Cheniere Energy Inc (LNG) 2025 Q2 法說會逐字稿

Good day, and welcome to the second 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 Randy Bhatia, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 2025 年第二季 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。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Cheniere's second quarter 2025 earnings conference call.

謝謝接線員，大家早安。歡迎參加 Cheniere 2025 年第二季財報電話會議。

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.

今天電話會議的幻燈片演示和網路直播可在 cheniere.com 上取得。今天早上與我一起出席的還有 Cheniere 總裁兼執行長 Jack Fusco、執行副總裁兼首席商務官 Anatol Feygin 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.

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。我們簡報的第二張投影片討論了這些前瞻性陳述和相關風險。

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 financial measure can be found in the appendix to the slide presentation.

此外，我們也可能引用某些非 GAAP 財務指標，例如合併調整後 EBITDA 和可分配現金流量。這些指標與最具可比性的 GAAP 財務指標的對帳可以在幻燈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 2025 guidance. After prepared remarks, we will open the call for Q&A.

通話議程請見幻燈片 3。傑克首先會介紹營運和財務亮點。隨後，Anatol 將提供液化天然氣市場的最新情況，Zach 將回顧我們的財務表現和 2025 年指引。準備好發言稿後，我們將開始問答環節。

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

現在我將把電話轉給 Cheniere 總裁兼執行長 Jack Pusco。

Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our results from the second quarter of 2025.

謝謝你，蘭迪。大家早安。感謝您今天加入我們，我們將回顧 2025 年第二季的業績。

Our momentum from the first quarter propelled us forward in the second quarter, which was highlighted by our formal FID on Corpus Christi Midscale Trains 8 and 9 project and our upwardly revised run rate production and financial forecast.

我們第一季的勢頭推動了我們在第二季度取得進展，其中最突出的是我們對科珀斯克里斯蒂中型列車 8 號和 9 號項目的正式 FID 以及我們上調的運行率生產和財務預測。

Our proven growth strategy is built upon leveraging our significant brownfield platform to deliver highly visible, financially accretive growth projects. And Corpus Christi Midscale Trains 8 and 9 is further execution of that strategy.

我們行之有效的成長策略建立在利用我們重要的棕地平台來提供高度可見、財務增值的成長項目的基礎上。科珀斯克里斯蒂中型列車 8 號和 9 號是該策略的進一步實施。

In addition, our tireless debottlenecking efforts are bearing real fruit as we were able to increase the run rate production capacity of our existing large-scale trains to 5.0 million to 5.2 million tonnes per annum each. economically adding about 1 million tonnes per annum of production on a run rate basis. Our intent is to execute our growth strategy with a phased approach.

此外，我們不懈的消除瓶頸努力正在取得真正的成果，因為我們能夠將現有大型列車的運行生產能力提高到每年 500 萬至 520 萬噸，在經濟上每年增加約 100 萬噸的運行產量。我們的目的是分階段實施我們的成長策略。

First, on the regulatory front, we will seek to permit the maximum site capabilities for both Sabine Pass and Corpus Christi. These additional development projects represent an opportunity to further leverage our brownfield platform to over 100 million tonnes per annum.

首先，在監管方面，我們將努力為薩賓帕斯和科珀斯克里斯蒂提供最大的場地容量。這些額外的開發案代表我們有機會進一步利用棕地平台，將年產量提高到 1 億噸以上。

Second, we will execute our strategy in a financially disciplined way, and we currently have line of sight to grow our operating platform by approximately 25% to a total of 75 million tonnes by the early 2030s and retain optionality for even more brownfield growth beyond this.

其次，我們將以財務嚴謹的方式執行我們的策略，目前我們的目標是到 2030 年代初將我們的營運平台增長約 25%，達到 7500 萬噸，並保留在此基礎上進一步擴大棕地增長的選擇權。

We are focused on capturing the moment and delivering accretive growth into the next decade. Please turn to slide 5, where I'll highlight our key results and accomplishments for the second quarter of 2025. In the second quarter, we generated consolidated adjusted EBITDA of approximately $1.4 billion, distributable cash flow of approximately $920 million and net income of approximately $1.6 billion.

我們專注於抓住時機並在未來十年實現成長。請翻到投影片 5，我將重點介紹我們 2025 年第二季的主要成果和成就。第二季度，我們的合併調整後 EBITDA 約為 14 億美元，可分配現金流量約 9.2 億美元，淨收入約 16 億美元。

Today, we are tightening our full year 2025 guidance range to $6.6 billion to $7 billion in consolidated adjusted EBITDA and raising our guidance range to $4.4 billion to $4.8 billion in distributable cash flow. Given the financial visibility our highly contracted platform provides, we are tracking well to deliver financial results within these upwardly revised ranges.

今天，我們將 2025 年全年指引範圍收窄至 66 億美元至 70 億美元的合併調整後 EBITDA，並將可分配現金流指引範圍提高至 44 億美元至 48 億美元。鑑於我們高度合約化的平台所提供的財務可見性，我們正在順利追蹤並在這些上調的範圍內實現財務業績。

During the second quarter, we successfully completed our large-scale maintenance turnaround on Trains 3 and 4 at Sabine Pass safely and on budget, extending Sabine Pass' record of consecutive man hours worked without a lost time incident to over 13.5 million hours.

在第二季度，我們成功且在預算內完成了薩賓帕斯 3 號和 4 號列車的大規模維護檢修，將薩賓帕斯連續無工時損失事故的記錄延長至 1350 多萬小時。

This was not only the largest turnaround we've ever completed, but also one of the largest turnarounds ever executed in the LNG industry, and I'm exceptionally proud of our team for once again demonstrating Cheniere's safety-first culture and our execution and operations capabilities.

這不僅是我們迄今為止完成的最大規模的轉型，也是液化天然氣行業有史以來最大的轉型之一，我為我們的團隊再次展現出切尼爾安全第一的文化以及我們的執行和運營能力感到無比自豪。

To provide some context, the complex turnaround saw Trains 3 and 4 down for a little over three weeks. And during that time, over 1,650 contractors were on site, helping complete over 2,550 work orders and over 17,000 tasks, including the repair and replacement of nearly 1,000 valves and the testing of over 3,500 flanges.

為了提供一些背景信息，複雜的轉變導致 3 號和 4 號列車停駛了三個多星期。在此期間，超過 1,650 名承包商在現場，幫助完成了超過 2,550 個工作訂單和超過 17,000 項任務，包括維修和更換近 1,000 個閥門以及測試超過 3,500 個法蘭。

Mother Nature further contributed to the challenge with some unfavorable weather during that span, but the team once again delivered. In addition to the large maintenance event at Sabine Pass, we also optimized some planned maintenance at Corpus Christi, accelerating and executing a maintenance turnaround in the second quarter that was previously planned for the third quarter.

在此期間，大自然的惡劣天氣進一步加劇了挑戰，但團隊再次成功完成任務。除了薩賓帕斯的大型維護活動外，我們還優化了科珀斯克里斯蒂的一些計劃維護，加速並在第二季度執行了先前計劃在第三季度進行的維護週轉。

This work was built into our full year forecast, but did further amplify the seasonality of the second quarter by adding to the impact from maintenance activities in terms of both lost production and O&M expense.

這項工作已納入我們的全年預測中，但確實進一步放大了第二季的季節性，因為它增加了維護活動在生產損失和營運與維護費用方面的影響。

On the commercial front, I hope you saw this morning, we announced a new 1 million-tonne per annum SPA with JERA, one of the largest buyers of LNG in the world. And the first long-term contract we have signed with a Japanese counterparty. We've enjoyed a long and successful commercial relationship with JERA on shorter-term business.

在商業方面，我希望你們今天早上看到，我們宣布與世界上最大的液化天然氣買家之一 JERA 簽署一份新的每年 100 萬噸的 SPA。這是我們與日本同行簽署的第一份長期合約。我們與 JERA 在短期業務上保持著長期且成功的商業關係。

And we are excited to expand that relationship with this long-term SPA that extends through 2050. This agreement, along with the Canadian Natural IPM deal signed in second quarter help provide further certainty in our ability to meet our recently increased run rate growth and financial forecast and support future growth.

我們很高興能夠透過這份延續至 2050 年的長期 SPA 來擴大這種關係。該協議以及第二季簽署的加拿大自然IPM協議有助於進一步確保我們能夠滿足最近提高的運行率成長和財務預測並支持未來的成長。

During the quarter, we continued to execute on our comprehensive capital allocation plan and provided an update in late June in conjunction with the FID of midscale Trains 8 and 9 where we now forecast to generate over $25 billion of available cash through 2030 to reach over $25 per share in run rate DCF.

在本季度，我們繼續執行全面的資本配置計劃，並於 6 月底結合中型列車 8 號和 9 號的 FID 提供了更新，我們現在預測到 2030 年將產生超過 250 億美元的可用現金，以運行率 DCF 達到每股 25 美元以上。

During the second quarter, we deployed another approximately $1.3 billion towards our capital allocation priorities, we funded nearly $900 million in growth CapEx and mainly in Stage 3 and midscale 8, 9 paid our quarterly dividend and repurchased approximately 1.4 million shares for over $300 million. Zach will have more to share on capital allocation in a few minutes.

在第二季度，我們又投入了約 13 億美元用於我們的資本配置重點，我們為成長資本支出提供了近 9 億美元的資金，主要在第 3 階段和中期 8、9 階段支付了季度股息，並以超過 3 億美元的價格回購了約 140 萬股。幾分鐘後，札克將分享更多有關資本配置的內容。

Please turn to slide 6, where I'll provide an update on our construction commission and development activities at Corpus Christi. Construction and commissioning continue to progress on an accelerated schedule on Stage 3 where the project has reached almost 87% completion, and we are proud to announce that the substantial completion of midscale Train 2 has been achieved this week.

請翻到投影片 6，我將在此提供有關科珀斯克里斯蒂的建設委員會和開發活動的最新情況。第三階段的建設和調試繼續按加速進度進行，項目已完成近 87%，我們很自豪地宣布，中型列車 2 號已於本週基本完工。

First LNG production was achieved in June followed by a little over a month of commissioning, almost half the time as Train 1 as lessons learned on Train 1 accelerated the commissioning and enhanced the early performance of Train 2.

6 月首次實現了液化天然氣生產，隨後僅用了一個多月的時間進行了調試，調試時間幾乎是 1 號生產線的一半，因為 1 號生產線的經驗教訓加速了 2 號生產線的調試，並提高了 2 號生產線的早期性能。

I continue to expect the first three trains to reach substantial completion by the end of this year and have increasing confidence that Train 4 will be in commissioning and producing LNG by then as well. As noted, we made positive FID on Corpus Christi Midscale Trains 8 and 9 back in June and have issued full notice to proceed to Bechtel on that project and related debottlenecking under a fully wrapped lump sum turnkey product.

