Cheniere Energy Inc (LNG) 2025 Q1 法說會逐字稿

Good day and welcome to the first quarter 2025 Cheniere Energy earnings call and webcast. Today's conference is being recorded. At this time I'd like to turn the conference over to Mr. Randy Bhatia, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 2025 年第一季 Cheniere Energy 收益電話會議和網路廣播。今天的會議正在錄製中。現在，我想將會議交給投資者關係副總裁 Randy Bhatia 先生。請繼續。

Thanks, operator. Good morning, everyone, and welcome to Cheniere's first-quarter 2025 earnings conference call. The slide presentation and access to the webcast for today's call are available at cheniere.com.

謝謝，接線生。大家早安，歡迎參加 Cheniere 2025 年第一季財報電話會議。今天電話會議的幻燈片演示和網路直播可在 cheniere.com 上取得。

Joining me this morning are Jack Fusco, Cheniere's President and CEO; Anatol Feygin, Executive Vice President and Chief Commercial Officer; and Zach Davis, Executive Vice President and CFO. 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.

今天早上與我一起出席的還有 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。在我們開始之前，我想提醒所有聽眾，我們的評論（包括對您的問題的回答）可能包含前瞻性陳述，實際結果可能與這些陳述中描述的結果有重大差異。

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

我們簡報的第二張投影片討論了這些前瞻性陳述及其相關風險。此外，我們可能會引用某些非 GAAP 財務指標，例如合併調整後 EBITDA 和可分配現金流量。在投影片簡報的附錄中可以找到這些指標與最具可比性的 GAAP 指標的對帳。

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.

作為我們對 Cheniere 業績討論的一部分，今天的電話會議還可能包括 Cheniere Energy Partners LP（或 CQP）的部分財務資訊和績效。我們不打算將 CQP 的結果與 Cheniere Energy, Inc. 的結果分開討論。

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 and 2020 guidance. After prepared remarks, we will open the call for Q&A.

通話議程請見幻燈片 3。傑克將首先介紹營運和財務亮點。隨後，阿納托爾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和 2020 年指引。準備好發言稿後，我們將開始問答環節。

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

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 results from the first quarter of 2025. The year is off to an excellent start, evidenced by the strong financial results, and operational execution and capital allocation milestones that we achieved during the quarter.

謝謝你，蘭迪。大家早安。感謝您今天加入我們，我們將回顧 2025 年第一季的業績。今年開局良好，這從我們在本季度取得的強勁財務業績、營運執行和資本配置里程碑可以看出。

We have much to be proud of from the first quarter, and our results and operations only further validate to the market that Cheniere is the reliable and disciplined LNG provider of choice in America. Our LNG platform and expansion plans are designed to develop new production capacity in pursuit of enabling customers around the world to realize the material benefits of a secure, affordable and reliable energy supply like we enjoy here in America.

第一季我們有很多值得驕傲的事情，我們的業績和營運進一步向市場證明了 Cheniere 是美國值得信賴且嚴謹的液化天然氣供應商。我們的液化天然氣平台和擴建計畫旨在開發新的生產能力，力求讓世界各地的客戶都能享受到像我們在美國一樣安全、實惠、可靠的能源供應所帶來的物質利益。

That said, we find ourselves in an evolving market landscape characterized by heightened volatility and increasing uncertainty as geopolitical risks shifting global trade dynamics and the competitive landscape continue to dominate the narrative.

儘管如此，我們發現市場格局正在不斷演變，其特徵是波動性加劇、不確定性增加，因為地緣政治風險正在改變全球貿易動態，競爭格局繼續佔據主導地位。

Despite the volatility, headlines, reciprocal headlines and the other dynamics throughout the quarter, we remain steadfast in our commitment to operational excellence and delivering on our promises to our customers and broader stakeholder base.

儘管整個季度都充滿了波動、頭條新聞、相互頭條新聞和其他動態，我們仍然堅定不移地致力於卓越運營，並兌現對客戶和更廣泛的利益相關者的承諾。

We recognized an income, an all-time quarterly record amount of LNG for the first quarter, and made significant achievements and advancements in both our construction efforts at Stage 3 as well as our development efforts on mid-scale Trains 8 and 9, leveraging our brownfield platform and solidifying Cheniere's next phase of accretive growth.

我們確認了收入，第一季液化天然氣產量創歷史新高，並且在第三階段的建設工作以及中型列車8號和9號的開發工作中取得了重大成就和進步，利用了我們的棕地平台並鞏固了切尼爾下一階段的增值增長。

Please turn to slide 5, where I'll highlight our key results and accomplishments for the first quarter of 2025. In the first quarter, we generated consolidated adjusted EBITDA of approximately $1.9 billion, distributable cash flow of approximately $1.3 billion, and net income of approximately $350 million.

請翻到投影片 5，我將重點介紹我們 2025 年第一季的主要成果和成就。第一季度，我們的合併調整後 EBITDA 約為 19 億美元，可分配現金流量約 13 億美元，淨收入約 3.5 億美元。

Today, we are reconfirming the full year 2025 guidance we provided on the last call and are tracking well to deliver financial results within those ranges. During the first quarter, we achieved several significant execution milestones that I'd like to highlight. First, we achieved substantial completion on the first train of the Corpus Christi Stage 3 project, and this was done ahead of schedule and within budget.

今天，我們再次確認了上次電話會議上提供的 2025 年全年指導，並且正在順利實現這些範圍內的財務表現。在第一季度，我們實現了幾個重要的執行里程碑，我想強調一下。首先，科珀斯克里斯蒂第三階段計畫第一列火車基本上完工，而且提前完成了，且沒有超出預算。

Commissioning was successfully completed, and we took care, custody and control of Train 1 from Bechtel in March. I'd like to congratulate the Cheniere and Bechtel teams for delivering the first train of Stage 3 safely and timely and thereby further building upon the track record of excellence in execution that has consistently demonstrated. One train down, six to go.

調試已成功完成，我們於 3 月從 Bechtel 接管了 1 號生產線的維護、保管和控制。我要祝賀 Cheniere 和 Bechtel 團隊安全及時地交付了第三階段的首列火車，從而進一步鞏固了他們一貫表現出來的卓越執行記錄。一列火車停駛，還有六列火車開走。

Bechtel has progressed overall project completion to 82.5%, with most of the remaining work being construction. As we discussed on the last call, procurement for Stage 3 is basically complete, effectively eliminating the project's exposure to potential tariffs on equipment and materials.

貝克特爾的整體工程完成度已達 82.5%，剩餘的大部分工作仍在施工中。正如我們在上次電話會議上討論的那樣，第三階段的採購工作已基本完成，有效地消除了該項目在設備和材料方面的潛在關稅風險。

I'll discuss this perspective tariff dynamic in more detail on the next slide. I continue to expect to have the first three trains reached substantial completion by the end of 2025. In fact, recent progress on site, particularly on Trains 3 and 4 has increased my confidence in that target as well as the likelihood that we'll have Train 4 in commissioning by the end of this year as well.

我將在下一張投影片中更詳細地討論這一潛在關稅動態。我仍然預計前三列火車將在 2025 年底基本完工。事實上，現場最近的進展，特別是 3 號和 4 號列車的進展，增加了我對這一目標的信心，也增加了我們在今年年底前投入使用 4 號列車的可能性。

Train 2 is well into the commissioning phase at this point, and I expect to achieve first LNG around the end of this month or early next. We've been able to deploy significant lessons learned from our commissioning and early operations of Train 1 into Train 2. And expect the subsequent trains to benefit from these learnings and efficiencies as we bring them into operations.

目前，2 號生產線已進入調試階段，我預計本月底或下月初將實現第一批液化天然氣的生產。我們已經能夠將 1 號生產線的調試和早期營運中獲得的重要經驗教訓應用到 2 號生產線上。我們期望後續列車在投入營運時能夠從這些經驗和效率中受益。

During the first quarter, we received a FERC permit on mid-scale Trains 8 and 9, 1 of the key remaining steps ahead of an expected FID later this year. Trains 8 and 9 received a positive environmental assessment from FERC last June. So we were pleased to see FERC act on this brownfield shovel-ready expansion project.

在第一季度，我們獲得了中型 8 號和 9 號列車的 FERC 許可證，這是今年稍後預計的 FID 之前剩下的關鍵步驟之一。去年 6 月，8 號和 9 號機組獲得了聯邦能源管理委員會 (FERC) 的積極環境評估。因此，我們很高興看到聯邦能源管理委員會對這個棕地擴建計畫採取行動。

I'll cover Trains 8 and 9 in the time line around that project in more detail in a moment. On the operations front, we had two major operational milestones during the quarter, which are each achievements worthy of celebration as they are the outcome of Cheniere's safety-first culture and commitment to operational excellence.

我稍後將更詳細地介紹該專案時間軸中的 8 號和 9 號列車。在營運方面，本季度我們取得了兩個重要的營運里程碑，每個里程碑都值得慶祝，因為它們是 Cheniere 安全第一文化和對卓越營運承諾的結果。

First, I'm proud to say we safely produced and exported our 4,000th cargo of LNG in March. Cheniere is the fastest company to achieve this in the world, having done so in just over nine years. Also in the first quarter, Cheniere Marketing, or CMI, sold its 1000th LNG cargo.

首先，我很自豪地說，我們在三月安全生產並出口了第 4,000 批液化天然氣。切尼爾電力公司是世界上實現這一目標最快公司，僅花了九年多的時間。此外，在第一季度，切尼爾行銷公司（CMI）售出了第 1,000 批液化天然氣。

CMI's responsibilities and contributions have evolved considerably, since managing the first commissioning cargo at SPL back in February of 2016. Today, this essential part of Cheniere manages not only spot cargoes and commissioning volumes, but also multiple delivered long term contracts, including our IPM volumes, and has a leading position in the LNG shipping market. CMI's capabilities and reliability are a key part of what separates us from our competitors, and we are proud to celebrate this significant milestone.

自 2016 年 2 月管理 SPL 的第一批調試貨物以來，CMI 的職責和貢獻已經有了很大的發展。如今，切尼爾能源的這一重要部門不僅管理現貨貨物和調試量，還管理包括我們的IPM量在內的多個已交付的長期合同，並在液化天然氣運輸市場佔據領先地位。CMI 的能力和可靠性是我們區別於競爭對手的關鍵因素，我們很自豪地慶祝這一重要的里程碑。

Please turn now to slide 6, while I'll address the evolving landscape around trading tariffs, and how Cheniere is positioned. Certainly, the last few weeks have been marked by volatility and some confusion around tariffs and trade as announcements and proclamations from here and abroad have come in rapid fire succession.

請翻到第 6 張投影片，我將討論貿易關稅不斷變化的情況以及 Cheniere 的定位。當然，過去幾週，國內外的公告和聲明接連不斷，關稅和貿易情勢動盪不安，混亂不堪。

The underlying issues and the developing policies to address them have raised questions from our investors, customers and other stakeholders regarding the potential impact on the physical LNG market and the LNG contracting environment as well as the cost of materials and equipment.

