New Fortress Energy Inc (NFE) 2022 Q4 法說會逐字稿

Good day, and welcome to the New Fortress Energy Fourth Quarter 2022 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎來到 New Fortress Energy 2022 年第四季度收益電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. Patrick Hughes, of Investor Relations. Please go ahead, sir.

現在，我想將會議轉交給投資者關係部的帕特里克休斯先生。請繼續，先生。

Thank you, Jess, and good morning, everyone. Thanks for joining today's conference call, during which we will discuss our fourth quarter and full year 2022 results as well as recent highlights and the very promising outlook for our business. As Jess said, the call is being recorded and we will be available by replay on the Investors section of our website under the subheading Events and Presentations. In fact, at that same location on our website, you'll find a press release and the corresponding presentation we're going to step through today. As we proceed through the discussion with Wes and the team, we'll be referring to that presentation.

謝謝你，Jess，大家早上好。感謝您參加今天的電話會議，在此期間，我們將討論我們的第四季度和 2022 年全年業績，以及最近的亮點和非常有希望的業務前景。正如 Jess 所說，通話正在錄音中，我們將在我們網站的“投資者”部分的“事件和演示”子標題下通過重播與我們聯繫。事實上，在我們網站的同一位置，您會找到一份新聞稿和我們今天要逐步完成的相應演示文稿。在我們繼續與 Wes 和團隊進行討論時，我們將參考該演示文稿。

In the presentation, you'll see a series of important disclosures related to forward-looking statements and non-GAAP financial measures. We encourage participants to review these important disclosures in addition to the description of risk factors contained within our SEC filings.

在演示文稿中，您將看到一系列與前瞻性報表和非 GAAP 財務指標相關的重要披露。除了我們提交給美國證券交易委員會的文件中包含的風險因素描述之外，我們鼓勵參與者審查這些重要的披露。

Now, let's get underway with the call. This is Patrick Hughes. I look after Investor Relations here at New Fortress. Joining me today are Wes Edens, our Chairman and Chief Executive Officer; Chris Guinta, our Chief Financial Officer; and Andrew Dete and other members of our senior leadership team.

現在，讓我們開始通話。這是帕特里克休斯。我在 New Fortress 負責投資者關係。今天加入我的是我們的董事長兼首席執行官 Wes Edens；我們的首席財務官 Chris Guinta； Andrew Dete 和我們高級領導團隊的其他成員。

Wes, over to you.

韋斯，交給你了。

Great. Thanks. Welcome, everyone. And format, as usual, we're going to flip through the presentation that we posted. So let's just start at the beginning, so Page 3. 2022 was a very, very good year for the company. Very volatile markets overall in the world, and we've delivered very solid results, nearly 2x the EBITDA and free cash flow 2021. Probably more importantly, the forecast that we have for the upcoming year is roughly 2x the results of 2021 -- '22. So very, very good financial results. And not only the absolute number is good, but the quality of earnings continues to improve. More and more of our earnings comes from our downstream activities. Those are the long-term data cash flows that actually are easy to predict and easy to model for all of you and thus for us. So a very, very good start to the year.

偉大的。謝謝。歡迎大家。和往常一樣，我們將瀏覽我們發布的演示文稿。因此，讓我們從頭開始，所以第 3 頁。2022 年對公司來說是非常非常好的一年。全球市場總體上非常動盪，我們取得了非常穩健的業績，幾乎是 2021 年 EBITDA 和自由現金流的 2 倍。可能更重要的是，我們對來年的預測大約是 2021 年業績的 2 倍——' 22.非常非常好的財務結果。不僅絕對數量不錯，而且盈利質量也在不斷提高。我們越來越多的收入來自我們的下游活動。這些是長期數據現金流，實際上很容易預測，也很容易為你們所有人和我們建模。這是今年非常非常好的開始。

Next page, notable highlights. There's a handful that really stand out. Top of the list for us is we signed a contract in the quarter (technical difficulty) power generation assets of PREPA. So PREPA is the utility in Puerto Rico that services the whole island. An effort was made by them several years ago to privatize the 2 main parts of their business being, number one, the transmission and distribution, which they did about 1.5 years ago; number two was the management of the kind of base load power units, 3,600 megawatts of power in total, 10 units that we actually competed for and were successful for and took over. The contract is a 10-year contract, base fee of just over $20 million. We profit share basically with cost savings of the island up to a cap of $100 million.

