expectations for European demand into next year and over the medium term after a big drop in power-driven demand in the year. I think you said you're seeing some stabilization in European demand.

這一切都是有道理的。第二個問題——只是一個市場問題。今年電力驅動需求大幅下降之後，您對明年和中期歐洲需求有何預期？我想你說過歐洲需求穩定。

Yes. Thanks, Keith. So the one big issue that will play out is how the last Bcf a day or so of pipe flows through Ukraine from (inaudible) play out to the expectation -- our expectation -- market expectation is that, that does not get renewed. So the delta in European gas demand is much smaller than that. We're seeing good stabilization in the larger economies in terms of industrial power, as you pointed out, is a big swing factor if it is a robust wind period that has a couple of million ton impact on the overall demand.

是的。謝謝，基斯。因此，將要解決的一個大問題是，一天左右的最後一個 Bcf 管道從（聽不清楚）流經烏克蘭如何發揮預期——我們的預期——市場預期是，這不會得到更新。因此，歐洲天然氣需求的增量遠小於此。正如您所指出的，我們看到較大經濟體在工業電力方面表現良好，如果風電強勁時期對整體需求產生數百萬噸的影響，那麼這是一個很大的波動因素。

But structurally, the thing that has changed is that we don't see infrastructure being a constraint anymore, not just on the regas side, but also on on pipeline and the ability to move gas intra-Europe. And we think that natural gas demand and hence LNG demand for Europe is going to remain fairly stable through the middle of next decade. That is more of a question mark, and we expect it to decline mostly. But we expect it to stay in this kind of 120 million, 130 million-tonne market range for a number of years.

但從結構上看，發生的變化是，我們認為基礎設施不再是一種限制，不僅是在再氣化方面，而且還包括管道和在歐洲內部運輸天然氣的能力。我們認為，歐洲的天然氣需求以及液化天然氣需求將在下一個十年中期保持相當穩定。這更像是一個問號，我們預計它會大幅下降。但我們預計它將在1.2億至1.3億噸的市場範圍內保持多年。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

So I wanted to ask maybe Anatol, if we could be -- you talked about much higher prices in LNG and all of the potential disruptions in the least Ukraine and elsewhere and people sort of hedging their bets, and that leading to potentially more long-term contracting. Although certainly for US operators and just generally globally, it doesn't seem like there's a terrible amount of actual activity on the long-term side. Do you think maybe particularly to the US, do you think your customers are maybe just waiting until after the election? Or I guess I would have thought a little bit more activity given all the the noise out there?

所以我想問阿納托爾，我們是否可以——你談到了液化天然氣價格大幅上漲，以及至少烏克蘭和其他地方的所有潛在幹擾，人們有點對沖他們的賭注，這可能會導致更長的時間— —期限承包。儘管對於美國營運商和全球營運商來說確實如此，但從長期來看，實際活動似乎並不多。您是否認為，特別是對於美國，您是否認為您的客戶可能只是等到大選之後？或者我想考慮到外面的噪音，我會考慮多做一點活動？

Thanks, Ben. I think as we've discussed in previous quarters, what we're going through now is a kind of post '22/'23 fog of war period where 75 million tonnes were executed and the market is figuring out that it's not that easy to execute these things, right?

謝謝，本。我認為，正如我們在前幾個季度所討論的那樣，我們現在正在經歷的是一種“22/23 年後戰爭迷霧時期”，其中7500 萬噸被處決，而市場正在發現，要執行死刑並不那麼容易。

From a timing standpoint, from a regulatory, from an economic standpoint, commercial as well. So the market is thinking through how to react to that. You're absolutely right. There were only handful of long-term transactions, ours with Galp being one of three, I think, 20-year deals in the quarter.

從時間的角度來看，從監管的角度來看，從經濟的角度來看，商業也是如此。因此，市場正在考慮如何對此做出反應。你是絕對正確的。只有少數長期交易，我認為本季的三筆 20 年期交易就是我們與 Galp 的交易之一。

So -- but that is -- I would say that's not a reflection of kind of market appetite for more. And I think you'll continue to see a very healthy market for projects that can be advanced economically and reliably. So you're right, we're going through a period of reevaluation by customers. And as Theresa said, against that backdrop, my job is very easy.

