Cheniere Energy Inc (LNG) 2025 Q4 法說會逐字稿

Good day, and welcome to the Cheniere Energy fourth-quarter and full year 2025 conference call. Today's conference is being recorded.

大家好，歡迎參加 Cheniere Energy 2025 年第四季及全年業績電話會議。今天的會議正在錄影。

At this time, I'd like to turn the conference over to Randy Bhatia. Please go ahead.

現在，我想把會議交給蘭迪·巴蒂亞。請繼續。

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

謝謝接線生。各位早安，歡迎參加 Cheniere 公司 2025 年第四季及全年財報電話會議。本次電話會議的幻燈片簡報和網路直播連結可在cheniere.com上取得。

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. As part of our discussion of Cheniere's results, today's call may also include selected financial information and results for Cheniere Energy Partners L.P., or CQP.

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。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 L.P.（簡稱 CQP）的部分財務資訊和績效。

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 Fusco, Cheniere's President and CEO, will begin with operating and financial highlights as well as Cheniere's growth outlook. Anatol Feygin, our Chief Commercial Officer, will then provide an update on the LNG market; and Zach Davis, our CFO, will review our financial results, 2026 guidance and long-term capital allocation plan. After prepared remarks, we will open the call for Q&A.

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。Cheniere公司總裁兼執行長Jack Fusco將首先介紹營運和財務亮點以及Cheniere的成長前景。隨後，我們的商務長 Anatol Feygin 將介紹液化天然氣市場的最新情況；我們的財務長 Zach Davis 將回顧我們的財務業績、2026 年業績指引和長期資本配置計畫。在發言結束後，我們將開放問答環節。

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

現在我將把電話交給總裁兼執行長傑克·富斯科。

Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our results from the fourth-quarter and the full year 2025, and we look forward to 2026.

謝謝你，蘭迪。各位早安。感謝各位今天與我們一同回顧2025年第四季及全年業績，並展望2026年。

Before we dive into the results and outlook, I'd like to take a moment to acknowledge a significant occasion that occurred here at Cheniere earlier this week. On Tuesday, we celebrated the 10 anniversary of our first export cargo, a milestone achievement that not only ushered in a new era of prosperity for Cheniere, but for the US and global energy markets as well. The significance of that first cargo cannot be overstated.

在我們深入探討結果和展望之前，我想花一點時間來回顧一下本週早些時候在切尼爾能源公司發生的一件重要事件。週二，我們慶祝了首批出口貨物交付 10 週年，這一里程碑式的成就不僅為切尼爾能源公司開啟了繁榮的新時代，也為美國和全球能源市場帶來了新的機會。第一批貨物的意義怎麼強調都不為過。

In fact, earlier this week, I participated in the Transatlantic Gas Security Summit in Washington, D.C., with Energy Secretary, Chris Wright, Interior Secretary, Doug Burgum, as well as leaders and ministers from over a dozen countries where the anniversary of our first cargo was commemorated.

事實上，就在本週早些時候，我與能源部長克里斯·賴特、內政部長道格·伯古姆以及來自十幾個國家的領導人和部長們一起參加了在華盛頓特區舉行的跨大西洋天然氣安全峰會，並在會上紀念了我們第一批貨物的周年紀念日。

Getting to the point of that cargo being exported was a Herculean effort. Cheniere charted an unprecedented path in order to realize our vision of enabling the energy abundance and affordability we enjoy here in America to reach international markets.

促成這批貨物出口是一項艱鉅的任務。為了實現我們的願景，讓美國享有的豐富且價格合理的能源惠及國際市場，切尼爾能源公司開闢了一條前所未有的道路。

In doing so, we resolved a mad of project development challenges to bring Sabine Pass to fruition while rewriting the LNG rulebook on long-term contracting by leveraging the vast natural gas resource and in-place energy infrastructure of the United States. Now 10 years and nearly 5,000 cargoes later, we have cemented our position as the industry's gold standard. We lead the US LNG industry, thanks, first and foremost, to the Cheniere workforce and their steadfast commitment to safety and excellence, which they demonstrate every single day.

透過這樣做，我們解決了大量的專案開發挑戰，使薩賓帕斯計畫得以實現，同時利用美國豐富的天然氣資源和現有的能源基礎設施，改寫了液化天然氣長期合約的規則。如今10年過去了，我們完成了近5,000批貨物的運輸，鞏固了我們作為業界黃金標準的地位。我們之所以能夠引領美國液化天然氣產業，首先要感謝切尼爾公司的員工，以及他們對安全和卓越的堅定承諾，他們每天都在實踐著這項承諾。

We also wouldn't be here today without the unwavering support of our over three dozen long-term customers, construction partner, Bechtel, regulatory agencies, financial stakeholders, and our community partners. Together, we have achieved something truly transformative in our first 10 years, and we are just getting started.

如果沒有我們三十多家長期客戶、建築合作夥伴 Bechtel、監管機構、金融利益相關者和社區合作夥伴的堅定支持，我們今天也不會站在這裡。在過去的十年裡，我們共同取得了一些真正具有改變意義的成就，而這只是個開始。

Please turn to slide 5, where I'll highlight our key results and accomplishments for the fourth-quarter. We had an excellent fourth-quarter operationally, and we generated consolidated adjusted EBITDA of approximately $2 billion, bringing our total for the full year to $6.94 billion at the high end of our guidance range.

請翻到第 5 張投影片，我將重點介紹我們第四季的主要成果和成就。我們在第四季度的營運表現非常出色，合併調整後的 EBITDA 約為 20 億美元，使全年總額達到 69.4 億美元，處於我們預期範圍的高端。

We generated distributable cash flow of approximately $1.5 billion in the fourth-quarter and approximately $5.3 billion for the full year, which is approximately $100 million above the high end of our guidance range. Net income totalled approximately $2.3 billion in the fourth-quarter and over $5.3 billion for the year.

我們在第四季度產生了約 15 億美元的可分配現金流，全年產生了約 53 億美元的可分配現金流，比我們預期範圍的上限高出約 1 億美元。第四季淨利總計約 23 億美元，全年淨利超過 53 億美元。

2025 was a record year for LNG production, totalling 670 cargoes or over 46 million tonnes. During the fourth-quarter, we exported 185 LNG cargoes from our facilities. This is an increase of 22 cargoes compared to the third-quarter as not only did we benefit from additional volumes from Stage 3 and the seasonal benefit in production, we also had improved production reliability and reduced unplanned maintenance compared to the third-quarter as our efforts to mitigate some of the feed gas-related challenges we addressed on the last call delivered positive results across the quarter.

2025 年是液化天然氣產量創紀錄的一年，總計 670 船，超過 4,600 萬噸。第四季度，我們從我們的設施出口了 185 船液化天然氣。與第三季度相比，本季貨物量增加了 22 船，這不僅是因為我們受益於第三階段的額外產量和季節性生產優勢，還因為我們提高了生產可靠性，減少了計劃外維護，而與第三季度相比，我們為緩解上次電話會議中解決的一些與原料氣相關的挑戰所做的努力在本季度取得了積極成果。

Looking ahead to the remainder of 2026, we are on track to set another annual production record, aided by the expected completion of the remaining three trains at Stage 3. I'm pleased to introduce our 2026 financial guidance of $6.75 billion to $7.25 billion in consolidated adjusted EBITDA $4.35 billion to $4.85 billion in distributable cash flow and $3.10 to $3.40 in per unit distributions at CQP.

展望 2026 年剩餘時間，我們預計再創年度產量紀錄，這得益於第三階段剩餘三列火車的預計完工。我很高興地宣布，我們 2026 年的財務預期為：合併調整後 EBITDA 為 67.5 億美元至 72.5 億美元，可分配現金流為 43.5 億美元至 48.5 億美元，CQP 每單位分紅為 3.10 美元至 3.40 美元。

These ranges reflect our forecast for higher production in 2026, offset by lower margins on spot cargoes than last year as well as the start-up of a number of long-term contracts over the course of the year. We look forward to once again delivering financial results within our guidance ranges.

這些範圍反映了我們對 2026 年產量增加的預測，但現貨貨物的利潤率低於去年，以及今年開始簽訂的多項長期合約抵消了這一增長。我們期待再次實現符合預期範圍的財務表現。

We have great news to share on the capital allocation front. The 2020 Vision capital allocation plan we revealed in 2022 has been completed. And in typical Cheniere fashion, it was completed ahead of schedule. We have deployed over $20 billion across our capital allocation priorities and have achieved over $20 per share of run rate DCF. In conjunction with our advanced progress on capital deployment and share buyback, our Board of Directors has increased our share repurchase authorization to over $10 billion through 2030 after approving a $9 billion increase. Zach will have more to share on this major extension of our capital allocation plan shortly.

我們在資本配置方面有好消息要跟大家分享。我們在2022年公佈的2020願景資本配置計畫已經完成。而按照切尼爾能源公司的一貫作風，工程提前完工。我們已在資本配置優先事項中投入超過 200 億美元，並實現了每股超過 20 美元的年化現金流折現收益率。鑑於我們在資本部署和股票回購方面取得了顯著進展，董事會在批准增加 90 億美元後，已將股票回購授權額度提高至 2030 年前超過 100 億美元。Zach稍後將就我們資本配置計畫的這項重大擴展做出更多說明。

And lastly, early this morning, we announced a new long-term SPA with CPC Corporation of Taiwan for up to 1.2 million tonnes per annum on a delivered basis. It commences later this year and extends through 2050 and will bolster our contracted profile as we continue to grow our platform. This is our second long-term SPA with CPC following the approximately 25-year 2 million tonne SPA we signed in 2018, which commenced in 2021. In light of the recent volatility in the market, this SPA is a salient reminder that our product provides customers with long-term visibility, certainty and reliable supply through commodity cycles and contracting appetite isn't dictated by the trajectory of margins in the front of the curve, but to support the lasting demand for our product for decades to come. I am very proud that CPC has become another repeat long-term customer of Cheniere.

最後，今天一大早，我們宣布與台灣中油股份有限公司簽訂了一份新的長期SPA協議，每年交付量最高可達120萬噸。該項目將於今年稍後啟動，一直持續到 2050 年，隨著我們平台的不斷發展，這將增強我們的合約實力。這是我們與 CPC 簽訂的第二份長期 SPA 協議，此前我們在 2018 年簽署了一份為期約 25 年、總量為 200 萬噸的 SPA 協議，該協議於 2021 年生效。鑑於近期市場的波動，這份SPA協議有力地提醒我們，我們的產品能夠為客戶提供長期的可視性、確定性和可靠的供應，不受商品週期的影響，市場需求的收縮並非取決於短期利潤率的走勢，而是為了支持未來幾十年對我們產品的持續需求。我非常自豪CPC已成為Cheniere的另一個長期回頭客。

It is clear evidence of how much the market values the reliability and customer focus that has come to define our first 10 years of LNG export operations. Turn now to Slide 6, where I'll provide an update on our major growth projects. Construction progress on Corpus Christi Stage 3 has advanced to approximately 95% complete with the substantial completion of Trains 3 and 4 in the fourth-quarter.