我繼續預計前三列列車將在今年年底前基本完工，並且越來越有信心，第四列列車也將在那時投入使用並生產液化天然氣。如上所述，我們於 6 月對 Corpus Christi 中型列車 8 號和 9 號做出了積極的 FID，並已向 Bechtel 發出全面通知，以全包裝的總價交鑰匙產品的方式推進該項目和相關的瓶頸消除工作。

The overall project is expected to add approximately 5 million tonnes of capacity by 2028. I look forward to updating you on midscale 8 and 9 milestones as the project progresses. I'm proud of the team coming together to FID one of the most attractive LNG projects in the world, taking advantage of our brownfield positioning with best-in-class EPC and SBA partners while holding to the Cheniere standards that you have come to expect from us.

預計到2028年，整個計畫將增加約500萬噸產能。我期待著隨著專案的進展向您通報中期第 8 和第 9 個里程碑的進展。我為團隊齊心協力完成世界上最具吸引力的液化天然氣項目之一的最終投資決定而感到自豪，我們充分利用了棕地優勢，擁有一流的 EPC 和 SBA 合作夥伴，同時堅持了您對我們的期望的 Cheniere 標準。

Last month, we initiated the prefiling process with FERC on our next large-scale growth project at Corpus Christi, CCL Stage 4. Similar to the SBL expand project, CCL Stage 4 is designed to take full advantage of the existing sites and in-place infrastructure we've built in order to enable the most efficient and cost-effective incremental capacity possible.

上個月，我們與聯邦能源管理委員會 (FERC) 啟動了位於科珀斯克里斯蒂的下一個大型成長項目 CCL 第 4 階段的預備流程。與 SBL 擴建項目類似，CCL 第 4 階段旨在充分利用我們已建成的現有站點和現場基礎設施​​，以實現最高效、最具成本效益的增量容量。

CCL Stage 4 is being developed with four large-scale ConocoPhillips trains using the optimized cascade design, two full containment LNG storage tanks, one new marine birth and other infrastructure. In addition, in the second quarter, we updated our FERC allocation on the SBL expansion project, reflecting three large-scale trains, along with supporting and debottlenecking infrastructure.

CCL 第四階段正在開發中，採用優化的級聯設計的四條大型康菲石油生產線、兩個全封閉式液化天然氣儲槽、一個新的海上出生點和其他基礎設施。此外，在第二季度，我們更新了 SBL 擴建項目的 FERC 分配，反映了三列大型列車以及支援和消除瓶頸的基礎設施。

As I previously discussed, we plan to pursue these projects in a phased approach with an initial phase at each site presenting a visible path for what we believe to be the most accretive brownfield growth at prevailing economics in the market today. We are full speed ahead on all key facets of development on these projects.

正如我之前所討論的，我們計劃分階段推進這些項目，每個地點的初始階段都為我們認為在當今市場經濟條件下最具增值潛力的棕地增長提供一條可見的路徑。我們正在全速推進這些專案開發的所有關鍵方面。

With that, I'll now hand it over to Anatol to discuss the LNG market. Thank you again 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。再次感謝您對 Cheniere 的持續支持。

Thanks, Jack, and good morning, everyone. Please turn to slide 8.

謝謝，傑克，大家早安。請翻到第 8 張投影片。

Throughout the second quarter, the LNG market continued to navigate global uncertainty and persistent volatility driven by various trade policy issues, rhetoric and geopolitical tensions. Conflict in the Middle East contributed to gas prices rising in Europe and Asia near the end of the quarter, renewing concerns around infrastructure damage, full disruptions and security of supply.

在整個第二季度，液化天然氣市場持續受到各種貿易政策議題、言論和地緣政治緊張局勢所推動的全球不確定性和持續波動。中東衝突導致本季末歐洲和亞洲的天然氣價格上漲，再次引發了人們對基礎設施損壞、全面中斷和供應安全的擔憂。

While these initial concerns have fortunately proved overstated with prices quickly moderating, these events and the subsequent market action serve as a reminder of the delicately balanced LNG market today as well as the critical role of destination flexible LNG in addressing regional shortages and maintaining global energy balances.

儘管幸運的是，隨著價格迅速回落，這些最初的擔憂被證明是誇大其詞，但這些事件和隨後的市場行動提醒人們，當今液化天然氣市場處於微妙的平衡狀態，目的地靈活的液化天然氣在解決區域短缺和維持全球能源平衡方面發揮著關鍵作用。

During the quarter, these conditions continue to support elevated prices which came at TTF each strengthening relative to last year as a result of tighter slight conditions in Europe, lower storage levels and extended periods of low renewable output, all amidst the backdrop of increased geopolitical tension, putting LNG flows at risk for disruption.

本季度，這些條件持續支撐價格上漲，由於歐洲情勢趨緊、庫存水準下降以及再生能源產量長期處於低位，加上地緣政治緊張局勢加劇，導致液化天然氣運輸面臨中斷風險，TTF 價格較去年同期均有所上漲。

Monthly price settlements during the second quarter averaged $12.33 (inaudible) JCAM and $11.70 for TTF, 31% and 22% higher year on year, respectively. However, prices during the second quarter moderated from the first, reflecting not only seasonal changes marking the start of the shoulder season, of course, but also increased confidence in near-term LNG supply growth.

第二季度，JCAM 的月價結算平均為 12.33 美元（聽不清楚），TTF 的月價結算平均為 11.70 美元，年比分別成長 31% 和 22%。然而，第二季的價格較第一季有所放緩，這不僅反映了淡季開始的季節性變化，也反映了對近期液化天然氣供應成長的信心增強。

For the first half of 2025 global LNG imports reached rent levels despite the aforementioned market uncertainty. And looking ahead, we anticipate the forecast increase in global LA demand. to be efficiently met by growth in global liquefaction capacity with about 88 million tonnes of liquefaction capacity projected to come online in 2025 and '26.

儘管存在上述市場不確定性，但 2025 年上半年全球液化天然氣進口量仍達租金水準。展望未來，我們預計全球液化天然氣需求將成長，這將透過全球液化能力的成長得到有效滿足，預計 2025 年和 2026 年將有約 8,800 萬噸液化天然氣投入使用。

North American LNG exports, in particular, continued to ramp up as our Stage 3 project comes online alongside other LNG projects in Canada and along the Gulf Coast. In addition to helping meet growing global gas demand, we expect this new liquefaction capacity will support improved availability and affordability of gas supply globally while helping to alleviate the impact of reductions in Russian gas post Europe and gradually moderating the current multiyear cycle of tight balances.

隨著我們的第三階段項目與加拿大和墨西哥灣沿岸的其他液化天然氣項目一起投入使用，北美液化天然氣出口量持續成長。除了幫助滿足日益增長的全球天然氣需求外，我們預計這項新的液化能力將有助於提高全球天然氣供應的可用性和可負擔性，同時有助於減輕俄羅斯天然氣退出歐洲後減少的影響，並逐步緩和當前多年的緊張平衡週期。

We expect a significant portion of these near-term increases in global liquefaction capacity to come from the US, which highlights the importance of US LNG in maintaining global gas balances and its role in mitigating the impact of legacy recent depletion and project development delays elsewhere. Let's turn to the next page to address regional dynamics in more detail.

我們預計，全球液化產能近期成長的很大一部分將來自美國，這凸顯了美國液化天然氣在維持全球天然氣平衡方面的重要性，以及其在減輕近期其他地區天然氣枯竭和專案開發延遲的影響方面的作用。讓我們翻到下一頁更詳細地討論區域動態。

Europe's LNG requirements in the first half of '25 significantly outpaced 2024 levels amid colder weather, the cessation of Russian pipeline gas flows via Ukraine and lower renewables output in the first quarter driving injection demand in the second quarter.

由於天氣寒冷、俄羅斯經烏克蘭的管道天然氣輸送停止以及第一季可再生能源產量下降推動了第二季度的注入需求，2025 年上半年歐洲的液化天然氣需求大大超過了 2024 年的水平。

Europe's total LNG imports in the first half of 2025 increased 25% year on year or 13.2 million tonnes as availability of supply, especially from the US, coupled with the lack of competition for cargoes from Asia, helped gas prices moderate towards the end of the quarter despite heightened risk of supply disruptions. This increase in European imports year on year was driven by the continent's need to replenish storage levels coupled with an increase in gas-fired power generation demand.

2025 年上半年，歐洲液化天然氣進口總量年增 25%，即 1,320 萬噸，原因是供應充足（尤其是來自美國的供應），加上亞洲貨物缺乏競爭，儘管供應中斷的風險加大，但天然氣價格在本季度末有所緩和。歐洲進口量年增是由於歐洲大陸需要補充庫存水平，以及燃氣發電需求增加。

In contrast to new record high European underground storage levels reached in the second quarter of 2024, European inventories dropped to comparatively low levels in the second quarter of this year. While the inventory level has improved recently, thanks to the steady stream of US LNG imports, it remains at a 20 bcm or 700 Bcf deficit compared to last year.

與2024年第二季歐洲地下儲量創下的新高相比，今年第二季歐洲庫存降至相對較低的水準。儘管由於美國液化天然氣進口的穩定，庫存水準近期有所改善，但與去年相比，仍缺口 200 億立方公尺或 7,000 億立方英尺。

To put that deficit into context, it's equivalent to approximately 200 LNG cargoes. We believe Europe's call on LNG and specifically on US cargoes will remain high, especially if the EU's recent legislative proposal to ban gas imports from Russia by as early as 2026 is passed. By contrast, Asian LNG imports declined 7% or 9.5 million tonnes year on year in the first half.

具體來說，這一缺口相當於約 200 批液化天然氣貨物。我們認為，歐洲對液化天然氣，特別是美國天然氣的需求將保持在高位，特別是如果歐盟最近提出的最早在 2026 年禁止從俄羅斯進口天然氣的立法提案獲得通過的話。相較之下，上半年亞洲液化天然氣進口量較去年同期下降7%，即950萬噸。

Almost all of this decline came from China, where total gas demand remained flat year on year for the first 5 months of 2025, while domestic production and pipeline imports increased broadly in line with last year's growth.

幾乎所有的下降都來自中國，2025 年前 5 個月，中國的天然氣總需求同比持平，而國內產量和管道進口量的增長與去年的增長基本一致。

This softened LNG demand during the period was driven by a combination of macroeconomic headwinds, warmer weather, robust growth in renewable power generation, all amid relatively high gas and spot LNG prices with the elevated spot pricing incentivizing the diversion of destination flexible LNG cargoes to higher-value markets, such as those in Europe.

這段期間液化天然氣需求的疲軟是由宏觀經濟逆風、氣候變暖、再生能源發電強勁增長等因素共同造成的，所有這些都發生在天然氣和現貨液化天然氣價格相對較高的情況下，而現貨價格的上漲刺激了目的地靈活的液化天然氣貨物轉向更高價值的市場，例如歐洲市場。

Much akin to 2022, we're witnessing the impact of China utilizing flexibility in the supply portfolio as a significant balancing force in the global LNG market. As China represents about a quarter or more of Asia's total LNG imports. We continue to monitor how these trends develop throughout the balance of the year.