下一頁，顯著亮點。有少數真正脫穎而出。對我們來說，最重要的是我們簽署了 PREPA 季度（技術難度）發電資產的合同。 PREPA 是波多黎各的公用事業公司，為整個島嶼提供服務。幾年前，他們努力將其業務的兩個主要部分私有化，第一，輸電和配電，他們大約在 1.5 年前就這樣做了；第二是基荷發電機組的管理，總共3600兆瓦的功率，我們實際競爭並成功接管的10台機組。該合同是一份為期 10 年的合同，基本費用剛剛超過 2000 萬美元。我們的利潤分成基本上與島上節省的成本高達 1 億美元。

So there's a substantial amount of upside to the extent that we are able to do as we expect to do, which is cut down the cost of generation for the island. When I took this over, we sat with the Governor and other management folks in Puerto Rico in a press conference, basically said our 2 scorecards for us on the island are, number one, the reliability of the service; and number two, the cost of the service. It couldn't be more basic than that. And we said that's what we want to be held accountable for, that's what we intend to focus on, and we think that there is a tremendous amount of upside for us to perform on both of those metrics, perform for the people of Puerto Rico, make their services not shut off, make the -- and or load shed, make the cost of it go down, and that's what we want to do. In addition to this contract, we think there's lots and lots of incremental opportunities on the downstream side, on the development side and whatnot. So this just further solidifies what we think is a great foundational asset for us, the terminal we built down there.

因此，就我們能夠按照預期做的事情而言，有很大的好處，這可以降低島上的發電成本。當我接手這件事時，我們在新聞發布會上與波多黎各的總督和其他管理人員坐在一起，基本上說我們在島上的 2 個記分卡是，第一，服務的可靠性；第二，服務成本。沒有比這更基本的了。我們說這就是我們想要負責的事情，這就是我們打算關注的事情，我們認為我們在這兩個指標上都有巨大的上升空間，為波多黎各人民表演，讓他們的服務不被關閉，減少 - 和/或負載，降低成本，這就是我們想要做的。除了這份合同，我們認為在下游、開發等方面還有很多增量機會。因此，這進一步鞏固了我們認為對我們來說是一項重要的基礎資產，即我們在那裡建造的終端。

Actually turned it on in the middle of COVID. So this time of the year is reminiscent to me of what it was like 3 years ago when we had people working in the middle of COVID to get that thing up and running. So it feels great about that, but there's a lot more to come and we'll be talking to you. The timing of this is we expect to be fully mobilized and take over the service sometime around midyear. So hopefully a lot more to talk about there in the future.

實際上是在 COVID 期間打開它的。因此，每年的這個時候讓我想起了 3 年前的情況，當時我們有人在 COVID 中間工作以啟動並運行它。所以感覺很好，但還有很多事情要做，我們會和你談談。這樣做的時機是我們預計將在年中左右的某個時間全面動員並接管該服務。所以希望將來有更多的話題可以討論。

And number two, the terminals. So the terminals are the core of our business, the backbone of our business. We are -- basically completed or near complete on 2 major Brazil terminals. Andrew Dete will talk about that in just a second. These are significant in that they are terminals are located in areas that have, we think, massive amounts of opportunity. Santa Catarina in the South is just about complete, Barcarena in the North is basically complete. We have a big baseload customer up there -- 2 baseload customers up there in the form of Norsk Hydro, which will turn on at the end of this year; as well as a big power plant that we're building. But I'll leave those details to Andrew. But it just continues the march of significant downstream assets for us. That's what we think is our most compelling competitive advantage versus other folks, takes a lot of time and effort to get to these places. So we feel great about that.

第二，終端。所以終端是我們業務的核心，是我們業務的支柱。我們 - 在 2 個主要的巴西碼頭上基本完成或接近完成。 Andrew Dete 稍後會談到這一點。這些意義重大，因為它們是位於我們認為擁有大量機會的區域的終端。南部的Santa Catarina即將完工，北部的Barcarena基本完工。我們在那裡有一個很大的基荷客戶——2 個基荷客戶，它們是 Norsk Hydro，將於今年年底啟用；以及我們正在建造的大型發電廠。但我會將這些細節留給安德魯。但它只是繼續了我們重要下游資產的發展。這就是我們認為與其他人相比我們最引人注目的競爭優勢，需要花費大量時間和精力才能到達這些地方。所以我們對此感覺很好。

But we've got significant opportunities to turn on downstream assets in Puerto Rico, in Mexico, in Nicaragua and now in Brazil as well as other geographies that we're pursuing. So -- but this is all about the execution of our base level of business and getting these terminals up and running is a big part of it.

但我們有很多機會在波多黎各、墨西哥、尼加拉瓜和現在的巴西以及我們正在追求的其他地區開啟下游資產。所以 - 但這完全是關於我們基本業務的執行，讓這些終端啟動和運行是其中很重要的一部分。

Liquefiers, we talked about a lot. We hosted an Investor Day down at the end of last year. The first one is basically near completion. Chris will give us an update on that. But the first one is the most important. It's basically the way to fully integrate our business, it's the way to kind of get proof of concept of accessing gas and an offshore capacity. So lots more to talk about with that. But we've made significant progress. And this year, we've kind of shifted our focus from the mechanical completion of the unit, which is closed, to now the deployment of it, the transfer of it and, of course, the operations of it.

