Cheniere Energy Inc (LNG) 2025 Q3 法說會逐字稿

Good day, and welcome to the third quarter 2025 Cheniere Energy earnings call and webcast. Today's conference is being recorded.

大家好，歡迎參加 Cheniere Energy 2025 年第三季財報電話會議和網路直播。今天的會議正在錄影。

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

此時，我謹將會議交給投資者關係與傳播副總裁 Randy Bhatia 主持。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Cheniere's Third Quarter 2025 Earnings Conference Call. The slide presentation and access to the webcast for today's call are available at cheniere.com. Joining me this morning are Jack Fusco, Cheniere's President and CEO; Anatol Feygin, Executive Vice President and Chief Commercial Officer; and Zach Davis, Executive Vice President and CFO.

謝謝接線生。各位早安，歡迎參加 Cheniere 2025 年第三季財報電話會議。今天電話會議的幻燈片簡報和網路直播連結可在cheniere.com上取得。今天早上與我一同出席會議的有：切尼爾能源公司總裁兼首席執行官傑克·富斯科；執行副總裁兼首席商務官阿納托爾·費金；以及執行副總裁兼首席財務官扎克·戴維斯。

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.

在開始之前，我想提醒各位聽眾，我們的發言，包括對你們問題的回答，可能包含前瞻性陳述，實際結果可能與這些陳述中描述的內容有重大差異。

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

我們的簡報第 2 頁包含這些前瞻性陳述及相關風險的討論。此外，我們也可能提及某些非公認會計準則財務指標，例如合併調整後的 EBITDA 和可分配現金流量。這些措施與最可比較的 GAAP 財務指標的調整表可在投影片簡報的附錄中找到。

As part of our discussion of Cheniere's results, today's call may also include selected financial information and results for Cheniere Energy Partners LP, or CQP. We do not intend to cover CQP's results separately from those of Cheniere Energy, Inc. 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, 2025 guidance and initial outlook for 2026. After prepared remarks, we will open the call for Q&A.

作為對 Cheniere 業績討論的一部分，今天的電話會議可能還會涉及 Cheniere Energy Partners LP（簡稱 CQP）的部分財務資訊和績效。我們不打算將 CQP 的表現與 Cheniere Energy, Inc. 的表現分開討論。電話會議議程請參閱投影片 3。Jack 將首先介紹營運和財務亮點，Anatol 將介紹液化天然氣市場的最新情況，Zach 將回顧我們的財務表現、2025 年指導意見和 2026 年的初步展望。在發言結束後，我們將開放問答環節。

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

現在我將把電話交給切尼爾能源公司總裁兼執行長傑克·富斯科。

Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our results from the third quarter of 2025. I think we can all agree that this year has been one of the more challenging with geopolitical unrest, rising cost and un-sufficient supply chains, tariffs and now a government shutdown. My focus has been to lead Cheniere by putting our heads down, driving our growth strategy forward, continuing to deliver on operational excellence, executing on construction management and implementing our capital allocation program.

謝謝你，蘭迪。各位早安。感謝各位今天與我們一同回顧2025年第三季的業績。我想我們都能同意，今年是充滿挑戰的一年，地緣政治動盪、成本上漲、供應鏈不足、關稅以及現在的政府停擺都給我們帶來了許多困難。我的工作重點是帶領 Cheniere 腳踏實地，推進我們的成長策略，繼續實現卓越運營，執行施工管理，並實施我們的資本配置計劃。

The third quarter of 2025 was once again marked by many key successes across our entire business. We made significant progress on the expansion of Corpus Christi Stage 3. We progressed our development plans for engineering and commercialization of our expansion at Sabine Pass, all while continuing to achieve operational milestones, solidifying our reputation as a reliable supplier and partner to our global consumer portfolio.

2025年第三季度，我們整個業務再次取得了許多重大成功。我們在基督聖體學院三期擴建方面取得了重大進展。我們推動了薩賓帕斯擴建項目的工程和商業化發展計劃，同時不斷實現營運里程碑，鞏固了我們作為全球消費品組合可靠供應商和合作夥伴的聲譽。

The third quarter also gave us an opportunity to invest meaningfully back into ourselves with our share repurchase program for the benefit of all Cheniere stakeholders. In the LNG market, events and data points on both the supply side and demand side of the equation continue to fuel noise and volatility. But Cheniere's disciplined approach in our highly contracted business profile enable us to reliably deliver visible, predictable results in line with our previously issued forecast.

第三季也讓我們有機會透過股票回購計畫對自身進行有意義的投資，以造福所有切尼爾能源公司的利害關係人。在液化天然氣市場，供需雙方的事件和數據點不斷引發市場波動和噪音。但切尼爾能源公司在高度合約化的業務模式下採取的嚴謹方法，使我們能夠可靠地交付與先前發布的預測相符的、可見的、可預測的業績。

We're very pleased to announce this morning that substantial completion of the third Train of Corpus Christi Stage 3 has been achieved. An acceleration of our forecasted timeline from only a few months ago. I have more to say on Stage 3 in a few minutes, including on our recently improved timeline on Train 4. Please turn now to slide 5, where I'll highlight our key results and accomplishments for the third quarter of 2025.

今天早上我們非常高興地宣布，基督聖體列車第三期工程已基本完工。與幾個月前預測的時間表相比，進度有所加快。幾分鐘後，我也會就第三階段發表更多看法，包括我們最近改進的第四列火車的進度安排。請翻到第 5 張投影片，我將重點介紹我們 2025 年第三季的主要成果和成就。

In the third quarter, we generated consolidated adjusted EBITDA of approximately $1.6 billion distributable cash flow of approximately $1.6 billion and net income of approximately $1 billion. Today, we are reconfirming our full year 2025 guidance range of $6.6 billion to $7 billion in consolidated adjusted EBITDA, and we are raising our distributable cash flow guidance range from $4.4 billion to $4.8 billion to $4.8 billion to $5.2 billion.

第三季度，我們實現了約 16 億美元的合併調整後 EBITDA、約 16 億美元的可分配現金流量和約 10 億美元的淨利潤。今天，我們再次確認 2025 年全年合併調整後 EBITDA 預期範圍為 66 億美元至 70 億美元，並將可分配現金流預期範圍從 44 億美元至 48 億美元上調至 48 億美元至 52 億美元。

Jack will provide more detail later on this call on our financial results, but the guidance increase related to our DCF outlook is being driven by a discrete IRS rule change related to the corporate alternative minimum tax. Our guidance continues to be supported by the high degree of visibility and certainty, our highly contracted platform affords and we remain on track to deliver financial results within these ranges.

Jack 稍後將在本次電話會議上提供更多關於我們財務業績的細節，但我們 DCF 展望的預期上調是由美國國稅局一項與企業替代最低稅相關的具體規則變更所驅動的。我們的業績指引持續得到高度可見性和確定性的支持，這得益於我們高度精簡的平台，我們仍有望在這些範圍內實現財務表現。

During the third quarter, we produced and export 163 cargoes of LNG from our facilities, which included the 3,000 LNG cargo produced at Sabine Pass. I'd like to recognize and congratulate our production and shipping teams at Sabine Pass on this milestone achievement, an incredible accomplishment less than 10-years since the first cargo was produced and exported from our facility.

第三季度，我們從我們的設施生產並出口了 163 船液化天然氣，其中包括在薩賓帕斯生產的 3,000 船液化天然氣。我要表揚並祝賀薩賓帕斯工廠的生產和運輸團隊取得這一里程碑式的成就，這是一項了不起的成就，距離我們工廠生產和出口第一批貨物還不到 10 年。

Across both facilities, we achieved production levels this year that are within our financial forecast, while successfully navigating some operational challenges, primarily driven by external factors such as variability and natural gas quality. Structural shifts in the basin mix of domestic gas production attributed to new gas transportation infrastructure have made slight but noticeable changes in the composition of some feed guests we receive at our terminals.

今年，我們在兩個工廠都實現了符合財務預測的產量水平，同時成功克服了一些營運挑戰，這些挑戰主要由外部因素（如波動性和天然氣品質）驅動。由於新的天然氣運輸基礎設施，盆地內國內天然氣生產的結構性變化，導致我們終端接收的一些原料氣成分發生了細微但明顯的變化。

This requires our operating steps to make real-time adjustments to our liquefaction processes like solvent injections or defrost to clean heat exchangers. or adjusting our operating modes and maintenance activities to adapt to those changes. I'm extremely proud of the teams at both facilities for working safely and collaboratively to address these variables, develop long-term solutions to address feed gas composition in order to maximize sustainable reliable production and enable us to deliver LNG volumes and financial results within our guided ranges.

這就要求我們即時調整液化製程，例如注入溶劑或對熱交換器進行除霜，以清潔熱交換器，或調整我們的操作模式和維護活動，以適應這些變化。我為這兩個工廠的團隊感到無比自豪，他們安全協作地應對這些變量，制定長期解決方案來解決原料氣成分問題，從而最大限度地提高可持續可靠生產，並使我們能夠在指導範圍內實現液化天然氣產量和財務業績。

Looking ahead, the preliminary production forecast for 2026 has recently been completed, and aided by the startup of the remaining trains at Corpus Christi Stage 3. We expect 2026 to be another record year for LNG production. Our production forecast for 2026 accounts for the impact of strategically planned maintenance including certain downtimes designed to deploy engineering solutions at both facilities to bolster long-term production reliability and build additional resilience to those external forces, which can create production variability.

展望未來，2026 年的初步生產預測最近已經完成，這得益於 Corpus Christi Stage 3 剩餘列車的啟動。我們預計2026年將是液化天然氣產量再創新高的一年。我們對 2026 年的生產預測考慮了策略性計畫維護的影響，包括某些停機時間，旨在在兩個工廠部署工程解決方案，以增強長期生產可靠性，並增強對可能造成生產波動的外部因素的抵禦能力。

With that said, with three mid-scale trains now commercially operable and together with the remaining four Stage 3 trains and no prolonged major maintenance planned, we're looking forward to 2026 being our first year of producing over 50 million tons. During the third quarter, we continue to make excellent progress on our comprehensive capital allocation plan, deploying approximately $1.8 billion across the pillars of our program.

綜上所述，目前已有三列中型列車投入商業運營，加上其餘四列第三階段列車，且沒有計劃進行長時間的重大維護，我們期待 2026 年成為我們首次實現 5000 萬噸以上產量的一年。第三季度，我們在全面資本配置計畫方面持續取得優異進展，已在計畫的各個支柱領域投入約 18 億美元。

We funded approximately $600 million in growth CapEx, primarily across Corpus Christi Stage 3 and mid-scale Trains 8 and 9. We paid approximately $110 million in dividends, and we repaid approximately $50 million in long-term debt. The balance of the capital deployed was under our share repurchase plan which was able to take further advantage of the value present in the shares during the quarter and bought back approximately 4.4 million shares for just over $1 billion.