與 2022 年非常相似，我們正在見證中國利用供應組合的靈活性作為全球液化天然氣市場的重要平衡力量所產生的影響。中國佔亞洲液化天然氣進口總量的四分之一或更多。我們將繼續監測這些趨勢在今年餘下時間的發展。

Meanwhile, LNG imports into the JKT region increased by approximately 2% as Korea and Taiwan supported demand. LNG imports in Taiwan increased by 15% in the second quarter as the country decommissioned its last nuclear reactor in May and continues to steadily phase out coal-fired power generation, driving further demand for LNG.

同時，由於韓國和台灣的需求，JKT 地區的液化天然氣進口量增加了約 2%。由於台灣於 5 月關閉了最後一座核反應堆，並繼續穩步淘汰燃煤發電，進一步推動了對液化天然氣的需求，台灣第二季的液化天然氣進口量增加了 15%。

LNG imports into South and Southeast Asia declined by 5.4% year on year in the first half of 2025 driven in large part by elevated pricing combined with relatively moderate early summer weather in contrast to '24 when severe and protracted across the region drove a surge in imports.

2025 年上半年，南亞和東南亞的液化天然氣進口量年減 5.4%，這主要是由於價格上漲以及初夏天氣相對溫和，而 2024 年該地區的嚴酷而持久的天氣導致進口量激增。

Despite the seasonal variability, South and Southeast Asia remain a key LNG market, roughly equivalent to China in terms of LNG market size, and remains a key pillar of future LNG demand growth in Asia.

儘管季節性變化，南亞和東南亞仍然是重要的液化天然氣市場，其液化天然氣市場規模大致與中國相當，並且仍然是未來亞洲液化天然氣需求成長的重要支柱。

We expect the recent softness in Asian LNG demand to prove transitory and moderate as key fundamental demand drivers improve and additional liquefaction capacity comes online, which will aid in rebalancing the global gas market and support a more stable and affordable pricing environment over the long term.

我們預計，隨著關鍵基本需求驅動因素的改善和額外液化產能的投入，近期亞洲液化天然氣需求的疲軟將是暫時的和溫和的，這將有助於重新平衡全球天然氣市場，並在長期內支持更穩定、更實惠的定價環境。

Looking ahead, we continue to expect Asia to underpin long-term LNG market growth, which we will discuss further on the next slide. Let's move to the next slide. The long-term outlook for LNG demand across Asia remains robust. Asia continues to be the growth engine for all energy sources as the region is expected to account for over 60% of primary energy demand growth globally through 2050, according to the IEA.

展望未來，我們繼續預期亞洲將支撐液化天然氣市場的長期成長，我們將在下一張投影片中進一步討論。讓我們看下一張投影片。亞洲液化天然氣需求的長期前景依然強勁。國際能源總署預測，到 2050 年，亞洲將佔全球一次能源需求成長的 60% 以上，因此亞洲將繼續成為所有能源的成長引擎。

In fact, Asia expected to represent nearly 90% of worldwide growth in LNG demand through 2040, as its primary energy needs expand to meet fast-growing economies, rapid urbanization declining domestic gas production and increased power demand.

事實上，隨著亞洲一次能源需求的擴大以滿足快速增長的經濟、快速的城市化、國內天然氣產量的下降以及電力需求的增加，預計到 2040 年亞洲將佔全球液化天然氣需求增長的近 90%。

These expectations are clearly shared by key gas market participants in the region as they demonstrate increased commitments to long-term gas use through further investment in new natural gas infrastructure, including additional LNG import capacity as well as new multi-decade LNG supply contracts. The region continues to invest in regas capacity with about 280 million tonnes per annum of regas capacity proposed or currently under construction across Asia.

該地區的主要天然氣市場參與者顯然也抱有同樣的期望，他們通過進一步投資新的天然氣基礎設施，包括增加液化天然氣進口能力以及新的數十年液化天然氣供應合同，表現出對長期天然氣使用的更大承諾。該地區繼續投資再氣化能力，亞洲各地正在規劃或建設的再氣化能力約為每年 2.8 億噸。

This is on top of approximately 115 million tonnes per annum of regasification capacity that has entered service since the end of 2020. This increased investment in LNG import infrastructure not only signals expectations of further gas demand growth ahead, but also underscores the criticality of diversification, flexibility and security of supply for the growing economies in the region.

這是自 2020 年底以來已投入使用的每年約 1.15 億噸的再氣化能力的基礎上的又一舉措。液化天然氣進口基礎設施投資的增加不僅預示著未來天然氣需求將進一步成長，也凸顯了供應多樣化、靈活性和安全性對於該地區經濟成長的重要性。

Similarly, LNG contracting activity among Asian counterparties has ramped up significantly in recent years, averaging over 28 million tonnes of long-term LNG contracts executed per annum from '21 through 2025, more than double the annual average from 2016 through 2020. Within this surge of contracting activity, long-term contracts with US projects represent approximately a quarter of these contracted Asian volumes from '21 through '25.

同樣，近年來亞洲交易對手之間的液化天然氣簽約活動也大幅增加，從2021年到2025年，平均每年簽訂的長期液化天然氣合約超過2800萬噸，是2016年到2020年年均水準的兩倍多。在這項承包活動激增的背景下，與美國計畫簽訂的長期合約約佔 2021 年至 2025 年亞洲合約量的四分之一。

Five times that of the trailing five years, reflecting the growing importance of US LNG in meeting rising global gas demand. As Jack already highlighted, we announced our first long-term contract with the Japanese counterparty earlier this morning.

是過去五年的五倍，反映出美國液化天然氣在滿足不斷增長的全球天然氣需求方面的重要性日益增加。正如傑克已經強調的那樣，我們今天早上宣布了與日本合作夥伴簽訂的第一份長期合約。

We look forward to building upon our longtime successful commercial relationship with JERA, one of the largest end-use buyers of LNG globally, further supporting its energy portfolio needs with our destination flexible, reliable LNG supply for decades to come. This new SPA marks our tenth contract signed with an Asian counterparty since 2021, as Cheniere represents over 9 million tonnes of the aggregate long-term contracted volumes signed with Asian counterparties from 2021 through 2025.

我們期待與全球最大的液化天然氣終端買家之一 JERA 建立長期成功的商業關係，並在未來幾十年透過我們靈活、可靠的液化天然氣供應進一步滿足其能源組合需求。這份新的 SPA 標誌著我們自 2021 年以來與亞洲交易對手簽署的第十份合同，其中 Cheniere 的合同量佔 2021 年至 2025 年期間與亞洲交易對手簽署的長期合同總量的 900 多萬噸。

While there is no doubt that the projected growth in LNG demand over the next several decades will be largely driven by growth in the Asia region. We continue to prioritize diversity within our long-term commercial portfolio, having signed agreements across a variety of counterparty and contract types from various geographic regions, which underscores the value of both our tailored solutions which help companies and countries around the world meet their long-term energy needs as well as the resiliency of our long-term contracted book.

毫無疑問，未來幾十年液化天然氣需求的預期成長將主要受到亞洲地區的成長所推動。我們繼續優先考慮長期商業投資組合的多樣性，已與來自不同地理區域的各種交易對手和合約類型簽署了協議，這凸顯了我們量身定制的解決方案的價值，這些解決方案可幫助世界各地的公司和國家滿足其長期能源需求，也凸顯了我們長期合約的彈性。

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結果和指導。

Thanks, Anatol, and good morning, everyone. I'm pleased to be here today to review our second quarter 2025 results and key financial accomplishments and to discuss our increased and tightened financial guidance ranges for 2025.

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 年第二季的業績和主要財務成就，並討論我們 2025 年增加和收緊的財務指導範圍。

Turning to slide 12. For the second quarter 2025, we generated net income of approximately $1.6 billion, consolidated adjusted EBITDA of approximately $1.4 billion and distributable cash flow of approximately $920 million.

翻到第 12 張投影片。2025 年第二季度，我們的淨收入約為 16 億美元，合併調整後 EBITDA 約為 14 億美元，可分配現金流量約 9.2 億美元。

Compared to the second quarter of 2024, our 2025 results reflect higher total margins as a result of higher gas prices and optimization downstream of our facilities with third-party cargoes that freed up incremental SBL and CCL sourced cargoes for CMI to sell in the spot market opportunistically. This increase was partially offset by higher operating expenses due to a full quarter of operations of Stage 3, Train 1 and ADCC.

與 2024 年第二季相比，我們的 2025 年業績反映出更高的總利潤率，這是由於天然氣價格上漲以及我們利用第三方貨物對下游設施進行優化，從而釋放了增量的 SBL 和 CCL 採購貨物，供 CMI 在現貨市場上適時銷售。由於第 3 階段、第 1 號列車和 ADCC 整個季度的運營，運營費用增加，部分抵消了這一增長。

The plant major maintenance turnaround at Sabine Pass and the accelerated maintenance at Corpus Christi previously forecast for 3Q. The successful planned maintenance activities across both of our sites during the second quarter resulted in a combined impact to LNG production which was in line with our forecast, along with the expectation of lower seasonal production in the warmer months of Q2 and Q3, making Q2 what we expect to be our lowest production quarter of 2025.

薩賓帕斯 (Sabine Pass) 電廠的主要維護工作和科珀斯克里斯蒂 (Corpus Christi) 電廠的加速維護工作此前預計將在第三季度進行。我們兩個站點在第二季度成功進行的計劃維護活動對液化天然氣產量產生了綜合影響，這與我們的預測一致，同時預計第二季度和第三季度較溫暖的月份季節性產量會下降，這使得我們預計第二季度將成為 2025 年產量最低的季度。

We have generated approximately $3.3 billion of consolidated adjusted EBITDA and approximately $2.2 billion of distributable cash flow in the first half of 2025, supporting our confidence in our updated forecast for the remainder of the year, which I'll address further on the next slide.

我們在 2025 年上半年產生了約 33 億美元的合併調整後 EBITDA 和約 22 億美元的可分配現金流，這支持了我們對今年剩餘時間的最新預測的信心，我將在下一張幻燈片中進一步討論。

During the second quarter, we recognized in income 558 TBtu of physical LNG, which included 550 TBtu from our projects and 8 TBtu sourced from third parties, respectively. The 550 TBtu exported from our projects was about 10% lower compared to the first quarter and in line with 2Q 2024, owing to the seasonal impact we see on production and of course, the impact from planned maintenance activities in 2Q.

第二季度，我們確認了 558 TBtu 實體液化天然氣收入，其中包括我們專案的 550 TBtu 和第三方的 8 TBtu。我們專案出口的 550 TBtu 比第一季下降了約 10%，與 2024 年第二季持平，這是由於我們看到的季節性生產影響，當然還有第二季計畫維護活動的影響。

Approximately 95% of our LNG volumes recognized were sold in relation to term SBA or IPM agreements. Our strong financial results year to date enabled our team to deploy another approximately $1.3 billion towards shareholder returns, balance sheet management and disciplined accretive growth during the second quarter.