所以，但我想說，這並不反映市場對更多產品的需求。我認為您將繼續看到一個非常健康的項目市場，這些項目可以經濟可靠地推進。所以你是對的，我們正在經歷客戶重新評估的時期。正如特蕾莎所說，在這種背景下，我的工作非常輕鬆。

Got you. Okay. And then secondly for me is on the shipping side. Actually, there's been a pretty sharp decline in shipping spot rates. And I know you guys are primarily long-term contracted and use that as an opportunity -- use your net long position as an opportunity to recontract and have open availability. But just curious if there's any way strategically for you to maybe take advantage of especially soft LNG shipping market at the moment?

明白你了。好的。其次對我來說是在運輸方面。事實上，即期運費已經大幅下降。我知道你們主要是長期簽訂合約的，並將其作為一個機會——利用你們的淨多頭部位作為重新簽訂合約並擁有開放可用性的機會。但只是好奇您是否有任何策略方法可以利用目前特別疲軟的液化天然氣運輸市場？

Ben, I guess the number 1 driver, as Zack has alluded to is our management of that fleet and the fact that we have ship being lined up and committed for our own volumes and in many cases, like the producer transactions that we partner with as well. And the team has done a great job, and one of the big drivers of optimization opportunities has been chartering out that length as these optimization opportunities presented themselves.

本，我想第一號驅動因素，正如扎克所提到的，是我們對船隊的管理，以及我們的船舶排隊並致力於我們自己的數量這一事實，在許多情況下，就像我們與合作夥伴的生產商交易一樣出色地。團隊做得非常出色，優化機會的主要驅動力之一就是在這些優化機會出現時制定這樣的長度。

We are, I think, today, the second largest charterer of LNG vessels. We have been for a number of years, by far, the largest -- the most dynamic player in chartering vessels in and out. So you're absolutely right.

我認為，今天我們是第二大液化天然氣船舶承租人。多年來，我們一直是迄今為止最大、最具活力的進出船舶租賃公司。所以你是完全正確的。

There are opportunities to optimize the portfolio. We are, of course, on the eve of commissioning Stage 3, and these lower day rates provide some other opportunities on that front as we await the production from Train 1. So that's one of the reasons why we don't bake into our guidance, things that we have not locked in on that front because you never know what pitch is going to come your way, whether it will be a 300,000 day rate, one winter or 20,000 in the prompts as we're seeing today.

有機會優化投資組合。當然，我們正處於第三階段調試的前夕，當我們等待一號列車的生產時，這些較低的日費率在這方面提供了一些其他機會。因此，這就是為什麼我們沒有納入我們的指導的原因之一，我們沒有在這方面鎖定的事情，因為你永遠不知道會發生什麼情況，是否會是一個冬天 300,000 天的費率或我們今天看到的提示中的20,000。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

I'm looking at the '25 guide and thinking about a guide, it looks like flat Sabine pass year-on-year, but you commented about planned major maintenance there. Can I infer that it's about the same scale of major maintenances last year? Or is there something more I should be thinking about?

我正在看 25 年指南並考慮指南，它看起來像同比平坦的薩賓山口，但您評論了那裡計劃的主要維護。我是否可以推斷，這次大修的規模與去年大致相同？或者還有什麼我該考慮的嗎？

Thanks, Bob. So the major maintenance at Sabine Train 3 and 4 is going to be longer this coming year than it was this past year. However, what's offsetting that is some of the smaller debottlenecking efforts that we've already pursued like the [Fintan] like we've mentioned on previous calls, that's helped us get to a point where we can do such a major maintenance on two trains and still be around 45 million tonnes on the existing line.

謝謝，鮑伯。因此，薩賓 3 號和 4 號列車明年的主要維護時間將比去年更長。然而，抵消這一影響的是我們已經在進行的一些較小的消除瓶頸工作，例如我們在之前的電話會議中提到的[Fintan]，這幫助我們達到了可以對兩列列車進行如此重大維護的地步現有生產線的年產能仍約為 4500 萬噸。

Jean Ann Salisbury, Bank of America.