我們為成長資本支出提供了約 6 億美元的資金，主要用於科珀斯克里斯蒂 3 號月台和中型 8 號和 9 號列車。我們支付了約 1.1 億美元的股息，並償還了約 5,000 萬美元的長期債務。剩餘的資金投入到我們的股票回購計畫中，該計畫能夠進一步利用本季股票的價值，並以略高於 10 億美元的價格回購了約 440 萬股股票。

The second highest quarterly amount we have deployed repurchasing shares to date. Please turn to slide 6, where I'll update you on the progress of Corpus Christi Stage 3. I'm very proud of the progress we have made and continue to make executing in all phases of this project as total project completion on Stage 3 reached over 90% last month.

這是我們迄今為止第二高的季度股票回購金額。請翻到第 6 張投影片，我將在那裡向您報告基督聖體聖事第三階段的進展。我為我們在該專案各個階段取得的進展感到非常自豪，我們仍在繼續推進該項目，上個月第三階段的總項目完成度已超過 90%。

Execution remains on accelerated schedule. And as I mentioned earlier, we reached substantial completion on Train 3 ahead of our previous forecast. Together with Bechtel, we are achieving construction commissioning milestones with the benefit of lessons learned on the first train of the project. In fact, we reached a single-day LNG production record last week of approximately 7.5 TBtu of LNG with Train 3 now operating.

執行工作仍按加速進度進行。正如我之前提到的，3 號列車的建設已經基本完成，比我們之前的預期提前了。我們與貝克特爾公司攜手，吸取了專案首列火車的經驗教訓，正在逐步實現施工調試里程碑。事實上，上週我們創下了單日液化天然氣產量紀錄，約 7.5 TBtu 液化天然氣，目前 3 號生產線正在運作。

Similar to the commissioning timeline improvement we saw on Train 2, Train 3 went from first LNG to substantial completion in just 38 days. This is in contrast to the 77-days on the first train and evidence of the acceleration resulting from experience and knowledge transfer across trains and of course, our long-term partnership with Bechtel. Train 4 is benefiting as well.

與 2 號生產線調試時間線改進類似，3 號生產線從首次生產液化天然氣到基本完工僅花了 38 天。這與第一列火車耗時 77 天形成鮮明對比，證明了火車之間經驗和知識轉移所帶來的加速，當然也得益於我們與貝克特爾公司的長期合作關係。4號列車也從中受益。

And those that follow us closely, have surely seen the regulatory approvals we've been receiving relating to the start-up of that Train. On our previous call, my expectation was that we would have Train 4 in commissioning by the end of the year. However, we're bringing forward our timeline by over a month with Train 4 now expected to produce first LNG very soon, and is on track for substantial completion by the end of this year.

密切關注我們的人肯定已經看到了我們收到的與該列車啟動相關的監管批准。上次通話時，我預計到年底前 4 號列車就能投入使用。不過，我們將時間表提前了一個多月，預計 4 號生產線很快就會生產出第一批液化天然氣，並預計在今年年底前基本完工。

We continue to forecast substantial completion of Trains 5 through 7 next year. Current key activities across those trains include the last few percentage points of concrete and structural steel and the installation of above-ground piping. As for the cadence of substantial completion for Train 5, 6 and 7 next year, we expect those to occur in the spring, summer and fall, respectively, after Train 4 becomes commercially operable this winter.

我們仍預測 5 號至 7 號列車將於明年基本完工。目前這些列車的主要活動包括完成最後幾個百分點的混凝土和結構鋼施工，以及安裝地上管道。至於明年 5 號、6 號和 7 號列車實質完工的進度，我們預計它們將分別在春季、夏季和秋季完成，此前 4 號列車將於今年冬季投入商業運營。

On the mid-scale trains 8, 9, a debottlenecking project, full notice to proceed was issued to Bechtel in June, and it has hit the ground running quite literally. As the first ground pile was installed during the quarter. The bulk of the activity thus far has been on engineering and procurement as well as mobilization and site preparation.

在中型列車 8、9 號上，這是一個消除瓶頸的項目，6 月已向貝克特爾公司發出全面開工通知，該公司也確實立即投入了工作。第一根地面樁已在本季安裝完畢。迄今為止，大部分工作都集中在工程和採購、動員和場地準備方面。

We're extremely excited about this project economics and timeline benefiting from all the work that's been done on Stage 3, and I look forward to updating you all on the safe execution and achievement of the milestones as we move into construction.

我們對專案的經濟效益和時間表感到非常興奮，這要歸功於第三階段所做的所有工作。我期待在進入施工階段後，向大家報告專案安全執行和里程碑實現的情況。

In the highly competitive market that we are in, continued demonstration of construction execution and timely delivery on customer commitments is a meaningful differentiator and significant competitive advantage especially as we seek to further expand our footprint with more accretive brownfield growth at both sites that never compromises on our contracted return targets for investments.

在我們所處的競爭激烈的市場中，持續展現出色的施工執行能力和按時履行對客戶的承諾是一項重要的差異化優勢和顯著的競爭優勢，尤其是在我們尋求進一步擴大業務版圖，在兩個地點實現更具增值性的棕地開發增長，同時始終不降低我們已簽訂的投資回報目標的情況下。

I'm extremely proud of these elements that have come to exemplify the Cheniere standard, which we are all committed to upholding across all aspects of our business for the benefit of all Cheniere's shareholders.

我為這些體現切尼爾標準的要素感到無比自豪，我們都致力於在業務的各個方面堅持這些標準，以造福切尼爾的所有股東。

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

接下來，我將把發言權交給阿納托爾，讓他來討論液化天然氣市場。再次感謝大家對切尼爾能源公司的一如既往的支持。

Thanks, Jack, and good morning, everyone. Please turn to Slide 8. Global LNG demand in the third quarter of '25 was once again underpinned by European imports amid continued softness in Asia, resulting in price differentials that incentivize the flow of US cargoes to Europe throughout the quarter. Unlike earlier in the year, when geopolitical events drove volatility in global gas prices, both the JKM and TTF benchmarks remained largely range-bound during the third quarter as compared to both the second quarter of '25 and the third quarter of '24.

謝謝你，傑克，大家早安。請翻到第8頁幻燈片。2025 年第三季度，全球液化天然氣需求再次受到歐洲進口的支撐，而亞洲市場持續疲軟，導致價格差異，刺激了整個季度美國貨物流向歐洲。與今年稍早地緣政治事件導致全球天然氣價格波動不同，與 2025 年第二季和 2024 年第三季相比，JKM 和 TTF 基準價格在第三季基本維持區間波動。

Despite an increase in LNG supply as new liquefaction capacity comes online and in light of the relative moderation of Middle East intentions that caused gas prices to increase late in the second quarter, global benchmarks remained relatively flat in the third. Monthly price settlements during the quarter averaged 1,250 for JKM and 1,127 for TTF, both relatively unchanged year-on-year.

儘管隨著新的液化產能投入使用，液化天然氣供應量增加，由於中東地區意圖相對緩和，導致第二季末天然氣價格上漲，但第三季全球基準價格仍保持相對穩定。本季JKM的月價結算平均值為1250，TTF的月價結算平均值為1127，兩者與去年同期相比基本維持不變。

This is a clear indication that the market remains somewhat tight throughout the first half of '25 and into the third quarter amid lower Russian gas deliveries year-on-year and much higher European underground storage injection requirements. This dynamic persisted into the third quarter despite an increase in global LNG supply and more moderate Asian LNG demand which were unable to offset structural decreases in Russian pipe gas and meaningfully higher European injections as compared to '24.

這清楚地表明，由於俄羅斯天然氣交付量年減以及歐洲地下儲氣庫注入需求大幅上升，2025 年上半年及第三季市場供應仍較為緊張。儘管全球液化天然氣供應增加，亞洲液化天然氣需求趨於溫和，但這種動態仍持續到第三季度，未能抵消俄羅斯管道天然氣供應的結構性下降以及歐洲天然氣注入量較 2024 年顯著增加的影響。

Ultimately, these dynamics provide a floor for global gas prices in the third quarter maintaining price levels throughout the quarter, which contributed to muted price-sensitive Asian demand aside from a temporary uptick in August, driven by early restocking. In the near to medium term, we broadly expect spot LNG prices to moderate as global balances begin to loosen in the upcoming period as additional liquefaction capacity comes online.

最終，這些動態因素為第三季度的全球天然氣價格提供了底線，使價格在整個季度保持穩定，這導致對價格敏感的亞洲需求疲軟，除了8月份由於提前補貨而出現的短暫回升。在中短期內，我們普遍預期隨著未來一段時間內全球供需平衡開始放鬆，以及更多液化產能投入使用，現貨液化天然氣價格將趨於緩和。

As we've discussed previously, we expect the market tightness of the past few years to moderate with global prices becoming less sensitive to episodic price disruptions and volatility that stems from a delicately balanced market with minimal spare LNG capacity. We expect a significant portion of expected increases in liquefaction capacity to come from the US highlighting the importance of US LNG in maintaining global gas balances, and we expect this incremental supply will translate to a more stable pricing environment and start to catalyze demand from price-sensitive markets.

正如我們之前討論過的，我們預計過去幾年的市場緊張局面將會緩解，全球價格對偶發性價格波動和波動的敏感度將會降低，而這種波動源於一個微妙平衡的市場，剩餘的液化天然氣產能極少。我們預計液化產能的預期成長將很大一部分來自美國，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，我們預計這種增量供應將轉化為更穩定的價格環境，並開始刺激對價格敏感的市場的需求。

Let's turn to the next page to address the regional dynamics in some detail. Europe's LNG imports continued to increase year-on-year in the third quarter, maintaining its call on US cargoes away from Asia, despite a period of stronger competition in August driven by early restocking in that market.

讓我們翻到下一頁，詳細探討一下區域動態。第三季度，歐洲液化天然氣進口量持續年增，繼續依賴美國貨物而非亞洲貨物，儘管8月由於亞洲市場提前補貨，競爭加劇。

With regards to pipe gas volumes, residual Russian pipe volumes slowing into Europe were 3.4 bcm or a 43% decrease year-on-year during the quarter as other sources of pipe volumes from Norway, North Africa and Azerbaijan were marginally higher in aggregate. Meanwhile, the continent entered the third quarter with a 20 bcm deficit in gas storage versus last year, driving stronger storage injections.