這清楚地表明，市場多麼重視我們過去 10 年液化天然氣出口業務中秉持的可靠性和客戶至上的理念。現在請翻到第 6 張投影片，我將在此介紹我們主要成長專案的最新進展。科珀斯克里斯蒂三期工程的建設進度已推進至約 95%，其中 3 號和 4 號列車已在第四季度基本完工。

Our forecast for the expected substantial completion of trains 5, 6 and 7 to occur in spring, summer, and fall, respectively, is unchanged from our last call, but moving in the right direction based on recent progress. I am pleased to announce that first LNG has been achieved at Train 5 this week, supporting that forecasted timeline.

我們預測 5 號、6 號和 7 號列車將分別在春季、夏季和秋季基本完工，這項預測與我們上次的預測相同，但根據最近的進展來看，正朝著正確的方向發展。我很高興地宣布，本週 5 號生產線已實現首次液化天然氣生產，這與預測的時間表相符。

On CCL Midscale Trains 8 and 9, groundwork and site prep continues progressing extremely well with work streams currently focused on concrete piling and school and steel fabrication as well as further materials procurement. Piling work is already halfway complete and all the piles for Train 8 have been set. Substantial completion for these trains is forecast in 2028, so I'm optimistic we have some advancement on that timeline as construction progresses. And nearby at our Gregory power plant, work on the planned expansion in interconnect is going well. We are set to optimize our power strategy with the ramp-up of Stage 3 in Midscale 8 and 9.

CCL 中型列車 8 號和 9 號的地基和場地準備工作進展非常順利，目前的工作重點是混凝土樁基、學校和鋼結構製造以及進一步的材料採購。樁基工程完成一半，8 號列車的所有樁基都已打好。這些列車預計將於 2028 年基本完工，因此我對隨著建設的推進，我們能夠提前完成這一時間表持樂觀態度。附近的格雷戈里發電廠互聯線路擴建工程進展順利。隨著中型 8 和 9 級第三階段的逐步推進，我們將優化我們的電力策略。

The SPL expansion project is our next major growth project that we are making significant progress along multiple parallel paths, advancing the first phase of this project towards FID as our visibility and confidence in this project continues to grow.

SPL 擴建項目是我們下一個重大成長項目，我們正在多條並行路徑上取得重大進展，隨著我們對該項目的了解和信心不斷增強，該項目的第一階段正朝著最終投資決策 (FID) 邁進。

We have secured significant commercial support for this brownfield capacity expansion. We continue to prepare the CQP complex for conservatively financing the project, and we are working diligently on project costs with Bechtel while advancing the project through the permitting process. We currently expect to be in a good position to receive our permits by the end of this year and make FID on the first phase in 2027.

我們已為這項現有產能擴建計畫獲得了重要的商業支援。我們繼續為 CQP 綜合體專案進行保守的融資準備，並正在與 Bechtel 密切合作，努力控制專案成本，同時推進專案通過許可程序。我們目前預計能夠在今年年底前獲得許可，並在 2027 年對第一階段做出最終投資決定。

Back at Corpus Christi, our major CCL expansion is advancing well with the critical path items and FID time line of a brownfield Phase 1 approximately 6 months to a year behind the same at SPL as the full FERC application was submitted earlier this month. Including the Phase 1 expansions at Sabine Pass and Corpus Christi, we have line of sight to accretively grow our LNG platform by approximately 50% from today while adhering to our disciplined capital investment parameters and meeting the Cheniere standard with our most brownfield opportunities in focus.

回到科珀斯克里斯蒂，我們的大型 CCL 擴建項目進展順利，關鍵路徑項目和棕地 1 期 FID 時間表比 SPL 的同期項目晚了大約 6 個月到 1 年，因為完整的 FERC 申請是在本月初提交的。包括薩賓帕斯和科珀斯克里斯蒂的第一階段擴建項目在內，我們預計在遵守嚴格的資本投資參數並達到切尼爾標準的同時，將我們的液化天然氣平台從今天起增加約 50%，並將重點放在我們最重要的棕地開發機會上。

We are full steam ahead on these development projects and have excellent line of sight to bring both of these projects to life and deliver market-leading contracted infrastructure returns to our stakeholders. With that, I'll now hand the call over to Anatol to discuss the LNG market. Thank you again for your continued support of Cheniere.

我們正在全力推進這些開發項目，並有良好的前景將這兩個項目變為現實，為我們的利益相關者帶來市場領先的基礎設施合約回報。接下來，我將把電話交給阿納托爾，讓他來討論液化天然氣市場。再次感謝您對切尼爾能源公司的持續支持。

Thanks, Jack, and good morning, everyone. Before I get into the LNG market update, first, some comments about the SPA we announced this morning with our long-time customer, CPC. It's not only a core long-term transaction in its own right, but also an all but perfect summation of our strategy and value proposition. Like most of the transactions we have executed in this cycle, it is with a repeat customer. Reliable LNG supply is absolutely critical to Taiwan and its rapidly growing economy, and we take pride that CPC put its trust in our ability to perform.

謝謝你，傑克，大家早安。在介紹液化天然氣市場最新情況之前，首先，我想就我們今天早上與長期客戶 CPC 宣布的 SPA 做一些評論。這不僅本身就是一項核心的長期交易，而且幾乎完美地概括了我們的策略和價值主張。就像我們在這個週期內執行的大多數交易一樣，這筆交易也是與回頭客進行的。可靠的液化天然氣供應對台灣及其快速發展的經濟至關重要，我們很自豪中油公司信任我們能夠勝任這項工作。

This approximately 1.2 million tonne contract is yet another transaction we have executed that extends beyond the middle of this century and features a number of bespoke components as buyers continue to value Cheniere's customer-focused tailored solutions. We look forward to starting this incremental tranche later this year with our usual unwavering commitment to our multi-decade partner, CPC.

這份約 120 萬噸的合約是我們執行的另一項交易，其期限超過本世紀中葉，並包含許多客製化組件，因為買家繼續重視切尼爾以客戶為中心的客製化解決方案。我們期待在今年稍後開始這一階段的增量項目，並一如既往地堅定支持我們數十年的合作夥伴 CPC。

All of the things that set us apart from the competition, safety, operational excellence, customer-first approach and a stellar execution track record, chief among them, have and will continue to contribute meaningfully to our commercial approach and ability to sign contracts like this one that support our disciplined growth plans. Together with constructive LNG market fundamentals supporting a clear need for more capacity, we'll continue to leverage our advantages in the market to accretively commercialize our brownfield growth projects and target market-leading multi-decade returns to shareholders.

所有使我們區別於競爭對手的因素，包括安全、卓越的營運、客戶至上的理念以及出色的執行記錄，其中最重要的是，這些因素已經並將繼續對我們的商業策略和簽署此類合約的能力做出有意義的貢獻，從而支持我們嚴謹的成長計劃。鑑於液化天然氣市場基本面良好，對產能的需求也十分明確，我們將繼續利用我們在市場上的優勢，以增值的方式實現棕地增長項目的商業化，並力爭為股東帶來市場領先的數十年回報。

Now please turn to slide 8. As you can see from the chart on the left, '25 was another year of generally elevated and volatile spot prices as trade disputes and geopolitical conflicts fuelled uncertainty and sent prices soaring at various points throughout the year. Overall, however, the general price trended lower over '25, aided by new LNG supply beginning to enter the market.

現在請翻到第8張投影片。從左側圖表可以看出，2025 年現貨價格普遍偏高且波動較大，貿易爭端和地緣政治衝突加劇了不確定性，導致價格在一年中的不同時期飆升。但總體而言，在新的液化天然氣供應開始進入市場的幫助下，2025 年整體價格呈下降趨勢。

A key driver supporting the overall elevated prices relative to historical norms remain the strong pull on LNG cargoes from Europe. Europe set a new annual record for LNG imports in 2025 as demand rose approximately 27% year-on-year, reaching about 125 million tonnes. The key drivers for this growth remain the replacement of Russian gas and the replenishment of underground storage inventories, which were approximately 20 bcm lower year-on-year in the fourth-quarter and remain at a 14 bcm deficit today or approximately 140 cargoes.

支撐整體價格高於歷史平均的關鍵因素仍然是歐洲對液化天然氣貨物的強勁需求。2025年，歐洲液化天然氣進口量創下新的年度紀錄，需求年增約27%，達到約1.25億噸。推動這一增長的關鍵因素仍然是俄羅斯天然氣的替代和地下儲氣庫庫存的補充。第四季地下儲氣庫庫存年減了約 200 億立方米，目前仍存在 140 億立方公尺的缺口，相當於約 140 船貨物。

European storage levels are once again starting the year at five-year lows, about 25% behind last year, in fact, with a cold snap in January spiking prices once again. Until additional volumes come to relieve the market, Europe will likely maintain its premium pricing to ensure readiness for next winter. Furthermore, a 17 bcm year-on-year reduction in pipeline imports from Norway, North Africa and, of course, Russia were more than offset by LNG imports, as shown on the top middle chart.

今年年初，歐洲的庫存水準再次跌至五年來的最低點，實際上比去年同期低了約 25%，而 1 月的寒潮又一次推高了價格。在更多貨源到位緩解市場需求之前，歐洲可能會維持高價位，以確保為下一個冬季做好準備。此外，從挪威、北非以及俄羅斯進口的管道天然氣比去年同期減少了 170 億立方米，但液化天然氣進口量超過了這一降幅，如中間上方的圖表所示。

We expect these drivers will help keep LNG demand in Europe resilient, especially in light of the EU Parliament's vote to ban all residual Russian gas, including Russian LNG by 2027. In contrast, Asian LNG imports in aggregate contracted slightly last year, likely as a consequence of the still elevated levels of TTF spot prices in '25, incentivizing greater deliveries into Europe. Asia's LNG consumption was down about 4% in '25, lower by 12.4 million tonnes year-on-year to 270 million tonnes, but still comfortably within the five-year range for the region.

我們預計這些因素將有助於維持歐洲液化天然氣需求的韌性，尤其是在歐盟議會投票決定到 2027 年禁止所有剩餘俄羅斯天然氣（包括俄羅斯液化天然氣）的情況下。相較之下，去年亞洲液化天然氣進口總量略有下降，這可能是由於 2025 年 TTF 現貨價格仍然居高不下，刺激了向歐洲的更多交付。2025 年亞洲液化天然氣消費量下降約 4%，年減 1,240 萬噸至 2.7 億噸，但仍在該地區五年來的平均水平範圍內。

A mix of factors were at play across Asia driving these import levels. Seasonal demand was impacted due to milder weather in the region, while China, the largest and most diverse LNG market in the world, continued to redirect cargoes to markets of higher margin, namely Europe, as it took advantage of its LNG delivery flexibility.

亞洲各地進口水準受到多種因素的影響。由於該地區天氣較為溫和，季節性需求受到影響；而作為全球最大、最多元化的液化天然氣市場，中國繼續將貨物轉向利潤更高的市場，即歐洲，因為它利用了其液化天然氣交付的靈活性。

While many of the major markets in Asia saw year-on-year declines, China was the largest as LNG imports declined 16% or 12.1 million tonnes year-on-year due to muted industrial demand, macroeconomic challenges and optimizing some of its LNG into higher-value markets. Gas demand growth of about 3% in China in 2025 was below the 7% average in recent years.