我們確認的液化天然氣銷量中約有 95% 是根據定期 SBA 或 IPM 協議出售的。我們今年迄今的強勁財務業績使我們的團隊能夠在第二季再投入約 13 億美元用於股東回報、資產負債表管理和有紀律的增值成長。

We have now deployed over $16 billion of our initial target of $20 billion through 2026 as we continue to reduce our share count and enhance our capital returns while retaining the financial strength and flexibility to self-fund accretive growth across our platform, as demonstrated by how we have equity funded Stage 3 to date and took FID on midscale 8 and 9 without needing to raise any additional financings.

我們目前已部署了超過 160 億美元，而最初的目標是到 2026 年部署 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，以便在整個平台上實現自籌資金的增值增長，這一點從我們迄今為止為第 3 階段提供股權融資並在整個平台上實現自籌資金的增值增長，這一點從我們迄今為止為第 3 階段提供股權融資並在整個平台上實現自籌資金的增值增長，這一點從我們迄今為止為第 3 階段提供股權融資並在無需籌集任何額外融資的情況下對 8 和 9 進行融資

This accelerated progress on our capital allocation plan prompted us to update our long-term company forecast, increasing and extending our capital allocation targets. In June, in combination with the positive FID of the midscale Trains 8 and 9 project, we announced that we expect to deploy over $25 billion of available cash towards the key pillars of our capital allocation framework through 2030.

我們的資本配置計畫的加速進展促使我們更新了公司的長期預測，增加並擴大了我們的資本配置目標。6 月份，結合中型 8 號和 9 號列車項目的積極 FID，我們宣布，預計到 2030 年，我們將向資本配置框架的關鍵支柱投入超過 250 億美元的可用現金。

During this enhanced plan, we now expect to reach over $25 per share of run rate distributable cash flow by the early 2030s with room for upside from further capital allocation. The successful debottlenecking of an additional 1 million tonnes of liquefaction capacity from our original nine trains, along with our improved outlook for long-term LNG margins enabled us to upwardly revise our run rate guidance ranges as well.

在此增強計畫期間，我們預計到 2030 年代初，每股可分配現金流將達到 25 美元以上，並且透過進一步的資本配置還有上升空間。我們成功消除了原有 9 條生產線上 100 萬噸液化天然氣產能的瓶頸，加上我們對長期液化天然氣利潤前景的改善，使我們能夠上調運行率指導範圍。

With the FID of midscale 8 and 9 and debottlenecking, we now expect to achieve run rate consolidated adjusted EBITDA of $7.3 billion to $8 billion at CMI margins of only $2.50 to $3 despite projected margins well above that range throughout the curve in the coming years.

隨著中型規模 8 和 9 的 FID 和瓶頸消除，我們現在預計運行率合併調整後 EBITDA 將達到 73 億美元至 80 億美元，而 CMI 利潤率僅為 2.50 美元至 3 美元，儘管預計未來幾年整個曲線的利潤率將遠高於該範圍。

During the second quarter, we repurchased approximately 1.4 million shares for approximately $306 million. As you can see in our 10-Q today, we were highly opportunistic in April around so-called Liberation Day as we repurchased over $200 million in the month despite the stock recovering quickly. With now less than 220 million shares outstanding as of last week, we are making meaningful and value-accretive progress towards our initial target of 200 million shares outstanding.

第二季度，我們以約 3.06 億美元回購了約 140 萬股。正如您在我們今天的 10-Q 報告中看到的，我們在 4 月所謂的解放日前後抓住了很大的機會，儘管股票迅速回升，但我們在當月回購了超過 2 億美元的股票。截至上週，我們的流通股數已不足 2.2 億股，我們正朝著最初的 2 億股流通股目標邁進，取得有意義的、增值的進展。

With the FID of midscale 8 and 9 as well as our increased run rate forecast now included in the framework that governs our repurchases, you can see from the share count on the 10-Q cover that the plan has been relatively active opportunistically buying approximately $400 million in shares since the start of July amidst some of the recent volatility.

由於中期 8 和 9 的 FID 以及我們增加的運行率預測現已納入管理我們回購的框架，您可以從 10-Q 封面上的股票數量中看到，該計劃自 7 月初以來在最近的一些波動中一直相對積極地抓住機會購買了約 4 億美元的股票。

This leaves less than $3 billion remaining on our current buyback authorization through 2027 and already over $1 billion deployed in buybacks in the first months of the year. For the second quarter, we declared a dividend of $0.50 per common share. And as part of our June update, we announced plans to increase our third quarter dividend by over 10% to $2.22 per common share annualized.

這意味著到 2027 年，我們目前的回購授權所剩金額不到 30 億美元，而今年頭幾個月已部署了超過 10 億美元的回購資金。對於第二季度，我們宣布每股普通股派發 0.50 美元的股息。作為 6 月更新的一部分，我們宣布計劃將第三季股息提高 10% 以上，達到每股普通股 2.22 美元。

With this planned increase, we will have grown quarterly dividends by approximately 68% since initiation in the third quarter of 2021. Looking ahead, we 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, enabling the financial flexibility essential to our comprehensive and balanced long-term capital allocation plan and our disciplined approach to self-funded and accretive growth.

隨著此次計畫的成長，自 2021 年第三季開始以來，我們的季度股息將成長約 68%。展望未來，我們仍將致力於實現我們的指導方針，即到本十年末，我們的股息每年增長約 10%，目標是隨著時間的推移，股息派息率達到約 20%，從而實現我們全面均衡的長期資本配置計劃所必需的財務靈活性，以及​​我們對自籌資金和增值增長的嚴謹態度。

In July, we repaid $1 billion of senior secured notes due 2026 at SPL with the net proceeds from the issuance of $1 billion of unsecured notes due 2035 at CQP, along with cash on hand, extending our maturity profile while further securing and desubordinating our balance sheet.

7 月份，我們利用 CQP 發行 10 億美元 2035 年到期的無擔保票據的淨收益以及庫存現金，償還了在 SPL 發行的 10 億美元 2026 年到期的優先擔保票據，從而延長了我們的到期日，同時進一步鞏固和降低了我們的資產負債表的從屬性。

Concurrent with issuance, S&P upgraded CQP's unsecured rating to BBB, reflecting our significant progress on that de subordination. We expect to repay the remaining $500 million of principal on the 2026 notes with cash on hand over the next year, reducing our interest expense strengthening our investment-grade ratings while continuing to prepare the PQP complex for financing the SEL expansion project.

在發行的同時，標準普爾將 CQP 的無擔保評級上調至 BBB，反映了我們在解除從屬關係方面取得的重大進展。我們預計將在明年用手頭上的現金償還 2026 年票據剩餘的 5 億美元本金，從而降低我們的利息支出，加強我們的投資級評級，同時繼續為 PQP 綜合體做好為 SEL 擴建項目融資的準備。

Last week, we also refinanced CEI's $1.25 billion revolver, securing liquidity for the next five years into 2030. This facility with improved terms, is reflective of the long-term support we enjoy from our bank group and our proactive approach to liquidity in conjunction with the over $3 billion still available under the Corpus Christi term loan for Stage 3 and now accessible for midscale Trains 8 and 9 as well.

上週，我們也對 CEI 的 12.5 億美元循環信貸進行了再融資，以確保未來五年至 2030 年的流動性。這項條款得到改善的貸款反映了我們從銀行集團獲得的長期支持以及我們積極主動的流動性態度，再加上科珀斯克里斯蒂定期貸款中仍可用於第 3 階段的 30 多億美元，現在也可以用於中型 8 號和 9 號列車。

During the second quarter, we funded approximately $400 million of CapEx on Stage 3, bringing total spend on the project to approximately $5 billion unlevered. We also deployed approximately $400 million in the second quarter towards the midscale Trains 8 and 9 project and debottlenecking.

在第二季度，我們為第三階段提供了約 4 億美元的資本支出，使該項目的總支出達到約 50 億美元。我們還在第二季度投入了約 4 億美元用於中型 8 號和 9 號列車項目和消除瓶頸。

We continue to deploy tens of millions of dollars of development capital to progress the Espial expansion and CCL Stage 4 projects with approximately $2 billion in consolidated cash and ample undrawn revolver and term loan liquidity throughout the Cheniere complex, we are well positioned to fund our growth objectives while retaining great financial flexibility for all of the pillars of our balanced capital allocation program.

我們繼續投入數千萬美元的開發資金來推進 Espial 擴建和 CCL 第 4 階段項目，在整個 Cheniere 綜合設施中擁有約 20 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，我們有能力為我們的增長目標提供資金，同時為我們平衡資本配置計劃的所有支柱保留極大的財務靈活性。

Turn now to slide 13, where I will discuss our updated 2025 guidance and outlook for the remainder of the year. Today, we are tightening our full year 2025 EBITDA guidance range from $6.5 billion to $7 billion to $6.6 billion to $7 billion in raising and tightening our DCF guidance from $4.1 billion to $4.6 billion to $4.4 billion to $4.8 billion.

現在翻到第 13 張投影片，我將在這裡討論我們更新的 2025 年指導和今年剩餘時間的展望。今天，我們將 2025 年全年 EBITDA 指引範圍從 65 億美元至 70 億美元收緊至 66 億美元至 70 億美元，並將 DCF 指引範圍從 41 億美元至 46 億美元收緊至 44 億美元至 48 億美元。

We are reconfirming our guidance range of $3.25 to $3.35 per common unit of distributions from CQP. The $50 million increase to the midpoint of our EBITDA guidance range is largely attributable to further derisking of our production forecast for the year following the successful completion of our planned maintenance program, further forward selling of our limited remaining open capacity and the completion of Train 2 at Stage 3.

我們再次確認了 CQP 分配的指導範圍，即每普通單位 3.25 美元至 3.35 美元。我們的 EBITDA 指導範圍中點增加了 5000 萬美元，這主要歸因於我們成功完成計劃的維護計劃後，對當年生產預測的風險進一步降低，對我們剩餘的有限開放產能的進一步遠期銷售以及第 3 階段 2 號生產線的完工。

Our production forecast of 47 million to 48 million tonnes of LNG in 2025 is unchanged and continues to reflect our existing nine train platform plus our outlook for production from the first three trains at Stage 3 this year. Given the successful startup of Trains 1 and 2 and Stage 3 and that the CMI team has sold another approximately 1 million tonnes of open volumes for the year since May.

我們對 2025 年液化天然氣產量 4700 萬至 4800 萬噸的預測保持不變，並繼續反映我們現有的九列火車平台以及我們對今年第三階段前三列火車產量的展望。鑑於 1 號和 2 號列車以及第 3 階段的成功啟動，以及 CMI 團隊自 5 月以來今年已售出另外約 100 萬噸的開放量。

We are left with less than 25 TBtu remaining unsold for the balance of 2025. Given this exposure, we forecast that a $1 change in market margin would impact EBITDA by less than $25 million for the full year. Now that 2025 spot capacity had mostly been sold, the team is starting to opportunistically lock in some of our open capacity for 2026.