就管道天然氣輸送量而言，本季度俄羅斯剩餘管道輸送至歐洲的天然氣量為 34 億立方米，年減 43%，而來自挪威、北非和亞塞拜然等其他來源的管道輸送量總和略有增加。與此同時，當非洲大陸進入第三季時，天然氣庫存比去年同期減少了 200 億立方米，這推動了更強勁的庫存注入。

As of the third quarter, storage injections have reduced that deficit to 13 bcm or the equivalent of about 130 LNG cargoes, leaving European balances moderately tighter than we have seen in recent years especially in light of a cooler than usual autumn, weaker hydropower output and a potentially cooler winter forecast. Conversely, LNG imports into Asia remained subdued, declining 4% year-on-year during the third quarter and 6% 2025 year-to-date.

截至第三季度，儲氣庫注入已將缺口減少至 130 億立方米，相當於約 130 船液化天然氣，使得歐洲的天然氣平衡比近年來略顯緊張，尤其是在秋季氣溫低於往年、水力發電量下降以及冬季氣溫可能偏低的情況下。相反，亞洲的液化天然氣進口量依然低迷，第三季年減 4%，2025 年迄今年減 6%。

Softer gas demand across key markets in Asia, including China and India as well as other regions resulted in aggregate LNG declines in the first half of '25, reversing the growth seen in 2024. This moderation in gas demand continued to filter into the LNG market in the third quarter despite the beginning of a demand rebound in China, which can be seen in the lower middle chart.

包括中國和印度在內的亞洲主要市場以及其他地區天然氣需求疲軟，導致 2025 年上半年液化天然氣總量下降，扭轉了 2024 年的成長趨勢。儘管中國天然氣需求開始反彈（如圖中下方），但天然氣需求的放緩趨勢在第三季繼續影響液化天然氣市場。

Overall gas demand in China increased by 4.6 bcm from January through August, with much of that increased demand realized in recent months. While that pace of gas demand growth in China remains more measured overall, Industrial demand has improved and gas-fired power generation has increased through August, gaining support from an 8-gigawatt increase in gas generation capacity in the first half of the year.

今年1月至8月，中國天然氣總需求量增加了46億立方米，其中大部分成長需求是在最近幾個月實現的。儘管中國天然氣需求成長速度整體仍較為溫和，但工業需求有所改善，天然氣發電量在8月有所增加，這得益於今年上半年天然氣發電裝置容量增加了8吉瓦。

Against that backdrop, Chinese domestic gas production increased nearly 10 bcm and Russian piped imports increased 6.3 bcm in the corresponding period from January to August. This dynamic of increased domestic production and increased pipe gas volumes, reduced the call and LNG imports in China, which declined 11% year-on-year or 2 million tons in the third quarter and 19% year-on-year or 11 million tons year-to-date.

在此背景下，1月至8月期間，中國國內天然氣產量增加了近100億立方米，俄羅斯管道天然氣進口量增加了63億立方米。國內產量增加和管道天然氣輸送量增加的這種動態，減少了中國的天然氣和液化天然氣進口，第三季度同比下降 11% 或 200 萬噸，今年迄今為止同比下降 19% 或 1100 萬噸。

As compared to '24 when persistent heat waves in South and Southeast Asia drove a surge in LNG imports, gas demand in the region has moderated year-to-date. Milder weather this summer, along with stronger hydroelectric power generation and lower electricity demand overall drove gas power generation demand to decline by 19% in India in the first eight-months of the year.

與 2024 年南亞和東南亞持續的熱浪導致液化天然氣進口激增相比，今年迄今為止，該地區的天然氣需求已經有所緩和。今年夏季氣候溫和，加上水力發電量增加和整體電力需求下降，導致印度天然氣發電需求在今年前八個月下降了 19%。

India led the South and Southeast Asian regions declines in LNG imports with a demand decline of 2 million tons year-to-date and 0.7 million tons of this decline occurring in the third quarter. As the European call on LNG to replenish gas inventories ahead of winter remains strong and prices remain at current levels, we expect LNG demand growth in Asia to remain moderate in the near term.

印度引領南亞和東南亞地區液化天然氣進口量下降，今年迄今需求下降了 200 萬噸，其中第三季下降了 70 萬噸。由於歐洲對液化天然氣的需求仍然強勁，需要在冬季到來之前補充天然氣庫存，且價格仍維持在當前水平，我們預計亞洲的液化天然氣需求成長在短期內將保持溫和。

However, as discussed, we expect these dynamics to reverse in the medium term as new supply enters the market over the coming quarters with significant implications for market balances moving forward. Within this context, we expect continued long-term LNG and natural gas adoption throughout Asia as demonstrated by forecast infrastructure growth in the region.

然而，正如先前討論的，我們預計這些動態將在中期內發生逆轉，因為未來幾季將有新的供應進入市場，這將對未來的市場平衡產生重大影響。在此背景下，我們預計亞洲將持續長期採用液化天然氣和天然氣，正如該地區基礎設施的預測成長所顯示的那樣。

Considering the region as a whole, gas-fired power generation capacity is expected to reach approximately 830 gigawatts by 2040. That's an increase of over 70% from 2024. With re-gas capacity expected to reach over 1,000 million tons by 2040, a more than 50% increase from 2024. Let's turn to the next page to further address our outlook on LNG market balances.

從整個地區來看，預計到 2040 年，燃氣發電裝置容量將達到約 830 吉瓦。這比 2024 年增長超過 70%。預計到 2040 年，天然氣再氣化能力將超過 10 億噸，比 2024 年增加 50% 以上。讓我們翻到下一頁，進一步探討我們對液化天然氣市場供需平衡的展望。

With a significant amount of liquefaction capacity forecast to come online over the next few years across the globe, the LNG market is entering a period of significant supply growth. This long expected supply cycle is beginning to tangibly come to fruition as our CCL Stage 3 project has started to come online alongside other North American LNG projects, both along the Gulf Coast and in Canada.

預計未來幾年全球將有大量液化產能投入運營，液化天然氣市場正進入供應大幅增長期。隨著我們的 CCL 第三階段項目與其他北美液化天然氣項目（包括墨西哥灣沿岸和加拿大的項目）一起開始上線，人們期待已久的供應週期開始切實實現。

And new capacity from Qatar is expected to enter the market later in the decade. We expect the global LNG market will add an average of 35 million tons of liquefaction capacity annually from 2025 through 2030. This significant supply growth represents an annual CAGR of approximately 7% from 2025 through 2030. Despite incremental supply of approximately 30 million to 40 million tonnes per annum expected in '26, we continue to believe that latent price-sensitive LNG demand, particularly in Asia, will stand ready to absorb this additional supply efficiently.

預計卡達的新產能將於本十年稍後進入市場。我們預計從 2025 年到 2030 年，全球液化天然氣市場每年將平均新增 3,500 萬噸液化產能。這一顯著的供應成長意味著從 2025 年到 2030 年，年複合成長率約為 7%。儘管預計 2026 年每年將新增約 3,000 萬至 4,000 萬噸的供應量，但我們仍然相信，潛在的、對價格敏感的液化天然氣需求，尤其是在亞洲，將能夠有效地吸收這些額外的供應。

We expect to return to stronger growth in Asian LNG demand as the availability and affordability of LNG increases, catalyzing price-sensitive demand. The multi-year period of elevated prices we have experienced represents a clear signal that the market requires additional LNG supply, and we ultimately view a moderation in global LNG prices as favorable necessary, perhaps for meaningful long-term adoption of natural gas as a primary energy source and for investment in gas and LNG infrastructure across both developed and developing regions.

我們預計，隨著液化天然氣供應和價格的增加，亞洲液化天然氣需求將恢復強勁成長，從而刺激對價格敏感的需求。多年來的高價表明市場需要更多的液化天然氣供應，我們最終認為全球液化天然氣價格的緩和是有利的，這或許有利於天然氣作為主要能源的長期有效應用，以及發達地區和發展中地區對天然氣和液化天然氣基礎設施的投資。

The forward curve currently indicates '26 Asian spot LNG prices in the $11 range, which is supported by generally strong consensus from key market researchers that anchors around $10 to $11 price levels. With forecasted prices set to moderate later in the decade, aided by new supply, we expect '26 to represent the beginning of a pivot to more normalized spot LNG prices in the region.

目前遠期曲線顯示，2026 年亞洲現貨液化天然氣價格在 11 美元左右，主要市場研究人員普遍強烈認同這一價格區間約在 10 美元至 11 美元左右。預計到本世紀末，在新增供應的推動下，價格將趨於緩和，我們預計 2026 年將標誌著該地區現貨液化天然氣價格開始轉向更正常的水平。

Even at the lower end of this price outlook, we expect US LNG exports to continue unabated and do not expect any meaningful curtailments of US LNG volumes. Ultimately, we view LNG supply additions as a moderating force on the global LNG market, and we expect this increased supply to invigorate demand as LNG becomes increasingly available and affordable, especially in price-sensitive and developing economies.

即使價格預期處於較低水平，我們也預計美國液化天然氣出口將繼續保持強勁勢頭，並且預計美國液化天然氣出口量不會出現任何實質削減。最終，我們認為液化天然氣供應的增加對全球液化天然氣市場起到了調節作用，我們預計隨著液化天然氣供應日益充足且價格更加實惠，尤其是在價格敏感型經濟體和發展中經濟體，這種供應的增加將刺激需求。

In developed markets, this period of increased supply would represent a welcome change for consumers following the current multiyear period of elevated prices following the energy crisis in Europe. In the context of this period of shifting market dynamics and increased LNG supply, our highly contracted business model insulates us from near to mid-term market volatility while providing our customers destination flexible volumes that enable them to navigate an evolving global LNG market as well as their own demand and consumption needs.

在已開發市場，經歷了歐洲能源危機後多年高油價的局面後，這段供應增加的時期對消費者來說無疑是一個令人欣喜的變化。在當前市場動態變化和液化天然氣供應增加的背景下，我們高度合約化的商業模式使我們免受近期到中期市場波動的影響，同時為客戶提供目的地靈活的液化天然氣供應量，使他們能夠應對不斷變化的全球液化天然氣市場以及自身的需求和消費需求。

At Cheniere, we'll continue to maintain our disciplined approach to sanctioning new liquefaction capacity under long-term contracts and with high visibility into future cash flows as we enter this new period in the global LNG market.

進入全球液化天然氣市場的新階段，切尼爾能源將繼續秉持嚴謹的態度，透過長期合約批准新的液化產能，並對未來的現金流保持高度的可見度。

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

接下來，我將把電話交給扎克，讓他來回顧我們的財務表現和展望。

Thanks, Anatol, and good morning, everyone. I'm pleased to be here today to review our third quarter 2025 results and key financial accomplishments, our financial guidance ranges for 2025 and our preliminary outlook for 2026 LNG volumes. Turn to slide 12. For the third quarter of 2025, we generated net income of approximately $1.05 billion, consolidated adjusted EBITDA of approximately $1.6 billion and distributable cash flow of approximately $1.6 billion.