這些潛在問題以及為解決這些問題而製定的政策引起了我們的投資者、客戶和其他利益相關者的質疑，他們擔心這些問題對實體液化天然氣市場和液化天然氣承包環境以及材料和設備成本的潛在影響。

As a result, over the last few weeks, I've spent significant time in Washington, D.C., meeting with the leadership of multiple departments and agencies and providing the perspective of Cheniere in the US LNG industry and policy discussions around those key issues.

因此，在過去的幾周里，我花了大量時間在華盛頓特區，會見了多個部門和機構的領導，並提供了切尼爾在美國液化天然氣行業的觀點以及圍繞這些關鍵問題的政策討論。

From these meetings, it is clear that the administration strongly supports our industry, and they understand the significant role LNG can play in the support of the administration's energy dominance agenda and trade priorities and the importance and durability of our permits long term.

從這些會議中可以清楚地看出，政府大力支持我們的行業，他們了解液化天然氣在支持政府能源主導議程和貿易優先事項以及我們的許可證的長期重要性和持久性方面可以發揮的重要作用。

With regard to the physical market, the destination flexibility inherent in US LNG contracts, which Cheniere pioneered is a significant mitigant of impacts to physical flows of volume. Even so, we are uniquely insulated from volatility in the short-term market via our highly contracted business model. The overwhelming majority of which is FOB.

就實體市場而言，切尼爾率先推出的美國液化天然氣合約所固有的目的地彈性，大大減輕了對實體流量的影響。即便如此，我們憑藉著高度契約化的商業模式，能夠獨特地抵禦短期市場波動的影響。其中絕大多數是FOB。

Any potential impact is further mitigated by the depth and the physical liquidity of the LNG market today with well over 40 importing markets and regasification capacity that continues to grow well in excess of supply. LNG volumes can respond to signals and reach the markets where it's most economic. On the contracting front, Anatol will touch on this in his remarks in a few minutes.

目前液化天然氣市場的深度和實物流動性進一步減輕了任何潛在影響，液化天然氣市場的進口市場遠超 40 個，再氣化能力持續成長，遠超過供應量。液化天然氣產量可以對訊號作出反應並到達最經濟的市場。在承包方面，阿納托爾將在幾分鐘後的演講中談及這一點。

But first and foremost, our long term LNG demand outlook remains unchanged. Current trade tariff dynamics have not altered the structural shift to natural gas or the many advantages that US LNG provides our long term customers as they construct diverse, reliable and secure long term energy portfolios and for our country as we think about trade balances.

但首先，我們對長期液化天然氣需求的展望保持不變。目前的貿易關稅動態並沒有改變向天然氣的結構性轉變，也沒有改變美國液化天然氣為我們的長期客戶構建多樣化、可靠和安全的長期能源組合以及我們國家在考慮貿易平衡時提供的諸多優勢。

And finally, on materials and equipment costs. We have significantly mitigated the risk both for Stage 3 and mid-scale Trains 8, 9. On Stage 3, procurement is effectively complete and materials and equipment have been delivered to the site, so the risk of tariffs impacting the cost of the project has been substantially taken care of.

最後，關於材料和設備成本。我們已經顯著降低了第 3 階段和中型列車 8、9 的風險。第三階段，採購工作基本完成，材料和設備已運抵現場，關稅影響專案成本的風險已基本解決。

With respect to mid-scale Trains 8 and 9, as mentioned previously, we have issued LNTP to Bechtel, which helped lock in costs and schedule ahead of FID worth over $500 million, with the majority of the total cost of Trains 8 and 9 expected to be labor and a fair amount of equipment and materials sourced domestically. We don't anticipate a material impact on the cost of mid-scale Trains 8 and 9 and in any of our scenario modeling.

關於中型生產線 8 號和 9 號，如前所述，我們已向 Bechtel 發出 LNTP，這有助於在 FID 之前鎖定成本和進度，價值超過 5 億美元，預計 8 號和 9 號生產線總成本的大部分將是勞動力以及大量在國內採購的設備和材料。我們預計這不會對中型列車 8 號和 9 號的成本產生重大影響，也不會對我們的任何情境模型產生重大影響。

The recent focus on trade balances and tariffs have highlighted the outsized impact that LNG contracts can have on those dynamics, given the absolute dollar magnitude in the tenure of our agreements as well as the fact that we have signed contracts with companies in nearly 20 different countries. We believe that reality only further improves the backdrop for constructive dialogue with LNG buyers around the world.

最近對貿易平衡和關稅的關注凸顯了液化天然氣合約對這些動態的巨大影響，考慮到我們協議期限內的絕對美元規模，以及我們已與近 20 個不同國家的公司簽訂了合約的事實。我們相信，現實只會進一步改善與世界各地液化天然氣買家進行建設性對話的背景。

Turn now to slide 7, where I'll cover mid-scale Trains 8 and 9 and our expected path to FID. We are progressing Trains 8 and 9 towards FID, which I expect with increasing confidence and visibility to occur in the coming months.

現在翻到投影片 7，我將介紹中型的 8 號和 9 號列車以及我們預期的 FID 路徑。我們正在推進 8 號和 9 號列車的最終交付，我預計，在未來幾個月內，這一進程將更加順利，前景也將更加光明。

Together with identified debottlenecking opportunities across all trains, we expect Trains 8 and 9 to add up to approximately 5 million tons of volume to our platform at Corpus Christi, increasing our overall capacity to approximately 60 million tons per annum. We received our FERC permit in March, which had no request for rehearing.

加上已確定的所有列車的瓶頸消除機會，我們預計 8 號和 9 號列車將為科珀斯克里斯蒂的平台增加約 500 萬噸的運力，使我們的總運力增加到每年約 6000 萬噸。我們在三月收到了聯邦能源管理委員會的許可證，該許可證上沒有重新審理的要求。

And in May, we received authorization from FERC to begin site work. So we are very close to having the necessary regulatory approvals to move forward in the coming months. With respect to other remaining necessary steps, we are currently working together with Bechtel, to finalize the EPC agreement, which we expect to execute in the near term as well as other remaining project development pieces falling into place, ensuring the project meets or exceeds our disciplined capital investment parameters and return requirements.

五月份，我們獲得了聯邦能源管理委員會的授權，開始現場工作。因此，我們即將獲得必要的監管部門批准，以便在未來幾個月內繼續推進工作。至於其他剩餘的必要步驟，我們目前正與 Bechtel 合作，最終確定 EPC 協議，我們預計該協議將在短期內執行，同時其他剩餘的專案開發部分也將到位，確保專案達到或超過我們嚴格的資本投資參數和回報要求。

These actions are evidence that we are in very late stages of development on Trains 8 and 9, and we are excited to bring this brown fill expansion project to FID soon. The project is designed to maximize our in-place infrastructure and leverage the ongoing execution on Stage 3 in order to deliver much needed volume to the market and market-leading risk-adjusted returns to our shareholders.

這些行動證明我們已進入 8 號和 9 號列車開發的後期階段，我們很高興很快地將這個棕色填充擴建項目提交給 FID。該專案旨在最大限度地利用我們現有的基礎設施，並利用第三階段的持續執行，以便為市場提供急需的產量，並為我們的股東帶來市場領先的風險調整回報。

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

現在，我將把時間交給阿納托爾來討論液化天然氣市場。感謝大家對 Cheniere 的持續支持。

Thanks, Jack, and good morning, everyone. Please turn to slide 9. The first quarter saw another relatively tight LNG market on the back of a largely normal winter weather season and no meaningful LNG supply growth.

謝謝，傑克，大家早安。請翻到第 9 張投影片。由於冬季天氣基本上正常且液化天然氣供應沒有顯著成長，第一季液化天然氣市場再次相對緊張。

However, after reaching 15 month highs in early February, we saw spot prices drop sharply thereafter, albeit still above the levels we saw this time last year. Following several years of tepid growth, we're now seeing gas supply into US LNG facilities ramping up.

然而，在 2 月初達到 15 個月高點之後，我們看到現貨價格隨後急劇下跌，儘管仍然高於去年同期的水平。經過幾年的低迷成長，我們現在看到美國液化天然氣設施的天然氣供應正在增加。

Feed gas for US exports is averaging approximately 16 bcf a day lately, and we expect this to continue to grow as new projects currently under construction, commence service. US projects, including, of course, Cheniere are expected to contribute over 80 million tons of incremental liquefaction capacity to the market by 2029.

美國出口的原料氣最近平均每天約為160億立方英尺，我們預計，隨著目前正在建設的新項目投入使用，這一數字還將繼續增長。預計到 2029 年，包括切尼爾在內的美國項目將為市場貢獻超過 8,000 萬噸的增量液化產能。

In this upcoming supply cycle, which we've been highlighting for a while now, the growth increments are expected to be significant in absolute terms. But as we've detailed before, the market they will enter is markedly different than that of a decade ago with respect to depth, liquidity and sophistication.

在即將到來的供應週期中，我們一直在強調這一點，預計成長增量在絕對值上將是顯著的。但正如我們之前所詳述的那樣，他們將進入的市場在深度、流動性和複雜程度方面與十年前有明顯不同。

We expect this growth to serve as a relief valve to help rebalance the global market, enabling some of the price elastic demand to reenter the market and reinforce the affordability of LNG as a key rationale to drive further long life gas infrastructure investments globally.

我們預計這種成長將起到安全閥的作用，幫助重新平衡全球市場，使部分價格彈性需求重新進入市場，並加強液化天然氣的可負擔性，這是推動全球進一步進行長壽命天然氣基礎設施投資的關鍵理由。

While we see '25 and '26 as pivotal years for supply growth, there are a multitude of factors that continue to inject uncertainty into the market, affecting overall sentiment. The geopolitical and trade issues and their related news coverage plus sharp movements in prices throughout the first quarter and continue to present risks to both the upside and the downside going forward, particularly in the short end of the curve.

雖然我們認為 25 年和 26 年是供應成長的關鍵年份，但仍有多種因素持續為市場注入不確定性，影響整體情緒。地緣政治和貿易問題及其相關新聞報道，加上第一季價格的急劇波動，繼續對未來的上行和下行構成風險，特別是在曲線的短端。

Cold weather and the cessation of Ukrainian gas flows drove daily TTF month ahead prices upwards early in Q1, settling in January at nearly $16 an MMBtu. Since then, prices have moderated in part due to the proposed relaxation of storage refill targets as well as announced tariffs and reciprocal tariffs with China. TTF and JKM settled March at $13.80 NM and $14.95 NM, respectively.

寒冷的天氣和烏克蘭天然氣供應中斷導致第一季初 TTF 月日均價格上漲，1 月穩定在每百萬英熱單位近 16 美元。自那時起，價格已經回落，部分原因是由於擬議放寬庫存補充目標以及宣布與中國的關稅和互惠關稅。TTF 和 JKM 3 月結算價分別為 13.80 美元和 14.95 美元。

Lower LNG demand in China, coupled with uncertainties surrounding tariffs and their impact on the global economy, accelerated downward momentum as we enter the shoulder season with TTF and JKM currently trading below $12 NM. This price moderation persists despite the fact that European storage levels are at multiyear lows, natural gas flows from Russia to Ukraine have ceased and Ukraine itself has historically low storage levels.