到 2025 年，剩餘未售出的 TBtu 不足 25 TBtu。考慮到這一風險，我們預測市場利潤率每變化 1 美元，對全年 EBITDA 的影響將不到 2,500 萬美元。現在，2025 年的現貨產能已基本售出，團隊開始伺機鎖定 2026 年的部分開放產能。

We plan to provide an update on our 2026 production profile and spot capacity on our next call, consistent with our cadence previously, and with a better understanding of Stage 3's progress going into 2026. The incremental $200 million increase to the midpoint of our DCF guidance compared to EBITDA largely reflects an improved outlook of our cash tax burden this year under the new tax law passed last month, particularly as it relates to bonus depreciation for this year, changing from 60% to 100%, which we expect to benefit the first three midscale trains this year and is expected to result in nominal cash taxes for 2025.

我們計劃在下次電話會議上提供有關 2026 年生產概況和現貨產能的最新信息，與我們之前的節奏保持一致，並更好地了解第 3 階段在 2026 年的進展情況。與 EBITDA 相比，我們的 DCF 指導中點增加了 2 億美元，這在很大程度上反映了上個月通過的新稅法對我們今年現金稅負前景的改善，特別是與今年的獎金折舊有關，獎金折舊從 60% 變為 100%，我們預計這將使今年的前三稅中型現金。

Longer term, we forecast benefits to our cash flows through 2040 due to changes related to both bonus depreciation as well as the foreign export deduction. Today, we have further updated our run rate DCF guidance by $100 million to $200 million to reflect the revised tax rules as we currently estimate an improvement to our effective tax rate on pretax distributable cash flow under the new law from the 15% to 20% range to the 10% to 15% range upon reaching run rate through the 2030s with further near-term benefits from 100% bonus depreciation expected to bring down our effective tax rate for the rest of this decade to under 10% on average as Stage 3 and midscale 9 come online.

從長遠來看，我們預測到 2040 年，由於獎金折舊和國外出口扣除相關的變化，我們的現金流將受益。今天，我們進一步將 DCF 運行率指導上調了 1 億至 2 億美元，以反映修訂後的稅收規則，因為我們目前估計，在新法律下，當達到 2030 年代的運行率時，我們的稅前可分配現金流的有效稅率將從 15% 至 20% 的範圍提高到 10% 至 15% 的 10%獎金折舊帶來的進一步近期收益預計將使我們在本世紀剩餘時間內的有效稅率平均降至 10% 以下。

As always, our full year results could be impacted by the timing of certain cargoes around year end as well as the timing of incremental trains on Stage 3 reaching substantial completion. While we have tightened the guidance ranges today, this variability and uncertainty necessitates maintaining a range of $400 million for EBITDA and DCF with the substantial completion of Trains 1 and 2 achieved and the progress Jack highlighted earlier on Trains 3 and 4, we are confident we can achieve our goal of completing the first three trains at Stage 3 this year and deliver financial results within the upwardly revised ranges.

與往常一樣，我們的全年業績可能會受到年底某些貨物運輸時間以及第三階段增量列車基本完工時間的影響。雖然我們今天已經收緊了指導範圍，但這種變化性和不確定性使得 EBITDA 和 DCF 必須維持在 4 億美元的範圍內，隨著 1 號和 2 號列車的大量完工以及 Jack 之前強調的 3 號和 4 號列車的進展，我們有信心可以實現今年完成第三階段前三列列車的目標，併在向上修正的目標，並在業績向上修正。

Beyond the next few years, our line of sight to growing our platform to approximately 75 million tonnes by early in the next decade and $9 billion of run rate EBITDA with potential for up to 100 million tonnes longer term only reinforces our conviction in Cheniere's role as not only a leader in the growing global LNG, but also as a premier contracted infrastructure platform with decades of cash flow visibility and a risk-adjusted return profile that is second to none in this industry.

未來幾年，我們的目標是在下一個十年初期將我們的平台擴大到約 7500 萬噸，實現 90 億美元的 EBITDA，並且長期內有可能達到 1 億噸，這只會增強我們對 Cheniere 不僅是全球不斷增長的液化天然氣領域的領導者的信心，而且還是一個首屈一指的回報率基礎設施平台，擁有數十年的收益基礎設施平台，擁有數十年的現金流

As we embark on this next chapter of growth, we remain committed to creating sustainable long-term value for our stakeholders, while safely operating our platform in order to supply our global customer base with our secure, reliable and flexible LNG for decades to come. That concludes our prepared remarks.

當我們踏上下一個成長篇章時，我們將繼續致力於為利害關係人創造可持續的長期價值，同時安全地經營我們的平台，以便在未來幾十年為我們的全球客戶提供安全、可靠和靈活的液化天然氣。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) Spiro Dounis, Citi.

（操作員指示）花旗銀行 Spiro Dounis。

First question, I just want to maybe start with commercializing new SPAs from here, and it's a two-part question. So one, seeing a lot of trade deals work out now and LNG seems to be at the center of some of these.

第一個問題，我只是想從這裡開始將新的 SPA 商業化，這是一個由兩部分組成的問題。因此，現在看到很多貿易協定正在順利進行，而液化天然氣似乎是其中一些協議的核心。

And so I'm curious, do you see the pace of SPAs accelerating from here on that backdrop. And then two, there also seems to be a view that SPA liquefaction fees need to come down to be competitive. I don't believe you're doing that just based on prior comments.

所以我很好奇，在這樣的背景下，您是否認為 SPA 的步伐會從現在開始加快。其次，似乎也有一種觀點認為，SPA 清算費用需要降低才能具有競爭力。我不相信你會僅根據先前的評論就這麼做。

And so I'm curious, what is it about the market structure in place now that allows you and a lot of your peers sign SPAs what seems to be very different price points?

所以我很好奇，現在的市場結構是什麼樣的，使得您和您的許多同行簽署的 SPA 價格點似乎差異很大？

This is (inaudible) I'll start, and then I'll turn it over to Anatol. So first off, yes, it makes a huge difference when you go from a pause to where you have an administration that is very, very supportive of LNG in regards to customer conversations.

這是（聽不清楚）我開始，然後我會把它交給阿納托爾。首先，是的，當你從暫停狀態轉變為擁有一個在與客戶對話方面非常支持 LNG 的政府時，這會產生巨大的差異。

So as you all know, we're the single largest LNG supplier to Europe. We're working very closely with both sides of the pond to make sure that they have certainty of supply from the US and it is nice to have an administration that actually appreciates that we help with trade.

眾所周知，我們是歐洲最大的液化天然氣供應商。我們正在與大西洋兩岸密切合作，以確保他們能夠從美國獲得供應，並且很高興看到政府真正感謝我們在貿易方面提供的幫助。

We help with energy security. We also help with the energy transition. So we're very, very grateful to have those tailwinds behind us in our conversations with customers. And then I'll see if Anatol has anything to add.

我們幫助保障能源安全。我們也幫助實現能源轉型。因此，我們非常非常感激在與客戶的對話中能有這些順風相伴。然後我會看看阿納托爾是否還有什麼要補充的。

Yes. Thanks, Per. Thanks, Jack. We have a decade track record now of performance. And that's not lost on the industry.

是的。謝謝，Per。謝謝，傑克。我們現在已經擁有十年的業績記錄。而業界也意識到了這一點。

As we've mentioned in previous discussions and calls, the 20-year CP FOB product is now roughly 15 years old. It's very competitive. The US as you know, is well under way to have 250 million tonnes of exports, and we just don't compete in that market.

正如我們在之前的討論和電話中提到的那樣，20 年 CP FOB 產品現在已經有大約 15 年的歷史。競爭非常激烈。眾所周知，美國的出口量已接近 2.5 億噸，但我們在該市場上沒有競爭力。

We work with long-term partners that value our performance, as Jack mentioned, the government here EU, many Asian really value and appreciate the reliability and the consistent product that we have supplied.

我們與重視我們表現的長期合作夥伴合作，正如傑克所提到的，這裡的歐盟政府，許多亞洲人都非常重視和欣賞我們提供的可靠性和一致的產品。

And that's really what differentiates us, and we engage with counterparties that value that. and deliver the economics that makes all of these pieces fit together and deliver the superior risk-adjusted returns that Zach and Jack mentioned.

這確實是我們的不同之處，我們與重視這一點的交易對手合作，並提供使所有這些部分相互契合的經濟效益，並提供扎克和傑克提到的卓越的風險調整回報。

Great. That's helpful color. Second question, just moving to optimization. Zach, I realize that's not baking this and maybe a little bit difficult to predict. But just curious maybe what have been the drivers year to date so far that you've been able to capitalize on and just thinking about the durability of some of those moving forward here?

偉大的。這是很有幫助的顏色。第二個問題，只是轉向優化。札克，​​我意識到這不是烘烤，也許有點難以預測。但我只是好奇，也許到目前為止，您能夠利用的驅動因素是什麼，並且思考一下其中一些驅動因素在這裡向前發展的持久性？

Spiro, it's Zack. I go back to February. So in February, when we made initial guidance, I'd say margins were in the $8 to $9 range. Those dropped down to, let's say, $5 in the middle is coming back to over $6 at this point. And on May call, basically, our guidance stayed intact.

斯皮羅，我是札克。我回到二月。因此，當我們在二月做出初步預測時，我認為利潤率在 8 至 9 美元之間。那些價格在中間跌至 5 美元，現在又回升至 6 美元以上。在五月的電話會議上，我們的指導基本上保持不變。

And the main driver of that, despite having, let's say, around 2 million tonnes still open upon the initial guidance, it was the optimization, all three pillars of it from downstream and you could see some of the activity that we're doing by sourcing from third parties to subchartering or shipping and then on the lifting margin as well, an upstream of the facilities, they've all pretty much come through.

儘管根據最初的指導，大約有 200 萬噸的產能仍在開放，但其主要驅動力是優化，包括下游的三大支柱，你可以看到我們正在進行的一些活動，從第三方採購到轉租或運輸，然後在提升利潤率，在上游設施方面，它們幾乎都已經實現了。

Mind you, subchartering is probably less of a driver than last year as just overall shipping rates are lower but that allowed us to offset some of the, let's say, $2 or so of margin decrease so far this year.

請注意，由於整體運費較低，轉租的推動作用可能不如去年那麼大，但這使我們能夠抵消今年迄今約 2 美元的利潤下降。

Going forward from May, we basically just started derisking the whole platform from having now less than 25 TBtu open, meaning that the team sold like another 1 million tonnes and likely locked in our CMI average margin for the year closer to $8 to getting through the major turnaround on Trains 3 and 4 at Sabine and now being able to announce substantial completion of Train 2 at midscale and midscale 1 through 7 or Stage 3.

從 5 月開始，我們基本上就開始降低整個平台的風險，現在平台的開放量不到 25 TBtu，這意味著團隊又銷售了 100 萬噸，並可能將我們今年的 CMI 平均利潤鎖定在接近 8 美元的水平，以完成 Sabine 3 號和 4 號生產線的重大轉變，現在可以宣布 2 號生產線中期和 12 號中期的完工

Those things allowed us to really lock in where we see guidance going this year and increase that downside. From here, we'll see maybe a bit more optimization, progress on Trains 3 and 4 at Stage 3. And those two things alone could maybe help us get to the higher end of the range.