謝謝阿納托爾，大家早安。今天我很高興來到這裡，回顧我們 2025 年第三季的業績和主要財務成就、2025 年的財務指導範圍以及 2026 年液化天然氣產量的初步展望。翻到第12張投影片。2025 年第三季度，我們實現淨收入約 10.5 億美元，合併調整後 EBITDA 約 16 億美元，可分配現金流約 16 億美元。

Compared to the third quarter of 2024, our 2025 results reflect higher total volumes of LNG produced across our platform, primarily as a result of the substantial completion of mid-scale Trains 1 and 2 at CCL Stage 3, and higher total margins as a result of increased cargoes that CMI was able to sell in the spot market opportunistically earlier this year.

與 2024 年第三季相比，我們 2025 年的業績反映了我們平台液化天然氣總產量的增加，這主要是由於 CCL 第三階段的中型 1 號和 2 號生產線基本完工，以及由於 CMI 今年早些時候在現貨市場上抓住機會出售了更多貨物，導致總利潤率提高。

As Jack mentioned, we navigated some operational volatility this quarter, primarily related to feed gas composition variability across both facilities. However, these impacts were partially offset by the ongoing acceleration in the commissioning and start-up of the CCL Stage 3 project.

正如傑克所提到的，本季我們經歷了一些營運波動，主要與兩個工廠的原料氣成分變化有關。然而，CCL 第三階段專案的調試和啟動正在加速推進，部分抵消了這些影響。

Looking forward, we expect to continue deploying solutions to build resiliency against production variability and bolster our operation reliability year-over-year as well as bringing the remainder of the Stage 3 trains online safely and ahead of schedule. We have generated approximately $4.9 billion of consolidated adjusted EBITDA and approximately $3.8 billion of distributable cash flow in the first nine-months of 2025 supporting our confidence in our guidance ranges, for the full year, which I'll address on the next slide.

展望未來，我們期望繼續部署解決方案，以增強應對生產波動的能力，並逐年提高營運可靠性，同時安全提前地將第三階段剩餘的列車投入營運。2025 年前九個月，我們實現了約 49 億美元的合併調整 EBITDA 和約 38 億美元的可分配現金流，這增強了我們對全年業績指引的信心，我將在下一張幻燈片中詳細說明。

During the third quarter, we recognized in income 584 TBtu of physical LNG which included 581 TBtu from our projects and 3 TBtu sourced from third parties. Approximately 93% of our LNG volumes recognized were sold in relation to term SPA or IPM agreements. During the quarter, we also produced and sold approximately 7 TBtu of LNG attributable to the commissioning of Trains 2 and 3 of the Stage 3 project.

第三季度，我們確認了 584 TBtu 的實體液化天然氣收入，其中包括來自我們專案的 581 TBtu 和從第三方採購的 3 TBtu。我們確認的液化天然氣銷量中約有 93% 是根據長期 SPA 或 IPM 協議售出的。本季度，由於第三階段專案第二條和第三條生產線的投產，我們也生產並銷售了約 7 TBtu 的液化天然氣。

The net margin of which an adherence to GAAP is not recognized in income nor our EBITDA or DCF, but rather as an offset to our overall CapEx spend on the project. Our strong financial results year-to-date enabled our team to deploy another approximately $1.8 billion under our comprehensive all-of-the-above capital allocation plan.

根據公認會計準則，淨利潤不會計入收入、EBITDA 或 DCF，而是作為對該項目整體資本支出的抵銷。今年迄今為止強勁的財務業績使我們的團隊能夠根據我們全面的「全方位資本配置計畫」再投入約 18 億美元。

We've now deployed approximately $18 billion of our initial target of $20 billion through 2026, as we continue to invest in our accretive brownfield growth, reduce our share count and enhance our shareholder returns while retaining the financial strength and flexibility to self-fund future accretive growth across our platform with a solidly investment-grade balance sheet.

截至目前，我們已投入約 180 億美元，遠低於 2026 年最初設定的 200 億美元的目標。我們將繼續投資於增值型棕地開發項目，減少股份數量，提高股東回報，同時保持財務實力和靈活性，以穩健的投資級資產負債表為平台未來的增值增長提供自籌資金。

We are now on track to surpass the $20 billion deployment target comfortably before the end of 2026. We've already made a dent on our $25 billion target through 2030 with over $3 billion now deployed into our capital allocation pillars in just the last two quarters. During the third quarter, we repurchased 4.4 million shares for approximately $1 billion.

我們現在預計在 2026 年底前輕鬆超過 200 億美元的部署目標。到 2030 年，我們已經實現了 250 億美元的目標，光是過去兩個季度，我們就已向資本配置支柱投入了超過 30 億美元。第三季度，我們回購了 440 萬股股票，總價值約 10 億美元。

Bringing our shares outstanding to approximately $217 million as of quarter end. And as you can see from the 10-Q cover, our plan has continued to be active and opportunistic early in the fourth quarter amidst continued volatility bringing our share count down into the 215 million range. Our buyback activity in the third quarter and beyond highlights the power of the plan and its ability to be opportunistic during periods of share price volatility.

截至季末，我們的流通股約為 2.17 億美元。正如您從 10-Q 封面中看到的那樣，在第四季度初，儘管市場持續波動，我們的計劃仍然積極主動、抓住機遇，導致我們的股票數量下降到 2.15 億股左右。我們在第三季及以後的回購活動凸顯了該計畫的效力，以及在股價波動時期把握機會的能力。

Especially following the incorporation of mid-scale eight to nine and our increased run rate forecast into the valuation framework that governs our repurchases. Thanks to our liquidity and balance sheet position, contracted cash flow visibility and our uncompromising discipline to grow if and only if an investment meets our standards, our buyback consistently stands at the ready to demonstrate our conviction in the long-term value of this company especially through any volatility or dislocations.

尤其是在將中等規模的八到九家公司納入我們的回購估值框架之後，以及我們不斷提高的運行率預測。由於我們良好的流動性和資產負債表狀況、穩定的現金流可見度以及我們堅持只有符合我們標準的投資才能增長的堅定原則，我們的回購計劃隨時準備就緒，以證明我們對這家公司長期價值的信心，尤其是在任何波動或混亂時期。

We have now deployed approximately $1.7 billion on the buyback this year through Q3, leaving approximately $2.2 billion on our current authorization. Meaning, we are on track to seek our fourth share repurchase authorization from the Board in the next year. We continue to make methodical yet opportunistic progress towards our initial target of 200 million shares outstanding and allow our shareholders to continue growing their ownership of Sabine and Corpus over time.

今年截至第三季度，我們已投入約 17 億美元用於股票回購，目前授權金額還剩約 22 億美元。這意味著，我們預計在明年向董事會申請第四次股票回購授權。我們繼續穩步推進，抓住機遇，朝著最初設定的2億股流通股目標邁進，並讓我們的股東隨著時間的推移不斷增持Sabine和Corpus的股份。

For the third quarter, we declared a dividend of $0.555 per common share or $2.22 annualized which is an increase of over 10% from the prior quarter. With this increase, we have grown our quarterly dividend by almost 70% since initiation approximately four years ago at $1.32 annualized. We remain committed to our guidance of growing our dividend by approximately 10% annually through the end of this decade.

第三季度，我們宣布派發每股普通股 0.555 美元的股息，年化股息為 2.22 美元，比上一季成長超過 10%。隨著此次成長，自大約四年前開始分紅以來，我們的季度股息已成長近 70%，達到年化 1.32 美元。我們將繼續堅持先前的指導方針，即在本十年末之前，每年將股息提高約 10%。

Targeting a payout ratio of approximately 20% over time, enabling the financial flexibility essential to our long-term capital allocation plan and our disciplined approach to self-funded and accretive growth. Moving to the balance sheet. During the third quarter, we repaid approximately $52 million of the outstanding principal of the SBL 2037 notes based on the fixed amortization schedule, representing the first amortization payment on these notes.

目標是長期實現約 20% 的派息率，從而為我們的長期資本配置計劃和我們自籌資金和增值增長的嚴謹方法提供必要的財務靈活性。接下來查看資產負債表。第三季度，我們根據固定攤銷計劃償還了約 5,200 萬美元的 SBL 2037 票據未償還本金，這是這些票據的第一筆攤銷付款。

In July, we repaid $1 billion of senior secured notes due 2026 at SBL with the net proceeds from the issuance of $1 billion of unsecured notes due 2035 at CQP along with cash on hand. We expect to repay the remaining $500 million of principal on the 2026 notes with cash on hand over the next few quarters, reducing our interest expense while further desubordinating our balance sheet and strengthening our investment-grade ratings.

7 月，我們以 CQP 發行 2035 年到期的 10 億美元無擔保票據所得淨收益以及手頭現金，償還了 SBL 2026 年到期的 10 億美元優先擔保票據。我們預計將在未來幾季用手頭現金償還 2026 年到期票據剩餘的 5 億美元本金，從而降低我們的利息支出，同時進一步降低我們的資產負債表的次級地位，並加強我們的投資級評級。

This all positions the CQP complex to efficiently finance the first phase of the SBL expansion project and maintain its robust distribution policy through construction. During the third quarter, we funded over $300 million of CapEx on Stage 3, bringing total spend to approximately $5.5 billion unlevered. We also deployed approximately $200 million in the third quarter towards the mid-scale Trains 8 and 9 and debottlenecking project.

這一切都使 CQP 綜合體能夠有效地為 SBL 擴建計畫的第一階段提供資金，並在建設過程中保持其穩健的分銷政策。第三季度，我們為第三階段的資本支出投入了超過 3 億美元，使未槓桿支出總額達到約 55 億美元。第三季度，我們還投入了約 2 億美元用於中型 8 號和 9 號列車以及消除瓶頸項目。

We maintained substantial liquidity with approximately $1.4 billion in consolidated cash and billions of dollars of undrawn revolver and term loan liquidity throughout the Cheniere complex. We are well positioned to fund our disciplined growth objectives while retaining the significant financial flexibility fundamental to our capital allocation framework.

我們保持了充足的流動性，Cheniere 集團擁有約 14 億美元的合併現金，以及數十億美元的未提取循環信貸和定期貸款流動性。我們有能力為我們嚴謹的成長目標提供資金，同時保持對我們資本配置框架至關重要的重大財務靈活性。

Turning now to slide 13, where I will discuss our 2025 guidance and initial volume forecast for 2026. Today, we are reconfirming our 2025 guidance ranges of $6.6 billion to $7 billion of consolidated adjusted EBITDA and $3.25 to $3.35 per common unit of distributions from CQP. We are raising our full year 2025 DCF guidance range from $4.4 billion to $4.8 billion to $4.8 billion to $5.2 billion.