中國液化天然氣需求下降，加上關稅的不確定性及其對全球經濟的影響，導致進入淡季時液化天然氣需求下降的勢頭加速，TTF 和 JKM 目前的交易價格低於 12 美元/海裡。儘管歐洲庫存水準處於多年來最低的水平、俄羅斯向烏克蘭輸送的天然氣已經停止、烏克蘭本身的庫存水準也處於歷史低位，但價格仍保持溫和走勢。

Let's turn to the next page to address the regions in further detail. LNG market fundamentals reversed in Q1 compared to last year when Asia was pulling cargoes amid lower European demand. This year, following the cessation of Russian flows through Ukraine and with Europe's storage depleted, Europe's call in LNG was strong amid cooler winter temps.

讓我們翻到下一頁更詳細地討論這些區域。與去年同期相比，由於歐洲需求下降，亞洲開始減少液體化天然氣的進口，因此今年第一季液化天然氣市場基本面出現逆轉。今年，隨著俄羅斯停止透過烏克蘭輸送天然氣，且歐洲的天然氣儲備耗盡，在冬季氣溫較低的情況下，歐洲對液化天然氣的需求強勁。

LNG imports into Europe rose 23% or 6.7 million tons year-on-year in the first quarter to 36 million tons, with deliveries from the US increasing 34%, up 5.2 million tons to 20.5 million tons. Higher gas burn and power, which was up 11% or 19 terawatt hours due to lower wind output coupled with an increase in heating demand supported LNG demand during the quarter.

今年第一季度，歐洲液化天然氣進口量年增 670 萬噸，達到 3,600 萬噸，成長 23%；其中美國液化天然氣進口量成長 520 萬噸，達到 2,050 萬噸，成長 34%。由於風力發電量下降以及供暖需求增加，天然氣消耗量和發電量增加，增加了 11% 或 19 太瓦時，支撐了本季的液化天然氣需求。

The steady supply of US LNG imports contributed to the rise in storage levels and stabilization of prices. LNG from the US represents 57% of Europe's total imports during the quarter. Non-Russian pipe gas into Europe fell 2.5%, down 0.9 bcm in Q1 and as outages in Norway and lower flows from Azerbaijan offset a 9% increase in North African pipeline supplies.

美國液化天然氣進口供應穩定，推動庫存水準上升、價格穩定。本季度，來自美國的液化天然氣佔歐洲總進口量的57%。第一季度，輸往歐洲的非俄羅斯管道天然氣下降 2.5%，減少 9 億立方米，因為挪威的停運和亞塞拜然的流量減少抵消了北非管道供應 9% 的成長。

With cargoes being pulled into the Atlantic Basin, LNG imports into Asia declined relative to last year. During the quarter, China's imports declined 25% year-on-year to 15.1 million tons. Total gas demand was nearly flat year-on-year.

隨著貨物被拖入大西洋盆地，亞洲的液化天然氣進口量較去年同期下降。本季度，中國進口量年減25%至1,510萬噸。天然氣總需求與去年同期相比基本持平。

The small increases in the residential and chemical sectors were offset by a decline in output from heavy gas consumption sectors, such as certain manufacturing and refining, leading to a notable 1.5 bcm drop in gas demand from the industrial sector.

住宅和化學產業的小幅成長被某些製造業和煉油業等天然氣消耗量較大的產業產量下降所抵消，導致工業部門的天然氣需求大幅下降15億立方公尺。

LNG imports into China were further pressured by stronger domestic natural gas production as well as increased pipe gas imports. As expected for contract ramp up, gas imports into China via the Power of Siberia 1 pipeline, cumulatively reached 6.8 bcm in January and February, which was an increase of 1.9 bcm year-on-year.

國內天然氣產量增加以及管道天然氣進口量增加進一步對中國液化天然氣進口帶來壓力。正如合約增加所預期的那樣，1月和2月透過「西伯利亞力量1號」管道進口到中國的天然氣累計達到68億立方米，年增19億立方米。

In the JKT region, cold weather, combined with lower coal generation in South Korea and the decommissioning of nuclear generation in Taiwan helps support LNG demand in the region. This plant will see the last nuclear generation unit decommissioned in Taiwan just as its third LNG import terminal is being commissioned, with plans for a fourth terminal. Taiwan's import capacity is set to significantly increase from the current 16.5 million tons last year to up to 37 million tons once the fourth facility and other expansions enter service in the coming years.

在JKT地區，寒冷的天氣加上韓國煤炭發電量的下降以及台灣核電的退役，有助於支持該地區的液化天然氣需求。該電廠將迎來台灣最後一座核電機組的退役，同時，台灣的第三個液化天然氣進口終端也正在投入使用，第四個終端也正在規劃中。一旦第四個工廠和其他擴建項目在未來幾年投入使用，台灣的進口能力將從去年的1650萬噸大幅增加到3700萬噸。

In South Korea, cooler temps and higher gas-fired power generation contributed to storage withdrawals leading to a 14% increase in LNG imports in March. Coal gas was gas-fired power generation was up 7% year-on-year or two terawatt hours in January through February, a trend that we expect to continue as the country furthers its efforts to phase out coal generation.

在韓國，氣溫下降和燃氣發電量增加導致儲存量減少，3 月液化天然氣進口量增加 14%。今年 1 月至 2 月，瓦斯發電量年增 7%，即 2 太瓦時。隨著國家進一步努力淘汰煤炭發電，我們預計這一趨勢將持續下去。

Let's move to the next slide for some perspectives on the latest trade policy developments in the context of the LNG market. The rapid escalation in global trade policy developments in recent months has caused concern over the impact this could have on LNG trade and sales, particularly between US and China.

讓我們來看看下一張幻燈片，了解液化天然氣市場背景下的最新貿易政策發展。近幾個月來，全球貿易政策的快速發展引發了人們對其可能對液化天然氣貿易和銷售產生影響的擔憂，尤其是美國和中國之間的液化天然氣貿易和銷售。

The US led by Cheniere has become the world's largest LNG producer, while China has become the world's largest LNG consumer. So this trade relationship is important to the industry. However, managing tariffs between the US and China is actually well chartered territory for Cheniere as we had a long term foundation customer contract with the Chinese buyer in place during President Trump's first term.

以切尼爾公司為首的美國已成為全球最大的液化天然氣生產國，中國則成為全球最大的液化天然氣消費國。因此這種貿易關係對產業來說非常重要。然而，管理美國和中國之間的關稅實際上是 Cheniere 的強項，因為在川普總統第一任期內，我們與中國買家簽訂了長期的基礎客戶合約。

While those tariffs resulted in de minimis US LNG cargoes delivered into China's terminals during that time, we performed on our contract, and there was no impact to the growth in US LNG output, nor in overall market growth as the volumes loaded by Chinese customers were redirected to other markets.

雖然這些關稅導致當時運送到中國終端的美國液化天然氣貨物數量極少，但我們履行了合同，並且沒有對美國液化天然氣產量的增長產生影響，也沒有對整體市場的增長產生影響，因為中國客戶裝載的量被轉移到了其他市場。

Since that time, the sophistication, agility and capability of market participants, including Chinese buyers, has been enhanced in large part due to the growth in flexible volumes and the resulting liquidity those volumes bring to the market.

自那時起，包括中國買家在內的市場參與者的成熟度、敏捷性和能力得到了很大程度的提高，這在很大程度上得益於靈活交易量的增長以及這些交易量為市場帶來的流動性。

With the flexibility inherent in US contracts and the increased sophistication of market players, we're confident today's market is even better equipped to navigate the evolving dynamics in global trade policy than it was in 2018 and '19.

由於美國合約固有的靈活性以及市場參與者日益成熟的水平，我們相信，與 2018 年和 2019 年相比，當今市場更有能力應對全球貿易政策不斷變化的動態。

Looking ahead, there are significant volumes of US China long term LNG contracts set to start over the next few years. But even when these reach their peak of roughly 25 million tons, these contracts will only represent about 4% of total LNG trade.

展望未來，未來幾年將有大量美國和中國長期液化天然氣合約啟動。但即使達到約 2,500 萬噸的峰值，這些合約也僅佔液化天然氣貿易總量的 4% 左右。

Assuming these volumes are redirected, the market should be able to absorb the supply and optimize around these trade constraints. As LNG demand continues to grow across the rest of the world. It's important to note that the Atlantic route between the US and China takes US cargoes past Europe, India and Southeast Asia providing ample logistical opportunities to arbitrage these cargoes into other markets.

假設這些交易量被重新定向，市場應該能夠吸收供應並圍繞這些貿易限制進行最佳化。隨著世界其他地區對液化天然氣的需求持續成長。值得注意的是，美國和中國之間的大西洋航線將美國貨物運送到歐洲、印度和東南亞，為將這些貨物套利到其他市場提供了充足的物流機會。

Finally, as you can see in the chart to the right, market commentators expect LNG to remain critical to China's energy mix, maintaining a quarter of total gas supply through at least 2040. China's commitment to natural gas appears unwavering, and we fully expect China to remain one of the three main nodes of LNG demand growth for decades to come.

最後，正如您在右側圖表中看到的，市場評論員預計液化天然氣仍將是中國能源結構的關鍵，至少到 2040 年將佔天然氣總供應量的四分之一。中國對天然氣的承諾似乎堅定不移，我們完全預計中國在未來幾十年仍將是液化天然氣需求成長的三大節點之一。

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

說完這些，我將把電話轉給扎克，讓他來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 first quarter 2025 results and key financial accomplishments and to discuss our financial guidance for 2025. Turning to slide 13. For the first quarter of 2025, we generated net income of approximately $350 million, consolidated adjusted EBITDA of approximately $1.9 billion, and distributable cash flow of approximately $1.3 billion.

謝謝，阿納托爾，大家早安。我很高興今天能在這裡回顧我們 2025 年第一季的業績和主要財務成就，並討論我們 2025 年的財務指導。翻到第 13 張投影片。2025 年第一季度，我們的淨收入約為 3.5 億美元，合併調整後 EBITDA 約為 19 億美元，可分配現金流量約 13 億美元。

Compared to the first quarter of 2024, our 2025 results reflect higher total margins as a result of higher international gas prices optimization, downstream of our facilities that freed up incremental SPL and CCL source cargoes for CMI to sell in the spot market and the timing of certain cargoes during the quarter leading to a lower proportion of our LNG being sold under long term contracts.

與 2024 年第一季相比，我們的 2025 年業績反映出更高的總利潤率，這是由於國際天然氣價格優化，我們的下游設施釋放了增量的 SPL 和 CCL 源貨物供 CMI 在現貨市場上銷售，並且本季度某些貨物的時間導致我們根據長期合約銷售的液化天然氣比例較低。

During the first quarter, we recognized in income 616 TBtu of physical LNG, which included 609 TBtu from our projects and 7 TBtu sourced from third parties, respectively. Approximately 90% of our LNG volumes recognized were sold in relation to term SBA or IPM agreements.