儘管亞洲許多主要市場同比下降，但中國是降幅最大的市場，由於工業需求疲軟、宏觀經濟挑戰以及將部分液化天然氣優化到更高價值的市場，中國液化天然氣進口量同比下降了 16% 或 1210 萬噸。預計到2025年，中國天然氣需求成長率約為3%，低於近年來7%的平均值。

Additionally, higher pipe gas flows from Russia, which were up 30.6% year-on-year and increased domestic gas production, up 6.3% year-on-year also contributed. With that said, as we watched LNG prices fall in November and December and into January, we saw a rapid increase in Chinese LNG imports, highlighting the at-the-ready price-sensitive depth of demand for LNG. These are short-term dynamics, however.

此外，來自俄羅斯的管道天然氣流量增加（年增 30.6%）以及國內天然氣產量增加（年增 6.3%）也起到了促進作用。儘管如此，隨著 LNG 價格在 11 月、12 月和 1 月的下跌，我們看到中國 LNG 進口量迅速增加，這凸顯了市場對 LNG 價格高度敏感的需求。但這些都是短期現象。

We continue to expect robust growth in China's appetite for LNG in the medium to long term to become the LNG industry's first market to surpass -- meaningfully surpass 100 million tonnes per annum. In contrast, across JKT LNG imports were up 1.4% or 1.9 million tonnes in 2025. The year-on-year growth in the market area was supported by the continued phaseout of nuclear power in Taiwan and active restocking in South Korea, both of which were partially offset by lower gas burn in Japan.

我們繼續預計，從中長期來看，中國對液化天然氣的需求將保持強勁成長，成為液化天然氣產業第一個真正意義上超過每年 1 億噸的市場。相較之下，到 2025 年，JKT 地區的液化天然氣進口量增加了 1.4%，即 190 萬噸。市場區域的同比增長得益於台灣持續淘汰核電以及韓國積極補充核電，但日本天然氣消耗量的下降部分抵消了這兩項因素的影響。

LNG imports to South and Southeast Asia decreased by 3.8% or 2.6 million tonnes year-on-year in large part due to milder weather versus '24 as well as these being price-sensitive markets. India's imports were down 7% to 25 MTPA, while those in Pakistan were down 15% to 6.7 MTPA.

由於與 2024 年相比天氣較為溫和，以及這些市場對價格較為敏感，南亞和東南亞的液化天然氣進口量比去年同期下降了 3.8% 或 260 萬噸。印度的進口量下降了 7%，至 2,500 萬噸/年；而巴基斯坦的進口量下降了 15%，至 670 萬噸/年。

High spot prices, coupled with efforts to reduce gas sector circular debt in Pakistan led to levy and tariff increases, which curtailed LNG imports amid macroeconomic challenges following the devastating monsoon floods of last year. In summary, slightly lower LNG imports year-on-year across Asia are in large part due to sustained elevated price levels in '25, but we are steadfast in our expectation that moderating pricing going forward will generate a market increase in gas and LNG consumption as evidenced by the late year surge in imports when prices moderated as well as the continued strength in long-term contracting across the region as counterparties seek to secure and diversify their gas supply into the second half of this century.

現貨價格高企，加上巴基斯坦為減少天然氣行業的循環債務所做的努力，導致徵費和關稅上漲，在去年毀滅性的季風洪水之後，宏觀經濟面臨挑戰，這進一步限制了液化天然氣進口。總而言之，亞洲液化天然氣進口量同比略有下降，這主要是由於2025年價格持續高企，但我們堅信，未來價格趨於緩和將帶動天然氣和液化天然氣消費市場增長，正如年底價格緩和時進口量激增以及該地區長期合同持續強勁所證明的那樣，因為交易對手方都在尋求確保使其供應在本世紀下半葉天然氣供應在本世紀下半葉。

We expect the price trajectory to continue to normalize as supply additions increase. We saw this starting to materialize at the tail end of 2025 when production from our Corpus Christi Stage 3 trains, among others, began to ramp up in scale and size. Additionally, given the record level of US FIDs taken last year, we see fairly ratable supply growth over the next five years, which we expect to further moderate and stabilize the forward price outlook to bring the depth of LNG demand to the forefront. Let's turn to the next page to expand on this.

我們預計隨著供應量的增加，價格走勢將繼續趨於正常化。我們看到這種情況在 2025 年底開始出現，當時包括我們的 Corpus Christi Stage 3 列車在內的其他列車的產量開始在規模和尺寸上逐步提高。此外，鑑於去年美國最終投資決定（FID）數量創下歷史新高，我們預計未來五年供應成長將相當可觀，這將進一步緩和並穩定遠期價格前景，使液化天然氣需求的深度凸顯出來。讓我們翻到下一頁繼續探討這個問題。

Commercial activity in 2025 enabled project sponsors to greenlight over 60 million tonnes per annum of LNG capacity in the US and about 10 MTPA in other regions. These projects are expected to enter service by the end of the decade, which, along with a few additional projects vying for FID this year, should support a steady stream of supply additions extending into the early 2030s, creating the next LNG supply wave.

2025 年的商業活動使專案發起人能夠批准在美國每年新增 6,000 萬噸以上的液化天然氣產能，並在其他地區每年新增約 1,000 萬噸液化天然氣產能。這些項目預計將在本十年末投入使用，加上今年正在爭取最終投資決定的其他幾個項目，應該能夠支持持續到 2030 年代初的穩定供應增長，從而創造下一波液化天然氣供應浪潮。

The oscillation between feast and famine in relatively short cycles in the industry in recent decades has made it challenging for price-sensitive demand segments to grow and prosper. This has particularly been the case in the emerging markets of Asia, where there has been limited aggregate import growth since '21 amid the current multiyear period of low supply growth and high spot prices.

近幾十年來，該行業在相對較短的周期內經歷了繁榮與蕭條之間的波動，這使得對價格敏感的需求細分市場難以發展壯大。亞洲新興市場的情況尤其如此，自 2021 年以來，由於當前多年供應增長緩慢和現貨價格高企，這些市場的進口總量增長有限。

The region's price elasticity is clearly illustrated by the correlation between the spot price of LNG in the price-sensitive markets in Asia, excluding JKT and the rate of growth in LNG consumption.

該地區的價格彈性可以從亞洲價格敏感市場（不包括雅加達）的液化天然氣現貨價格與液化天然氣消費增長率之間的相關性中清晰體現。

During the five-year period to 2021, spot prices in nominal terms averaged approximately $7 an MMBtu and Asia's price-sensitive markets grew imports by a compounded average rate of almost 20%. In contrast, the compound annual growth rate for these same markets dropped to just 1.7% in the period from '21 to '25 when JKM averaged $18 an M.

在截至 2021 年的五年期間，現貨價格以名目價格計算平均約為每百萬英熱單位 7 美元，而對價格敏感的亞洲市場進口量複合平均成長率接近 20%。相比之下，2021 年至 2025 年期間，這些市場的複合年增長率下降到僅 1.7%，當時 JKM 的平均收入為每百萬 18 美元。

We expect lower LNG spot prices with the coming growth in supply to stimulate demand in these markets over the coming years. While the scale of impact and specific growth drivers vary by market, the overall net growth in each of the Asian regions is expected to be above the levels seen over the past four years and in most cases, well above.

我們預計，隨著未來幾年供應成長，液化天然氣現貨價格將走低，刺激這些市場的需求。儘管影響規模和具體成長驅動因素因市場而異，但預計亞洲各地區的整體淨成長將高於過去四年的水平，並且在大多數情況下，將遠高於過去四年的水平。

In summary, ' 25 marked the end of a multiyear period of low supply growth. We see '26 as the start of a multiyear LNG supply cycle, one that will improve availability and affordability of reliable supply and in turn, stimulate price-sensitive Asian LNG demand that has historically driven this industry. With two long-term contracts signed with two of the largest Asian LNG buyers in the last six months, we continue to do our part to support the long-term energy priorities and long-term demand growth of the region with our flexible and reliable LNG supply.

總而言之，2025 年標誌著多年低供應成長時期的結束。我們認為 2026 年是多年液化天然氣供應週期的開始，這將提高可靠供應的可用性和可負擔性，進而刺激對價格敏感的亞洲液化天然氣需求，而亞洲液化天然氣需求歷來是推動該行業發展的動力。在過去的六個月裡，我們與亞洲最大的兩家液化天然氣買家簽訂了兩份長期合同，我們將繼續透過靈活可靠的液化天然氣供應，為該地區的長期能源優先事項和長期需求增長貢獻力量。

We believe that safely, reliably, and affordably supporting this growth will allow us to capture incremental long-term commitments in support of our disciplined accretive brownfield growth strategy. With over 95% of our capacity for the next 10 years contracted and as you saw in Jack's slide, sufficient contracts in place today to fully underwrite much of our growth up to 75 million tonnes per annum, we are well positioned to further execute on our capital allocation strategy through the cycles.

我們相信，安全、可靠且經濟地支持這一成長，將使我們能夠獲得更多的長期承諾，以支持我們嚴謹的增值棕地成長策略。未來 10 年，我們超過 95% 的產能已簽訂合同，正如你在傑克的幻燈片中看到的那樣，目前已簽訂的合同足以完全保障我們高達每年 7500 萬噸的增長，因此我們有能力在各個週期中進一步執行我們的資本配置戰略。

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 discuss our financial results and plans going forward. Turn to slide 11. For the fourth-quarter and full year 2025, we generated net income of approximately $2.3 billion and $5.3 billion, consolidated adjusted EBITDA of approximately $2 billion and $6.9 billion, and distributable cash flow of approximately $1.5 billion and $5.3 billion, respectively. EBITDA came in at the high end of the guidance range and DCF ended up above the high end of the range despite being close to fully sold out on our open capacity as of the last call.

謝謝阿納托爾，大家早安。我很高興今天能在這裡與大家討論我們的財務表現和未來計劃。翻到第11張幻燈片。2025 年第四季和全年，我們分別實現了約 23 億美元和 53 億美元的淨收入、約 20 億美元和 69 億美元的合併調整後 EBITDA 以及約 15 億美元和 53 億美元的可分配現金流。儘管截至上次電話會議時我們的可用產能已接近全部售罄，但 EBITDA 仍達到預期範圍的高端，而 DCF 最終也高於預期範圍的高端。

This outperformance can be attributed to further optimization locked in during the fourth-quarter, higher lifting margin due to higher year-end Henry Hub pricing and certain end-of-year cargoes being delivered in 2025 instead of early 2026.

這一優異表現可歸因於第四季度鎖定的進一步優化、由於年底亨利樞紐定價較高而帶來的更高起運利潤率，以及某些年底貨物在 2025 年而不是 2026 年初交付。

Compared to 2024, our 2025 results reflect higher total volumes of LNG produced across our platform, primarily as a result of the substantial completion of Trains 1 through 4 at CCL Stage 3, which resulted in almost doubling our spot capacity year-over-year from approximately 2 million to approximately 4 million tonnes. that we were able to proactively lock in for '25 at similar levels as the year prior at over $8 per MMBtu margins on average.

與 2024 年相比，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 1 號至 4 號生產線的實質性完工，使我們的現貨產能同比增長幾乎翻了一番，從約 200 萬噸增至約 400 萬噸。我們能夠主動鎖定 2025 年的產能，使其與去年的水平相當，平均利潤率超過每百萬英熱單位 8 美元。

The year also benefited from higher Henry Hub pricing and more volume supporting lifting margin and greater optimization activities upstream and downstream of the sites compared to 2024. These increases were partially offset by higher O&M costs, primarily related to the substantial completion of the initial mid-scale trains at Stage 3 and the major maintenance turnaround at SPL during the year.