現在請看第 13 張投影片，我將在其中討論我們 2025 年的業績指引和 2026 年的初步銷售預測。今天，我們再次確認 2025 年的業績指引範圍為：合併調整後 EBITDA 為 66 億美元至 70 億美元，CQP 每單位普通股分紅為 3.25 美元至 3.35 美元。我們將 2025 年全年 DCF 預期範圍從 44 億至 48 億美元上調至 48 億至 52 億美元。

The $400 million increase to our DCF guidance range is primarily attributable to an improved cash tax outlook in 2025 due to the IRS revising rules in September related to the corporate alternative minimum tax. The rule change entitles us to a refund of previously paid KMT. This is in addition to $200 million DCF benefit in 2025 guided to on the August call, from the previous implementation of 100% bonus depreciation going forward starting this year.

我們將 DCF 指導範圍提高了 4 億美元，這主要歸因於美國國稅局在 9 月修訂了與企業替代最低稅相關的規則，從而改善了 2025 年的現金稅收前景。規則變更使我們有權獲得先前支付的國民保險金的退款。此外，根據 8 月的電話會議預測，2025 年將獲得 2 億美元的 DCF 收益，這是由於從今年開始實施 100% 的額外折舊政策所致。

As always, precisely where we land within the full year guidance ranges will be influenced by the timing of certain cargoes around year-end the ramp-up of Train 3 and the timing of Train 4 of Stage 3, as well as contributions from optimization activities during the balance of the year. With the lessons learned from the substantial completion of Trains 1 through 3 and progress Jack highlighted in navigating production variables, we are confident we can deliver financial results within our reconfirmed EBITDA and upwardly revised DCF ranges.

與往常一樣，我們全年業績指引的具體結果將受到年底某些貨物的交付時間、第三階段第三條生產線的投產時間以及第四條生產線投產時間的影響，以及今年剩餘時間優化活動的貢獻。鑑於 1 號至 3 號列車已基本完工，以及 Jack 在應對生產變數方面取得的進展，我們有信心能夠在重新確認的 EBITDA 和向上修訂的 DCF 範圍內實現財務業績。

Looking ahead to 2026, we have completed the initial production forecast for both Sabine Pass and Corpus Christi, and we expect to produce approximately 51 million to 53 million tons of LNG in total across our two sites next year, up approximately 5 million tons year-over-year, inclusive of forecast Stage 3 volumes from Trains 4 through 7 and planned maintenance across both sites next year.

展望 2026 年，我們已經完成了薩賓帕斯和科珀斯克里斯蒂的初步產量預測，預計明年這兩個工廠的總產量將達到約 5100 萬至 5300 萬噸液化天然氣，比上年增加約 500 萬噸，其中包括預計的 4 號至 7 號生產線的 3 階段產量以及明年兩個工廠的計劃維護。

While we expect the substantial completion of Trains 5 through 7 to occur across 2026, variability in this forecast is driven by the specific commissioning, ramp up and substantial completion timing as well as some general allowance for production variability year-to-year. Planned maintenance downtime to continue to bolster our resiliency long term across our platform in 2026 is a smaller scale compared to the major turnaround we executed this year, supporting 2026 to be a record production year again for us.

雖然我們預計 5 號至 7 號列車將在 2026 年基本完工，但這項預測的變動取決於具體的調試、產能提升和基本完工時間，以及每年生產波動的一些一般性因素。為了持續增強我們平台的長期韌性，2026 年的計畫維護停機時間規模較小，與我們今年執行的大規模檢修相比，這將支持 2026 年再次成為我們創紀錄的生產年份。

And as always, year-end timing can drive some degree of variability in our full year results. Of the 51 million to 53 million tons of production, we forecast approximately 50 million to 52 million tons of volume after commissioning and in-transit timing year-to-year supporting 2026 EBITDA. After accounting for approximately 47 million tons of long-term contracts in place, up from approximately 43 million tons in 2025 we expect to have approximately 3 million to 5 million tons of spot volume available for CMI to sell into the market or 150 to 250 TBtu.

與往常一樣，年末結算時間可能會對我們的全年業績造成一定程度的波動。在 5,100 萬至 5,300 萬噸的產量中，我們預測在完成調試和運輸後，每年的產量約為 5,000 萬至 5,200 萬噸，這將支援 2026 年的 EBITDA。考慮到目前已簽訂的約 4700 萬噸長期合同，高於 2025 年的約 4300 萬噸，我們預計 CMI 將有約 300 萬至 500 萬噸現貨可供其投放市場，相當於 150 至 250 TBtu。

Our team has been opportunistically selling and are hedging these open volumes, and we currently forecast approximately 1.5 million to 3.5 million tons or approximately 75 to 175 TBtu of unsold open capacity in 2026. We will continue to work this down opportunistically in coming quarters especially as we have greater clarity on completion and ramp-up timing of the remaining Stage 3 trains.

我們的團隊一直在伺機出售並對這些未售出的產能進行避險，我們目前預測到 2026 年將有大約 150 萬至 350 萬噸或大約 75 至 175 TBtu 的未售出產能。接下來幾個季度，我們將繼續抓住機會降低成本，尤其是在我們對剩餘的第三階段列車的完工和產能提升時間有了更清晰的了解之後。

Therefore, we currently forecast that $1 change in market margins would impact EBITDA by approximately $0.1 million to $0.2 billion for the full year, highlighting the cash flow visibility of the contracted platform. Consistent with previous years, we intend to provide 2026 financial guidance on our February call. We are proud of the team's efforts in enabling the achievement of substantial completion of Trains 1 to 3, and advancing Train 4 schedule since our last earnings call.

因此，我們目前預測，市場利潤率每變化 1 美元，全年 EBITDA 將變化約 10 萬美元至 2 億美元，這凸顯了合約平台的現金流可見度。與往年一樣，我們計劃在2月的電話會議上提供2026年的財務指引。我們為團隊的努力感到自豪，他們使 1 號至 3 號列車基本完工，並自上次財報電話會議以來推進了 4 號列車的進度。

With the expected substantial completion of Train 5 to 7 in 2026 and several million tons of additional contracts starting in 2026. Our platform will continue to be comfortably over 90% contracted with investment-grade counterparties, generating long-term take-or-pay style cash flows, which provides us significant insulation from volatility in a rapidly evolving global LNG market.

預計 5 號至 7 號生產線將於 2026 年基本完工，並且從 2026 年起將簽訂數百萬噸的額外合約。我們的平台將繼續保持 90% 以上的交易與投資級交易對手簽訂合同，產生長期照付不議式現金流，這使我們能夠很好地抵禦快速發展的全球液化天然氣市場的波動。

Our achievements thus far in 2025 reinforce our conviction engineer as the premier contracted infrastructure platform with decades of cash flow visibility. We will continue to remain disciplined and focused on enhancing the long-term value proposition we offer to both our shareholders and customers alike for the decades to come. That concludes our prepared remarks.

我們在 2025 年的成就進一步鞏固了我們的信念，即作為首屈一指的承包基礎設施平台，擁有數十年的現金流可見度。我們將繼續保持嚴謹的態度，專注於提升我們為股東和客戶提供的長期價值，以期在未來幾十年持續發展。我們的發言稿到此結束。

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切尼爾能源公司感興趣。接線員，我們已準備好開通問答線路。

(Operator Instructions) Jeremy Tonet, JPMorgan.

（操作說明）傑里米·托內特，摩根大通。

Just want to start off, I guess, Zach, here with the buybacks, quite the pace this past quarter here and granted is opportunistic in nature, but just wanted to see any thoughts you might be able to share with regards to the pace of the trajectory going forward, given what you've been able to accomplish so far?

我想先問一下，扎克，關於股票回購，上個季度回購速度相當快，雖然這本質上是機會主義行為，但我想聽聽你對未來回購速度的看法，考慮到你目前取得的成就？

Sure. Thanks, Jeremy. Yes, it was our second $1 billion quarter that we've had since we've initiated buybacks a few years back. And I think there's three dynamics to it. It's first liquidity and as you could see in just the cash balances, we started this year with over $3 billion and the fact that all of our revolvers are open, and we still have the Corpus term loan for CapEx of over $3 billion.

當然。謝謝你，傑瑞米。是的，這是我們自幾年前開始股票回購以來第二個營收達到 10 億美元的季度。我認為其中有三個方面。首先是流動性，正如你從現金餘額中看到的那樣，我們今年年初的現金餘額超過 30 億美元，而且我們所有的循環信貸額度都已開通，我們還有超過 30 億美元的 Corpus 定期貸款用於資本支出。

We had more than enough liquidity. Then it gets into valuation. And honestly, if you look at these valuations forget about where it is today even where it was in Q3. We're basically buying back the stock at an EV to EBITDA that's significantly lower than the CapEx to EBITDA of every other FID project that's occurred this year. And then on top of that is just performance.

我們當時的流動資金非常充足。然後就進入估值階段了。說實話，如果你看看這些估值，就別管它現在的估值，甚至別管它第三季的估值了。我們基本上是以遠低於今年所有其他最終投資決定項目的資本支出與息稅折舊攤銷前利潤比率的價格回購股票。除此之外，還有效能方面的問題。

So as you can tell, the buyback is there, alive and ready to support the stock and our conviction of the long-term value of this company and those decades of contracted cash flows. So going forward, expect more of the same. This buyback program of $4 billion was supposed to go through '27. Basically, we're on target to need to go back to the Board and has to earn upside next year. So expect that.

所以正如你所看到的，股票回購計劃已經啟動，隨時準備支撐股價，並鞏固我們對這家公司長期價值以及數十年來已簽訂合約的現金流的信心。所以接下來，預計情況還會繼續類似。這項耗資 40 億美元的股票回購計畫原本應該持續到 2027 年。基本上，我們明年需要再次向董事會匯報，並且必須實現業績成長。所以要做好心理準備。

And we'll keep on tracking along, especially if we are valued at levels that we think are clearly below where the -- just the -- without any more growth, we can value the company and earn a really good return for our shareholders.

我們將繼續穩步前進，尤其是在我們認為公司估值明顯低於——僅僅——在沒有任何增長的情況下，我們可以為公司估值並為股東帶來真正豐厚回報的水平時。

Got it. That's helpful. And Anatol, pivoting to the LNG market and picking up some of the commentary you put out there with regards to inflection point. I was just wondering if you might be able to comment a bit more on lower prices incentivizing demand, what type of demand within Asia, could you see there? How deep are those pockets?