第一季度，我們確認了 616 TBtu 實體液化天然氣收入，其中包括來自我們專案的 609 TBtu 和來自第三方的 7 TBtu。我們確認的液化天然氣銷量中約有 90% 是根據定期 SBA 或 IPM 協議出售的。

During the quarter, we also produced and sold approximately 6 TBtu of LNG attributable to the commissioning of Train 1 of the Stage 3 project, the net margin of which an adherence to GAAP is not recognized in income nor our EBITDA and DCF results, but rather as an offset to our overall CapEx spend on the project.

在本季度，我們還生產並銷售了約 6 TBtu 的液化天然氣，這歸功於第三階段項目第一條生產線的投產，其淨利潤率（遵守 GAAP）並未計入收入或我們的 EBITDA 和 DCF 結果中，而是作為對我們在該項目上的整體資本支出的抵消。

Our team continued to execute on our updated 2020 vision capital allocation plan throughout the first quarter, deploying over $1.3 billion towards shareholder returns, balance sheet management and disciplined growth.

我們的團隊在第一季繼續執行更新後的 2020 年願景資本配置計劃，部署了超過 13 億美元用於股東回報、資產負債表管理和規範成長。

We have now allocated approximately $15 billion of our initial target of $20 billion by 2026 as we continue to reduce our share count and enhance our capital returns, while retaining financial strength and flexibility to self-fund accretive growth across our platform, all of which positions us well to achieve our target of generating over $20 per share a run rate distributable cash flow for our shareholders.

我們目前已分配約 150 億美元，而最初的目標是到 2026 年達到 200 億美元，因為我們將繼續減少股份數量並提高資本回報率，同時保持財務實力和靈活性，以便自籌資金實現整個平台的增值增長，所有這些都使我們能夠實現為股東創造每股超過 20 美元的可分配現金流動的目標。

During the first quarter, we repurchased approximately 1.6 million shares for approximately $350 million, leaving approximately $3.5 billion remaining on our current buyback authorization through 2027 at of quarter end.

在第一季，我們以約 3.5 億美元的價格回購了約 160 萬股股票，截至本季末，我們目前的回購授權仍剩餘約 35 億美元，有效期至 2027 年。

The market volatility post quarter, especially in early April, enabled the plan to be more active and deploy over $200 million for over 1 million shares just in the month of April as our financial position, along with our heavily contracted cash flow guidance gives us the ability to be opportunistic on the buyback during times like these.

本季後的市場波動，特別是 4 月初的市場波動，使得該計劃更加活躍，僅在 4 月份就為超過 100 萬股股票部署了超過 2 億美元的資金，因為我們的財務狀況以及我們大量承包的現金流指導使我們有能力在這樣的時期抓住回購的機會。

With less than 222 million shares outstanding as of last week, we continue to methodically make meaningful yet opportunistic progress towards our initial target of 200 million shares outstanding. We also declared a dividend of $0.50 per common share for the first quarter last week, and remain committed to our guidance of growing our dividend by approximately 10% annually through the end of this decade, targeting a payout ratio of approximately 20% over time.

截至上週，我們的流通股數已不足 2.22 億股，我們將繼續有條不紊地朝著我們最初的 2 億股流通股目標邁進，取得有意義且充滿機遇的進展。我們也於上周宣布第一季每股普通股派息 0.50 美元，並將繼續致力於實現我們的目標，即到本世紀末每年將股息增長約 10%，目標是隨著時間的推移將派息率達到約 20%。

Even with increasing our dividend by over 50% since its initiation in 2021, our dividend and payout ratio are designed to enable the financial flexibility essential to our comprehensive and balanced long term capital allocation plan and disciplined self-funded and accretive growth objectives.

即使自 2021 年開始以來我們的股息增加了 50% 以上，我們的股息和派息率也旨在實現對我們全面均衡的長期資本配置計劃以及嚴謹的自籌資金和增值增長目標至關重要的財務靈活性。

During the first quarter, we repaid $300 million of outstanding long term indebtedness, fully repaying the remaining balance of the $2 billion of SPL 2025 notes due in March. Looking ahead, our next maturity also at SPL is not until the middle of next year, which we expect to address with a mix of debt paydown and opportunistic refinancing in order to extend our maturity profile and reduce our interest expense, all while further de-securing and de-subordinating our balance sheet, and strengthening our investment-grade ratings throughout our corporate structure.

第一季度，我們償還了 3 億美元的未償還長期債務，並全額償還了 3 月到期的 20 億美元 SPL 2025 票據的剩餘餘額。展望未來，SPL 的下一個債務到期日也將在明年年中，我們預計將透過債務償還和機會性再融資相結合的方式解決這一問題，以延長我們的到期日並降低利息支出，同時進一步解除資產負債表的抵押和從屬關係，並加強我們整個公司結構的投資級評級。

The focus of our 2025 debt paydown remains within the CQP complex in preparation for financing the Espial expansion project, while CEI maintains its prior decision of shareholder returns, funding Stage 3 and readying mid-scale 8 and 9 for FID. In February, we received our 23rd and 24th credit rating upgrades since 2021 when Fitch upgraded both CEI and CQP from BBB- to BBB.

我們 2025 年債務償還的重點仍然是 CQP 綜合體，為 Espial 擴建項目融資做準備，而 CEI 則維持其先前的股東回報決定，為第 3 階段提供資金，並為 FID 準備中型 8 和 9。今年 2 月，惠譽將 CEI 和 CQP 的信用評級從 BBB- 上調至 BBB，這是我們自 2021 年以來的第 23 和第 24 次信用評級上調。

Our first BBB unsecured rating at CEI and second CQP. This further sets us apart in the US LNG space and solidifies our investment-grade ratings while reflecting the robust credit metrics enabled through operational excellence and our focus on balance sheet management and capital investment discipline these past few years.

我們在 CEI 獲得的第一個 BBB 無擔保評級和第二個 CQP 評級。這進一步使我們在美國液化天然氣領域脫穎而出，鞏固了我們的投資級評級，同時反映了透過卓越的營運以及過去幾年對資產負債表管理和資本投資紀律的關注而實現的強勁信用指標。

With a positive outlook on our BBB project rating by S&P at Corpus, we are optimistic for further upgrades to come at Corpus and CEI as we continue to progress through Stage 3 construction. During the first quarter, we funded approximately $325 million of CapEx on Stage 3, bringing total spend on the project to over $4.8 billion.

標準普爾對我們在 Corpus 的專案給予了積極的 BBB 評級，隨著第三階段建設的繼續推進，我們對 Corpus 和 CEI 的進一步升級充滿信心。第一季度，我們為第三階段投資了約 3.25 億美元的資本支出，使該項目的總支出超過 48 億美元。

We also deployed approximately $230 million in the first quarter towards future growth in debottlenecking, including procurement of certain equipment for mid-scale Trains 8 to 9 and continued development capital to progress the SPL expansion project.

我們還在第一季部署了約 2.3 億美元用於未來的瓶頸消除成長，包括採購 8 至 9 號中型列車的某些設備，並持續投入開發資金以推進 SPL 擴建項目。

As Jack noted, we have locked in over $500 million of cost for mid-scale Train 8 and 9 and related infrastructure as we prepare for FID later this year. Our proactive procurement efforts helped mitigate the risk around inflation for steel, aluminum and other materials and equipment.

正如傑克所指出的，我們已鎖定超過 5 億美元的中型 8 號和 9 號列車及相關基礎設施的成本，為今年稍後的 FID 做準備。我們積極主動的採購努力有助於降低鋼鐵、鋁和其他材料和設備的通貨膨脹風險。

With nearly $3 billion in consolidated cash and ample undrawn revolver and term loan liquidity throughout the Cheniere complex, we expect to continue equity funding the Stage 3 CapEx and preserving the financial flexibility to utilize the $3 billion-plus of undrawn capacity on the Stage 3 term loan later this year, which would include for funding mid-scale 8 to 9 all while remaining active on our opportunistic buyback program as we continue to manage our cash balances efficiently.

憑藉整個切尼爾核電廠近 30 億美元的合併現金和充足的未提取循環信貸和定期貸款流動性，我們預計將繼續為第三階段的資本支出提供股權融資，並保持財務靈活性，以便在今年晚些時候利用第三階段定期貸款中超過 30 億美元的未提取容量，這將包括為中型 8 至 9 號核電廠提供資金，同時繼續積極採購計劃，並繼續

Turning now to slide 14, where I will discuss our 2025 guidance and outlook for the remainder of the year. Today, we are reconfirming our full year 2025 guidance ranges of $6.5 billion to $7 billion in consolidated adjusted EBITDA and $4.1 billion to $4.6 billion in distributable cash flow and $3.25 to $3.35 per common unit of distributions from CQP.

現在翻到第 14 張投影片，我將在這裡討論我們對 2025 年的指導以及今年剩餘時間的展望。今天，我們再次確認 2025 年全年指引範圍：合併調整後 EBITDA 為 65 億美元至 70 億美元，可分配現金流為 41 億美元至 46 億美元，CQP 每普通單位分配 3.25 美元至 3.35 美元。

These ranges continue to reflect our production forecast of 47 million to 48 million tons of LNG in 2025, which contemplates our existing nine train platform plus our outlook for production from the first three trains at Corpus Christi Stage 3 this year.

這些範圍繼續反映了我們對 2025 年液化天然氣產量 4700 萬至 4800 萬噸的預測，其中考慮了我們現有的九列火車平台以及我們對今年科珀斯克里斯蒂第三階段前三列火車的產量預測。

With the substantial completion of Train 1 in March and the progress Jack highlighted earlier on Trains 2 to 4, we are on track to achieve our goal of completing the first three trains at Stage 3 this year. The 2025 production forecast also takes into account the major maintenance on Trains 3 and 4 at Sabine Pass that we will execute over the course of several weeks this summer.

隨著 3 月第 1 列火車的實質完工以及傑克早些時候強調的第 2 至第 4 列火車的進展，我們有望實現今年完成第三階段前三列火車的目標。2025 年的產量預測也考慮到了我們將在今年夏天的幾週內對薩賓帕斯 3 號和 4 號列車進行的主要維護。

Looking at curves today, netbacks have come down recently and are hovering around $5 to $6 for the balance of 2025. Fortunately, our team was able to opportunistically sell into the market or lock in via financially hedging, another 0.5 million tons of our remaining open capacity prior to the recent pullback, which when combined with our optimization efforts, largely offset the mark-to-market of our remaining open CMI volumes for the year since the last call.

從今天的曲線來看，淨回值最近有所下降，到 2025 年底將徘徊在 5 至 6 美元左右。幸運的是，在最近的回調之前，我們的團隊能夠抓住機會將剩餘的 50 萬噸開放產能賣給市場或透過財務對沖鎖定，這與我們的優化工作相結合，在很大程度上抵消了自上次召集以來一年中剩餘的開放 CMI 產量的市價。

For perspective, today's netbacks are still well above the $2 to $2.50 margins contemplated in our run rate guidance. Since our last call, our team was able to lock in another $100 million of incremental margin from optimization for the year, both upstream and stream of our facilities, the majority of which came from our downstream optimization efforts.