與 2024 年相比，今年亨利樞紐價格上漲，運量增加，提貨利潤空間增大，上下游站點的優化活動也更加活躍，這些都對提貨利潤空間和運力提升起到了積極作用。這些成長部分被更高的營運和維護成本所抵消，主要與第三階段首批中型列車的實質完工以及本年度 SPL 的重大維護檢修有關。

While we have many significant achievements to highlight from 2025, I'm particularly proud of the execution of our long-term capital allocation objectives and the early completion of our 2020 Vision capital allocation plan, ahead of schedule this quarter after a strong 2025.

雖然我們在 2025 年取得了許多重大成就，但我特別為我們長期資本配置目標的執行以及 2020 年願景資本配置計劃的提前完成感到自豪，在 2025 年取得強勁進展之後，我們在本季度提前完成了該計劃。

Last year, we deployed over $6 billion towards accretive growth, shareholder returns and balance sheet management. We paid out approximately 60% of our distributable cash flow towards shareholder returns in the form of share repurchases and dividends. During the year, we repurchased over 12.1 million shares for approximately $2.7 billion. And the fourth-quarter was the second consecutive quarter of over $1 billion in share buybacks. This brought our shares outstanding down to approximately 212 million as of year-end.

去年，我們投入超過 60 億美元用於增值成長、股東回報和資產負債表管理。我們將約 60% 的可分配現金流用於股東回報，形式包括股票回購和股息。年內，我們回購了超過 1,210 萬股股票，總金額約 27 億美元。第四季是連續第二季股票回購金額超過10億美元。這使得我們截至年底的流通股數減少至約 2.12 億股。

As of last week, we are down to approximately 210 million shares outstanding with less than $1 billion remaining on the $4 billion share repurchase authorization from 2024, once again highlighting the power of the plan to accelerate to be opportunistic and value accretive during periods of share price dislocation to the fundamental value of our highly contracted cash flow profile.

截至上週，我們的流通股已減少至約 2.1 億股，而從 2024 年開始的 40 億美元股票回購授權中剩餘不到 10 億美元，這再次凸顯了該計劃的強大作用，即在股價偏離我們高度收縮的現金流狀況的基本價值時，加速抓住機會並增加價值。

For the fourth-quarter, we declared a dividend of $0.555 per common share, bringing total dividends declared for 2025 to $2.11, representing over $450 million for common shareholders. We remain committed to growing our dividend by approximately 10% annually through the end of this decade while maintaining the financial flexibility essential to our long-term capital allocation plan and our disciplined approach to accretive growth with an investment-grade balance sheet.

第四季度，我們宣布每股普通股派發 0.555 美元的股息，使 2025 年宣布的股息總額達到 2.11 美元，相當於普通股股東獲得超過 4.5 億美元的收益。我們仍致力於在本十年末之前每年將股息提高約 10%，同時保持財務靈活性，這對於我們的長期資本配置計劃和我們以投資級資產負債表為基礎的穩健增長方式至關重要。

In 2025, we repaid $652 million of long-term indebtedness, fully retiring the SPL 2025 notes, partially redeeming the SPL 2026 notes, and amortizing a portion of the SPL 2037 notes. Earlier this month, we paid down the remaining $200 million of SPL 2026 notes, leaving us with no debt maturities anywhere in the Cheniere complex until 2027.

2025 年，我們償還了 6.52 億美元的長期債務，完全償還了 SPL 2025 年票據，部分贖回了 SPL 2026 年票據，並攤銷了 SPL 2037 年票據的一部分。本月初，我們償還了剩餘的 2 億美元 SPL 2026 票據，這意味著 Cheniere 集團在 2027 年之前沒有任何債務到期。

Our strategic management of our balance sheet earned us five distinct credit rating upgrades during the year, highlighting our trajectory to a mid- to high BBB investment-grade corporate structure. In 2025, we equity funded approximately $2.3 billion of CapEx across our business, including $1.2 billion on Stage 3 and deployed over $800 million towards the Midscale 8 and 9 and debottlenecking project during the year. We also began drawing on our CCL term loan during the fourth-quarter with a $550 million draw, which in the context of almost $6 billion and over $1 billion funded to date for Stage 3 and Midscale 8 and 9, respectively, highlights part of how we have strengthened the balance sheet over time.

我們對資產負債表的策略管理使我們在一年內獲得了五次不同的信用評級提升，突顯了我們向中高級 BBB 投資級企業結構邁進的步伐。2025 年，我們透過股權融資為公司各項業務的資本支出提供了約 23 億美元的資金，其中包括為第三階段投入的 12 億美元，並在當年向中型 8 號和 9 號工廠以及消除瓶頸項目投入了超過 8 億美元。第四季度，我們也開始動用 CCL 定期貸款，提取了 5.5 億美元。考慮到迄今為止，我們已為第三階段和中型 8 和 9 階段分別籌集了近 60 億美元和超過 10 億美元的資金，這在一定程度上突顯了我們是如何隨著時間的推移加強資產負債表的。

In addition, we continue to deploy capital towards the SPL expansion and CCL expansion projects Jack highlighted as we progress development and permitting as well as on our Gregory power plant to support incremental power needs at Corpus over time as Stage 3 and Trains 8 and 9 are completed. We maintain substantial liquidity with approximately $1.6 billion in consolidated cash and billions of dollars of undrawn revolver and term loan capacity throughout the Cheniere complex. We are ideally positioned to fund our disciplined growth objectives while retaining significant financial flexibility fundamental to our capital allocation framework.

此外，隨著傑克重點提到的SPL擴建項目和CCL擴建項目的推進，我們將繼續投入資金，推進開發和許可工作；同時，我們也將繼續投入資金建設格雷戈里發電廠，以支持隨著第三階段和第8、9號生產線的完工，科珀斯港日益增長的電力需求。我們擁有充足的流動性，在切尼爾能源集團旗下，我們擁有約 16 億美元的合併現金，以及數十億美元的未提取循環信貸額度和定期貸款額度。我們擁有得天獨厚的優勢，既能為我們嚴謹的成長目標提供資金，又能維持對資本配置架構至關重要的財務彈性。

Turn now to slide 12, where I will discuss our 2026 financial guidance and outlook for the year. Today, we are introducing our full year 2026 guidance ranges of $6.75 billion to $7.25 billion of consolidated adjusted EBITDA and $4.35 billion to $4.85 billion of distributable cash flow and $3.10 to $3.40 per common unit of distributions from CQP. Compared to 2025 results, these ranges reflect additional production from a full year of operations of Trains 1 through 4 of Stage 3, the substantial completion of Trains 5 through 7 across this year, higher levels of contractedness as several new contracts will commence during the year and lower margins on spot cargoes as prices have moderated.

現在請翻到第 12 頁，我將在其中討論我們 2026 年的財務指導和年度展望。今天，我們公佈了 2026 年全年業績指引範圍：合併調整後 EBITDA 為 67.5 億美元至 72.5 億美元，可分配現金流量為 43.5 億美元至 48.5 億美元，CQP 每單位普通股分紅為 3.10 美元至 3.40 美元。與 2025 年的業績相比，這些範圍反映了 3 階段 1 至 4 號列車全年運營帶來的額外產量、5 至 7 號列車在今年基本完工、由於年內將開始簽訂多項新合約而導致的更高合約水平，以及由於價格趨於緩和而導致的現貨貨物利潤率下降。

We also have a onetime benefit from the confirmation of the alternative fuel tax credit in the first-quarter, contributing over $300 million to EBITDA and DCF in our cost of sales. Our production forecast remains approximately 51 million to 53 million tonnes of LNG across our two sites this year, up approximately 5 million tonnes year-over-year, inclusive of forecast Stage 3 volumes from Trains 5 to 7 and planned maintenance and resiliency efforts across both sites, with approximately 4 million tonnes of incremental contractedness in 2026, or approximately 46 million to 47 million tonnes of long-term contracts, approximately 1 million tonnes of commissioning in transit timing volumes and over 4 million tonnes of volumes forward sold by CMI to date, which is up from approximately 1.5 million tonnes as of the last call.

我們也從第一季確認的替代燃料稅收抵免中獲得一次性收益，為我們的 EBITDA 和銷售成本中的 DCF 貢獻了超過 3 億美元。今年，我們兩個工廠的液化天然氣產量預測仍約為 5,100 萬至 5,300 萬噸，比去年增加約 500 萬噸，其中包括 5 號至 7 號生產線的第三階段產量預測，以及兩個工廠的計畫維護和恢復工作。 2026 年新增合約量約 400 萬噸，長期合約量約 4,600 萬至 4,700 萬噸，調試運輸量約 100 萬噸，CMI 迄今已預售超過 400 萬噸，高於上次詢價時的約 150 萬噸。

We now forecast less than 1 million tonnes or less than 50 TBtu of unsold open capacity remaining in 2026. Therefore, we currently forecast that a $1 change in market margins would impact EBITDA by less than $50 million for the full year, underscoring the cash flow visibility of the contracted platform.

我們現在預測，到 2026 年，未售出的空置產能將不到 100 萬噸或不到 50 TBtu。因此，我們目前預測，市場利潤率每變動 1 美元，全年 EBITDA 將受到的影響不到 5,000 萬美元，這凸顯了合約平台的現金流量可見度。

Despite having little open volumes exposed to the market currently in the forecast, we are introducing these $500 million guidance ranges consistent with our prior practice of initial guidance. as results could still be impacted by a number of factors, including variability in our production forecast, the ramp-up and specific timing of substantial completion of Trains 5 through 7 at Stage 3, the timing of certain cargoes around year-end, contributions from optimization activities during the balance of the year and the impact that Henry Hub volatility can have on lifting margin. As we move through the year and the potential impact of these variables on our financial forecast reduces, we expect to tighten the guidance ranges, also consistent with precedent.

儘管目前預測中面向市場的未平倉量較少，但我們仍推出這5億美元的業績指引範圍，這與我們以往發布初始指引的做法一致。因為業績仍可能受到多種因素的影響，包括產量預測的波動、第三階段5號至7號生產線的產能提升和實質性完工的具體時間、年底前後部分貨物的交付時間、年內優化活動的貢獻以及亨利樞紐價格波動對提貨利潤率的影響。隨著一年的推進，這些變數對我們財務預測的潛在影響逐漸減弱，我們預計將收緊業績指引範圍，這也符合以往的慣例。

The year-over-year decline in the 2026 DCF guidance range is primarily due to the discrete tax benefit that we received in 2025 related to the reversal of the previously paid corporate alternative minimum tax in 2024. However, our 2026 DCF range reflects nominal cash taxes as we expect to benefit again from 100% bonus depreciation related to the remaining Stage 3 trains coming online this year.