這些因素讓我們能夠真正鎖定今年的指導方向，並增加下行空間。從這裡開始，我們將看到第三階段 3 號和 4 號列車的更多優化和進展。光是這兩件事也許就能幫助我們達到更高的水準。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·託內特。

Just wanted to follow up on commercial discussions. The EU agreed to energy purchases as part of the tariff negotiations there. I was just wondering how this impacts your conversations, cost or demand at this point in any interactions this dynamic might have with APAC customer conversations?

只是想跟進商業討論。歐盟同意在關稅談判中購買能源。我只是想知道這會如何影響您的對話、成本或需求，以及這種動態與亞太地區客戶對話的任何互動？

Jeremy, in regards to the EU, as you know, we've provided over two-thirds of all of our volumes since 2022 went to the EU. And we're very close with governments and regulators there on helping them with their needs for whatever duration that they feel is appropriate. But Anatol, do you want to

傑里米，關於歐盟，如你所知，自 2022 年以來，我們向歐盟提供了超過三分之二的貨物。我們與地方政府和監管機構保持密切聯繫，在他們認為合適的時間內幫助他們滿足需求。但是阿納托爾，你想

Yes. Thanks, Jeremy. Kind of following up on the Spirit dynamic. All of this creates an environment where our product with large is appreciated and desired. But in all of these arrangements, whether it's our transaction with JERA that, that backdrop helps JERA.

是的。謝謝，傑里米。有點像是跟隨精神動態。所有這些都創造了一個環境，​​使我們的產品受到廣泛的讚賞和青睞。但在所有這些安排中，無論是我們與 JERA 的交易，這個背景都對 JERA 有幫助。

JERA's backdrop also includes Met's revised energy plan that shows a growth in electricity demand as opposed to a decline, same dynamics playing out in Europe and the EU is very quick to point out that while, yes, this agreement has been reached it is up to the commercial counterparties to come up with the products that will fill those buckets.

JERA 的背景還包括 Met 修訂的能源計劃，該計劃顯示電力需求不但沒有下降，反而增長，同樣的動態也出現在歐洲和歐盟，歐盟很快指出，雖然已經達成了這項協議，但商業交易對手必須拿出能夠滿足這些需求的產品。

So as Jack said, we've got a great track record. Our product has been keeping the lights on, certainly since the Ukraine war broke out in early '22. And of course, that's not lost on anybody. But ultimately, it is the commercial agreement that is key to us, and that commercial agreement needs to meet our very strict parameters.

正如傑克所說，我們有著出色的業績記錄。我們的產品一直在維持照明，尤其是自 2022 年初烏克蘭戰爭爆發以來。當然，這一點大家都知道。但最終，商業協議對我們來說至關重要，商業協議需要滿足我們非常嚴格的參數。

So all of it is a good backdrop and a very healthy environment and the tailwind to those commercial terms.

因此，這一切都是一個良好的背景、非常健康的環境，也是商業上的順風。

And I would say, Jeremy, I'll just parrot what Anatol said previously is that our reliability has been second to none. We haven't missed the foundation customer card, and that were over 4,200 tankers into this journey, and it's being recognized worldwide.

我想說，傑里米，我只是重複阿納托爾之前說的話，那就是我們的可靠性是首屈一指的。我們並沒有錯過基礎客戶卡，已有超過 4,200 艘油輪踏上這趟旅程，並且得到了全世界的認可。

We deal with over 45 different countries and regions of the world today. So I think that size and scale is unmatched and appreciated. And I think that's why we're able to negotiate more favorable transactions.

我們目前與全球 45 個不同的國家和地區有業務往來。所以我認為其規模和範圍是無與倫比的，值得讚賞。我認為這就是我們能夠談判達成更有利交易的原因。

Got it. And then looking at future growth in general, both at Sabine and Corpus, you've talked a bit about that here. You already have a number of contracts in place in in excess of current capacity. And so a lot of progress there.

知道了。然後從總體上看，無論是 Sabine 還是 Corpus 的未來成長，您在這裡已經談到了這一點。您已經簽訂了超過當前產能的多項合約。因此那裡取得了巨大進展。

Just wondering what we should be looking for, for milestones to further commercialize towards reaching FID at this point? How should we be thinking about that?

只是想知道我們應該尋找什麼，尋找進一步商業化並實現 FID 的里程碑？我們該如何思考這個問題？

I mean, first off, we filed with FERC and the federal government for an accelerated permitting process. So when you talk about milestones, seeing how that progresses, I think will be very, very important. We're working through value engineering as we speak. And then we'll continue to look for ways to commercialize and meet all of our financial objectives.

我的意思是，首先，我們向聯邦能源管理委員會和聯邦政府提交了加速許可程序的申請。因此，當你談論里程碑時，觀察其進展情況，我認為這非常非常重要。我們正在進行價值工程工作。然後我們將繼續尋找商業化的方法並實現我們所有的財務目標。

So Jeremy, it's really all about permitting. As you could see, we FID 8 and 9 and then prefiled the next month for Stage 4. And I believe just in the last day or so, we were accepted into free filing for Stage 4. So that's progressing well.

所以傑里米，這實際上都是關於允許的。如您所見，我們對第 8 和第 9 階段進行了 FID，然後在下個月為第 4 階段進行了預歸檔。我相信就在昨天左右，我們被允許免費申請第四階段。一切進展順利。

And we should have more updates, especially going into next year as we have a little bit more clarity on how the FERC process is going and to be in a position to FID something let's say, late '26 or early '27 at Sabine first, most likely and then Corpus.

我們應該會有更多更新，特別是進入明年，因為我們對 FERC 流程的進展情況有更清晰的了解，並且能夠首先在 26 年末或 27 年初在 Sabine 做出 FID，最有可能的是，然後是 Corpus。

As you can tell from our filings, we're permitting a lot. We're permitting basically 20-or-so million tonnes at each site. You add that all up, we get to over 100 million tonnes. But you're not going to hear from this company that, that's the ultimate goal.

從我們的文件中可以看出，我們允許了很多事情。我們基本上允許每個地點的排放量約為 2000 萬噸。把這些加起來，就超過 1 億噸了。但你不會從這家公司聽到這樣的說法，這就是最終目標。

The ultimate goal is to find these projects that we can meet all of the investment parameters and be truly accretive at the same standard, which held every other project to at the same standard that makes it demonstrably accretive to just buying back the stock and lending you all own more of Sabine and Corpus through less shares at LNG.

最終目標是找到這些項目，我們可以滿足所有的投資參數，並真正在相同的標準下實現增值，其他所有項目都遵循相同的標準，這使得它比僅僅回購股票並通過減少 LNG 股份讓大家擁有更多的 Sabine 和 Corpus 股份更具有增值性。

With that said, we see a path to do a phased approach at both where we basically FID initially on train. Those one trains will be as brownfield as they get probably globally. At Sabine, that we are permitting things like an interstate pipeline into Texas.

話雖如此，我們看到了一條分階段實施的方法，我們基本上在最初階段就對列車進行 FID。這些列車可能將成為全球最嚴重的棕地。在薩賓，我們允許建造通往德克薩斯州的州際管道等。

There's a path to do one train there without the interstate pipeline without a tank (inaudible) and put it right next to the first six trains. And basically bid for Stage 4 in the first train at Corpus.

有一列火車在那裡運行，無需州際管道，也無需油箱（聽不清楚），並將其放在前六列火車旁邊。基本上是在 Corpus 的第一列火車上競標第四階段。

Though we're permitting another birth tank and pipeline, there's likely one train there that could be done without that extra equipment to make it as brownfield as it gets. Commercially, what Anatol and the team are doing, we're already basically covered for at least one train with how many contracts that we have in place.

儘管我們允許建造另一個生產罐和管道，但很可能那裡有一列火車可以在沒有額外設備的情況下完成，使其成為棕地。從商業角度來看，阿納托爾和團隊正在做的事情，我們已經根據簽訂的合約數量，基本上覆蓋了至少一列火車。

So there will be incremental deals to be done. It's nice to see the CNRL deal done in Q2 and the recent deal with JERA. They aligned very well with the run rate guidance that we updated to in June with CMI ranges of $2.50 to $3.

因此將會有增量交易需要完成。很高興看到 CNRL 交易在第二季完成以及最近與 JERA 達成的交易。它們與我們 6 月更新的運行率指導（CMI 範圍為 2.50 美元至 3 美元）非常吻合。

And from there, the last thing I'd like to say is, as you think about the CapEx outlay that goes into all of this, just to get to 75 million tonnes basically increased the platform by like over 25%. We have less than $2 billion to go at Stage 3.

從那裡開始，我想說的最後一件事是，當你考慮所有這些的資本支出時，僅僅為了達到 7500 萬噸，平台就基本上增加了 25% 以上。第三階段我們還剩下不到 20 億美元。

We have less than $3 billion to go on midscale 8 and 9 and the debottlenecking. If you think about the first train at both Sabine and Corpus that's like 11 million tonnes, 12 million tonnes. Let's just say round numbers, it's around $10 billion.

我們用於中型 8 號和 9 號機組以及消除瓶頸的資金不足 30 億美元。如果您想想薩賓和科珀斯克里斯蒂的第一列火車的運量大約是 1100 萬噸、1200 萬噸。就拿整數來說吧，大約是 100 億美元。

So all in, it's less than $15 billion through 2030 or so, which is over the next six years, $2.5 billion a year, and we fund things 50-50. We're not even talking about a third of our run rate distributable cash flow.

所以總的來說，到 2030 年左右，也就是未來六年，總投資將不到 150 億美元，每年 25 億美元，我們各出資 50%。我們甚至還沒談到運行率可分配現金流的三分之一。

This shows you the flexibility, the ability to have like meaningful capital allocation, especially on shareholder returns and potentially do more if it aligns with the standards that we hold ourselves to.

這顯示了靈活性，以及​​進行有意義的資本配置的能力，特別是在股東回報方面，如果它符合我們所堅持的標準，那麼就有可能做得更多。

(Operator Instructions) Theresa Chen, Barclays.

（操作員指示）巴克萊銀行的 Theresa Chen。

On the topic of growth, beyond the first phases of Corpus Christi Stage IV and SPL Stage 5 that brings capacity to 75 MTPA. Can you walk us through the path to get to that next leg, the 100 MTPA?

關於成長，除了 Corpus Christi 第四階段和 SPL 第五階段的第一階段之外，產能還將達到 75 MTPA。您能為我們介紹一下實現下一階段目標（即 100 MTPA）的途徑嗎？

When we think about key inflection points for that long-term growth in addition to permitting, is it primarily a matter of upstream infrastructure bottlenecks to solve and commercialization? How should we view this? And over what time frame could that likely take place?