從角度來看，今天的淨回值仍然遠高於我們運行率指引中預期的 2 美元至 2.50 美元的利潤率。自上次通話以來，我們的團隊已經能夠透過優化鎖定今年另外 1 億美元的增量利潤，包括我們設施的上游和下游優化工作。其中大部分來自我們的下游優化工作。

Given the successful start-up of Train 1 at Stage 3 and that the CMI team has sold another 0.5 million tons of open volumes for this year, we are left with only 50 to 75 TBtu remaining unsold for the balance of 2025, most of which is contingent on the timing and ramp-up of Trains 2 and 3 of Stage 3. Given this exposure, we forecast that a $1 change in market margin would impact EBITDA by approximately $50 million to $75 million for the full year.

鑑於第三階段 1 號生產線的成功啟動，以及 CMI 團隊今年又售出了 50 萬噸的未售出量，到 2025 年剩餘未售出的產量僅剩 50 至 75 TBtu，其中大部分取決於第三階段 2 號和 3 號生產線的時間表和產量提升。考慮到這種風險，我們預測市場利潤率每變化 1 美元，就會對全年 EBITDA 產生約 5,000 萬至 7,500 萬美元的影響。

As always, our results could be impacted by the timing of certain cargoes around year-end. And as noted on prior calls, our DCF could be affected positively or negatively by changes in the tax code, including any coming tax reform, particularly around bonus depreciation, the IRS transition guidance and the final rules of the corporate alternative minimum tax.

像往常一樣，我們的業績可能會受到年底前後某些貨物運輸時間的影響。正如先前的電話會議所指出的，我們的 DCF 可能會受到稅法變化的正面或負面影響，包括任何即將進行的稅收改革，特別是獎金折舊、美國國稅局過渡指南和企業替代最低稅的最終規則。

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 to 2026.

這些變化可能會影響我們今年及以後現金稅款支付的時間和金額，但從淨現值來看應該並不重要，也不會影響我們到 2026 年產生超過 200 億美元可用現金的能力。

To confirm, we do not expect the changes in trade policy to impact our 2025 financial guidance as our highly contracted platform largely insulates us from market volatility as we are first and foremost a contracted infrastructure company.

需要確認的是，我們預計貿易政策的變化不會影響我們 2025 年的財務指導，因為我們高度承包的平台在很大程度上使我們免受市場波動的影響，因為我們首先是一家承包基礎設施公司。

More importantly, demand for our product long term remains as strong as ever as the uncertainty around global trade further highlights the value of the commercial flexibility inherent in our product as well as our track record of reliability for our customers.

更重要的是，由於全球貿易的不確定性進一步凸顯了我們產品固有的商業靈活性的價值以及我們為客戶所保持的可靠性記錄，因此對我們產品的長期需求仍然強勁。

As Jack and Anatol have noted today, while news of tariffs and other developments certainly create some variability in the market, we have successfully navigated similar trade dynamics in the past and continue to do so today in terms of commercial execution, project development and financial opportunity.

正如傑克和阿納托爾今天所指出的，雖然關稅和其他發展的消息肯定會給市場帶來一些變化，但我們過去已經成功駕馭了類似的貿易動態，並且在商業執行、項目開發和金融機會方面今天繼續這樣做。

While we continue to advance brownfield expansions across both Sabine Pass and Corpus Christi, the rigor with which we evaluate further growth is unwavering as every dollar of capital competes, if we can't deliver the risk-adjusted returns we are accustomed to at the same standard as we've done to date, with lump sum turnkey EPC contracts and creditworthy long-term SBAs, we will remain disciplined to maintain a strong investment-grade balance sheet and continue to opportunistically buyback shares that we can all own more and more of our existing world-class infrastructure platform over time.

在我們繼續推進薩賓帕斯和科珀斯克里斯蒂棕地擴張的同時，我們對進一步增長的評估依然十分嚴格，因為每一美元的資本都在競爭，如果我們不能以迄今為止相同的標準提供我們習慣的風險調整回報，通過一次性交鑰匙 EPC 合同和信譽良好的長期 SBA，我們將繼續遵守紀律，保持強勁的投資級資產負債表，並繼續隨著世界的時間

Our longer term outlook for LNG demand growth is unchanged as US LNG remains essential for global growth, and we will continue to supply the world for decades to come with our reliable, flexible and cleaner burning LNG. That concludes our prepared remarks.

我們對液化天然氣需求成長的長期展望沒有改變，因為美國液化天然氣對全球成長仍然至關重要，而且我們將在未來幾十年繼續向世界供應可靠、靈活和更清潔的液化天然氣。我們的準備好的演講到此結束。

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

感謝您抽出時間並對 Cheniere 感興趣。接線員，我們已準備好接受提問。

(Operator Instructions) Jeremy Tonet, JPMorgan.

（操作員指示）摩根大通的 Jeremy Tonet。

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早上好，傑里米。

Thanks for all the details in the prepared remarks here. I wanted to maybe expand a bit on the current contracting market out there. a lot of talk about trade agreements between the US and others and LNG seems to be a prime vehicle to participate in balancing trade.

感謝您在此準備好的發言中提供的所有詳細資訊。我希望能夠稍微擴大一下目前的承包市場。關於美國與其他國家之間的貿易協定有很多討論，而液化天然氣似乎是參與平衡貿易的主要工具。

Just wondering how -- if you could expand a bit more how that's impacted, I guess, the contracting discussion out there, how do you see your opportunity set at this current point.

只是想知道——如果您可以進一步闡述這對目前的承包討論有何影響，您如何看待目前的機會。

Go ahead, Anatol.

繼續吧，阿納托爾。

Hey Jeremy, thanks for the question. Yeah, it's an enviable position to be in. We have the -- obviously, the reputation, the business model, the track record and fortuitous position of LNG being the, I believe, the second largest contributor to the trade balance.

嘿，傑里米，謝謝你的提問。是的，這是一個令人羨慕的地位。顯然，我們擁有聲譽、商業模式、業績記錄和有利地位，我相信液化天然氣是貿易平衡的第二大貢獻者。

So we're -- dealt in a very good hand. We have very robust commercial engagements and those commercial engagements, we are -- have the luxury of being very selective of who we partner to capture the premium that we expect in the market, work with customers that value our proposition.

因此，我們處於非常有利的地位。我們擁有非常強大的商業合作，在這些商業合作中，我們可以精心挑選合作夥伴，以獲得我們期望的市場溢價，並與重視我們主張的客戶合作。

And as you know, have a very high percentage of repeat customers as a result. So it is a tailwind. It's a tailwind that contributes to the position that we have been in for years now, given our track record and our performance.

如您所知，我們的回頭客比例非常高。所以這是順風。鑑於我們的過往記錄和表現，這是我們多年來保持領先的順風。

Got it.

知道了。

I'll just add, Jeremy, our conviction on long-term contracting being 90% plus contracted on the infrastructure as we underwrite future FIDs. That conviction is stronger than ever. And do we just have a great position with $50 billion of infrastructure in the ground.

傑里米，我只想補充一點，我們堅信，在我們承保未來的 FID 時，長期合約的 90% 以上是基礎設施合約。這種信念比以往任何時候都更加堅定。我們是否擁有價值 500 億美元的地下基礎設施，處於有利地位？

Do this on a brownfield basis, be at a contracted level and get those 6 to 7 times CapEx to EBITDA levels. So really promising what Anatol is working on. And optimistic, not just for mid-scale 8 or 9, but we'll have economic first phases of Sabine and Corpus beyond that, later this decade.

在棕地基礎上進行此操作，達到合約水平，並將資本支出提高 6 到 7 倍至 EBITDA 水平。Anatol 所從事的研究工作確實很有前景。並且樂觀地認為，不只是中型 8 或 9，而且我們將在本世紀末迎來 Sabine 和 Corpus 的經濟第一階段。

Got it. That's very helpful. Thanks. And maybe Anatol, just picking up on a point you put up there. There's a lot of competitors going after the same business that's in focus right now. And just wondering if you could expand a bit more, I guess, how Cheniere is viewed in the marketplace, and what type of competitive advantages that you believe you present and how that is resonating with customers?

知道了。這非常有幫助。謝謝。也許阿納托爾只是接續了你提出的觀點。有很多競爭對手都在爭奪目前備受關注的同一業務。我只是想知道您是否可以進一步闡述一下，市場上對 Cheniere 的看法如何，您認為您擁有哪些競爭優勢，以及這些優勢如何引起客戶的共鳴？

Yeah, thanks Jeremy. We've said to you and everyone else that we don't compete with a very credible supplier like car, for example. It's a different product in the market. And while very well respected and regarded, it's not something that we view as competition.

是的，謝謝傑里米。我們已經告訴您和其他所有人，我們不會與汽車等非常可靠的供應商競爭。這是市場上不同的產品。儘管它備受尊重和重視，但我們並不將其視為競爭對手。

We think of other Gulf of America projects in kind of a similar vein. We're not in the commoditized kind of MOB business that we pioneered a decade plus ago, we look for differentiated opportunities and those are, again, customer relationships counterparts that value our commitment to performance, safety and reliability and engagements where, again, we have this symbiotic relationship of creditworthy long-term buyers that we will support in their endeavors and not participate in what you described as a race to the bottom for the commoditized Gulf of America product.

我們認為其他美國灣計畫也有類似的情況。我們並沒有從事十多年前開創的商品化 MOB 業務，我們尋找差異化的機會，這些機會同樣是客戶關係對手，他們重視我們對性能、安全性和可靠性的承諾以及參與度，同樣，我們與信譽良好的長期買家建立了這種共生關係，我們將支持他們的努力，而不是參與您所描述的商品化美國灣產品的競相壓價。

Got it. That's helpful. I'll leave it there. Thanks.

知道了。這很有幫助。我就把它留在那裡。謝謝。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Morning. I want to touch on the permitting side to an earlier discussion about the durability of permits long term. What are some key learnings so far either from your ongoing permitting process for mid-scale 8 and 9, or your conversations with the current administration that should translate well to permitting for future projects.

早晨。我想談談許可方面，關於許可證長期持久性的早期討論。到目前為止，您從正在進行的中型 8 和 9 的許可流程中，或與現任政府的對話中獲得了哪些關鍵的經驗，這些經驗應該可以很好地轉化為未來專案的許可。

Theresa, this is Jack. I could -- after spending most of last week in Washington, D.C., I can tell you that permitting reform is front and center on anything the administration is trying to do. They understand that because of the pause and some other things that there are quite a few projects here in America that have been sitting in the queue for years.

特蕾莎，這是傑克。我可以——在上周大部分時間待在華盛頓特區之後，我可以告訴你，許可改革是政府正在嘗試做的任何事情的核心。他們明白，由於暫停和其他一些原因，美國有不少項目已經排在隊列中好幾年了。

And our first round of permits at Cheniere, we achieved in a little under two years. That went to four years and then, in some cases, never. So it is a major focus for the administration to get permitting under control. That's a long process. So the DOE needs to complete its study on the need for LNG exports.

我們在 Cheniere 的第一輪許可是在不到兩年的時間內獲得的。這個過程持續了四年，但在某些情況下，甚至從未持續過。因此，控制許可是政府工作的重點。這是一個漫長的過程。因此，美國能源部需要完成液化天然氣出口需求的研究。

We think that will get done relatively soon. We need a (inaudible) to put out some policy reforms and changes on how the FERC will review those permits. But I think all of that stuff is in the works. On specifically on 8 and 9, we received our FERC permit. We had no request for rehearing, which was really positive in a first. So I feel good that we're moving ahead forward, but there's a lot of work in America, so we can get things built.