液化器，我們談了很多。我們在去年年底舉辦了一個投資者日。第一個基本接近完成。克里斯將向我們介紹最新情況。但第一個是最重要的。這基本上是完全整合我們業務的方式，這是獲得獲取天然氣和海上產能概念證明的方式。還有很多要談的。但我們已經取得了重大進展。今年，我們已經將重點從已關閉的單位的機械完成轉移到現在的部署、轉移，當然還有它的運營。

Lastly, shareholders. The business creates a significant amount of cash flow and that affords us the luxury of returning capital to shareholders. I think keeping the company appropriately capitalized but also lean is the right way to make good judgments about incremental opportunities. We expect to continue to generate significant amounts of excess capital. And as we do through a combination of either dividends or stock buybacks or quite possibly both as we did in the last 12 months. We'll return capital as we see fit to shareholders.

最後，股東。該業務創造了大量現金流，這使我們有機會向股東返還資本。我認為讓公司保持適當的資本化和精簡是對增量機會做出正確判斷的正確方法。我們預計將繼續產生大量的過剩資本。正如我們在過去 12 個月中所做的那樣，通過股息或股票回購的組合，或者很可能兩者兼而有之。我們將按照我們認為合適的方式向股東返還資本。

So Page 5, just a bit about the macro, and Andrew will talk about this in some detail. I don't have to tell anybody on the call, but 2022 was a record year of volatility in the LNG markets. So the markets, if you go back and look at the yellow box on the left-hand side, the market was already dislocated at the time that there's invasion in the Ukraine. So there had already been a significant move up in price. That was exacerbated by the blowup of the Russian pipelines, all the disorder that happened in Europe as a result. That has abated substantially. And what you see on the right-hand side is that, really a combination of 2 things: significant fuel switchings, number one; number 2 is just fortuitous warm weather, right? It's the warmest weather in Europe in the last 50 years or so in the wintertime. So they're the beneficiary of just good fortune, which is great.

所以第 5 頁，只是關於宏的一些內容，Andrew 將詳細討論這個問題。我不必在電話會議上告訴任何人，但 2022 年是液化天然氣市場波動創紀錄的一年。所以市場，如果你回頭看看左邊的黃色框，市場在烏克蘭遭到入侵時已經錯位了。因此，價格已經大幅上漲。俄羅斯管道的爆炸加劇了這種情況，結果歐洲發生了所有混亂。這已經大大減少了。你在右手邊看到的是，實際上是兩件事的結合：重要的燃料轉換，第一； 2 號只是偶然的溫暖天氣，對吧？這是歐洲近 50 年來最溫暖的冬季天氣。所以他們只是好運的受益者，這很好。

But what has happened is that the prices between all the alternative fuels, so gas, diesel, coal, have really converged. One thing that is very clear, there was a lot of debate over whether Europe would fuel switch or not back to the dirtier fuels like coal. I think that, that debate has been settled. There was actually -- I think last year will end up being kind of the most profit year of burning coal in Europe ever. So when you had to pick between energy security and the environment, there is no question which way they went.

但實際情況是，所有替代燃料之間的價格，如天然氣、柴油、煤炭，真的趨同了。一件非常清楚的事情是，關於歐洲是否會轉而使用煤等更臟的燃料存在很多爭論。我認為，那場辯論已經解決了。實際上 - 我認為去年最終將成為歐洲有史以來燃燒煤炭利潤最高的一年。所以當你不得不在能源安全和環境之間做出選擇時，毫無疑問他們選擇了哪條路。

So -- and I think that, that is just -- that's a theme more broadly across the world. Certainly, in China, that has also been the case, and Andrew can talk about that a little bit. But the net effect of this for us is that lower prices and the converged prices are good for our downstream business. $50 TTF, while it sounds great if you're in the LNG business, it's actually not great for your customers. A good rule of thumb is that take that gas price, multiply times 6, that gives you the oil equivalent. So at $50 x 6 is the equivalent of $300 a barrel of oil, that sounds expensive and unaffordable. It is actually expensive and unaffordable. So having to come back down to a more reasonable level, albeit at a higher price point than where we started is very, very productive for our business because it becomes much more relatable to our customers and power and gas solutions now move in line with other fuel sources and that actually is really, really good for our downstream business.

所以——我認為，這只是——這在全世界範圍內都是一個更廣泛的主題。當然，在中國也是如此，安德魯可以稍微談一談。但這對我們的淨影響是，較低的價格和趨同的價格對我們的下游業務有利。 50 美元的 TTF，如果你從事液化天然氣業務，這聽起來不錯，但實際上對你的客戶來說並不是很好。一個好的經驗法則是，將汽油價格乘以 6，即可得到石油當量。因此，50 美元 x 6 相當於每桶石油 300 美元，這聽起來既昂貴又難以承受。它實際上是昂貴且買不起的。因此，不得不回到一個更合理的水平，儘管價格比我們開始的時候更高，這對我們的業務來說非常、非常有成效，因為它變得更加貼近我們的客戶，電力和天然氣解決方案現在與其他解決方案保持一致燃料來源，這實際上對我們的下游業務非常非常有利。

So I guess the last thing I'd say is the crisis is not over. The winter of 2023 is still in front of us. This winter is not yet over. We're talking about next winter. But I think, again, weather, fuel switching, there's big activity levels in Europe to try and add more and more terminals, but they have a big hole to fill, and we still think that there is a significant possibility of some real dislocations in the coming year.