知道了。那很有幫助。還有 Anatol，他轉向液化天然氣市場，並採納了你關於轉折點的一些評論。我只是想問您能否再多談談低價刺激需求的問題，您認為亞洲的需求類型是什麼？他們的口袋有多深？

And the pricing range provided on slide 10 on the right is a pretty wide range. Any thoughts, I guess, on how things could shape up versus the active forward curve versus some of the consultants?

右側第 10 張投影片上提供的價格範圍相當廣泛。大家有什麼想法嗎？關於積極的遠期曲線以及一些顧問公司的觀點，事情可能會如何發展？

Yes. Thanks, Jeremy. Look, we have gone through a multiyear period now with one of the largest disruptions to global gas supply and we've added order of magnitude 30 million tons to the LNG market. And now we're going to embark on more than half a decade of adding that much volume on an annual basis. So '26, we do think is a transition year weather dependent.

是的。謝謝你，傑瑞米。你看，我們已經經歷了多年全球天然氣供應嚴重中斷的時期，並且我們已經向液化天然氣市場增加了 3000 萬噸的供應量。接下來五年多的時間裡，我們將每年新增這麼多的產量。所以，我們認為2026年是過渡年，具體年份取決於天氣狀況。

And obviously, it depends a lot on how some of those early price signals and demand elasticity play out. But the drivers for that gas demand, which we are very constructive on over the medium to longer term, right, we do think that not only does the LNG market get to that 700 million-ton level by 2040, but also the gas market overall will have a robust growth period but it will be choppy.

顯然，這很大程度上取決於一些早期價格訊號和需求彈性如何發揮作用。但是，我們對中長期天然氣需求的驅動因素持非常樂觀的態度，我們認為，到 2040 年，液化天然氣市場不僅會達到 7 億噸的水平，而且整個天然氣市場也將迎來強勁的增長期，但增長過程會比較波動。

It will be things like power generation in China. You have over 150 gigawatts installed now. You have no issues with regas capacity that's -- that now has, I believe, 32 facilities up and running and will be 250 million tonnes of import capacity, just what's operating under construction. That generation fleet is grossly underutilized, and that could be a very substantial driver in and of itself.

比如中國的發電問題。您目前已安裝了超過 150 吉瓦的電力。你們的再氣化能力沒有任何問題——我相信現在已經有 32 個設施投入運營，而且僅僅是正在建設中的設施，進口能力就將達到 2.5 億噸。該代車隊的使用率嚴重不足，這本身可能是一個非常重要的驅動因素。

And as we've already said, the aggregate installed capacity is going to grow to 800 gigawatts in that theater. So that is a driver, but you'll also see industrial demand. You'll also see residential commercial demand. But the pace at which it absorbs this incremental supply will at times not match the supply timing. So that's the reason why we expect this volatility.

正如我們之前所說，劇院的總裝置容量將增長到 800 吉瓦。所以這是一個驅動因素，但你也會看到工業需求。你還會看到住宅和商業方面的需求。但是，它吸收這些新增供應的速度有時與供應時間不符。這就是我們預期會出現這種波動的原因。

And as Jack says, we'll continue to cheat and continue to contract the 95% plus of our capacity and let our investment-grade counterparties manage vast majority of that volatility.

正如傑克所說，我們將繼續作弊，繼續縮減我們 95% 以上的產能，讓我們的投資等級交易對手來管理絕大部分的波動性。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

With the EU moving forward to ban imports of Russian natural gas by Jan 1, 2026, do you think we could see upside to your marketing activities next year with 75 to 175 TBtu of unsold volumes as block lean further into US LNG during the winter ahead?

鑑於歐盟計劃於 2026 年 1 月 1 日禁止進口俄羅斯天然氣，您認為隨著冬季市場進一步轉向美國液化天然氣，明年 75 至 175 TBtu 的未售天然氣量是否會對您的行銷活動帶來利好？

Yes. Thank you, Theresa. This is Jack. As you know, we have tried to be very constructive and supportive of the EU and their energy needs. We've delivered over 60%. I think it's close to 66% of all of our cargoes over the last three years have went to Europe. I would expect that there's going to be other opportunities for us in Europe just based on our relationship with our counterparties there, 24 million tons of our contracts are with EU counterparties. And our relationship there is very, very strong. But Anatol, do you have anything to add?

是的。謝謝你，特蕾莎。這是傑克。如您所知，我們一直努力對歐盟及其能源需求給予建設性的支持。我們已經交付了超過 60%。我認為在過去三年裡，我們所有貨物的近 66% 都運往了歐洲。我認為，基於我們與歐洲交易對手的關係，我們在歐洲還會有其他機會，我們有 2400 萬噸的合約是與歐盟交易對手簽訂的。我們在那裡的關係非常非常牢固。阿納托爾，你還有什麼要補充的嗎？

Yes. Thanks. Well, Theresa, just not to be too precise, but six-months for the short-term contracts, so that's April of next year, long term as of January of '27, which is one of the reasons why we think this winter, again, is a bit of a transition period. As Jack said, we stand at the ready to support our customers, obviously, have destinational flexible volumes. As you point out, Russian LNG has supplied about 11 million tonnes year-to-date into the EU.

是的。謝謝。嗯，特蕾莎，我不太確定具體時間，短期合約為期六個月，也就是到明年四月；長期合約從 2027 年 1 月開始，這也是我們認為今年冬天是一個過渡期的原因之一。正如傑克所說，我們隨時準備為客戶提供支持，顯然，我們有靈活的目的地運送。正如你所指出的，俄羅斯液化天然氣今年迄今已向歐盟供應了約 1,100 萬噸。

So that volume will be most likely impeded. We don't think it disappears. We think it is a little bit less sort of utilization of the Arctic facilities, but ultimately, unfortunately, they will likely find a market, as you all know. So it is a little bit of the question mark over this coming winter. But again, it's order of magnitude 10 million, 11 million tons against the backdrop of 30 million and 40 million-ton growth years.

因此，交易量很可能會受到影響。我們認為它不會消失。我們認為北極設施的利用率略低一些，但最終，不幸的是，正如你們所知，它們很可能會找到市場。所以，即將到來的這個冬天多少還存在著一些不確定性。但同樣，與過去每年 3,000 萬噸至 4,000 萬噸的成長年份相比，這個數字只有 1,000 萬噸、1,100 萬噸。

Got it. And with the previous comments from Anatol about medium- to long-term demand elasticity in mind and tying it into your views on project commercialization given the onslaught of competing liquefaction project FIDs we've seen so far this year. How is to your thinking about your own incremental capacity expansion from here beyond what has already been sanctioned?

知道了。考慮到 Anatol 之前關於中長期需求彈性的評論，以及你對項目商業化的看法，鑑於我們今年迄今為止看到的大量相互競爭的液化項目最終投資決定，這一點值得我們思考。您如何考慮在已核准的基礎上，進一步擴大自身產能？

Yes, Theresa, thank you. And we're going to stick with our Cheniere standards. So we're going to make sure that if we're going to invest additional capital into growth that it meets all of our financial hurdles those hurdles are very robust. I'll let Zach go through at least the 5 or 10 of them that he wants to. But we make sure that we are fully contracted that it meets our hurdle rates and that we're providing our energy to investment-grade counterparties over the long term. But Zach, do you have anything to add?

是的，特蕾莎，謝謝你。我們將繼續堅持切尼爾能源公司的標準。因此，我們要確保，如果我們要追加投資用於成長，那麼它必須滿足我們所有的財務要求，而這些要求非常嚴格。我會讓札克至少看完他想看的5到10個。但我們會確保我們簽訂了完整的合同，達到我們的最低收益率，並且長期向投資級交易對手提供能源。札克，​​你還有什麼要補充的嗎？

Sure. I'll just say we're going to stay to our lane and stick to brownfield LNG development and construction and operations and remain as disciplined as possible in a pretty undisciplined environment right now. So the plan, as we've said many times, is we're going to permit the heck out of the site. We're permitting 20-plus million tons at both Sabine and Corpus as we speak.

當然。我只想說，我們將繼續做好自己的工作，專注於棕地液化天然氣開發、建設和運營，並在目前這種相當缺乏紀律的環境中保持盡可能的自律。所以，正如我們多次說過的那樣，我們的計劃是，我們要給這個場地發放大量的許可證。我們正在批准薩賓和科珀斯克里斯蒂兩個礦區的採礦許可，產量都超過2000萬噸。

That doesn't mean that's the intention of what will FID in the near term. What we have line of sight to FID in the near term is, first, Sabine, a first phase expansion that would be a train and some incremental debottlenecking equipment. And that project alone would need an incremental birth, tank or pipeline, and that should be as economic as possible.

但這並不意味著這就是近期最終投資決定（FID）的意圖。近期內，我們預計將實現最終投資決策 (FID) 的項目是：首先是薩賓項目，第一階段擴建將包括一列火車和一些逐步消除瓶頸的設備。僅此一項工程就需要逐步建造儲罐或管道，而且應該盡可能降低成本。

And with that said, we have a good amount of contracts already on the books signed with CMI that could be assigned to either projects that basically cover us off for contracting for a first phase project at Sabine. And then it's digital for the fourth large-scale train at Corpus that's slightly behind in terms of the permitting schedule as we just FID midscale eight and nine.

也就是說，我們已經與 CMI 簽訂了大量合同，這些合同可以分配給兩個項目，基本上可以滿足我們在 Sabine 第一階段項目的承包需求。然後，科珀斯克里斯蒂的第四列大型列車將採用數位化技術，但由於我們剛剛完成了中型列車第八列和第九列的最終投資決定，因此該列車在許可進度方面略有落後。

So we'll stick to the standard basically unlevered 10% returns. And not at these $5 margins that we see on the curve today and into next year but comfortably under $3. We're going to stick to the six times to seven times CapEx to EBITDA at the same type of margin level. We're going to be 90% contracted to really lock that in and then be in a position where we can fund it 50-50 and be credit accretive. That's how we've done every project to date and have no intention of slowing that down.

所以我們將堅持標準的、基本上不涉及槓桿的 10% 報酬率。而且不會像我們今天和明年在曲線上看到的那樣達到 5 美元的利潤率，而是穩穩地低於 3 美元。我們將繼續維持 6 到 7 倍的資本支出與 EBITDA 比率，並維持相同的利潤率水準。我們將簽訂 90% 的合約來真正鎖定這一點，然後我們就可以以 50/50 的比例進行融資，並提高信用評級。我們一直以來都是這樣完成所有專案的，而且我們也沒有放慢速度的打算。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

I wanted to start on some of the comments on the feed gas this quarter. Jack, I appreciate your walk-through on everything the team has done to kind of fix that. I guess if you can just talk us through what that looks like going forward. Are there investments you guys can make at the plans or investments upstream? Is it something more of this process and it takes some time? Maybe just walk us through that one more time, if you don't mind.