我們認為這將很快完成。我們需要（聽不清楚）一些政策改革，並改變聯邦能源管理委員會審查這些許可證的方式。但我認為所有這些事情都在進行中。具體來說，在 8 日和 9 日，我們收到了 FERC 許可證。我們沒有提出重新審理的請求，這在第一次審理中確實是正面的。所以我很高興我們正在向前邁進，但美國還有很多工作要做，所以我們可以把事情做好。

Thank you for that detailed answer, Jack. I'm taking a step back, looking at the supply and demand picture for this year. How vulnerable do you think 2025 is to LNG supply shocks, given where European inventories are currently and still a relatively limited amount of incremental supply coming online globally this year?

謝謝你詳細的回答，傑克。我退一步來看看今年的供需情況。考慮到歐洲目前的庫存狀況以及今年全球新增供應量仍然相對有限，您認為 2025 年受到液化天然氣供應衝擊的幾率有多大？

Yeah, thanks, Theresa. I'll -- maybe I'll chime in. It's Anatol. I agree with you and your premise that Europe is vulnerable. It really is at this point, a country-by-country issue. But Germany, for example, in the first quarter imported less than 1 million tons.

是的，謝謝，特蕾莎。我會——也許我會附和一下。是阿納托爾。我同意你的觀點以及你的前提：歐洲是脆弱的。從目前來看，這確實是各國各自的問題。但以德國為例，第一季的進口量還不到100萬噸。

As you well know, inventories are well below recent years. They're about 10 percentage points below the historical average, they're over 20 percentage points below where they were in '23 and '24. So quite a vulnerable position. This idea that targets will be reduced we think is actually counterproductive.

眾所周知，庫存遠低於近年來的水準。它們比歷史平均值低了約 10 個百分點，比 2023 年和 2024 年低了 20 多個百分點。因此這是一個相當脆弱的處境。我們認為，降低目標的想法其實是適得其反的。

It's leading to a very flat curve for European gas, which does not incentivize inventories. And I think what people also forget is that without the flow through Ukraine of about 15 bcm, that's another almost 20 percentage points equivalent of storage.

這導致歐洲天然氣價格曲線非常平坦，不會刺激庫存。我認為人們還忘記了，除去流經烏克蘭的約 150 億立方公尺的天然氣，這相當於另外 20 個百分點的儲量。

And for rough math, 8% is 10 cargoes. So Europe is once again putting itself, especially certain countries are putting themselves into a difficult position. And we may find ourselves in a position to help out once again. First quarter Cheniere sent the most cargoes to Europe since '23. And if things work out the way we hope the fourth quarter, we very much run with that.

粗略計算，8% 就是 10 批貨物。所以歐洲又一次把自己，特別是一些國家，置於了一個非常困難的境地。我們或許會發現自己能夠再次提供協助。第一季度，切尼爾港向歐洲發送的貨物數量創下 2023 年以來的新高。如果第四季一切進展順利，我們就會全力以赴。

Thank you.

謝謝。

Spiro Dounis, Citi.

花旗銀行的 Spiro Dounis。

Thanks, operator. Good morning team. First question on the 2020 vision. I think you've got over $15 billion deployed now. So just sort of hoping you level set us that's tracking against the allocation buckets. And I hate to say it, but how much time you think you've got until maybe we need another capital allocation update.

謝謝，接線生。大家早安。第一個問題是關於2020年願景。我認為您現在已經部署了超過 150 億美元。所以只是希望您能為我們設定與分配桶相符的跟踪水平。我不想這麼說，但你認為你還有多少時間，直到我們可能需要另一個資本配置更新。

Oh man, already. Well, the 2020 vision, we still got some work to do, but we're getting there. Basically, the next big step is FID of mid-scale 8 to 9 ideally in the coming months, and that will kind of lock in the EBITDA and the DCF.

喔天哪，已經這樣了。嗯，對於 2020 年的願景，我們還有一些工作要做，但我們正在實現它。基本上，下一個重大步驟是理想情況下在未來幾個月內實現中等規模 8 到 9 的 FID，這將鎖定 EBITDA 和 DCF。

And then we'll keep on working down the share count and paying down a bit more debt. But at this point, having done basically $5 billion of debt paydown, $5 billion of buybacks, and $5 billion-plus CapEx, we're tracking well ahead of completing that $20 billion before 2026. So give us a little more time, but for sure, before the end of 2026, we'll have surpassed easily, the $20 billion mark of deployment, and we'll come up with something new for you.

然後我們將繼續減少股票數量並償還更多債務。但目前，我們已經完成了 50 億美元的債務償還、50 億美元的回購和 50 多億美元的資本支出，我們預計在 2026 年前完成 200 億美元的目標。所以再給我們一點時間，但可以肯定的是，在 2026 年底之前，我們將輕鬆超越 200 億美元的部署目標，我們將為您提供一些新的東西。

Got it. That's it's great to hear. Second one, Zach, maybe sticking with you, just around the guidance. Just pulling together some of the things you said. It sounds like potential for a Train 4 to sneak into '25. I suspect that's not a huge contributor to EBITDA per se, but I think would imply that Train 3 maybe becomes a bigger contributor.

知道了。聽到這個消息真是太好了。第二個，扎克，也許我會繼續和你在一起，只是圍繞指導。只是將您所說的一些事情匯總在一起。聽起來 4 號列車有可能潛入 25 年。我懷疑這本身對 EBITDA 的貢獻並不大，但我認為這意味著 Train 3 可能會成為更大的貢獻者。

I think you heard you say optimization still pretty strong, another $100 million in hopper. So I think last quarter, you said you were comfortable with the midpoint of the range. Where are you kind of leaning right now with that backdrop?

我想您聽過您說優化仍然非常強大，另外還有 1 億美元的 hopper。所以我認為上個季度您曾表示您對該範圍的中點感到滿意。在這樣的背景下，您現在傾向於哪一方面？

I think it's a testament to our execution, not just operationally, which is like second to none. But commercially, that margins basically came off since the last call from over $8 to under $6 today. And if the team wasn't as proactive as it had been, locking in cargoes like honestly in the $9-plus range in the middle of the quarter, we might not be as convinced that we are rock solid in the middle of the range, if not better.

我認為這證明了我們的執行力，而不僅僅是營運能力，這是首屈一指的。但從商業角度來看，利潤率自上次通話以來基本上從 8 美元以上降至今天的 6 美元以下。如果團隊不像以前那樣積極主動，在本季度中期將貨物鎖定在 9 美元以上的範圍內，我們可能不會那麼確信我們在這個範圍內的中間位置是穩固的，甚至更好。

And we just -- in terms of our cadence annually, it's just too soon in the year to start tightening or raising that guidance materially, but things are progressing in the right direction there. But thanks to locking in those cargoes. Thanks to optimization coming through, mainly downstream third-party sourcing allowed us to produce a few more cargoes at the sites that were sold into the spot market as well as we actually did some chartering and made some extra money on the listing margin through basis differentials.

就我們每年的節奏而言，現在開始大幅收緊或提高指導還為時過早，但事情正在朝著正確的方向發展。但多虧了鎖定了那些貨物。由於優化的完成，主要是下游第三方採購使我們能夠在銷售到現貨市場的站點生產更多的貨物，同時我們實際上也進行了一些租船，並透過基礎差異在上市保證金上賺取了一些額外的錢。

Those things altogether basically offset, if not more, like the margin compression. And when you think about 47 million, 48 million tons, and 50 million to 75 million TBtu still open, it's minimal. Train 4 coming into this year, that's basically at this point, forecast to be commissioning, so it won't really move the needle. But yeah, we're optimistic.

這些因素總體上基本上抵消了利潤率壓縮的影響，甚至抵消更多。當你考慮到仍有 4700 萬噸、4800 萬噸和 5000 萬至 7500 萬 TBtu 的庫存時，這個數字就微不足道了。第四條生產線預計今年投入使用，基本上目前處於預計投入使用階段，因此它不會對產量產生太大影響。但是，是的，我們很樂觀。

Train 2 and 3 are progressing well we'll put first LNG in the next month or so on Train, 2, and then for Train 3 to come in the fall. But really, we have to focus on the 45 million tons of existing nine trains, get through the major maintenance this summer, get through hurricane season, and then we'll feel better about if we got to the higher end of that range or not.

2 號和 3 號生產線進展順利，我們將在下個月左右首先在 2 號生產線上投放液化天然氣，然後在秋季投放 3 號生產線。但實際上，我們必須把重點放在現有的九列火車的 4500 萬噸上，在今年夏天完成主要維護，度過颶風季節，然後我們才能更好地判斷我們是否達到了這個範圍的高端。

Great, I'll leave it there. Thanks everyone.

太好了，我就把它留在那裡了。謝謝大家。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks, good morning, everyone. I appreciate the comments on the China market and the market flexibility. But you've always told us that China is really a key market for US LNG. So I'm just wondering how you're thinking of that in light of the potential for a broader -- potentially more permanent realignment of global trade, and how this impacts your future contracting strategy?

謝謝，大家早安。我很欣賞對中國市場和市場靈活性的評論。但您一直告訴我們，中國確實是美國液化天然氣的關鍵市場。所以我只是想知道，考慮到全球貿易可能更廣泛、更持久的調整，您是如何看待這個問題的，以及這會對您未來的承包策略產生什麼影響？

Hey, Michael, thanks. Yeah, so a nuanced answer. So China is very important for the LNG market. And China is very important for Cheniere. Chinese counterparties are very important for Cheniere. We've told you over the years that that we expect it to be about 10% of our contracted portfolio.

嘿，邁克爾，謝謝。是的，答案很細緻。因此，中國對於液化天然氣市場來說非常重要。中國對切尼爾來說非常重要。中國交易對手對 Cheniere 來說非常重要。多年來，我們一直告訴大家，我們預計它將占到我們合約投資組合的 10% 左右。

That is a very substantial number. We've also told you that if we chose to release that constraint, that percentage could go much higher. But those Chinese counterparties that we're proud to have four of them in our portfolio. are very capable of market participants.

這是一個非常可觀的數字。我們也告訴過您，如果我們選擇放寬該限制，那麼該百分比可能會更高。但我們很自豪我們的投資組合中有四家中國交易對手。都是非常有能力的市場參與者。

The larger ones have hundreds of people that are involved in the same LNG optimization business that we are in. And as you know, we are agnostic what they do with their cargoes. So when the from the Atlantic is close to China, why would a cargo bypass a lot of other premium markets, even though it is controlled by a Chinese counterparty.

規模較大的公司有數百名員工參與與我們相同的液化天然氣優化業務。正如你所知，我們不清楚他們如何處理貨物。因此，當大西洋靠近中國時，為什麼貨物會繞過許多其他高端市場，即使它由中國交易對手控制。

So China, very important to the LNG market, a critical partner of Cheniere's as we continue to grow and fortify our business. But US volumes, Cheniere volumes going to China is not important to us in the slightest.