所以我想我最後要說的是危機還沒有結束。 2023年的冬天還在我們面前。這個冬天還沒有結束。我們正在談論下一個冬天。但我再次認為，天氣、燃料轉換、歐洲的活動水平很高，可以嘗試增加越來越多的航站樓，但他們有一個很大的空缺需要填補，我們仍然認為在歐洲很可能會出現一些真正的錯位來年。

So lastly, my last page before I flip over here is just the goals for 2023. I couldn't be more simple from my standpoint. 2023 is really the year to execute. We've nearly doubled the supply that we have in our portfolio, as you can see on the left-hand side here, over a couple of year period and have matched that with incremental demand. So just to read through that chart on. Number one, supply was 74 TBtus in 2021. We are forecasting that to be 184 in 2024, so more than double over that 3-year period. Demand, which was fully matched in 2021, we also expect to double. So the goal -- the yellow circles in the bottom there show the open volumes that you've got. So you can see anywhere from 15% to 20% of our portfolio is open at the moment. I get a lot of questions about our exposures to market prices and especially with all the volatility and whatnot.

最後，我翻到這里之前的最後一頁只是 2023 年的目標。從我的角度來看，我再簡單不過了。 2023 年確實是執行的一年。我們的投資組合中的供應量幾乎翻了一番，正如您在此處左側看到的那樣，在幾年的時間裡，並且與增量需求相匹配。因此，只需閱讀該圖表即可。第一，2021 年的供應量為 74 TBtus。我們預測到 2024 年將達到 184 TBtus，因此在這 3 年期間增加了一倍多。需求在 2021 年完全匹配，我們也預計會翻一番。所以目標 - 底部的黃色圓圈顯示了您擁有的開放捲。因此，您可以看到我們目前有 15% 到 20% 的投資組合是開放的。我收到很多關於我們對市場價格的風險敞口的問題，尤其是所有的波動性和諸如此類的問題。

Our goal is to largely be matched. It's impossible to be precisely matched. There is always going to be a bias. My bias is always going to be to have a long bias. You need to have inventory to sell to customers that gives you an axe to go and talk to them about gas and power. But we want to have that view as modern as possible. So kind of 15%, 20% is the size of that. And you'll see that as we -- as the year goes on and as next year goes on, we're trying to minimize this exposure to volatility by focusing on our terminals, customers and operations. Downstream business, downstream power, that is our core business that we manage here, and we feel really good about it.

我們的目標是在很大程度上匹配。不可能精確匹配。總會有偏見。我的偏見始終是長期偏見。你需要有庫存才能賣給客戶，這樣你就可以和他們談論天然氣和電力。但我們希望這種觀點盡可能現代。大概是 15%，20% 就是這樣的大小。你會看到，隨著時間的推移和明年的繼續，我們正試圖通過專注於我們的終端、客戶和運營來盡量減少這種波動風險。下游業務，下游電力，這是我們在這裡管理的核心業務，我們對此感覺非常好。

The next step for us on the gas and power side is, we are very close to buying our first portfolio of really modular units of power. And so that's something that if it goes as planned, we could be talking about as soon as in the next couple of days. The goal for that is to basically give people, different countries and utilities and whatnot, access to gas and power on an expedited basis. Time is the enemy of all these problems. And so you see there's a big article in the paper this morning about all the load shedding and the problems that Eskom has faced in South Africa. That's a good example of it. And the challenge for a lot of those places is not only do they have problem with the lack of power, but they have a problem if it takes too long then to give a viable solution for it.

我們在天然氣和電力方面的下一步是，我們非常接近購買我們的第一個真正模塊化的電力單元組合。因此，如果按計劃進行，我們可能會在接下來的幾天內盡快討論。這樣做的目標基本上是讓人們、不同的國家和公用事業公司等等能夠快速獲得天然氣和電力。時間是所有這些問題的敵人。所以你看到今天早上報紙上有一篇大文章是關於所有的減載和 Eskom 在南非面臨的問題。這是一個很好的例子。很多地方面臨的挑戰不僅是電力不足的問題，而且如果需要很長時間才能給出可行的解決方案，他們也會遇到問題。

We think the right solution for that is to kind of even more fully integrate by bringing power into our portfolio, give us the ability to provide solutions in months, not years, as a step towards longer-term solutions that are more efficient. So lots more about that to come. It's just a general marker for you to keep track of. If you see something announced by us, it means that we've been successful about this. We feel pretty good about that. But there's a lot of different applications for that where I think it makes a lot of sense. Right-hand side, and the last thing. Liquefiers, I said we're closing on mechanical completion. Transport, installation, operations now become the things that we're very focused on. The time line is short. So we're in -- we've gone from triple-digit days to double-digit days. And so we have, as Chris has talked about before, we have a daily call on this. And our teams are working very, very hard on this.