當我們考慮除了許可之外的長期成長的關鍵轉折點時，主要是否是解決上游基礎設施瓶頸和商業化的問題？我們該如何看待這個問題？這可能在什麼時間範圍內發生？

It's just the standard, the Cheniere standard. What we see today and with the guidance that we all -- that we gave you in June, we see a path with the deals that we're signing in our, let's say, $2.50 to $3 range that we can still hit those 6 to 7 times CapEx to EBITDA levels for those first trains.

這只是標準，Cheniere 標準。我們今天看到的情況以及我們所有人在 6 月給予你們的指導，我們看到了一條道路，透過我們簽署的交易，比如說，在 2.50 美元到 3 美元的範圍內，我們仍然可以達到首批列車的資本支出與 EBITDA 之比 6 到 7 倍的水平。

As you start adding incremental equipment or incremental pipelines and interstate pipelines for that matter, we're not here today to tell you that we're absolutely 100% FID in those projects in the near term. We'll see where SBA levels get to, and we'll see where costs shake out with Betel over time.

當您開始添加增量設備或增量管道和州際管道時，我們今天在這裡並不是要告訴您，我們在短期內對這些項目絕對有 100% 的 FID。我們將看到 SBA 水平將達到什麼程度，並且我們將看到隨著時間的推移 Betel 的成本將如何變化。

And those two things together, ideally, we'll align one day to help us march methodically up to 100 million tonnes. But that's not the game here, like we're focused on the stock, not just trying to get to 100 million tonnes.

理想情況下，這兩件事結合在一起，總有一天我們會齊心協力，幫助我們有條不紊地邁向 1 億噸的目標。但這不是我們的重點，我們關注的是庫存，而不僅僅是試圖達到 1 億噸。

Right. And I want to go back to Anatol slides 9 and 10 on the supply and demand outlook. As this wave of new LNG capacity enters the market over the next few years, increasing liquidity and supply.

正確的。我想回到 Anatol 幻燈片 9 和 10，討論供需前景。隨著未來幾年這波新的液化天然氣產能進入市場，流動性和供應量將會增加。

When would you expect to see more evidence of demand elasticity consistent with the visible structural need for additional gas from developing countries? And what would you view as key signals to observe in the market on that front?

您預計何時會看到更多與發展中國家對額外天然氣的明顯結構性需求一致的需求彈性證據？您認為市場上需要關注的關鍵訊號是什麼？

Yes. Thanks, Theresa. Well, you'll see it on a quarterly basis as all of this infrastructure, which, in many cases, is pre-investment for these various business models plays out.

是的。謝謝，特蕾莎。嗯，你會按季度看到所有這些基礎設施的建設，在許多情況下，這些基礎設施都是針對各種商業模式的預先投資。

We'll see it a little bit before you as tender activity and diversions start to take place, but that's a little harder to observe outside of the day-to-day industry. But you're seeing not only, again, this investment in infrastructure, but also the contractual commitments.

隨著招標活動和轉移開始發生，我們會先看到這一點，但在日常行業之外，這有點難以觀察到。但您不僅再次看到了對基礎設施的投資，還看到了合約承諾。

And yes, while the contractual commitments are for flexible supply, there is a tremendous amount of, again, infrastructure being developed. The advantage for us and our industry, we were a little over 400 million tonnes last year, as we've discussed, we're about 3% of primary energy.

是的，雖然合約承諾的是靈活供應，但仍有大量基礎設施正在開發中。對我們和我們的產業來說，優勢在於，去年我們的產量略高於 4 億噸，正如我們所討論的，約佔一次能源的 3%。

So it does not take a lot of the 150 gigawatts of Chinese gas power generation running at slightly better utilization to absorb tens and tens of millions of tonnes of additional LNG. So a lot of price-elastic markets, and you'll see that play out.

因此，中國150千兆瓦的天然氣發電量並不需要太多的利用率來吸收數千萬噸的額外液化天然氣。因此，許多價格彈性市場都會出現這種情況。

We think that now in the very low double digits, high single digits markets like India will become much more active, but you'll see more and more of that again, unrestricted by infrastructure, which was a constraint in the second LNG supply cycle of five, six years ago.

我們認為，現在印度等非常低的兩位數、高個位數市場將變得更加活躍，但你會看到越來越多的這種情況再次出現，不受基礎設施的限制，而基礎設施是五、六年前第二個液化天然氣供應週期的一個限制因素。

Burke Sansiviero, Wolfe Research.

伯克桑西維羅，沃爾夫研究公司。

Just one for me today. What level of capital costs do you foresee expansions at Sabine and Corpus for the next round of growth, 8 and 9 and the debottlenecking looks closer to $600 a tonne.

今天我只要一個。您預計 Sabine 和 Corpus 在下一輪成長中的擴張資本成本將達到什麼水準？ 8 和 9 以及去瓶頸成本看起來接近每噸 600 美元。

One of your peers cited all-in costs closer to $1,100. And Zach, you mentioned before, as brownfield as it gets for another train at Sabine. So just curious on where you think fresh EPC contract will shake out?

您的一位同事提到，全部成本接近 1,100 美元。札克，​​你之前提到過，薩賓站的另一列火車已經停放在棕地上。所以我只是好奇，您認為新的 EPC 合約將會如何發展？

A little too soon to say, especially on an earnings call. where we think it will work out by the time we FID a project in late '26 or early '27. What I focus on clearly the most is that 6 to 7 times CapEx times to EBITDA working with the E&C team as well as our commercial team to align that to get to the right place.

現在說這個還為時過早，尤其是在收益電話會議上。我們認為，當我們在 26 年末或 27 年初對專案進行最終決定時，它就會成功。我最關注的是將資本支出乘以 6 到 7 倍，與 E&C 團隊以及我們的商業團隊合作，以達到正確的效果。

But as you can imagine, like laws of gravity lows of brownfield growth when you're only building a train and the rest of the infrastructure and pipeline connectivity and tanks and births is all set up, it's going to be the cheapest. So we feel confident that it will be closer to the numbers that we're able to achieve so far than to some of those other numbers out there.

但正如你可以想像的那樣，就像重力定律一樣，當你只建造一列火車而其餘的基礎設施和管道連接以及儲罐和出生點都已建立時，棕地增長的低點將是最便宜的。因此，我們相信，它將更接近我們迄今為止所能實現的數字，而不是其他一些數字。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

I wanted to go to the cash tax savings, Zach. I know you talked through a lot of it. But maybe if you could just pull it to the June capital allocation update. How much incremental cash do you think we could see on average over the next couple of years to work out once you've worked through this and where do we think that cash is going relative to how you laid it out a month or two ago?

我想去現金稅收儲蓄，扎克。我知道你已經談論了很多。但也許你可以將其拉到六月的資本配置更新。一旦您解決了這個問題，您認為我們在未來幾年內平均可以看到多少增量現金，以及我們認為這些現金相對於您在一兩個月前安排的現金將流向何處？

Sure. So there's quite a few moving parts here. But like just for this year alone, as you can see, we raised the midpoint of EBITDA guidance by $50 million. And that's really just following through with what was expected this year. We raised DCF guidance by $250 million.

當然。所以這裡有相當多的活動部件。但如您所見，僅就今年而言，我們將 EBITDA 指導中點提高了 5000 萬美元。這實際上只是遵循了今年的預期。我們將 DCF 指導價提高了 2.5 億美元。

The incremental $200 million is solely related to taxes. Originally, the plan was that these trains would come online this year and received chicken bonus depreciation dropping down to 40% bonus depreciation next year.

增加的 2 億美元僅與稅收有關。最初的計劃是這些列車將於今年上線，並享受雞獎金折舊，明年將降至 40% 的獎金折舊。

Going forward, including this year, it's 100% bonus. That benefit alone allowed us to reduce taxes this year by $200 million. It will also help reduce taxes next year as the rest of Stage 3 comes online.

展望未來，包括今年，都是 100% 的獎金。光是這項福利就使我們今年的稅收減少了 2 億美元。隨著第三階段其餘部分的投入使用，這也將有助於明年減少稅收。

Mind you with 100% bonus, we won't have much depreciation in 2027. However, based on the 8 and 9 at least guaranteed completion dates that are in 2028, we'll get a big benefit from that as well. So with the 100% bonus we're talking about comfortably under 10% tax rate on average between 2025 through 2030.

請注意，有了 100% 的獎金，到 2027 年我們不會有太多的貶值。然而，根據 2028 年至少保證完成的 8 項和 9 項日期，我們也將從中獲得巨大的利益。因此，我們所謂的 100% 獎金是指 2025 年至 2030 年期間平均低於 10% 的稅率。

Going forward, inclusive of, say, the bonus depreciation benefits, the foreign export deduction that we have by producing a product in American and exporting it to the rest of the world also was quite beneficial. And you can see in at least the run rate guidance that we gave in the back of this earnings presentation, it went up by $100 million to $200 million versus even what we showed everybody in June.

展望未來，包括獎金折舊福利在內的外國出口抵扣，我們在美國生產產品並將其出口到世界其他地區，這也是非常有利的。至少從我們在本次收益報告後面給出的運行率指引中可以看出，與我們 6 月向大家展示的數字相比，它上漲了 1 億美元到 2 億美元。

So up $1 per share or so. So that clearly is also quite beneficial. So that we're able to take advantage of just being an export product.

因此每股上漲 1 美元左右。這顯然也是非常有益的。這樣我們就能夠利用出口產品的優勢。

In terms of where the cash would go, more cash on the balance sheet is basically more cash to execute on capital allocation, more wind in our sales to load up the buyback quarter after quarter, keep on funding these projects with a little less leverage to have the balance sheet as strong as possible, et cetera.

就現金的去向而言，資產負債表上的現金越多，基本上意味著用於資本配置的現金就越多，銷售中的風力就越大，可以逐季增加回購資金，繼續以較少的槓桿為這些項目提供資金，以使資產負債表盡可能強勁，等等。

That's helpful. I appreciate that. And just second one for me. you talked about being comfortable with where SPA prices are for the first big trains on each side, but talked about them effectively needing to move higher to maybe to get to that 100 million tonnes eventually.

這很有幫助。我很感激。對我來說這只是第二個問題。您談到對雙方首批大型列車的 SPA 價格感到滿意，但談到這些價格實際上需要上漲，最終可能達到 1 億噸。

I guess I'd be curious to hear your view on what pushes those SPA prices higher from here? Is it just demand growth? Is it per runs at other facilities? But what's the moving pieces of that we could watch from our side?

我想我很想聽聽您對導致 SPA 價格上漲的原因的看法？僅僅是需求成長嗎？這是在其他設施中每次運行嗎？但是從我們的角度我們可以看到哪些動人的部分呢？

Yes. Thanks, John. This is Anatol. We have gone through a number of cycles in SPA pricing just in this last post Ukraine war build. The ebbs and flows are hard to predict.

是的。謝謝，約翰。這是阿納托爾。僅在烏克蘭戰爭後不久的這次建設中，我們就經歷了 SPA 定價的多個週期。潮起潮落很難預測。

But as you said, as projects that are, let's say, very aggressive in trying to get to the finish line and that finish line may be determined by validity of the EPC contract or something similar, if that doesn't work out from the start of '22, there's order of magnitude, 50 million tonnes of binding agreements that have yet to reach FID, right?