讓安·索爾茲伯里，美國銀行。

Assuming the current path remains for the DOE to lift their permit pause after the environmental assessment, have you heard anything from them about how future permit requirements could change, or what extra environmental requirements they would be looking forward to grant permits. And how is Cheniere positioned for that on Corpus 8, 9 and their Sabine pass expansion?

假設能源部目前的路徑仍然是在環境評估後取消許可證暫停，您是否聽說過他們關於未來許可證要求將如何變化，或者他們希望授予許可證的額外環境要求。Cheniere 在 Corpus 8、9 及其薩賓山口擴展上如何定位？

Jean Ann, we have -- as you know, we work really closely with the Department of Energy. There's a lot of speculation around which way the pause may head. It's clear to us that nothing is going to happen until after next week. And then from that point, it could be it's pretty broad bookends on which way the band could go. So I would wait until next week.

吉恩·安，如你所知，我們與能源部密切合作。關於暫停可能會走向何方有很多猜測。我們很清楚，直到下週之後什麼事都不會發生。從那時起，樂團可以走的路可能有相當廣闊的書擋。所以我會等到下週。

But before I give you anything concrete, I would say that we are in very, very good shape with 8 and 9 and actually with the Sabine expansion that it's clear that brownfield expansions are going to be treated a lot differently than Greenfield expansions going forward. And I think we're in a really good position to maximize the the benefits of our existing platform.

但在我向您提供任何具體資訊之前，我想說的是，我們在8 號和9 號以及實際上薩賓擴建方面處於非常非常好的狀態，很明顯，棕地擴建將與未來的綠地擴建有很大不同。我認為我們處於非常有利的位置，可以最大限度地發揮現有平台的優勢。

That's helpful. And as a follow-up, there was a rush by US E&Ps to sign up for LNG deals the last few years, which underwrote some of Cheniere's IPM contracts. Can you speak to whether that demand is still strong, given just that the US TTFR has kind of come in and is expected to come in a bit from here?

這很有幫助。隨之而來的是，過去幾年美國勘探與生產公司紛紛簽署液化天然氣交易，這些交易承保了 Cheniere 的一些 IPM 合約。鑑於美國 TTFR 已經進入並且預計會比現在有所增加，您能談談這種需求是否仍然強勁嗎？

Jean, it's Anatol. That appetite that we, in some sense, launched now 5-plus years ago, remains very robust. One of the dynamics that, of course, has played out in the interim is the consolidation has improved the credit quality and capital discipline has improved the credit quality of that cohort. You've seen a number of transactions that are variations on that theme, shorter tenor, some deals with intermediaries that reflect the quantum of appetite for those deals.

吉恩，我是阿納托爾。從某種意義上說，我們五年多前發起的這種興趣仍然非常強烈。當然，在此期間發揮的動力之一是整合提高了信貸質量，而資本紀律提高了該群體的信貸品質。您已經看到許多與該主題不同的交易，期限較短，一些與中介機構的交易反映了對這些交易的興趣程度。

As you know, we've said that while we have very good engagement, we don't expect this to be a kind of double-digit number of counterparties, again, being very selective in terms of scale credit and ability to physically deliver volumes into our infrastructure. There are lots of things we like about those IPM transactions. But like with everything else, we're being very methodical the appetite to do them is multiples of what you're seeing from us.

如您所知，我們已經說過，雖然我們有很好的參與度，但我們預計交易對手的數量不會達到兩位數，同樣，在規模信用和實際交付量的能力方面非常有選擇性進入我們的基礎設施。這些 IPM 交易有很多值得我們喜歡的地方。但就像其他事情一樣，我們非常有條理，做這些事情的慾望是你從我們身上看到的數倍。

John Mackay, Goldman Sachs.