我們認為正確的解決方案是通過為我們的產品組合注入力量來更充分地整合，使我們能夠在數月而不是數年內提供解決方案，作為邁向更高效的長期解決方案的一步。關於這一點的更多信息。它只是供您跟踪的一般標記。如果您看到我們宣布的內容，則表示我們在這方面取得了成功。我們對此感覺很好。但是有很多不同的應用程序，我認為這很有意義。右側，最後一件事。液化器，我說過我們即將完成機械完工。運輸、安裝、運營現在成為我們非常關注的事情。時間線很短。所以我們進入了——我們已經從三位數的天數變成了兩位數的天數。因此，正如 Chris 之前所說，我們每天都會就此召開電話會議。我們的團隊正在為此非常非常努力地工作。

The first one up and running is a massive accomplishment for the company and something we look forward to. Not only is it the first step towards a vertical integration of the business, but it also is a real proof of concept of these stranded and offshore gas assets that not only for us, but for others, we think are big opportunities to do something with. So lots to focus on, but these are the 2 main areas.

第一個啟動並運行對公司來說是一項巨大的成就，也是我們期待的事情。這不僅是業務垂直整合的第一步，也是這些擱淺和海上天然氣資產概念的真實證明，我們認為這不僅對我們而且對其他人來說都是做某事的大好機會.有很多需要關注的地方，但這是兩個主要領域。

So with that, let me turn it over to Andrew.

因此，讓我把它交給安德魯。

Thank you, Wes. Good morning, everyone. I'll step through 2 slides on the LNG markets and then give an update on NFE commercially. We do want to spend a moment on the markets here just because we're seeing a moment in time and current price levels that we'll talk about that we think are really supportive of the NFE business case.

謝謝你，韋斯。大家，早安。我將分步介紹液化天然氣市場上的 2 張幻燈片，然後在商業上提供 NFE 的最新信息。我們確實想在這里花點時間在市場上，因為我們看到了我們將討論的時間和當前價格水平，我們認為這些價格水平真正支持 NFE 業務案例。

So starting on Page 8. There are really 2 key messages here. The first is a recap of the price environment of LNG in 2022 on the left side, and then second is what we are seeing in terms of LNG prices settling with some amount of stability, just below the $20 area, significantly higher than the stable price levels we saw in the time period kind of the pre- the invasion of Ukraine. So on the left side is the graph of the TTF gas price, which I think as most of you know, has been a leading indicator for global LNG prices in the last year; graphed against the U.S. domestic gas price, Henry Hub; and then the gas to oil parity, which Wes mentioned, which basically converts the Brent oil price to adjust for energy content relative to gas.

所以從第 8 頁開始。這裡確實有 2 個關鍵信息。第一個是左側 2022 年液化天然氣價格環境的回顧，第二個是我們看到的液化天然氣價格穩定下來，略低於 20 美元區域，明顯高於穩定價格我們在入侵烏克蘭之前的那個時期看到的水平。左邊是 TTF 天然氣價格圖，我想你們大多數人都知道，它一直是去年全球液化天然氣價格的領先指標；與美國國內天然氣價格對比，Henry Hub；然後是 Wes 提到的天然氣與石油平價，它基本上轉換布倫特石油價格以調整相對於天然氣的能源含量。

As you can see on the graph, prices actually started rise well before the invasion in February 2022 on increasing tightness in the market. We were watching this closely at the time as we are seeing kind of opportunities around the globe. And then that was extremely exacerbated with the conflict. The balance of the year was then an experience of a relatively illiquid TTF price kind of bouncing up and down, doing the work of balancing a supply short market where you had to draw LNG into Europe, but then even kind of more importantly, you had to actually at different times destroy the price-sensitive demand. And that's where we really saw real spikes in TTF.

正如您在圖表中看到的那樣，由於市場日益緊張，價格實際上在 2022 年 2 月入侵之前就開始上漲。當時我們正在密切關注這一點，因為我們在全球範圍內看到了各種機會。然後，隨著衝突的加劇，這種情況變得更加嚴重。當年的餘額是相對缺乏流動性的 TTF 價格上下波動的經歷，在平衡供應短缺市場的工作中，你不得不將液化天然氣引入歐洲，但更重要的是，你有實際上在不同的時間破壞了對價格敏感的需求。這就是我們真正看到 TTF 真正飆升的地方。

On the right is a very simple graphic but a powerful one for us showing the difference between levels going back to the end of 2020 and today.

右邊是一個非常簡單的圖形，但對我們來說是一個強大的圖形，顯示了可追溯到 2020 年底和今天的水平之間的差異。

This isn't to say that we necessarily think pricing will remain totally stable at these levels, but what we are seeing is a lot of price support for gas below the current level. So what we've been watching for over the course of 2022 is really where gas prices are going to settle at a level that we believe will be higher than the historicals. So as prices come down in the last few months, we are starting to see strong incremental demand that levelize and support prices.