但正如您所說，對於非常積極地試圖到達終點線的項目，而該終點線可能由 EPC 合約或類似合約的有效性決定，如果從 22 年初開始無法奏效，那麼就有 5000 萬噸尚未達成 FID 的具有約束力的協議，對嗎？

So as those dynamics play out as the PC market continues to firm potentially as the 250 million tonnes of exports are executed one way or another. And you see projects not move forward beyond that, I think you can see another period of firming. And as Zach said, it is -- for us, it is all about the ratio, not about the absolute level of the numerator or the denominator.

因此，隨著這些動態的發揮，個人電腦市場可能會繼續走強，因為 2.5 億噸的出口將以某種方式完成。如果你看到專案在此之後沒有取得進展，我認為你會看到另一個時期的穩固。正如扎克所說，對我們來說，一切都與比率有關，而不是與分子或分母的絕對水平有關。

Alexander Bidwell, Webber Research & Advisory.

亞歷山大‧比德韋爾 (Alexander Bidwell)，韋伯研究與顧問公司。

Can you talk through some of the OpEx differences between midscale, larger-scale stick built and modular facilities? With some of the newer public comps, we've seen a particularly spread when it comes to operating costs with Cheniere sitting on the lower end.

您能談談中型、大型建築和模組化設施之間的一些營運支出差異嗎？對於一些較新的上市公司，我們發現其營運成本差異較大，而 Cheniere 的營運成本則處於較低水準。

We're just trying to get a sense of where the natural differences would be in terms of OpEx and maintenance? And how technology and site layout come into play?

我們只是想了解營運支出和維護的自然差異在哪裡？科技和網站佈局如何發揮作用？

I can't speak for the other projects here. But what I can say, it doesn't hurt being a 45 million-tonne program going to 55.5% going to 60-plus million tonnes in the scale that we get from that and the fact that especially on the first nine trains, they're all the same.

我無法代表這裡的其他項目發言。但我可以說的是，從 4500 萬噸的計劃到 55.5% 達到 6000 多萬噸的規模並沒有什麼壞處，而且事實上，特別是在前九列火車上，它們都是一樣的。

What I can get to is we even have nuances quarter to quarter. As you can see, this is our lowest LNG producing quarter that we'll have all year because of the major maintenance. But because of the major maintenance, it's also going to be the highest O&M quarter that we have all year.

我可以說的是，我們每季之間都有細微的差別。正如您所看到的，由於大規模維護，這是我們全年液化天然氣產量最低的季度。但由於大規模維護，這也將成為我們全年營運和維護成本最高的季度。

So I think there's that you'll have to see on an annual basis to appreciate some of these differences. But who knows? We'd like to say that we're exclusively focused on Sabine and Corpus with our 1,700 people, and that's all we do. So maybe that's why our costs are pretty good.

所以我認為你必須每年觀察才能體會到其中的一些差異。但誰知道呢？我們想說的是，我們 1,700 名員工只專注於 Sabine 和 Corpus，這就是我們所做的一切。所以也許這就是我們的成本相當低的原因。

And Alexander, we spent an awful lot of time benchmarking our operations against other worldwide LNG producers. I haven't actually looked at the data from the different technologies but because we've only had the midscale technology now for a few months, but you bring up a valid question on how they all compare.

亞歷山大，我們花了大量時間將我們的營運與全球其他液化天然氣生產商進行對比。我實際上還沒有研究過不同技術的數據，但因為我們只使用了幾個月的中型技術，但你提出了一個關於它們如何比較的有效問題。

So more to come, let them have a little more time, but I can assure you that we are totally focused on being best-in-class in the ConocoPhillips Optimized platform.

因此，我們還會有更多的事情要做，讓他們有更多的時間，但我可以向你們保證，我們完全專注於成為康菲石油優化平台中的佼佼者。

And then I'd just say like when we talk about CapEx to EBITDA for these projects, it's everything, contingency, it's the development capital that we put in ahead of the project FID, et cetera. We also show up each and every quarter with that lifting margin as well, which probably varies quite a bit project to project as we're most likely the most interconnected all the projects in North America.

然後我想說，當我們談論這些項目的資本支出與息稅折舊攤銷前利潤時，它是一切，應急費用，它是我們在項目 FID 之前投入的開發資本，等等。我們每季也都會公佈這項提升幅度，但由於我們很可能是北美所有專案中互聯程度最高的項目，因此各個項目之間的差異可能很大。

All right. And if I could squeeze just one more in. We noticed you switched back to the ConocoPhillips technology for some of these future expansions. Can you give a little bit of insight into what drove that decision?

好的。如果我能再擠進一個就好了。我們注意到，在未來的一些擴展中，你們又重新採用了康菲石油公司的技術。您能否稍微解釋一下促使您做出這項決定的原因？

Yes. I think -- this is Jack. So when we switch to midscale, for us, we thought at the time, and now this is way back 2018, '17, we thought the market was going to be smaller and shorter term and it would take longer to commercialize a large train. It didn't work out that way, as you know. And there's just a lot more economies of scale, right?

是的。我想——這是傑克。因此，當我們轉向中型列車時，對我們來說，當時我們認為，現在是 2018 年、2017 年，我們認為市場規模會更小、週期更短，大型列車商業化需要更長的時間。正如你所知，事情並沒有按照這樣的方式發展。而且還有更大的規模經濟，對吧？

We've learned that in power generation in spades, which is why facilities got bigger, not smaller, and we're learning it here with LNG facilities that it's overall cheaper to build and operate larger trains than it is the smaller facilities. And that's why we pivoted back to trains that we know very, very well.

我們在發電領域已經學到了很多，這就是為什麼設施越來越大而不是越來越小的原因，而且我們在液化天然氣設施方面也學到了這一點，總體而言，建造和運營大型列車比建造和運營小型設施更便宜。這就是為什麼我們重新轉向我們非常熟悉的火車。

Robert Mosca, Mizuho Securities.

瑞穗證券的羅伯特莫斯卡。

So could you or have you delineated the EPCOs for Train 8 and 9 on a stand-alone basis? I guess how much of that $2.9 billion is specifically related to Train 8 and 9?

那麼您能否或已經獨立地描繪出 8 號和 9 號列車的 EPCO 呢？我猜這 29 億美元中有多少具體與 8 號和 9 號列車有關？

The vast majority of it is well over $2 billion, but it comes down to what it takes for us to continue to hold to the standard of the 6 times to 7 times CapEx to EBITDA with the lump sum turnkey contract, get to 10-plus unlevered and tracted returns, et cetera.

其中絕大部分都遠遠超過 20 億美元，但這取決於我們如何繼續保持資本支出與 EBITDA 之比為 6 到 7 倍的標準，並通過一次性交鑰匙合約獲得 10 倍以上的無槓桿和跟踪回報，等等。

And in a competitive environment and with a lot of folks building projects, it took some of the debottlenecking, which actually needed hundreds of millions of dollars of equipment to unlock those types of returns that are basically second to none around the world.

在競爭激烈的環境中，由於許多人都在建設項目，因此需要消除一些瓶頸，實際上需要數億美元的設備才能獲得全球首屈一指的回報。

So I'd say 8 and 9, still vast majority of it. But for the first time, there was real equipment in the hundreds of millions of dollar range that we're invested in, that's incorporated into the construction plan to get the most out of not just but Trains 1 through 7 of Stage 3.

所以我認為 8 和 9 仍然是絕大多數。但這是我們第一次投資數億美元的真實設備，這些設備被納入建設計劃，以最大限度地利用第三階段的 1 至 7 號列車。

Got it. That's helpful. And am I interpreting it correctly that OBB isn't in your DCF outlook provided in June?

知道了。這很有幫助。我是否理解正確，OBB 不在您 6 月提供的 DCF 展望中？

It wasn't. And if you look in the appendix, we give you the run rate guidance and it's up another $100 million to $200 million. Basically, what that shows is now having less than 220 million shares outstanding. At the midpoint, we're already at $20 per share of BCS. So that's why it moved on to $25 per share as we continue to develop the platform.

事實並非如此。如果您查看附錄，我們將為您提供運行率指導，並且該指導將再增加 1 億至 2 億美元。基本上，這表明目前流通股數不足 2.2 億股。截至目前，BCS 的股價已達到每股 20 美元。因此，隨著我們繼續開發平台，其價格將上漲至每股 25 美元。

Got it. So it seems like that $15 billion excess cash target might have been screened conservative when you take into account the remaining FID CapEx, tax savings, Phase 1 expansions, assuming 50% leverage.

知道了。因此，如果考慮到剩餘的 FID 資本支出、稅收節省、第一階段擴張，假設槓桿率為 50%，那麼 150 億美元的超額現金目標似乎已經顯得保守了。

So how do you think about deploying that excess cash if you come materially above that $15 million by (inaudible). And I understand you just issued this 1.5 months ago, but I wanted to get your thoughts there.

那麼，如果你的資金大大超過 1500 萬美元，你會如何安排這些多餘的現金呢？（聽不清楚）。我知道您一個半月前才發布這個消息，但我想了解您的想法。

Well, I'd say that even in June, we said it was over $15 billion. So we're pretty confident there's a lot of money here to deploy across the platform and into capital allocation. And it goes back to what I said to even get to 75 million tonnes.

嗯，我想說，即使在六月，我們也說這個數字已經超過 150 億美元了。因此，我們非常有信心，這裡有大量資金可用於整個平台和資本配置。這又回到了我所說的要達到 7500 萬噸的目標。

We're not even talking about using for equity funding a third of our distributable cash flow per year. So what you can see from us is we're growing the dividend by over 10% in the next quarter.

我們甚至沒有談論使用每年可分配現金流量的三分之一進行股權融資。因此，您可以看到，我們下一季的股息將增加 10% 以上。

We're going to have to, at some point, ask the Board for a reauthorization to upsize the buyback program in the next year or two as we continue and it will be even quicker if we go at the pace we just did in July and just more of the same.

在某個時候，我們將不得不要求董事會重新授權在未來一兩年內擴大回購計劃，如果我們以 7 月的速度繼續進行，速度會更快。

Ideally, there will be bigger projects that's being Corpus to take care of. But if they're not demonstrably accretive, you see a lot more buyback a growing dividend and a pretty pristine balance sheet ready to go for eventually more growth.

理想情況下，Corpus 將會負責更大的專案。但如果它們沒有明顯的增值作用，你會看到更多的回購、不斷增長的股息和相當完美的資產負債表，為最終的進一步增長做好準備。

That will conclude our question-and-answer session. At this time, I'd like to turn the call back over to our speakers for any additional or closing remarks.

我們的問答環節到此結束。現在，我想將電話轉回給我們的發言人，請他們發表任何補充或結束語。

I just want to thank all of you for your continued support of Cheniere. Be safe.

我只想感謝大家對 Cheniere 的持續支持。注意安全。

Thank you. That will conclude today's call. We appreciate your participation.

謝謝。今天的電話會議到此結束。感謝您的參與。