約翰麥凱，高盛。

This might be a longer question than top of the hour, but I'll take it anyway. You guys have kept your $2, $2.50 kind of baked in marketing range for the outer year EBITDA guidance. Even though we've seen kind of EPC costs go up pretty dramatically for new projects, et cetera, through there. I guess could you spend a second just walking us through, again, your kind of thought process on that, whether that implied cost of new capacity in the market could be changing? And what would what would push you guys to kind of think about moving that number?

這可能是一個比最重要的問題更長的問題，但無論如何我都會接受。你們已經將 2 美元、2.50 美元保持在外部年度 EBITDA 指導的營銷範圍內。儘管我們已經看到新項目等的 EPC 成本大幅上漲。我想您能否再花一點時間向我們介紹一下您對此的思考過程，即市場上新產能的隱含成本是否會改變？什麼會促使你們考慮移動這個數字？

I'll go first on the guidance. But on the $2 to $2.50, I think we're just trying to make it as clear as possible for you folks what we see in the run rate and everyone can make their own assumptions considering the balance of this year at $9 netbacks, next year $8, year after $6 and even in '27, we're talking about $4 netback today. So -- and the fact that with every dollar turn, even in the run rate, we're reading, what like $300 million of EBITDA. So we try to give that guidance that way.

我先來指導一下。但在2 美元到2.50 美元之間，我認為我們只是想讓大家盡可能清楚地了解我們在運行率中看到的情況，考慮到今年的餘額為9 美元的淨回扣，每個人都可以做出自己的假設，明年8 美元，一年後 6 美元，甚至在 27 年，我們今天談論的是 4 美元淨收益。因此，事實上，每轉一美元，即使是按運行率計算，我們也會看到大約 3 億美元的 EBITDA。所以我們嘗試以這種方式提供指導。

In terms of SPA, I'm going to hand it over to Anatol. But basically, we're pushing the limits of that range right now. And that range still works for us. specifically on these brownfield expansions, thanks to all the equipment and infrastructure we already have in place. It's a good question for some others that are trying to do greenfields. But for mid-scale to 9 Sabine expansion and everything else we want to do at Corpus and Sabine, we're in a great spot that we can do that still at around 7 times CapEx to EBITDA. But Anatol?

SPA方面，我會把它交給Anatol。但基本上，我們現在正在突破這個範圍的極限。這個範圍對我們來說仍然有效。特別是在這些棕地擴建上，得益於我們已經擁有的所有設備和基礎設施。對於其他一些試圖進行綠地開發的人來說，這是一個很好的問題。但對於中等規模到 9 Sabine 的擴張以及我們想要在 Corpus 和 Sabine 做的所有其他事情，我們處於一個很好的位置，我們仍然可以在 EBITDA 的 7 倍左右的資本支出上做到這一點。但阿納托爾？

Yes. Thanks, John. I think your kind of fundamental premise is right, as you heard from Zach, that things are not getting cheaper or easier and execution risks are becoming more and more apparent to the counterparties. That said, while the market for kind of US Gulf Coast projects has reached the high end of that range, I wouldn't say that today, the competitive landscape allows for breaching that meaningfully. So we're still in or around that range. But at the high end, we'll see what the future brings.

是的。謝謝，約翰。我認為你的基本前提是正確的，正如你從扎克那裡聽到的那樣，事情並沒有變得更便宜或更容易，而且執行風險對交易對手來說變得越來越明顯。也就是說，雖然美國墨西哥灣沿岸項目的市場已經達到了該範圍的高端，但我不認為今天的競爭格局允許有意義地突破這一範圍。所以我們仍然在這個範圍內或附近。但在高端，我們將看看未來會帶來什麼。

Craig Shere, Tuohy Brothers.

克雷格·謝爾，圖伊兄弟。

Thanks for congratulations for the quarter. Zack, if I'm doing the math right, even after dividend share buybacks and your Stage 3 funding, I think you ended three quarters with more C-corp cash than you did in 2Q, and of course, your construction revolver remains untapped. How do you think about growth CapEx funding into modular Train 8 and 9 FID if your corporate cash balances remain well above the $1 billion mark. That's kind of the long-term target.