這並不是說我們一定認為價格將在這些水平上保持完全穩定，但我們看到的是在當前水平以下對天然氣的大量價格支持。因此，在 2022 年期間，我們一直在關注的是天然氣價格將穩定在我們認為將高於歷史水平的水平。因此，隨著過去幾個月價格的下跌，我們開始看到強勁的增量需求穩定並支撐價格。

And that's what we're seeing now in the high teens kind of low $20 per MMBtu level for gas. At these levels, LNG cargoes get sold globally, not just into Europe. And we're seeing gas as power turned back on as we get to parity with other fuels for power. Lack of supply and reduced overall liquidity still means there is a ton of volatility in the system. But with adequate storage levels in Europe following a warmer winter than expected, we're really starting to see some stability come back in at levels that are going to be really supportive to our business.

這就是我們現在在青少年中看到的每 MMBtu 低 20 美元的汽油價格。在這些水平上，液化天然氣貨物在全球範圍內銷售，而不僅僅是銷往歐洲。隨著我們與其他燃料的發電量持平，我們看到天然氣作為電力重新開啟。供應不足和整體流動性減少仍然意味著系統中存在大量波動。但是，在經歷了一個比預期更暖和的冬天之後，歐洲有足夠的存儲水平，我們真的開始看到一些穩定性恢復到真正支持我們業務的水平。

So let me flip to Page 9 and focus a little bit more on what this means for NFE's business. So when developing things we're seeing in the market now really kind of beginning in December of 2022 is the convergence of global fuels for power, so natural gas, diesel and coal. Graph on the left side equalizes the price of each of these on a per MMBtu basis, which is the most useful way to look at it because this is really the measure of energy content rather than what we typically see, which is measures of volume or weight. And it shows how these prices as energy content have all come together in the last few months following the kind of 12 to 14 months of volatility.

因此，讓我翻到第 9 頁，更多地關注這對 NFE 的業務意味著什麼。因此，在開發我們現在在市場上看到的東西時，真正開始於 2022 年 12 月的是全球電力燃料的融合，例如天然氣、柴油和煤炭。左側的圖表在每 MMBtu 的基礎上均衡了每一個的價格，這是最有用的查看方式，因為這實際上是能量含量的衡量標準，而不是我們通常看到的，即體積或重量。它顯示了在經歷了 12 到 14 個月的波動之後，這些價格作為能源含量在過去幾個月中是如何匯集在一起的。

Gas prices reached such high levels in '22, that producers in countries who could switched away from expensive gas and into cheaper fuels, which Wes mentioned. This took some time but eventually dragged the prices of coal and diesel upwards, gas downwards, and they started to converge around $20 per MMBtu. For NFE, it's a pretty bullish signal for our business because gas has returned to being long-term competitive as fuel against its alternatives. That's really good for us to kind of sell long-term downstream business in the markets that we're in. So in the last year, it was really hard to justify not selling any incremental LNG that we or others had into Europe with average pricing over $40 per MMBtu. But now when we look at the downstream business that we're in, in terms of power, industrial gas supply, LNG is competitive against the alternatives, and so that's a really good signal for us and the business we want to be in, which is long-term contracts with customers at the terminals and in the markets that we're already in.

Wes 提到，天然氣價格在 22 年達到如此高的水平，以至於那些可以從昂貴的天然氣轉向更便宜的燃料的國家的生產商。這花了一些時間，但最終將煤炭和柴油的價格拉高，將天然氣的價格拉低，並開始收斂在每百萬英熱單位 20 美元左右。對於 NFE 來說，這對我們的業務來說是一個非常樂觀的信號，因為天然氣作為燃料已經恢復到與其替代品相比具有長期競爭力。這對我們在我們所處的市場中出售長期下游業務真的很有好處。因此，在去年，我們很難證明不以平均價格向歐洲出售我們或其他人擁有的任何增量液化天然氣是合理的每 MMBtu 超過 40 美元。但現在當我們審視我們所從事的下游業務時，在電力、工業氣體供應方面，LNG 與替代品相比具有競爭力，因此這對我們和我們想要從事的業務來說是一個非常好的信號，是在我們已經進入的碼頭和市場與客戶簽訂的長期合同。

On the right side, we also want to bring a very complicated kind of supply-demand balance equation back to a very, very simple point. And this really speaks to kind of the future of 2023, which is we have an aggregate reduction in supply with Russia offline. And that's about as simple as it is. There's been a lot of compensation on the demand side to reduce demand and to switch demand from different fuels. But the truth is the global supply changed and reduced, and the only thing that will really solve that is further supply capacity in the future. But we're not getting that in the near term. We're only getting that kind of 2026-plus. And so we're going to continue to see a lot of volatility in that system.

在右側，我們還想將一種非常複雜的供需平衡方程帶回一個非常非常簡單的點。這確實說明了 2023 年的未來，即我們與俄羅斯線下的供應總量減少。就這麼簡單。需求方面有很多補償，以減少需求和轉換不同燃料的需求。但事實是全球供應發生了變化和減少，唯一真正解決這個問題的是未來進一步的供應能力。但我們不會在短期內得到它。我們只會得到那種 2026-plus。因此，我們將繼續看到該系統的大量波動。

But it's a great moment for NFE because as we bring on incremental supply with FLNG this year and then continuing, we really believe that, that supply will be gobbled up by the market. And because of what we just went through on the sort of comparative price levels, we think there's a great argument for doing that in a long-term downstream basis. So that's the market moment that we're in today.