因此，中國對於液化天然氣市場非常重要，也是我們持續發展和鞏固業務的重要合作夥伴。但美國和切尼爾輸往中國的石油量對我們來說一點也不重要。

Great, thanks for that. That's all I had today.

太好了，謝謝。這就是我今天所擁有的一切。

Bob Brackett, Bernstein Research.

鮑伯‧布拉克特（Bob Brackett），伯恩斯坦研究公司。

Good morning. If I look at your 1Q consolidated adjusted EBITDA and just annualize that foolishly, I get to $7.5 billion or so. And clearly, the full year guide $6.5 billion to $7 billion. And then if I kind of look at the key drivers that you alluded to, and I'm looking for things that could cause the deceleration, the two that sort of pop up are the turnaround, obviously, and then a bit on the potential tax reform. Could you give a little more color on those two issues and some of the milestones to watch for?

早安.如果我看一下您第一季的合併調整後 EBITDA，然後將其進行年化，我會得到 75 億美元左右。顯然，全年預期收入為 65 億美元至 70 億美元。然後，如果我看一下您提到的關鍵驅動因素，並尋找可能導致經濟減速的因素，那麼出現的兩個因素顯然是經濟好轉，然後是潛在的稅收改革。您能否更詳細地介紹這兩個問題以及一些值得關注的里程碑？

Sure, thanks for that question. First off, on the tax reform, that may affect but that's not going to affect EBITDA at all. But in terms of EBITDA, we clearly noticed that we'd be consensus by $200 million for the quarter, even though we didn't move guidance.

當然，謝謝你的提問。首先，稅制改革可能會影響 EBITDA，但根本不會影響。但就 EBITDA 而言，我們清楚地註意到，儘管我們沒有調整指引價格，但本季的預期仍將達到 2 億美元。

And this is literally the third year in a row this has happened where we believe people are still dividing our annual guidance by instead of noticing that there is truly seasonal production differences between the colder quarters versus the warmer quarter.

我們認為，這已經是連續第三年出現這種情況了，人們仍然在將我們的年度指導值除以，而沒有註意到較冷的季度和較熱的季度之間確實存在季節性的生產差異。

So we produced the most in Q1 and Q4. So you would expect those two quarters to have higher EBITDA than the middle of the year, which has the shoulder months and the warmest quarters of the year. In addition, margins were yeah, over $8 in Q1. And now for the rest of the year, we see them closer to $5 to $6.

因此，我們在第一季和第四季的產量最多。因此，您可以預期這兩個季度的 EBITDA 會高於年中，因為年中是平季月份，也是一年中最熱的季度。此外，第一季的利潤率超過 8 美元。而就今年剩餘時間而言，我們預計其價格將接近 5 至 6 美元。

Add on to that, the major maintenance will start later this quarter at Trains 3 and 4. That will be over weeks of those trains being down. So you have that in addition. Stage 3 only has 1 train up and running at this point. So we expect more trains to be online by second half of the year versus Q2.

此外，3 號和 4 號列車的主要維護工作將於本季稍後開始。這些列車停駛將持續數週。所以你還有這個。目前，第 3 階段僅有 1 列火車運行。因此，我們預計今年下半年將有更多列車上線，而第二季則不會如此。

So I'd expect our lowest production quarter three to 2Q, and there to be some variability quarter-to-quarter on EBITDA. So yeah, don't multiply Q1 by four because that's clearly not what we're seeing in the forecast.

因此，我預計我們的產量最低的是第三季至第二季度，而 EBITDA 的季度間會出現一些變化。所以，不要將 Q1 乘以四，因為這顯然不是我們在預測中看到的。

Very clear. Thanks for that.

非常清楚。謝謝。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Hi, good morning. Jack, as you referenced, there has been a burst of activity on the US LNG front since Liberation Day. I guess my question is if you view most of this activity as related to tariffs, and countries wanting to reduce trade deficits, which would likely continue. Or if it was more just like built up activity, I guess, waiting for the LNG ban to be lifted and more of a one-off.

嗨，早安。傑克，正如你所提到的，自解放日以來，美國液化天然氣領域活動頻繁。我的問題是，如果您認為大部分此類活動與關稅有關，並且各國都希望減少貿易逆差，那麼這種現象可能會持續下去。或者我猜這更像是一種累積的活動，等待液化天然氣禁令的解除，而且更像是一次性的。

Oh boy, that's -- Jean Ann, I think there's just so much activity. And as you know, it was the President's first executive order was energy dominance during the Trump 1.0 administration. They were some of our best salesman for US LNG, and that's continued during the President's current administration. So there's a big push by the administration to get to energy dominance and to get our exports in line. And I think you're seeing the byproduct of that excitement.

哦天哪，那是——Jean Ann，我認為那裡有太多的活動了。如你所知，這是川普 1.0 政府期間總統發布的第一項有關能源主導的行政命令。他們是美國液化天然氣領域最優秀的銷售人員之一，在現任總統的領導下，這一地位依然延續。因此，政府大力推動能源主導地位，並使我們的出口保持正常水準。我認為你看到了這種興奮的副產品。

Okay, that makes sense. And then I think my follow-up is probably for Anatol. but it seems like recently more US projects that have FIDed just very recently or close to FID have much less firm third-party contracts in the past. Is that your view as well? And does it kind of long term change your view of mid-cycle margin?

好的，這很有道理。然後我想我的後續行動可能是針對阿納托爾。但最近似乎更多剛做出最終投資決定或接近最終投資決定的美國項目過去簽訂的第三方合約較少。您也是這麼認為嗎？這是否會從長遠角度改變您對中期利潤率的看法？

Well, I guess, first, I will just reiterate my boss's tagline if we're not in the FID business in my CFO partners, tagline we will -- he is the biggest impediment to moving forward with the discipline that we apply to deploying capital.

嗯，我想，首先，如果我們不在我的 CFO 合作夥伴中從事 FID 業務，我將重申我老闆的口號，口號是——他是我們推進資本部署紀律的最大障礙。

So don't expect us to change our stripes, as we said that we still plan our business. We don't FID anything, but we plan our business on a mid-$2 margin. As we said to you before, we see that for -- certainly for the Cheniere product as something that today is the bottom of the range where we would expect to transact. So we'll stay just as disciplined. The market will remain volatile.

所以不要指望我們會改變我們的風格，正如我們所說，我們仍在規劃我們的業務。我們沒有任何最終投資決定 (FID)，但我們計劃以 2 美元左右的利潤率開展業務。正如我們之前所說的，我們認為——對於 Cheniere 產品來說，今天肯定處於我們預期交易範圍的底部。因此我們將保持紀律。市場仍將保持波動。

This is a long cycle business. Your question to Jack earlier, we saw the first FID in two years here. And very little commercial activity underpin that, to your point. So we'll -- we're not changing our stripes. We'll stay disciplined.

這是一個長週期的業務。您之前問傑克的問題是，我們在這裡看到了兩年來的第一個 FID。正如您所說，很少有商業活動支撐這一點。所以我們——我們不會改變我們的風格。我們將保持紀律。

We'll move forward with 90% plus contracted projects that meet our hurdles. And the market will remain volatile in terms of margins, destinations, and we will support it with our reliability and continue to deliver to our customers without fail.

我們將推進90%以上符合要求的合約項目。就利潤率和目的地而言，市場仍將持續波動，我們將以我們的可靠性為其提供支持，並繼續毫無差錯地為客戶提供服務。

Great. Thanks, Anatol.

偉大的。謝謝，阿納托爾。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

Hey, thanks for the time. This is probably both for Anatol. Just on that last point, we are seeing a lot of this capacity coming online out of the US anyway. I guess would you expect US expert utilization to kind of fall over the next couple of years as the market absorbs this incremental capacity?

嘿，謝謝你抽出時間。對阿納托爾來說，這可能都是如此。就最後一點而言，我們看到許多這類產能都來自美國。我想，隨著市場吸收這些增量產能，您是否預期未來幾年美國專家的使用率會下降？

Hey John, thanks. The market will see a lot of volume entering the market. But as you can see in our slides, we've kind of made the same point we've made a number of times like this is not unusual for the LNG market in terms of percentage. So it's in that 7%, 8% per annum range. The market has absorbed percentage is north of 10%.

嘿，約翰，謝謝。市場將會看到大量的交易量進入市場。但正如您在幻燈片中看到的，我們已經多次強調同樣的觀點，就百分比而言，這對於液化天然氣市場來說並不罕見。因此，年利率在 7% 至 8% 之間。市場吸收率已超過10%。

And I put to you that the market is much more sophisticated that the players are much more capable. And as we've harped on over the years, the amount of infrastructure that can accept these volumes has grown much faster than liquefaction.

我想告訴你們的是，市場更加複雜，參與者的能力也更加強大。正如我們多年來所強調的，能夠容納這些數量的基礎設施的數量增長速度遠遠快於液化速度。

So what we're haggling about is the clearing price, and how quickly the price elastic markets will absorb these volumes, which Cheniere, as you know, is largely agnostic to with 95% plus contract that levels for the next decade plus. So we will see the market work to absorb these volumes.

因此，我們爭論的是清算價格，以及價格彈性市場將多快吸收這些數量，正如你所知，Cheniere 在很大程度上對此持不可知論，其合約中有 95% 以上是未來十年的水平。因此我們將看到市場努力吸收這些數量。

I personally, and we've discussed this before, I don't see the mechanism of US cancellations as being a very effective one. We have to be notified two months in advance, and the curves have only priced in such a decision only during COVID. So I think it's going to be much more a price-elastic demand question, than a price elastic supply question.

就我個人而言，我們之前也討論過這個問題，我認為美國的取消機制不是很有效。我們必須提前兩個月收到通知，而且只有在 COVID 期間，曲線才會反映出這樣的決定。因此我認為這更多的是一個價格彈性需求問題，而不是價格彈性供給問題。

I appreciate that thank you. And then just a second quick one for you. Asian imports have been pretty weak so far to start the year. Is -- would you say most of that just the fact that we're coming out of a kind of warmer winter and relatively higher stocks going in, or are you guys seeing any signs of kind of underlying demand weakness tied to industrial or economic activity?

我很感激，謝謝。然後我再快速地問你。今年年初至今，亞洲進口一直相當疲軟。您是否認為這主要是因為我們剛走出溫暖的冬天，庫存也相對較高，還是說您看到了與工業或經濟活動相關的潛在需求疲軟的跡象？

So it is mostly overwhelmingly China. The rest of the JKT market has been fairly reasonable to a little bit stronger. Part of it is weather. Part of it is healthy domestic production growth in China and the ramp-up of Power Siberia 1.

所以，絕大多數是中國。JKT 市場其餘部分錶現相當合理，甚至略有增強。部分原因是天氣。部分原因是中國國內產量健康成長以及西伯利亞一號核電廠的建設。

So ebbs and flows structurally, we do continue to see very healthy growth, as I mentioned, even Taiwan, Korea, these mature markets, large mature markets, we expect to continue to grow quarter-over-quarter, there is a farming aspect to it, as Jack always says, and that is part of what we saw in certainly Northeast Asia.