2026 年 DCF 指引範圍年減的主要原因是我們在 2025 年獲得了與 2024 年之前繳納的企業替代最低稅的衝回相關的稅收優惠。然而，我們的 2026 年 DCF 範圍反映了名義現金稅，因為我們預計今年剩餘的第三階段列車上線後，我們將再次受益於 100% 的額外折舊。

In addition, greater interest costs will be incurred in DCF and no longer capitalized as the Stage 3 trains reach substantial completion. Our distribution per unit guidance at CQP for 2026 is wider than it had been last year as the wider range provides the flexibility to potentially reinvest some of CQP's distributable cash flow towards limited notices to proceed for the SPL expansion project later this year to strategically lock in long lead time items ahead of an expected FID in 2027.

此外，隨著第三階段列車基本上完工，DCF 將產生更大的利息成本，並且不再進行資本化。我們對 CQP 2026 年的單位分紅指引比去年更寬，因為更寬的範圍提供了靈活性，可以考慮將 CQP 的部分可分配現金流再投資於今年晚些時候 SPL 擴建項目的有限開工通知，以便在預計於 2027 年做出最終投資決定之前，戰略性地鎖定長期項目。

Turning now to slide 13. We are proud to announce the completion of our 2020 Vision capital allocation plan. We introduced the plan in the fall of 2022 with the goal of deploying over $20 billion of available cash across our capital allocation pillars of shareholder returns, accretive growth and balance sheet management to reach over $20 per share of run rate DCF by the end of 2026.

現在請看第13張投影片。我們榮幸地宣布，我們的 2020 年願景資本配置計畫已完成。我們在 2022 年秋季推出了該計劃，目標是將超過 200 億美元的可用現金部署到我們的資本配置支柱——股東回報、增值增長和資產負債表管理，以期到 2026 年底實現每股 20 美元以上的年化 DCF 收益。

And under that program, we have now surpassed those objectives almost a year ahead of schedule. Under the plan, we repaid approximately $5.5 billion of long-term indebtedness, which has led to 22 distinct credit rating upgrades, bringing our issuer rating at CEI from high yield when we started the plan to solidly investment grade today.

在該計劃的指導下，我們現在已經提前近一年超額完成了這些目標。根據該計劃，我們償還了約 55 億美元的長期債務，這帶來了 22 項不同的信用評級提升，使我們在 CEI 的發行人評級從我們開始該計劃時的“高收益”提升到如今的“穩健投資級”。

We deployed approximately $6.5 billion towards equity funding our growth CapEx. While most of this spend was for Stage 3, the initial trains of which have come online ahead of schedule, we also funded CapEx related to mid-scale Trains 8 and 9 project as well as development and engineering related to the SPL and CCL expansion projects and CapEx related to our Gregory power plant adjacent to Corpus.

我們投入了約 65 億美元用於股權融資，以滿足我們的成長資本支出需求。雖然大部分支出用於第三階段，該階段的首批列車已提前投入運營，但我們也為中型 8 號和 9 號列車項目相關的資本支出以及與 SPL 和 CCL 擴建項目相關的開發和工程以及與科珀斯克里斯蒂附近的格雷戈里發電廠相關的資本支出提供了資金。

Most significantly, we deployed almost $9 billion towards shareholder returns in the form of share buybacks and dividends. Under the plan, we repurchased approximately 40 million shares or over 15% of our shares outstanding for over $7 billion. We also increased our quarterly dividend by approximately 68% since our inaugural dividend in 2021, representing approximately $1.5 billion of dividends declared under the plan.

最重要的是，我們投入了近 90 億美元用於股東回報，形式包括股票回購和股利。根據該計劃，我們回購了約 4,000 萬股股票，佔已發行股票總數的 15% 以上，總金額超過 70 億美元。自 2021 年首次派發股息以來，我們的季度股息也提高了約 68%，根據該計劃宣布的股息總額約為 15 億美元。

Given our accelerated progress under our $4 billion share repurchase authorization with only $1.2 billion remaining as of year-end, and aided by the fact that our LNG platform is over 95% contracted through 2030, our Board of Directors has approved an upsize of our share repurchase authorization to enable over $10 billion from 2026 through 2030. This $9 billion upsize to our authorization is a major extension of our comprehensive capital allocation strategy and a clear mark of confidence in our business model's contracted cash flow visibility and our capital investment discipline that has been developed to withstand the cyclicality of commodity markets.

鑑於我們在 40 億美元的股票回購授權下取得了快速進展，截至年底僅剩 12 億美元，並且由於我們的液化天然氣平台已簽訂 2030 年前 95% 以上的合同，我們的董事會已批准擴大股票回購授權規模，以便在 2026 年至 2030 年間回購超過 100 億美元。這次將授權額度提高 90 億美元，是對我們全面資本配置策略的重大擴展，也是對我們業務模式的現金流量可見性和為抵禦大宗商品市場週期性波動而製定的資本投資紀律的明確信心的體現。

We now have the financial strength to not only opportunistically deploy approximately $10 billion into share repurchases or approximately 20% of our market cap over the next five years, but simultaneously grow our dividend by 10% per annum the rest of this decade and budget for FIDs at the Cheniere standard at both sites. Clearly, the all of the above capital allocation strategy for Cheniere remains firmly intact.

我們現在擁有足夠的財力，不僅可以在未來五年內抓住機會，將約 100 億美元（約占我們市值的 20%）用於股票回購，而且同時還能在本十年剩餘的時間裡每年將股息提高 10%，並為兩個廠址按照 Cheniere 標準做出最終投資決定 (FID) 做好預算。顯然，切尼爾能源公司上述所有資本配置策略仍保持不變。

These initial phases of the SPL and CCL expansion projects are expected to bring our total liquefaction capacity up to approximately 75 million tonnes per year, developed to maximize brownfield economics and supported by decades of take-or-pay contracted cash flows from creditworthy counterparties, we believe these two projects are among the most attractive energy infrastructure investment opportunities in North America with a risk-adjusted return profile unmatched in this industry.

SPL 和 CCL 擴建計畫的初期階段預計將使我們的液化總產能達到每年約 7,500 萬噸。這些項目旨在最大限度地發揮棕地經濟效益，並得到信譽良好的交易對手數十年來簽訂的照付不議合約現金流的支持。我們相信，這兩個項目是北美最具吸引力的能源基礎設施投資機會之一，其風險調整後的回報狀況在業界無與倫比。

Accordingly, we are resetting our target run rate DCF per share to reach approximately $30 by the end of this decade after the full deployment of the repurchase authorization, approximately 175 million shares outstanding and the completion of the first phases of our brownfield expansions at both Sabine Pass and Corpus Christi. Even before accounting for the growth, we are now in a position to reach $25 of DCF per share by simply following through with our upsized share repurchase authorization.

因此，我們將每股目標運行率 DCF 重新調整為在本十年末達到約 30 美元，屆時回購授權將全部到位，流通股數量將達到約 1.75 億股，並且我們在 Sabine Pass 和 Corpus Christi 的棕地擴建項目的第一階段也將完成。即使不考慮成長因素，我們現在也能夠透過簡單地執行我們擴大後的股票回購授權，實現每股 25 美元的 DCF 目標。

As we have done since our first export cargo 10 years ago, we will continue to leverage our many advantages to create sustainable and growing long-term value for our shareholders while supplying our global customer base with our secure, reliable and affordable LNG through cycles and for decades to come. That concludes our prepared remarks.

自 10 年前首次出口貨物以來，我們一直致力於利用自身諸多優勢，為股東創造可持續成長的長期價值，同時在未來幾十年內，持續為全球客戶提供安全、可靠、價格合理的液化天然氣。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)

（操作說明）

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Thanks for all the detail today in the slides. And Anatol, I wanted to turn to slide 9 if I could. And really the big uptick you see in '26 through '30 demand across Asia there. And I was just wondering if you could talk a little bit more on how this backdrop might be influencing the tone of commercial conversations at this point as you look to lock in more supply agreements.

感謝您今天在幻燈片中提供的所有細節。阿納托爾，如果可以的話，我想翻到第 9 張投影片。2026 年至 2030 年，亞洲各地的需求確實出現了大幅成長。我想請您再詳細談談，在目前這種背景下，隨著您尋求達成更多供應協議，商業對話的基調可能會受到怎樣的影響。

Sure, Jeremy, thank you. Look, we've always been of the view that moderate prices are good for this industry. And as we've said over the last few years, one of the things that we expect to change as this wave of supply moves through the market is that the world will recalibrate its outlook on 2040 and that 700 million tonne outlook.

當然，傑里米，謝謝你。我們一直認為，適中的價格對這個產業是有益的。正如我們在過去幾年裡一直強調的那樣，隨著這波供應浪潮席捲市場，我們預計會發生變化的一件事是，世界將重新調整其對 2040 年的展望以及 7 億噸的展望。

But even with the 700 million tonne outlook, we do expect that the world will need more supply, and we think that our reliable, stable, very secure product is something that will be, if you will, the baseload of that growth. So, obviously, long-term contract economics have been much lower than spot prices over the last few years, and we think that, that continues to be appealing.

但即便預計產量將達到 7 億噸，我們仍然預期世界需要更多供應，我們認為我們可靠、穩定、非常安全的產品將成為這種成長的基礎。顯然，過去幾年長期合約的經濟效益遠低於現貨價格，我們認為這一點仍然很有吸引力。

Even in the fourth-quarter, the world signed over 17 million tonnes of long-term contracts, and we're proud to be part of that wave, and we'll continue to find these core opportunities to work with customers that value our reliability and security of supply. So we're very constructive on what global LNG demand, primarily driven by Asia is going to look like over the coming decades.

即使在第四季度，全球也簽署了超過 1700 萬噸的長期合同，我們很自豪能成為這股浪潮的一部分，我們將繼續尋找這些核心機會，與重視我們供應可靠性和安全性的客戶合作。因此，我們對未來幾十年主要由亞洲驅動的全球液化天然氣需求前景持非常樂觀的態度。

Got it. That's helpful. And then just wondering, we've seen some weather activity here, winter storm fern. And just wondering if that had any impact on Cheniere here.

知道了。那很有幫助。然後，我只是好奇，我們這裡出現了一些天氣現象，冬季風暴蕨。我想知道這是否對切尼爾公司產生了任何影響。

Jeremy, it's Jack. So I'll start and see if Zach wants to chime in. First and foremost, I was really pleased with the way our operating teams were able to position ourselves and take care of the facilities to make sure that there was no harm to either our employees or to any of the equipment. They once again have far exceeded my expectations on their emergency preparedness at the facilities.

傑瑞米，我是傑克。那我先開始，看看札克要不要插句話。首先，我非常滿意我們的營運團隊能夠妥善部署和維護設施，確保我們的員工和任何設備都不會受到傷害。他們在設施應急準備方面再次遠遠超出了我的預期。

There wasn't anything major one way or the other. We saw prices blow out. We saw force majeures predominantly in the Haynesville on some of the gas producers. We were able to manage around that. We were able to put gas back in the system to help support some of the local areas. And at the end of the day, it was a slight positive for us, but nothing material.

沒有什麼重大的結果。我們看到價格暴跌。我們看到，在海恩斯維爾，一些天然氣生產商主要遭遇了不可抗力事件。我們設法克服了這個問題。我們成功地將天然氣重新輸送回天然氣系統，以協助支援一些當地地區。最終，這對我們來說略有積極意義，但並沒有什麼實質的好處。

Yes. That's right, Jeremy. I'd say a slight positive to overall optimization for the first month of the year and baked into the guidance we just gave you for this year, but only for January. And just to be clear on how we think about optimization and guidance, if it's not like officially locked in, it's not in the guidance. So as things accrue into February and for the rest of the quarter, we'll give a clearer update on the May call.