但這對 NFE 來說是一個偉大的時刻，因為隨著我們今年增加 FLNG 供應然後繼續，我們真的相信，供應將被市場吞噬。而且由於我們剛剛經歷了那種比較價格水平，我們認為在長期的下游基礎上這樣做有很大的理由。這就是我們今天所處的市場時刻。

Flipping to Page 11. I'm going to really turn to like an NFE commercial update here. And what we wanted to do is put on the page really how we look at the business, which is trying to show the match between our supply portfolio and our demand portfolio. So you can see, and I'm going to use kind of the 2022 numbers and compare those to kind of '24 because that's sort of the run rate as we see things changing through '23. Our supply is really going from 88 TBtus to about 180 TBtus by 2024. And you can see that, that's a mix of the increase in our kind of existing third-party supply as well as bringing FLNG 1 online. For this analysis, I'm really just looking at FLNG 1 to make this very clean today.

翻到第 11 頁。我真的會喜歡這裡的 NFE 商業更新。我們想要做的是真正將我們如何看待業務放在頁面上，它試圖顯示我們的供應組合和需求組合之間的匹配。所以你可以看到，我將使用 2022 年的數字並將它們與 24 年的數字進行比較，因為這是我們看到 23 年事情發生變化時的運行率。到 2024 年，我們的供應量實際上將從 88 TBtus 增加到大約 180 TBtus。你可以看到，這是我們現有第三方供應量增加以及 FLNG 1 上線的混合體。對於這個分析，我今天真的只是在看 FLNG 1 以使其非常乾淨。

And then on the demand side, we're also matching that growth. So we're going from 88 TBtu to 155. So we're seeing a 100% increase in supply and about 75% increase in our contracted demand through downstream terminals. This is the sort of exact long-term contracted terminal business that NFE wants to be in. And the other really meaningful point here is we're not materially exposed to market prices. So you can see in 2023, we've got about 30 TBtus of unsold volumes, about the same for '24 and then reducing in 2025 and beyond as we bring on further downstream demand. We think that's a great position for us to be in, which is about 80% contracted. That gives us some incremental supply for new business activities, but keeps our exposure to the market at reasonably tolerable levels. So hopefully, this is a good way for you guys to see it as well in terms of seeing the spread business that we're in. And really, we're kind of bearing the lead here a little bit, but the growth in that -- the sort of tremendous growth in that spread business between 2022 and 2024.

然後在需求方面，我們也在匹配這種增長。因此，我們將從 88 TBtu 增加到 155 TBtu。因此，我們看到供應量增加了 100%，下游終端的合同需求量增加了約 75%。這是 NFE 想要從事的那種確切的長期合同終端業務。這裡另一個真正有意義的點是我們沒有實質性地暴露於市場價格。所以你可以看到，到 2023 年，我們有大約 30 TBtus 的未售出量，與 24 年大致相同，然後隨著我們帶來進一步的下游需求，在 2025 年及以後減少。我們認為這對我們來說是一個很好的位置，大約有 80% 的合同。這為我們的新業務活動提供了一些增量供應，但使我們對市場的敞口保持在合理可容忍的水平。因此，希望這對你們來說也是一種很好的方式，可以讓你們看到我們所處的差價業務。實際上，我們在這方面有點領先，但在這方面的增長- 2022 年至 2024 年間傳播業務的那種巨大增長。

Page 12 just tries to substantiate that growth a little bit. So this is on a per terminal basis tracking the volumes that we see going through our downstream terminals in 2022 and then what we expect through '23 and '24. So you can see here, Jamaica stays relatively stable. But in Puerto Rico, we're expecting incremental demand and have some exciting announcements to come about that. In Mexico, we've increased the supply through our GSA, and we're starting kind of full run rate operations here very soon. And then we've got the existing portfolio of terminals, Nicaragua, Barcarena and Santa Catarina, that are all going to turn on here between now and the end of '23 and that on a 2024 run rate basis are really adding up to this demand that we're going to see through the terminal.

第 12 頁只是試圖稍微證實這種增長。因此，這是在每個終端的基礎上跟踪我們看到的 2022 年通過下游終端的數量，然後是我們對 23 年和 24 年的預期。所以你可以在這裡看到，牙買加保持相對穩定。但在波多黎各，我們預計需求會增加，並且會發布一些令人興奮的公告。在墨西哥，我們通過我們的 GSA 增加了供應，我們很快就會在這裡開始全速運行。然後我們有現有的航站樓組合，尼加拉瓜、巴卡雷納和聖卡塔琳娜，從現在到 23 年底，這些航站樓都將在這裡啟用，並且在 2024 年的運行率基礎上確實增加了這一需求我們將通過終端看到。

So we really want to make sure that we're communicating clearly on the great kind of downstream long-term contracted growth we have just executing on what's in front of us between now and the end of this year.

因此，我們真的想確保我們就從現在到今年年底之間我們剛剛在我們面前執行的那種偉大的下游長期合同增長進行了明確的溝通。

Chris, I'll turn it you.