我想先談談本季原料氣的一些評論。傑克，感謝你詳細介紹了團隊為解決這個問題所做的一切努力。我想請您給我們詳細介紹接下來的發展方向。你們可以在計畫層面或上游進行投資嗎？是不是這個過程的某個環節，需要一些時間？如果你不介意的話，能不能再給我們詳細解釋一下？

Yes, John. Thank you. So first off, there's a lot of variability, right? Our biggest variability has always been weather. So we first had fog and a lot of fog gets have been passed. We built the third birth and we managed fog. Then it was hot and humid. And we've upgraded fans, and we've added windshield. So the team constantly surprises me and is able to make small capital investments to get through some of these variabilities. This -- lately, it's been the variability in the feed gas composition mostly from the Permian.

是的，約翰。謝謝。首先，這裡面有很多變數，對吧？我們面臨的最大變數一直是天氣。一開始是霧，現在已經過了很長一段時間了。我們建造了第三個產房，並且控制住了霧氣。當時天氣又熱又潮濕。我們升級了風扇，並加裝了擋風玻璃。所以，這支團隊總是能帶給我驚喜，並且能夠進行小額資本投資來應對這些不確定因素。最近，主要問題在於原料氣成分的變化，尤其是來自二疊紀盆地的原料氣成分。

So as some of the larger pipes have come across and have tied in Permian gas into Louisiana for lack of a better word. We've seen an increase in nitrogen and yes, there are things we can do to help minimize the nitrogen. But nitrogen is an inert gas, and it takes up space. And there's different ways to combat that. So at Sabine, we've seen the increase in nitrogen.

因此，一些較大的管道已經鋪設完畢，並將二疊紀盆地的天然氣輸送到路易斯安那州（暫且這麼說）。我們發現氮含量增加，是的，我們可以採取一些措施來幫助減少氮含量。但氮氣是惰性氣體，而且會佔據空間。應對這種情況的方法有很多種。所以在薩賓，我們看到了氮含量的增加。

We've changed processes to run it in what we call wet mode, which chills it and pushes it through our system a little more forgiving is what I'll say. And then secondly, minute quantities of substances in the gas stream when you're focusing billions and billions of cubic feet to one specific area. So 5 billion cubic feet a day to Sabine Pass or 3 billion cubic feet over to Corpus Christi minute quantities end up being very, very big. So we've seen some heavies.

我們已經改變了流程，採用我們稱之為「濕模式」的運作方式，這種方式可以冷卻物料，並使其在我們的系統中運作得更加順暢。其次，當您將數十億立方英尺的氣體集中到一個特定區域時，氣流中會含有微量的物質。因此，每天有 50 億立方英尺的液體運往薩賓山口，或每天有 30 億立方英尺的液體運往科珀斯克里斯蒂，這些微小的數量最終都會變得非常非常龐大。我們已經見識了一些重量級選手。

Those are C12 that -- or C12 pluses that are starting to freeze in our system before the liquefaction of the LNG. And that's where we've started to use different solvents to clean the heat exchangers, we've been defrosting a little bit more. But the team continues to figure out ways around it. And we have a long-term plan that we're going to implement next year to help us be much more resilient to small shifts in composition within the gas stream.

這些是 C12（或 C12+），它們在液化天然氣 (LNG) 液化之前就開始在我們的系統中凍結。因此，我們開始使用不同的溶劑來清洗熱交換器，我們也進行了一些除霜工作。但球隊仍在想辦法克服這個問題。我們有一個長期計劃，將於明年實施，以幫助我們更好地應對氣流成分的微小變化。

And I'll just add that as we gave preliminary and it's definitely preliminary production guidance for next year, we baked a lot of that in, in terms of -- there's some planned maintenance incrementally, in particular, at Corpus in the next year at least, that once we get through some of that, we could be in a position to potentially do better than, let's say, 1.5 million tons per train.

我還要補充一點，正如我們給出的明年初步產量指引（而且這絕對是初步的）一樣，我們已經考慮到了很多因素，例如，明年至少在科珀斯克里斯蒂工廠會進行一些計劃內的逐步維護，一旦我們完成其中一些維護工作，我們或許能夠做到每列火車超過 150 萬噸的產量。

But that's not something we're baking in, in October a year ahead before we've done much of that work. So some of those things are baked into the -- this initial forecast and clearly, we'll give financial guidance to the Street on the February call and have a better picture of where production is coming out.

但這並不是我們提前一年，也就是一年前的十月份，在我們完成大部分相關工作之前就應該考慮的事情。所以其中一些因素已經包含在初步預測中，顯然，我們將在二月的電話會議上向華爾街提供財務指導，並更了解生產情況。

That's clear. I appreciate that color. Just a quick one for me, Zach, following up on your comments a couple of minutes ago. Can you just remind us, at this point, kind of gating items for being Train 7 specifically? And I understand there's a few more moving pieces, but like loosely speaking, what's your bogey for potential FID timing?

這一點很清楚。我喜歡這個顏色。札克，​​我還有一個問題想簡單問一下，是針對你幾分鐘前的評論。您能否在此提醒我們一下，針對 7 號列車的特定物品，有哪些限制條件？我知道還有一些其他因素需要考慮，但粗略地說，您對潛在的FID時間有什麼預期？

Sure. So we're deep in that FERC process and don't expect to receive that permit until later next year. And then and only then would we even be in a position to break ground and start officially reach FID. With that said, we could definitely start LNTPs to an extent with Bechtel next year to start locking in certain costs, if it all meets the hurdles again.

當然。所以我們現在正處於聯邦能源管理委員會（FERC）的審批流程中，預計要到明年晚些時候才能獲得許可。只有到那時，我們才有可能破土動工，正式進入最終投資階段。也就是說，如果一切順利，明年我們肯定可以和貝克特爾公司在某種程度上開始進行長期技術合作，以鎖定某些成本。

So we're still working that through with Bechtel and development and ensuring that we can get to that, let's say, seven times CapEx to EBITDA or better level. And as we get closer to that, we're going to lock in some long lead items, spend some money down there, and you'll see still a tempered CQP distribution out as we retain some of that variable distribution to make sure the balance sheet is good to go for that project as well as to fund some of this CapEx before we even FID.

所以我們仍在與貝克特爾公司和開發部門一起努力，確保我們能夠達到，比如說，資本支出與 EBITDA 之比達到 7 倍或更高的水平。隨著項目臨近，我們將鎖定一些長週期項目，投入一些資金，同時您還會看到 CQP 分配有所調整，因為我們將保留一些可變分配，以確保資產負債表能夠順利進行該項目，並在我們做出最終投資決定 (FID) 之前為部分資本支出提供資金。

Spiro Dounis, Citi.

Spiro Dounis，花旗銀行。

I wanted to start, Jack, maybe with some of your opening comments just around the trade outlook and some of the uncertainty there. I would love just to get your updated thoughts around trade relations, maybe how that's impacted your SPA and commercialization efforts, the President in Asia this week. So just curious if you're optimistic that maybe we could see some more announcements come through on the LNG side.

傑克，我想先從你之前對貿易前景及其不確定性的一些開場白開始。我很想了解您對貿易關係的最新看法，以及這對您的特別行政區劃協議和商業化工作有何影響，總統本週訪問亞洲。所以，我只是好奇你是否樂觀地認為，我們可能會看到液化天然氣方面有更多消息公佈。

Spiro, thank you. And I am, I mean, it is nice to have a presence that's so enthusiastic about our product and what our product can do for the world. So at times, we need to manage that a little bit, but it's good to have somebody that's out there out in the forefront. I do expect to see more opportunities for us in Asia. Asia, as you know, is where we see a majority of the growth happening this next decade or two. And I see some opportunities there, which is why I have a trip to Asia. So -- but thank you, Spiro.

斯皮羅，謝謝你。我的意思是，能有這樣一位對我們的產品以及我們的產品能為世界帶來什麼充滿熱情的人在場，真是太好了。所以有時候，我們需要稍微管控一下，但最好有人能站在最前線。我確實期待我們在亞洲能有更多機會。如您所知，未來一二十年，亞洲將是經濟成長的主要區域。我看到了一些機會，這也是我去亞洲的原因。所以——不過還是要謝謝你，斯皮羅。

Yes. Now you'd appreciate the color there, Jack. Second one, maybe for you, Zach, on 2026 volumes. So first flush, it did look a little conservative to us, but it sounds like you're baking in some of that feed gas issue. So that could be it but also just wanted to get your sense for what you've assumed around the cadence for Trains 5 through 7, reaching substantial completion next year.

是的。現在你一定會喜歡那裡的顏色，傑克。第二個，或許是給你的，扎克，關於 2026 卷。所以第一輪沖洗看起來確實有點保守，但聽起來你們似乎在解決一些原料氣問題。所以可能就是這樣，但我也想了解您對第 5 至 7 列火車建設進度的預期，預計明年將基本完工。

Just especially you seem to have cut that time in half between first LNG and substantial completion. And there I'd say is there even a chance that we could see Train 8 speak into 2026?

尤其值得一提的是，你們似乎已經將首批液化天然氣項目到實質完工之間的時間縮短了一半。那麼，我想問的是，我們是否有可能在 2026 年看到 Train 8 發聲？

Do not put Train 8 into 2026 -- that out there. The only, I think, 20-something percent complete with none of the construction as of this call. So the team is pretty incredible, but I'd rather than do it safely and get it right. So we are optimistic on Trains 5 through 7 to come online next year.

不要把 8 號列車計畫推遲到 2026 年——那太不現實了。截至通話時，我認為該項目只完成了20%左右，而且還沒有進行任何施工。所以這個團隊非常出色，但我寧願穩妥地把事情做好。因此，我們對明年開通 5 號至 7 號列車持樂觀態度。

And again, as we talk about the guidance range, we assumed a Train 5 in the spring, a Train 6 in the summer and a Train 7 in the fall we'll be more precise as we get closer to those dates, as we're right now very focused on the fact that Train 4 is getting closer to first LNG, and we'll see if that's end of year this year, substantial completion or early next.