感謝您對本季的祝賀。扎克，如果我算得對的話，即使在股息股票回購和你的第三階段融資之後，我認為你在三個季度結束時擁有比第二季度更多的C 公司現金，當然，你的建築左輪手槍仍未開發。如果您的公司現金餘額仍遠高於 10 億美元大關，您如何看待模組化火車 8 和 9 FID 的成長資本支出資金。這是長期目標。

Craig, thanks for the question. I mean, yes, the cash balance on [9 30] is around $3 billion on a consolidated basis. That was around $4.5 billion going into this year. And considering we've already deployed, I think, around $4.2 billion across the four pillars of capital allocation. But year-to-date, EPS is around $2.7 billion. That makes about the right sense.

克雷格，謝謝你的提問。我的意思是，是的，[9 30] 的現金餘額綜合起來約為 30 億美元。今年的投入金額約為 45 億美元。我認為，考慮到我們已經在資本配置的四大支柱上部署了大約 42 億美元。但今年迄今為止，每股收益約為 27 億美元。這是有道理的。

You can assume that we'll be continually deploying probably more than our DCF to work that cash balance down over time. But as we have this cash balance as margins are more elevated, we're going to use that cash to obviously continue the buyback at a pretty good pace as well as continued equity fund Stage 3, which we've done 100% life to date.

您可以假設我們將持續部署可能比貼現現金流更多的資金，以隨著時間的推移減少現金餘額。但由於我們擁有現金餘額，而且利潤率更高，因此我們將使用這些現金以相當好的速度繼續回購，並繼續進行第三階段的股票基金，迄今為止我們已經完成了 100% 的生命週期。

At some point, we'll have that $3 billion of liquidity from that term loan that we can use as just general liquidity for the company and still stay comfortably IG at all the entities. But in the meantime, it's pretty efficient for us to use this excess cash, work it down, get closer to $1 billion plus at some point next year.

在某個時候，我們將從定期貸款中獲得 30 億美元的流動性，我們可以將其用作公司的一般流動性，並且仍然在所有實體中保持舒適的 IG。但同時，我們可以非常有效地利用這些多餘的現金，將其減少，在明年的某個時候接近 10 億美元以上。

Great. And last one, hopefully, pretty quick. I want to pick up on Jean Ann's question about OE authorizations. If we had a Harris administration, and there was more of a emission mandate, do you see your kind of industry-leading methane intensity targets and emission tags kind of mitigating the need for CCS projects that maybe some peers would have to do since they can't prove what they got.

偉大的。最後一個，希望很快。我想回答 Jean Ann 關於原廠授權的問題。如果我們有哈里斯政府，並且有更多的排放指令，您是否認為行業領先的甲烷強度目標和排放標籤在某種程度上減輕了對CCS 項目的需求，而這些項目可能是一些同行必須做的，因為他們可以不證明他們得到了什麼。

I don't know how to call it, Craig, but I can tell you that we continue to focus on our program and using science and real measurement data rather than hypothetical guess of what emissions are. And we continue to make some very good progress, not only here in the US but also in Europe and worldwide abroad. I would expect that that the clean energy transition that the Biden administration has been so focused on will continue under Harris administration. So yes, I would expect it to be more of a focus for that administration than under a Trump administration. But we'll have to see what happens next week and then go from there.

我不知道如何稱呼它，克雷格，但我可以告訴你，我們將繼續專注於我們的計劃，並使用科學和真實的測量數據，而不是對排放量的假設猜測。我們繼續取得一些非常好的進展，不僅在美國，而且在歐洲和世界各地。我預計拜登政府一直如此關注的清潔能源轉型將在哈里斯政府的領導下繼續下去。所以，是的，我預計這將成為本屆政府比川普政府更關注的焦點。但我們必須看看下週會發生什麼，然後從那裡開始。

And I will now turn the call back to the company, Cheniere, for any closing remarks.

現在，我將把電話轉回公司 Cheniere，請其發表結束語。

Yes. This is Jack. I just want to say thank you again for all of your support, and please be safe on this Halloween night.

是的。這是傑克。我只想再次感謝大家的支持，並請在這個萬聖節之夜注意安全。

And this concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。