是的。沒錯，傑瑞米。我認為今年第一個月的整體優化略有積極意義，這已融入我們剛剛給出的今年的指導方針中，但僅限於一月份。為了明確我們對優化和指導的看法，如果還沒有正式確定下來，那就不在指導範圍內。因此，隨著2月份及本季剩餘時間各種情況的累積，我們將在5月的電話會議上給予更清晰的最新消息。

But yes, we got a ways to go to catch up to the amount of optimization EBITDA that was generated in '25 for '26, and that's part of the upside to the current guidance that we just provided.

但是，我們距離 2025 年的優化 EBITDA 水平還有一段路要走，而這正是我們剛剛提供的當前指導意見中的一部分優勢。

Got it. That's helpful. We await details on further optimization across the year, benefiting the guide.

知道了。那很有幫助。我們期待有關全年進一步優化的詳細信息，這將有利於該指南的運行。

Spiro Dounis, Citi.

Spiro Dounis，花旗銀行。

First question just on commercial progress, a bit of a two-part question. So as you noted, you've got about 10 million tonnes per annum signed up now to support that next set of growth projects. But curious, does the next SPA that you sign from here start to underwrite the expansions beyond Phase 1 of Sabine and Corpus? And maybe if you could, where would you say market LNG contracted margins are right now, especially in light of some competing projects being rationalized?

第一個問題只涉及商業進展，這個問題可以分為兩部分。正如您所指出的，目前每年約有 1000 萬噸的訂單已簽約用於支持下一批成長項目。但令人好奇的是，您從這裡簽署的下一份SPA是否會開始為Sabine和Corpus第一階段之後的擴建項目提供資金？如果可以的話，您認為目前液化天然氣市場合約利潤率處於什麼水平？尤其是在一些競爭項目被合理化的情況下？

Yes. Thanks, Spiro. So I would say, at this point, the first train of our super brownfield expansions is spoken for, and we have some modest amount of work to do on the second one. So I would say at this point, obviously, it depends on the economics and depends on the volume of the SPAs, but I think some single-digit millions of tonnes still need to be contracted to get us into the right position for Train 2 of the expansions, namely the large-scale train at Corpus that we filed for. In terms of market margins, you're absolutely right.

是的。謝謝你，斯皮羅。所以我想說，目前我們超級棕地擴建計畫的第一列火車已經預定好了，而第二列火車還有一些工作要做。所以我想說，目前來看，顯然這取決於經濟狀況和SPA的規模，但我認為還需要簽訂幾千萬噸的合同，才能使我們處於合適的位置，以啟動擴建工程的第二條生產線，也就是我們申請的科珀斯克里斯蒂大型生產線。就市場利潤率而言，你的說法完全正確。

It's a very competitive market. We had over 60 million tonnes of FIDs in the US last year. A number of those tonnes are still not contracted. So that is competition that we see in the market as well as those a few projects that are still trying to get to the finish line.

這是一個競爭非常激烈的市場。去年美國有超過 6,000 萬噸的 FID（火焰離子化裝置）。其中相當一部分噸位尚未簽約。這就是我們在市場上看到的競爭，以及一些仍在努力完成的項目。

But as you also know, we do our utmost to not compete in that commoditized market of the 20-year CPed product and everything that you will see from us going forward is a relatively bespoke product that receives the premium that we think we deserve for our reliability.

但您也知道，我們竭盡全力避免參與 20 年期 CPed 產品的同質化市場競爭，今後您將看到的我們的產品都是相對客製化的產品，我們認為其可靠性值得我們支付溢價。

And Spiro, this is Jack. I would say I know in my conversations, in fact, on my -- in my keynote address, having 10 years of export capability here at Cheniere, over 5,000 cargoes this year will be delivered from Cheniere and never missing a foundation customer cargo means a lot to the JERAs and the CPCs and the Polands and you can go on and on. Those people that are building the infrastructure the gas infrastructure now are willing to pay us a premium to ensure that they get the LNG that they need.

斯皮羅，這位是傑克。事實上，在我的談話中，在我的主題演講中，我知道切尼爾公司擁有 10 年的出口能力，今年將有超過 5000 批貨物從切尼爾公司交付，並且從未錯過任何一位基礎客戶的貨物，這對 JERA、CPC 和波蘭等國家意義重大，你可以繼續列舉下去。現在那些建造天然氣基礎設施的人願意支付我們溢價，以確保他們獲得所需的液化天然氣。

And Spiro, I'll just end on some of the numbers. The deals that Anatol and the team have been able to strike over the last year or so, comfortably within our range, solidifying the run rate guidance, if not better, that we've previously given. And the fact that we are well over 95% contracted now, not just through 2030, but 2035 is why we were able to make the announcements we did today. The cash flow visibility is just -- is basically unparalleled. And we are already fully contracted for, let's say, the first phase of Sabine.

斯皮羅，我就以一些數字作為結尾吧。阿納托爾和他的團隊在過去一年左右的時間裡達成了一些交易，這些交易都在我們預期的範圍內，鞏固了我們之前給出的運行率指導，甚至可能更好。我們現在的合約簽訂率已經超過 95%，不僅到 2030 年，而且到 2035 年，正因如此，我們今天才能發布這些公告。現金流的可見度簡直——基本上是無與倫比的。我們已經完全簽訂了薩賓計畫第一階段的合約。

So if someone doesn't have that in their model, that $10 billion of buyback better be finished a lot sooner. So we are in a good place right now to execute across all fronts and increase shareholder returns and get this thing to 75 million tonnes.

所以，如果有人在他們的模型中沒有考慮到這一點，那麼這100億美元的股票回購計畫最好盡快完成。所以我們現在處於有利地位，可以在各個方面執行計劃，提高股東回報，並將產量提高到 7500 萬噸。

All right. message received. Second question, Jack, you noted in your prepared remarks that you'd already started to benefit on the nitrogen and inner gas side even in the fourth-quarter. But I know last call, you sort of indicated that there was a long-term plan in place to deal with that excess nitrogen. So have you once again kind of beaten that estimate? Would you say you've dealt with that issue? Is there still more to go there?

好的，訊息已收到。第二個問題，傑克，你在準備好的演講稿中提到，早在第四季度，你就已經開始在氮氣和內氣方面獲益了。但我知道，在上次通話中，你曾暗示過有一個長期計劃來處理過量的氮。所以你們又一次超越了預期目標？您認為您已經處理好這個問題了嗎？那裡還有後續嗎？

No, there's still more to go there. So it's a combination of issues. their Spiro. So the nitrogen is just an inert gas. It just takes up space.

不，還有更多內容要說。所以這是多種因素共同作用的結果。他們的 Spiro。所以氮氣只是一種惰性氣體。它只會佔空間。

So we just have to evacuate it as fast and as much as possible. But what was causing us a hiccup or a speed bump during the third-quarter was a variability in feed gas with heavy C12s to be exact for those of you that are chemists. But -- and the process engineers and the operating folks put their heads together with some suppliers in and really some oil companies, and we figured out different operating modes to work in, and that's starting to pay some dividends. So we've been able to adjust our operating modes. We've been able to buy and inject certain solvents that are really starting to show some big benefits for us.

所以我們必須盡快盡可能地疏散人員。但第三季給我們造成一些小麻煩或阻礙的是原料氣的波動，確切地說，對於你們這些化學家來說，原料氣中含有較重的 C12 氣體。但是——製程工程師和操作人員與一些供應商和一些石油公司一起集思廣益，我們找到了不同的操作模式，這開始帶來一些回報。因此，我們已經能夠調整我們的運作模式。我們已經能夠購買和注入某些溶劑，這些溶劑確實開始為我們帶來一些巨大的好處。

And I'll credit the whole team here that maybe we're at the lower end of production last year in our range but still got to the high end of our financial guidance as we proactively sold the open capacity. Stage 3 progressed really well and came online with four trains and the optimization came through. But this year, the guidance we give and the production guidance that stayed intact since last call bakes in a healthy amount of planned maintenance for these resiliency efforts. And if that doesn't take as long, that will have to be an update to both production and financial guidance.

我要感謝整個團隊，雖然我們去年的產量可能處於產品系列的較低水平，但由於我們積極出售了剩餘產能，我們仍然達到了財務預期的較高水平。第三階段進展非常順利，四列火車已投入運營，優化也取得了成功。但今年，我們提供的指導意見和自上次徵集以來一直保持不變的生產指導意見，都包含了大量的計劃維護，以支持這些彈性工作。如果耗時更短，那麼生產和財務預期都需要更新。

And I would say some of Spiro, some of the capital that you're seeing that Zach talked about that we're deploying is for the longer term to make sure that the front end of our facilities can handle any variability in any gas coming from anywhere.

我想說，Spiro 的一些資金，也就是 Zach 提到的我們正在部署的一些資金，是為了長期發展，以確保我們設施的前端能夠應對來自任何地方的任何天然氣的任何變化。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Great to see the continued commercial success in your second CPC SPA. Maybe putting a finer point on the economics of the commercialization process at this point. Can you provide any quantitative color on your outlook for the production fees based on your recent success and ongoing commercialization efforts, -- what would you say is the range at this point?

很高興看到您的第二款 CPC SPA 繼​​續取得商業成功。或許現在應該更詳細地探討一下商業化過程的經濟效益。根據您近期的成功和持續的商業化努力，您能否對製作費用的前景提供一些量化數據？您認為目前的製作費用範圍是多少？

And more broadly, going back to Anatol's comments and the earlier question about elasticity, what evidence of demand elasticity have you seen already in your commercial discussions for long-term contracts, taking into account the significant incremental liquefaction capacity set to enter the market through the end of the decade and beyond?

更廣泛地說，回到 Anatol 的評論和之前關於彈性的問題，考慮到到本十年末及以後將有大量新增液化產能進入市場，您在長期合約的商業討論中已經看到了哪些需求彈性的證據？

Yes, Theresa, I'll start and others will pitch in. But as Zach and I have said for many quarters now, we're very comfortable with the $2.50 to $3 range, and we are really doing things, I would say, comfortably above the midpoint of that range. But as we've said to you and others, at this point, I can't tell you that if we needed to get to 20 million tonnes of additional contracted volumes, we would be able to maintain that. So, to your question and Spiro's question, it isn't a situation where the market economics are at that level. In fact, we would say that they're below that level.

是的，特蕾莎，我先開始，其他人也會幫忙。但正如我和 Zach 在過去很多個季度一直強調的那樣，我們對 2.50 美元到 3 美元的價格區間非常滿意，而且我認為，我們目前的業績實際上已經遠遠超過了這個區間的中點。但正如我們之前對你們和其他人所說，目前我無法告訴你們，如果我們需要增加 2000 萬噸的合約量，我們是否能夠維持下去。所以，對於你和斯皮羅的問題，目前市場經濟還沒有達到那個水準。事實上，我們認為他們的水平低於那個水平。

It is kind of -- as Jack already mentioned and I mentioned, it is the counterparties that value our reliability and our flawless performance and our ability to continue to deliver that day in and day out. We think that that is very valuable and those counterparties that share that view, we are partnering with and delivering those volumes.