再說一遍，就像我們之前提到的指導範圍一樣，我們假設 5 號生產線在春季投產，6 號生產線在夏季投產，7 號生產線在秋季投產。隨著這些日期的臨近，我們會更精確地預測。因為我們現在非常關注 4 號生產線即將投產首批液化天然氣，我們將看看是在今年年底、實質完工還是明年初。

So again, we're optimistic if there's any acceleration on those trains that could help the production forecast as well. In addition to that, as you'll start to see even from Train 1 to Train 2 to Train 3 the time between first LNG and substantial completion keeps on shortening. That would also produce more P&L volumes supporting EBITDA next year as we continue to take advantage of the lessons learned, train to train to train.

所以，我們再次表示樂觀，如果這些列車的運行速度加快，也有助於提高產量預測。除此之外，正如您將看到的，即使從 1 號生產線到 2 號生產線再到 3 號生產線，從首次生產液化天然氣到實質完工的時間也在不斷縮短。如此一來，隨著我們繼續吸取經驗教訓，不斷培訓，明年就能產生更多的損益表數據，從而支持 EBITDA。

So more to come with that in February, but we'll leave it on the seasonal pattern for now for the next four trains to come online.

所以二月會有更多相關消息公佈，但目前我們將按照季節性模式繼續前進，等待接下來的四列火車投入使用。

Brandon Bingham, Scotiabank.

Brandon Bingham，加拿大豐業銀行。

Would just love to hear your thoughts as it's become more commonplace over the past couple of years to have market participants enter the LNG space from non-LNG arenas. Could you just discuss some of the impacts or even just the dynamics in contracting from having these non-LNG operators enter the market?

我很想聽聽您的想法，因為在過去幾年裡，市場參與者從非液化天然氣領域進入液化天然氣領域的情況變得越來越普遍。您能否談談這些非液化天然氣業者進入市場後，會對市場產生哪些影響，或只是合約簽訂的一些動態變化？

Well, I'll take a stab at it, I guess, this is Anatol. So this market a decade ago when we started, if you wanted to buy a US Gulf cargo, you could only call one counterparty, and that was Cheniere. Now as this market surpasses 100 million tons on its way to 250 million tons you have a very, very different landscape, of course.

好吧，我來試著回答一下，我是阿納托爾。所以十年前我們剛開始做這個市場的時候，如果你想買美國墨西哥灣的貨物，你只能聯絡一個交易對手，那就是切尼爾能源公司。現在，隨著市場規模超過 1 億噸，並向 2.5 億噸邁進，市場模式當然已經發生了非常非常大的變化。

And we've spoken about the kind of lack of discipline from our perspective, it seems like projects are getting over the FID finish line with a very broad array of counterparties and at times actually no counterparties at all. So it will be a very interesting and challenging dynamic as we go through the period of late this decade and first half of next.

我們已經討論過這種缺乏紀律的問題，從我們的角度來看，似乎很多項目在最終投資決定 (FID) 時，交易對手的範圍非常廣泛，有時甚至根本沒有交易對手。因此，在本世紀末和下個十年前半段，我們將面臨一個非常有趣且充滿挑戰的動態。

And again, that's why we are going to be sticking to that 95% plus contracted portfolio into the hands of credible experienced counterparties as well as our own. So expect things to be very challenging for a number of participants. And as we sometimes call them LNG tourists being among them.

再次強調，這就是為什麼我們將繼續把超過 95% 的已簽約投資組合交給信譽良好、經驗豐富的交易對手以及我們自己的合作夥伴的原因。因此，預計許多參與者將面臨非常大的挑戰。我們有時稱他們為液化天然氣遊客，其中也包括他們。

That's very helpful. And then maybe just a quick follow-up to one of Spiro's questions here on the 2026 outlook. Maybe asking it in a different way. Is that range that you gave on total volumes? Does that include like is the high end potentially baking in an acceleration of Trains 5 through 7 or would an acceleration of Trains 5 through 7 similar to like a Train 4 time line sort of a setup, push you above the range?

那很有幫助。然後，或許可以快速跟進 Spiro 關於 2026 年展望的問題。或許可以換個方式問。你給的總交易量範圍就是這個嗎？這是否包括高端版本可能會加速第 5 至 7 列火車，或者第 5 至 7 列火車的加速類似於第 4 列火車的時間線設置，從而使其超出範圍？

Time will tell, but put it this way. Just on Trains 4 through 7 coming online, if they were each one month early or one-month late, that's like 0.5 million tonnes alone. So that alone is a 1 million-ton swing. And then if you just think about year-to-year operational reliability, variability, ambient temperatures, that's easy, 1 million tonnes at this point because just to remind folks, we're now in over 50 million-ton operating company.

時間會證明一切，但這麼說吧。僅 4 號至 7 號列車投入運營，如果每列列車提前或延遲一個月投入運營，那就相當於 50 萬噸的貨物運輸量。單單這一點就相當於100萬噸的擺動。然後，如果你只考慮每年的營運可靠性、波動性、環境溫度，那就很容易了，目前是 100 萬噸，因為提醒大家，我們現在是一家年營運量超過 5,000 萬噸的公司。

So yes, there's a little bit in there. But if there's even more acceleration than that, or it's a bit colder or are there operational liability is higher year-over-year. We could be at the high end or something else. So we'll see. But that's not really our style. We'll stick to 51 to 53 for now.

是的，裡面確實有一點。但如果加速比這還要快，或是天氣更冷，或是營運責任比前一年更高。我們可能處於高端市場，也可能處於其他水準。我們拭目以待。但這並非我們的風格。我們暫時先定在51到53之間。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

Well, the debottlenecking for CCL3 occur kind of gradually from now until 2028 or would you expect most of it to occur concurrently when Trains 8 and 9 start up?

嗯，CCL3 的瓶頸消除工作是從現在到 2028 年逐步進行的，還是您認為大部分工作會在 8 號和 9 號列車開通時同時進行？

Jean, this is Jack. The debottlenecking started the day we took commercial operations of Train 1 and has been ongoing. And the team has done a great job with maximizing the production of those first three soon to be four Trains very, very quickly, and I would expect us to continue to refine that as we go.

Jean，這是Jack。從我們開始商業運營 1 號列車那天起，瓶頸消除工作就開始了，並且一直在進行。團隊在最大限度地提高前三列（即將成為第四列）列車的生產效率方面做得非常出色，速度非常快，我希望我們能夠繼續改進。

I would say that to get to the high, high end, we acknowledge that even Trains 8 and 9 at mid-scale would have some debottlenecking equipments. So that will come over time. But based on how things are working and some of the work that we continue to do, as Jack mentioned, yes, we're hopeful we can start doing better than $1.5 million in the near future.

我認為，要達到極致水平，我們必須承認，即使是中等規模的 8 號和 9 號列車也需要一些消除瓶頸的設備。所以隨著時間的推移，這自然會發生。但根據目前的情況以及我們正在繼續進行的一些工作，正如傑克所提到的那樣，是的，我們希望在不久的將來能夠實現超過 150 萬美元的業績。

Great. And then as has been referenced a lot on this call, there's been so much contracting year-to-date so many projects going forward. So I guess my question for Anatol is in terms of global project FIDs, do you think we're near the end of this wave or in the middle?

偉大的。正如本次電話會議中多次提到的，今年迄今已經簽訂了大量合同，未來也將開展許多項目。所以我想問 Anatol 的問題是，就全球專案最終投資決定 (FID) 而言，你認為我們正接近這波浪潮的尾聲還是正處於中期？

In, yes, a lot of FID, not as much contracting, I would say. But yes, so the world overall has had a very robust year. You remember the discussions of four, five-years ago is long-term contracting going away, and our view was always that it's not, but it is cyclical. So this year, I believe, over 80% of the contracts executed have been 20 years or longer, and there's still some more to be done globally but with the world at 70 million tons US is about 61 million tonnes year-to-date, I think this period is in its [Denman], shall we say.

是的，FID 佔很大比重，但承包方面相對較少。但沒錯，整體而言，世界經濟今年表現非常強勁。你還記得四、五年前關於長期合約是否會消失的討論嗎？我們的觀點始終是，長期合約不會消失，但它是週期性的。所以我相信，今年已執行的合約中超過 80% 都是 20 年或更長，雖然全球還有一些工作要做，但鑑於世界碳排放量為 7000 萬噸，美國今年迄今為止的碳排放量約為 6100 萬噸，我認為這個時期已經進入了它的[丹曼]階段，我們可以這麼說。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

We actually went through your revised Sabine Pass filings in June. And just like if you look at the earlier February filing of 2024, you seem to have found a number of extra MTPAs in a very short period of time. And I'm just trying to understand how are your engineering teams able to accomplish this so quickly? And if you could help us understand how this additional capacity was realized or could be realized as you bring this project on?

實際上，我們在六月已經審查過您修改後的薩賓山口申請文件。就像你查看 2024 年 2 月提交的文件一樣，你似乎在很短的時間內發現了許多額外的 MTPA。我只是想了解一下你們的工程團隊是如何如此迅速地完成這項工作的？如果您能幫助我們了解這部分新增產能是如何實現的，或者在您推進這個專案的過程中如何能夠實現，那就太好了？

Sure. I think credit to our engineers and our operating folks that are always finding ways to debottleneck the facilities and get more out of them. I believe what you're speaking to is the FERC filing for the Sabine expansion. And clearly, as I mentioned before, as we intend to permit as much as possible at the two sites we're going to explore with Bechtel every which way to get the most out of Sabine Pass to ideally get that cost per ton as low as possible.

當然。我認為這要歸功於我們的工程師和營運人員，他們總是想辦法消除設施瓶頸，並提高設施的利用率。我相信你指的是薩賓擴建計畫的聯邦能源監管委員會（FERC）備案文件。顯然，正如我之前提到的，我們打算在我們將要與貝克特爾公司一起勘探的兩個地點盡可能多地進行開發，以最大限度地利用薩賓山口，理想情況下，使每噸成本盡可能低。

I obviously working on the cost side, but specifically on the MTPA side as well. So I think there's just more ingenuity and pushing for the art of the possible right now for the permitting process, and then we'll see what we actually FID as none of that matters if it doesn't meet the standard.

我顯然在成本方面工作，但具體來說，也在 MTPA 方面工作。所以我認為，目前在審批過程中，大家更加重視創造力，力求將各種可能性發揮到極致，但最終我們還是要看看最終的決定是什麼，因為如果最終方案不符合標準，那麼這一切都毫無意義。

This concludes our question-and-answer session. I'd like to turn the conference back over for closing remarks.

我們的問答環節到此結束。現在我把會議交還給各位致閉幕詞。

This is Jack. I just want to say thank you for all of your support and for your questions, and always keeping us on our toes.

這是傑克。我只想對大家表達感謝，感謝大家的支持與提問，也感謝大家一直督促我們保持警覺。

This concludes today's call. Thank you for your participation. You may now disconnect, and have a great day.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開連接了，祝您今天過得愉快。