因此，從結構上看，儘管有起伏，我們確實繼續看到非常健康的增長，正如我所提到的，即使是台灣、韓國這些成熟市場，大型成熟市場，我們預計它們仍將環比增長，這其中有農業方面的因素，正如傑克經常說的那樣，這也是我們在東北亞看到的一部分。

Appreciate that. Thank you.

非常感謝。謝謝。

Brandon Bingham, Scotiabank.

布蘭登‧賓厄姆，加拿大豐業銀行。

Hi, thanks for taking the questions. Just wanted to go back to the topic of European vulnerability and maybe kind of loop that into the discussions around possible resumption of flows from Russia to Europe. And just if you have any thoughts on potential impacts there or probability of that happening now and in light of everything happening in just kind of maybe the knock-on impacts of Russian flows to other countries now that might be directed back should those flows resume to Europe?

你好，謝謝你回答這個問題。我只是想回到歐洲脆弱性的話題，並可能將其納入有關可能恢復從俄羅斯到歐洲的資金流動的討論中。您是否對那裡的潛在影響或現在發生這種情況的可能性有什麼看法，並考慮到目前發生的一切，也許俄羅斯對其他國家的資金流動產生的連鎖影響現在可能會被引導回，這些資金是否應該恢復流向歐洲？

Yeah, thanks Brandon. I -- so in the immediate future, what we think we'll see is Brussels moving forward with its proposal to ban Russian gas into Europe, which actually grew in '24 over '23, obviously driven by LNG.

是的，謝謝布蘭登。我認為，在不久的將來，我們將看到布魯塞爾推進其禁止俄羅斯天然氣進入歐洲的提議，而 2024 年歐洲天然氣進口量實際上比 2023 年有所增長，這顯然是由液化天然氣推動的。

And obviously, we'll be down this year because of the cessation of flows through the Ukraine. We have an assumption over the years of some resumption of pipeline flows. We think it will be part of a grand bargain. When that happens is anyone's guess, we can spend a lot of time on what is feasible from an infrastructure standpoint.

顯然，由於烏克蘭的河流停止流動，今年的產量將會下降。多年來，我們一直假設管道流量會恢復。我們認為這將是一項大交易的一部分。當這種情況發生時，誰也說不準，我們可以花很多時間從基礎設施的角度研究什麼是可行的。

And then there are legal challenges and all kinds of arbitrations and regulatory issues that would have to play out. But we don't expect that Gazprom will never flow into inertial Europe again via pipeline. When that happens is anyone's guess.

此外，還必須解決法​​律挑戰和各種仲裁和監管問題。但我們並不認為俄羅斯天然氣工業股份公司永遠不會再透過管道流入惰性歐洲。何時會發生這種情況，誰也說不準。

And the best solution for that is having the infrastructure to address these issues and having the diversity of supply that a lot of our European counterparties have to deal with these uncertainties. When it happens, what quantum, again, happy to give you our guess, but that's of great consequence to the Cheniere model, and we think the market will absorb that fairly easily.

最好的解決方案是擁有解決這些問題的基礎設施，並擁有許多歐洲交易對手必須應對這些不確定性的供應多樣性。當它發生時，量子是什麼，再次，我們很高興給你我們的猜測，但這對 Cheniere 模型來說意義重大，我們認為市場將相當容易地吸收它。

Great, thanks. And then maybe just -- I know it's early days here, but based on the current forward pricing and the moves you've discussed already, how are you guys thinking about the uncontracted capacity for next year if you maybe locked in some of that with forward sales agreements already? Or just kind of how we should think about that moving forward?

太好了，謝謝。然後也許只是——我知道現在還為時過早，但根據目前的預期定價和您已經討論過的舉措，如果您可能已經通過預期銷售協議鎖定了部分未簽約產能，你們如何考慮明年的未簽約產能？或者我們該如何思考這個問題的後續發展？

So we're already thinking about that a bit, especially next winter, it's less than a year away. Next year, we'll have a step up again in our long term contracting from around 43 million tons that we've had this year and last year to closer to like 46 million to 47 million tons.

所以我們已經對此進行了一些考慮，尤其是明年冬天，還有不到一年的時間。明年，我們的長期合約數量將再次增加，從今年和去年的約 4,300 萬噸增加到接近 4,600 萬至 4,700 萬噸。

However, with the trains coming online at Stage 3, we'll be over 50 million tons of production, most likely. So we'll still have a healthy amount of open capacity. Margins next year are still around $5, but you'll see us steadily this year, put some of that away opportunistically. And by the time we give production guidance likely in November, we'll derisk that a bit. So we're already thinking about that, especially with the progress we're making on Stage 3.

然而，隨著第三階段列車的投入使用，我們的產量很可能會超過 5,000 萬噸。因此我們仍將擁有大量開放產能。明年的利潤率仍在 5 美元左右，但今年你會看到我們穩定成長，並抓住機會將其中的一部分存起來。當我們可能在 11 月給出生產指導時，我們會稍微降低風險。所以我們已經在考慮這個問題了，尤其是考慮到我們在第三階段的進展。

Great, thanks.

太好了，謝謝。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

Hey, good morning, good afternoon. Thanks for taking my questions. I wanted to touch on the expansion projects you mentioned. It sounds like the main item left to FID, the mid-scale trains as Bechtel EPC, but you did note other items.

嘿，早上好，下午好。感謝您回答我的問題。我想談談您提到的擴建項目。聽起來好像主要項目留給了 FID，即 Bechtel EPC 的中型列車，但您確實注意到了其他項目。

So wondering if any of those other items; one, what they are; and two, if they're significant. And then also the outlook for time line on FIDing the Sabine expansion, if that's changed at all in the past few months.

所以想知道是否有其他物品；一、它們是什麼；第二，如果它們很重要。然後，如果過去幾個月內 Sabine 擴張的最終確定時間表有所變化，那麼前景如何？

Hi Jason. This is Jack. First, I'll talk about Trains 8 and 9. We have -- you're right. Probably the biggest thing is waiting for our final permits to actually get papered and posted. That's the FERC permit. That's the DOE permits for FTA, non-FTA, and it's also the air permit, the Title V air permit.

你好，傑森。這是傑克。首先，我來談談8號和9號列車。我們有——你是對的。可能最重要的事情就是等待我們的最終許可證真正得到紙本文件並公佈。這就是聯邦能源管理委員會 (FERC) 許可證。這是 DOE 頒發的 FTA 許可證、非 FTA 許可證，也是空氣許可證、Title V 空氣許可證。

And then after that, I would say the Bechtel EPC contract, but we're moving right along. I don't see any issues with any of those. And I think, like I said in my prepared remarks that over the next coming months, we'll be FID in that expansion project.

在此之後，我想說的是 Bechtel EPC 合同，但我們仍在順利推進。我不認為其中有任何問題。我認為，就像我在準備好的演講中所說的那樣，在接下來的幾個月裡，我們將對該擴建項目做出最終決定。

And then on the Sabine expansion, we're in the process of optimizing that project. We're going to take advantage of this permitting window as best we can at both sites and get permits for large expansions at both Sabine and Corpus.

然後，關於 Sabine 擴展，我們正在優化該專案。我們將盡可能地利用這兩個地點的這個許可窗口，並獲得薩賓和科珀斯克里斯蒂的大規模擴建許可。

But in particular, Sabine, there's likely a train plus some debottlenecking and boil off gas reliquefaction that can get us a 5 million to 6 million-plus ton project. And we'd hope to be able to FID that in late '26 or early 2027.

但具體來說，薩賓，很可能需要一列火車加上一些瓶頸消除和蒸發氣再液化技術，才能為我們帶來一個 500 萬到 600 多萬噸的項目。我們希望能夠在 2026 年底或 2027 年初做出最終決定。

Really, the goal right now is permit what we can, but we're going to stay true to how measured we've been and stick to the parameters that if it doesn't fit that 6 to 7 times CapEx to EBITDA, we're just going to buy back the stock. But -- we have a lot of optimism right now.

實際上，現在的目標是允許我們所能允許的，但我們會堅持我們一直以來的衡量標準，並堅持參數，如果它不符合 6 到 7 倍的資本支出與 EBITDA 之比，我們就會回購股票。但是——我們現在非常樂觀。

The permitting process will go rather smoothly. The costs will come in for this attractive brownfield Phase I and Anatol will show up with pushing the market on long-term SPAs.

許可過程將會相當順利。這個有吸引力的棕地計畫第一階段的成本將會到賬，而 Anatol 將會出現，推動長期 SPA 市場的發展。

Great, thanks. And my follow-up is just the funding outlook for this year. It sounded like the last call, your growth capital funding would all be from equity. And now I don't know if it was intentional, but it sounds like a bit of a shift where you may actually tap some of that credit facility. So I'm wondering if there was a shift in thinking on funding sources for this year? And if so, what drove that? Thanks.

太好了，謝謝。我的後續問題是今年的融資前景。這聽起來像是最後的呼聲，你的成長資本資金將全部來自股權。現在我不知道這是否是故意的，但這聽起來像是一個轉變，你實際上可以利用一些信貸便利。所以我想知道今年對資金來源的想法是否發生了轉變？如果是的話，是什麼原因導致的呢？謝謝。

No shift in thinking. If anything, we're going to be drawing on that term loan a little later than we even forecasted. It all comes down to the fact that quarter in, quarter out, we show up with almost $3 billion of cash, thanks to the success of the operating business.

思維沒有轉變。如果有的話，我們將比預期更晚提取這筆定期貸款。歸根結底，由於營運業務的成功，我們每個季度都獲得了近 30 億美元的現金。

But when I think about the capital that's still needed to be deployed, I'd say it's probably a little over $2 billion at this point of CapEx built to fund this year, and that's over $1 billion for Stage 3, but also almost $1 billion for midscale 8 or 9 as we get that thing going.

但是，當我考慮仍需要部署的資本時，我會說，今年為此建立的資本支出可能略高於 20 億美元，而第 3 階段則需要超過 10 億美元，而隨著我們開始實施中型 8 號或 9 號項目，這一數字也將接近 10 億美元。

But we're in such a good liquidity position considering if you add up, say, the $2 billion-plus left for Stage 3 add up a little less than $3 billion now for midscale 8 to 9, considering we're already spending some money on locking in long lead items, that's $5 billion.

但是我們的流動性狀況非常好，如果把第 3 階段剩下的 20 多億美元加起來，現在中型 8 至 9 階段的資金加起來就不到 30 億美元，考慮到我們已經花了一些錢來鎖定長週期項目，那就是 50 億美元。

And we still have that $3.3 billion term loan available to us for both projects. So yeah, that's not going to eat into too much of the cash flow and why I mentioned before to Spiro, we're going to easily surpass the $20 billion-plus of deployment by 2026.

我們仍有 33 億美元的定期貸款可供這兩個項目使用。所以，是的，這不會消耗太多的現金流，這也是我之前向 Spiro 提到的，到 2026 年，我們的部署規模將輕鬆超過 200 億美元。

Yes, understood, that's very clear. Thanks for the time.

是的，明白了，非常清楚。謝謝你的時間。

I want to thank you all for your support of Cheniere and please be safe.

我想感謝大家對 Cheniere 的支持，請注意安全。

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

今天的會議到此結束。我們感謝您的參與。