就像傑克已經提到過，我也提到過的那樣，是交易對手重視我們的可靠性、我們完美的表現以及我們日復一日持續提供這種表現的能力。我們認為這非常有價值，對於那些持有相同觀點的交易對手，我們正在與他們合作並交付這些交易量。

As we've also mentioned to you, in terms of price elasticity, even in the rearview mirror, the LNG market has had periods where in the aggregate, it has consumed about 600 million tonnes. So as you look at where price elastic markets can land, the numbers are comfortably above what we have operating and under construction today, well over 1,200 million tonnes of re-gas capacity, and that is growing to 1,400 just with what's under construction, right?

正如我們先前向您提到的，就價格彈性而言，即使回顧過去，液化天然氣市場也曾出現過累積消耗量達到約 6 億噸的時期。因此，當我們觀察價格彈性市場可能達到的水平時，會發現其數字遠高於我們目前營運和在建的水平，再氣化產能超過 12 億噸，而且僅就正在建設的產能而言，這一數字還在增長到 14 億噸，對吧？

You have markets like Vietnam, which a silly number, but it grew over 200%, obviously, from a very small base, but that is a market that in and of itself will probably be well north of 10 million tonnes by the time we get into next decade. So you're going to see Asia grow from, we think, from the kind of 270 million tonne market where it's been stuck for the last few years because of the high prices to well over 400 million tonnes and will continue to grow once that not only affordable supply, but also the fact that it is rateably affordable over years continues to stimulate investment. So again, very sanguine.

越南這樣的市場，雖然規模很小，但成長了 200% 以上，顯然是從一個非常小的基數開始的，但到下一個十年，這個市場本​​身的規模可能會遠遠超過 1000 萬噸。因此，我們認為，亞洲市場將從過去幾年因高價而停滯不前的 2.7 億噸規模增長到超過 4 億噸，並且隨著價格合理的供應以及多年來價格相對合理的持續增長，這一規模還將繼續增長，這將刺激投資。所以，再次強調，我非常樂觀。

And at the end of the day, as long as we keep contracting at those economics and underwriting our disciplined expansion plans, we hope the market remains constructive and continues to grow. But as you understand, we are quite immune from those dynamics.

歸根結底，只要我們繼續保持這種經濟效益，並為我們嚴謹的擴張計劃提供保障，我們就希望市場保持建設性並繼續成長。但正如您所知，我們完全不受這些因素的影響。

That's very helpful. Switching gears a bit. As gas to power demand reaches new highs across the US, partly driven by growing data center electricity needs, there are concerns that rising LNG exports could exacerbate domestic affordability pressures. What is your view on this? Do you see these dynamics affecting Cheniere's ability to permit and/or commercialize incremental capacity?

那很有幫助。稍微換個話題。由於美國各地天然氣發電需求達到新高（部分原因是資料中心電力需求不斷增長），人們擔心液化天然氣出口的增加可能會加劇國內的能源負擔壓力。你對此有何看法？您認為這些動態因素是否會影響切尼爾能源公司批准和/或商業化新增產能的能力？

And how did the domestic affordability issues reconcile with LNG's importance as a strategic trade and geopolitical lever for the US.

國內的承受能力問題如何與液化天然氣作為美國戰略貿易和地緣政治槓桿的重要性相協調？

So I'm going to start because -- and then I'm kind of pushing Anatol back because he's jumping at the microphone right now. But Theresa, so we -- it takes us 18 months to 2 years to get a permit and our pipeline plans have to be filed with FERC and made public. And then it's another three to four years for construction. And in all cases, we buy FT Firm Transportation. As you know, we have it to all five basins.

所以我要先開始了，因為——然後我有點想把阿納托爾往後推，因為他現在正衝著麥克風跳來跳去。但是，Theresa，所以我們——我們需要 18 個月到 2 年的時間才能獲得許可證，而且我們的管道計劃必須提交給聯邦能源管理委員會 (FERC) 並向公眾公佈。然後還需要三到四年的時間來建造。在所有情況下，我們都購買 FT Firm Transportation。如您所知，我們已將其輸送到所有五個盆地。

We process 7 days a week, 24 hours a day. and we provide a stability in cash flow to the producers and the midstream companies that they've never existed before in their lifetime. So that has allowed them to grow fairly significantly. So when that first cargo left the shore of Sabine Pass and headed to Brazil in February of 2016, natural gas production in the US was -- I think it was 67, 68 Bcf a day.

我們每週 7 天、每天 24 小時運轉，為生產商和中游公司提供他們一生中從未有過的穩定現金流。因此，這使得它們得以發展壯大。因此，當第一批貨物在 2016 年 2 月離開薩賓山口海岸前往巴西時，美國的天然氣產量——我想應該是每天 670 億至 680 億立方英尺。

Today, it's over 110 Bcf a day. And that, in part, is because they see what's coming and they see the amount of exports. Having been for most of my career on the gas to power side, gas to power doesn't like buying firm transportation. They don't like paying for gas forward because they want to price it into the real-time market. And they're not real supportive. They'd rather have interruptible supply at the cheapest price possible. And that -- it helps take some of the product up, but it's not going to be helpful longer term for production.

如今，日均天然氣排放量已超過 1,100 億立方英尺。部分原因是因為他們看到了未來趨勢，也看到了出口量。我的職業生涯大部分時間都在天然氣發電領域，而天然氣發電並不喜歡收購固定運輸工具。他們不喜歡提前支付汽油費用，因為他們希望將汽油價格納入即時市場定價。他們並沒有真正給予支持。他們寧願以盡可能低的價格獲得可中斷的供應。這樣做雖然有助於提高產量，但從長遠來看，對生產並沒有什麼幫助。

So I think you're starting to see the whole price paradigm on exports shift in Washington as we continue to explain to the legislators and regulators how the markets really work. And then I'll turn it over to Anatol.

所以我認為，隨著我們繼續向立法者和監管機構解釋市場是如何運作的，華盛頓的整個出口價格體係正在轉變。然後我會把它交給阿納托爾。

Yes. To not take up too much time, three quick points. One is we don't think we compete for molecules with those incremental demand centers, right? By definition, they will try to build in places that have trapped resource and can't have the infrastructure to access the markets where we see points of liquidity. And that is, as Jack already mentioned, a quasi-religion for us as we supply our customers.

是的。為了不佔用太多時間，這裡只簡單提三點。一是我們認為我們不會與那些新增需求中心爭奪分子資源，對吧？根據定義，他們會嘗試在資源匱乏且缺乏基礎設施進入流動性市場的地區進行建造。正如傑克已經提到的那樣，這對我們來說就像一種準宗教，因為我們為客戶提供產品和服務。

Two, we think that the market will be very disappointed, let's say, by the rate at which gas demand into power grows, even the EIA says that '26 and '27 won't see the same level as '24 saw in terms of gas for power generation. And three, as you know, for our product and for our customers, NYMEX is a pass-through, and we don't expect tremendous competition in the Southwest Louisiana pool that is NYMEX for those molecules.

第二，我們認為市場將對天然氣發電需求成長的速度感到非常失望，甚至美國能源資訊署 (EIA) 也表示，2026 年和 2027 年天然氣發電量不會達到 2024 年的水準。第三，如您所知，對於我們的產品和我們的客戶而言，NYMEX 是一個過境市場，我們預計在 NYMEX 西南路易斯安那州市場，這些分子不會面臨巨大的競爭。

So we're very optimistic that the domestic resource is there to meet all needs, and we are very careful about how we approach the expansions and our current infrastructure is more than sufficient to avail us of the molecules that we need.

因此，我們非常樂觀地認為國內資源足以滿足所有需求，我們對擴張方式非常謹慎，我們目前的基礎設施完全能夠為我們提供所需的分子。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

In 2025, I believe there was really significant EPC CapEx escalation and LNG greenfield costs. Can you talk about what you see as the drivers of that and whether that has begun to moderate? And as a follow-up, CapEx escalation is impacting brownfield projects like yours as materially?

我認為到 2025 年，EPC 資本支出和 LNG 新建專案成本將會大幅上漲。您能否談談您認為造成這種情況的原因，以及這種情況是否有所緩和？其次，資本支出增加是否對像您這樣的棕地改造計畫產生了實質影響？

Jean Ann, as you know, we FID trains 8 and 9, and we're able to do it within our financial parameters that Zach has laid out for the company and for all of you in the past. We do see some escalation. We're working through it with our partners, Bechtel. We've been able to manage it by doing some limited notices to proceed on some longer lead time items. I would say at this point, it's the lead time that worries me more than the inflation, and it's just the way that we've been able to manage our projects.

Jean Ann，如你所知，我們FID培訓8和9，我們能夠在Zach過去為公司和你們所有人制定的財務參數範圍內做到這一點。我們確實看到事態升級。我們正在與合作夥伴貝克特爾公司一起解決這個問題。我們透過提前發出有限的通知，來推進一些交貨週期較長的項目，從而成功地解決了這個問題。我覺得目前最讓我擔心的是專案週期而不是通貨膨脹，而這正是我們管理專案的方式。

We also have went back and basically went back to our ConocoPhillips optimized plan to get economies of scale to get our dollars per tonne down. And we've asked both for the SPL expansion as well as the CCL expansion to just give us exactly the same train you gave us the last time. So for SPL 7, I just want another SPL 6, identical. And for CCL 4, I just want CCL 3 again, identical. And I think that's going to help us on all fronts.

我們也重新採用了康菲石油公司優化後的方案，以實現規模經濟，從而降低每噸成本。我們已經要求 SPL 擴建和 CCL 擴建都提供給我們和上次一樣的列車。所以對於 SPL 7，我只需要另一個一模一樣的 SPL 6。至於 CCL 4，我只想再恢復到 CCL 3 的狀態，完全一樣。我認為這將在各個方面都對我們有所幫助。

And I'll just add, when it comes to the math, the math is pretty transparent as we file quarterly what our CapEx is and our PP&E is. But basically, we have the lowest cost per tonne, the best or the highest SPAs, the lowest leverage and the least

我還要補充一點，就數學方面而言，我們的計算非常透明，因為我們每季都會提交資本支出和固定資產的報表。但總的來說，我們擁有最低的噸成本、最佳或最高的銷售價格、最低的槓桿率和最少的

amount of equity partners. So I think we're pretty well placed for the FIDs of Train 7 and Train 4. And what we said before, we're permitting a lot more than that, but we see a path to hold to the standard by being as super brownfield as possible right now.

股權合夥人數量。所以我認為我們已經為7號列車和4號列車的最終投資決定做好了充分準備。正如我們之前所說，我們允許的遠不止這些，但我們認為，要保持標準，目前最好的辦法就是盡可能地進行超級棕地開發。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

I guess it's here. In terms of your December FERC filing to increase CCL Stage 3 and mid-scale 8 and 9 by 5 million tonnes, can you just talk about the timing to achieve that expansion? And how do we think about the use case for that incremental capacity at those two facilities?

我想它就在這裡。關於您 12 月向 FERC 提交的將 CCL 第三階段和中型 8 號、9 號機組產能增加 500 萬噸的申請，您能否談談實現此擴建計畫的時間表？那麼，我們該如何考慮這兩個設施新增產能的用途呢？

Those types of filings are the fact that we continue to debottleneck and engineer the site in a way that there might be more opportunity than, say, the 60-plus million tonnes from the existing assets that we plan to try to take advantage of over time. And that's what that increment would be is to kind of accommodate peak production at certain times of the year at that site. And as it kind of folds into this whole story that we're not just going to FID likely a train at each site, but we're going to FID a train at each site and some other debottlenecking projects. And that's how we get to 75 million tonnes.

這些類型的申請表明，我們正在不斷消除瓶頸，並以一種可能比現有資產（例如我們計劃隨著時間的推移嘗試利用的 6000 多萬噸）帶來更多機會的方式來改造該場地。增加產量是為了滿足該工廠一年中某些時段的生產高峰需求。而且，隨著整個故事的展開，我們不僅要在每個站點最終決定建造一條鐵路，還要在每個站點最終決定建造一條鐵路以及一些其他消除瓶頸的項目。就這樣，我們得出了7500萬噸的產量。

So this is just part of the overall plan that there's going to be ideally a first phase of a Train 4 at Corpus but some other stuff that's going to make the economics so crystal clear that they're accretive and within our parameters.

所以這只是整體計劃的一部分，理想情況下，Corpus 將啟動 Train 4 的第一階段，但還有其他一些事情，這將使經濟效益非常明確，確保它們是增值的，並且在我們的參數範圍內。

Okay. Got it. That makes sense. And then in terms of the new CPC contract you announced this morning, when do you expect it to kick in during 2026?

好的。知道了。這很有道理。那麼，關於您今天早上宣布的新CPC合同，您預計它在2026年何時生效？

It starts midyear. And to your previous question, some of the transactions and how we negotiate them kind of going forward to Zach's answer includes some of that flexibility that we can take advantage of as we debottleneck. So that's why we're a little cagey with the 1.2 million tonnes. That is the number through the vast majority of the term, but it includes some flexibility starting middle of this year.

活動從年中開始。至於你之前的問題，一些交易以及我們如何協商這些交易，有點像 Zach 的回答，其中包含了一些我們可以利用的靈活性，以便我們可以消除瓶頸。所以，這就是為什麼我們對這 120 萬噸數字有點諱莫如深的原因。這個數字將持續到學期的大部分時間，但從今年年中開始會有一些彈性。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

You mentioned the ramp-up in Corpus Stage 3 is going very well. And it seems like those trains can kind of come online perhaps earlier than what you have contemplated in your volume guidance. So just wondering how you think about the upside to that volume guidance that you gave.

您提到語料庫第三階段的啟動工作進展非常順利。而且這些列車似乎可能會比您在運力預測中預想的更早投入營運。所以我想知道您對之前給出的成交量預期有何看法。

Still early on in the year, and I think everyone could take comfort in the guidance that we gave did not update substantial completion dates of Trains 5 through 7. But mind you, we just had earlier this month, first LNG at Train 5 of Stage 3. But to put some math on it, if all three trains were a month early, that's comfortably over $50 million of incremental EBITDA at current margins over the year. So that could be upside. But today, in February, too soon to tell, and we'll give updates as these trains come online over the coming year, but things are progressing really well.

現在還只是年初，我認為大家可以放心的是，我們給出的指導意見並沒有更新 5 號至 7 號列車的實質完工日期。但請注意，就在本月初，我們在 3 號階段 5 號生產線實現了首次液化天然氣生產。但簡單計算一下，如果這三列火車都提前一個月到達，那麼以目前的利潤率計算，一年下來就能輕鬆增加 5000 萬美元以上的 EBITDA。所以這可能是個有利因素。但如今才二月份，現在下結論還為時過早，我們將隨著這些列車在未來一年內陸續投入營運而發布最新消息，但目前一切進展順利。

And yes, we're already four for four, and it's looking like five for five of being early.

是的，我們已經四戰全勝，而且看起來很有可能五戰全勝，全部提前鎖定勝局。

Yes. And my follow-up is just thinking about the additional expansions that you have at Sabine and Corpus beyond these very brownfield trains. I think, Anatol, you mentioned that you have kind of 20 million tonnes worth of SBA opportunities at the higher margin guidance that you've kind of embedded in your economics. Do those support these higher cost kind of trains beyond the initial brownfield opportunities because it sounds like the trains after the initial ones at Sabine Pass and Corpus are probably going to be a bit more expensive.

是的。我的後續問題是，除了這些棕地列車之外，你們在薩賓和科珀斯還有其他擴建計畫嗎？阿納托爾，我想你提到過，按照你經濟分析中體現的較高利潤率指導，你有價值 2000 萬噸的 SBA 機會。這些是否支持在最初的棕地機會之外建造這種成本更高的列車？因為聽起來，薩賓山口和科珀斯克里斯蒂最初的列車之後的列車可能會更貴一些。

Yes, Jason, sorry, if I misspoke, it's kind of the other way around. I was saying that if we had to do 20, we would not be able to today maintain the $2.50 to $3 standard, right? The market for the US product is sub $250 today.

是的，傑森，抱歉，如果我說錯了，情況正好相反。我的意思是，如果我們要做20個，我們今天就無法維持2.50美元到3美元的標準了，對吧？目前該產品在美國的市場價格低於 250 美元。

It is our performance and our reliability and our commercial engagement that gives us the ability to capture these premium contracts, but we are in an enviable position standing on the shoulders of the teams at Cheniere that have continued to deliver this performance over, as Jack said, a decade plus a couple of days that we are able to capture these additional volumes that should allow us to maintain those brownfield -- super brownfield economics and meet our investment parameters. Beyond that, it's -- I'll let the guys chime in, but it's kind of a step function change in CapEx per tonne and that market -- the market economics today, we don't see supporting meeting our investment parameters.

正是我們的業績、可靠性和商業參與度，使我們有能力獲得這些優質合約。但正如傑克所說，我們站在切尼爾團隊的肩膀上，他們十多年來一直保持著這樣的業績，再加上幾天的時間，我們就能獲得這些額外的業務量，這將使我們能夠保持棕地——超級棕地經濟效益，並達到我們的投資目標。除此之外，——我讓其他人來補充——但就每噸資本支出而言，這有點像是階躍函數式的變化，而目前的市場經濟狀況，我們認為無法支持我們達到投資目標。

Jack's whiteboard got us to 75 million tonnes, and we'll go from there.

傑克的白板讓我們得出了 7500 萬噸的目標，我們將以此為基礎繼續努力。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

A quick one on -- just going back to the macro for you, Anatol. I want to go back to slide 9, where you guys are showing this pretty strong growth rate for China through 2030. I was just wondering if you could underline that a little bit more with what price you think you need to underwrite that growth. And you have the sub comment around coal to kind of gas switching in there. Just what your general framework for that in terms of magnitude could be?

簡單說一句——Anatol，我只是想回到宏觀層面。我想回到第 9 張投影片，你們在那裡展示了中國到 2030 年相當強勁的成長率。我只是想問一下，您能否再詳細解釋一下，您認為需要多高的價格才能支撐這種增長？而且，其中還有關於煤炭向天然氣轉變的子評論。就規模而言，您設想的整體框架是什麼？

Yes. I'll give you our guess, obviously, subject to a lot of hedging, but we think somewhere in the $8 to $9 delivered range. The great thing about the Chinese market is it is massively fragmented and distributed. It is going to be approaching 300 million tonnes of re-gas capacity, a TCF of storage. It's going to blow through 200 gigawatts of installed generation capacity mostly along the coast.

是的。我來告訴你我們的猜測，當然，這其中有很多對沖因素，但我們認為到手價應該在 8 到 9 美元之間。中國市場最大的優勢在於其高度分散和分散。其再氣化能力將接近 3 億噸，儲存量將達到 1 兆立方英尺。它將消耗掉主要位於沿海地區的 200 吉瓦已安裝發電容量。

So at the right price, it has the capacity to consume a very substantial amount of volume. But as you saw in '25 for a host of reasons, it behaves as a quintessential invisible hand and redirects cargoes to where they are most profitable. dozens and dozens of companies, multiple business models, obviously, competing fuels, et cetera. But we think at that high single-digit level number backdrop of $60, $65 Brent, you're going to see China come roaring back like it did in '18, '19.

所以，只要價格合適，它就有能力消耗非常大的數量。但正如你在 2025 年看到的，由於種種原因，它就像一隻典型的“看不見的手”，將貨物引導到利潤最高的地方。幾十家公司，多種商業模式，顯然還有相互競爭的燃料等等。但我們認為，在布蘭特原油價格達到每桶 60 美元、65 美元的高個位數水準的背景下，中國經濟將會像 2018 年、2019 年那樣強勢復甦。

Super interesting. Last quick one for me. I think this is for Zach, but maybe Jack as well. I'd just be curious to hear your latest thoughts on the dividend in terms of where that could grow over time, particularly now that you're framing up this $30 per share number and how that maybe plays back in the form of the buybacks.

非常有趣。最後再補充一個簡短的問題。我覺得這是給札克的，但也可能給傑克的。我很想聽聽您對股息的最新看法，特別是考慮到股息未來可能的成長情況，尤其是在您提出每股 30 美元的目標之後，以及這可能會如何影響股票回購。

Sure. So everything we even announced today is just following through with what we've said in the past. And one of the things we've said in the past is that we're committed to growing the dividend by basically 10% a year through the decade. And eventually, over time, we'll get to something over 20% of a payout ratio. Clearly, our shareholder return policy is just different than everyone else in midstream.

當然。所以，我們今天所宣布的一切，都只是對我們過去所說的話的延續。我們過去曾說過，我們致力於在未來十年內每年將股息提高 10% 左右。最終，隨著時間的推移，我們的賠付率將超過 20%。顯然，我們的股東回報政策與其他中游企業截然不同。

We pay out about 60%, which is probably above on average the rest, but -- of that 60% is buybacks, whereas it's basically all dividend for the others. This flexibility allows us to not only basically self-generate the cash flow to fund the equity for Stage 3, Midscale 8 and 9 and the first phases at both projects, but this flexibility to be opportunistic like we were in the last couple of quarters and earlier this year on the buyback. So I think we're going to keep it this way. It really enhances the financial flexibility of the company. but that 10% compounding gets very powerful later on this decade.

我們派發約 60% 的股息，這可能高於其他公司的平均水平，但這 60% 中的一部分用於股票回購，而其他公司基本上全部用於分紅。這種靈活性不僅使我們能夠基本上自行產生現金流，為第 3 階段、中型 8 和 9 階段以及兩個項目的第一階段提供股權資金，而且這種靈活性還使我們能夠像過去幾個季度和今年早些時候那樣抓住機會進行股票回購。所以我覺得我們會維持現狀。這確實增強了公司的財務靈活性。但10%的複利效應在本十年後期會變得非常強大。

And that does conclude the question-and-answer session. I'll now turn the conference back over to you.

問答環節到此結束。現在我把會議交還給你。

I just want to say thank you all for the last 10 years of support. It seems like just yesterday, but it also feels like we're just getting started. So stay tuned.

我只想對大家說謝謝，感謝大家過去十年來的支持。感覺就像昨天發生的一樣，但同時也感覺我們才剛起步。敬請期待。

Thank you. That does conclude today's conference. We do thank you for your participation and have an excellent day.

謝謝。今天的會議到此結束。感謝您的參與，祝您有美好的一天。