克里斯，我會把它交給你。

Great. Thanks. Good morning. Let me direct you to Slide #14, and we'll walk through an update of our FLNG 1 construction and development. The next 2 slides include some recent pictures showing the current state of the modules and the rigs. And as you can see, things are progressing well. On Slide 14, you can see the support frame has been installed along with critical equipment from our suppliers at Chart and Baker Hughes. The support premium has put in place in advance of the module to ensure the stability of the deck of the jack-up rigs.

偉大的。謝謝。早上好。讓我將您帶到幻燈片 #14，我們將介紹我們的 FLNG 1 建造和開發的更新。接下來的 2 張幻燈片包括一些最近的圖片，顯示模塊和鑽機的當前狀態。正如你所看到的，事情進展順利。在幻燈片 14 上，您可以看到已經安裝了支撐架以及我們供應商 Chart 和 Baker Hughes 的關鍵設備。支撐費已提前到位，確保自升式平台甲板的穩定性。

On Slide 15, you can see the liquefaction module on the left side and a close up of the second gas treatment module on the right. All of this will be lifted and installed over the next 3 weeks or so, and then we will have complete module to rig integration and begin land-based testing and commissioning. All of this is to note that we are approximately 80% complete on our construction activities and over 86% complete when you include engineering and procurement.

在幻燈片 15 上，您可以看到左側的液化模塊和右側第二個氣體處理模塊的特寫。所有這些都將在接下來的 3 週左右內吊裝和安裝，然後我們將擁有完整的模塊到鑽機集成並開始陸基測試和調試。所有這一切都表明，我們的建築活動大約完成了 80%，如果包括工程和採購，則完成了 86% 以上。

Turning to Slide #16. And frankly, the headline here says it all. We're less than 100 days away from our first FLNG setting sale to its home in Altamira, Mexico. With construction nearing completion, we're focused on installation, commissioning and operational readiness. Regarding our installation, the pipe lay barge is on location today and loading pipe. Late this week, it will begin the short pipe lay work to connect the (inaudible) pipeline and our FLNG location, and that's expected to take around 3 weeks. We will then perform the hot tap and connect subsea pipe to our risers, which will ensure that all subsea activity will be completed prior to the FLNG arriving in the field.

轉到幻燈片 #16。坦率地說，這裡的標題說明了一切。距離我們在墨西哥阿爾塔米拉的第一個 FLNG 設置銷售還有不到 100 天的時間。隨著施工接近尾聲，我們專注於安裝、調試和運營準備工作。關於我們的安裝，舖管駁船今天就位並裝載管道。本週晚些時候，它將開始短管鋪設工作以連接（聽不清）管道和我們的 FLNG 位置，預計需要大約 3 週時間。然後，我們將進行帶壓開孔並將海底管道連接到我們的立管，這將確保在 FLNG 到達現場之前完成所有海底活動。

For commissioning, we've hired a commissioning team to work in partnership with representatives from our original equipment manufacturers to commission as much of the asset in the yard as possible. The construction site provides access to natural gas, power and utilities, which enable us to test major components such as gas turbines at the Kiewit yard. Also, we can do shore-based testing and validation of controlled safety systems, instrumentation and process optimization, all while the assets are getting final touches completed. The onshore commissioning capabilities reduces a typical offshore commissioning time line by around 6 weeks.

對於調試，我們聘請了一個調試團隊與我們的原始設備製造商的代表合作，以盡可能多地調試院子裡的資產。建築工地提供天然氣、電力和公用設施，使我們能夠在 Kiewit 場地測試主要部件，例如燃氣輪機。此外，我們還可以對受控安全系統、儀器儀表和流程優化進行岸基測試和驗證，同時完成資產的最後潤色。陸上調試能力將典型的海上調試時間縮短了大約 6 週。

Finally, regarding operations, we've hired our installation, training and offshore management teams, including our Board operators and maintenance technicians. And these folks are working through our critical operating procedures as well as training simulators now and are being used to complete competency training. We've established our shore base at the Port of Altamira for storage needs, commission activities and ongoing operations.

最後，關於運營，我們聘請了我們的安裝、培訓和離岸管理團隊，包括我們的董事會操作員和維護技術人員。這些人現在正在完成我們的關鍵操作程序和培訓模擬器，並被用來完成能力培訓。我們在阿爾塔米拉港建立了岸上基地，以滿足存儲需求、委託活動和持續運營。

So what does all this mean? Turn to Slide #16, and let me update you on the time line from today through COD. The current estimate for mechanical completion of our first rig is May 2023. This includes a staggered readiness of the 3 rigs and the final is expected to be completed in early June. As mentioned on the previous slide, we have the ability to commission systems on a rig-by-rig basis, and we've sequenced the rigs to maximize readiness ahead of the offshore hookup. We're starting in the field construction activities this week, including the pipe lay and other makeready activities to receive the [FOCs]. Rigs will be towed from the Yard to Altamira as they are completed and full offshore hookup is expected to be completed in June. This includes the station of the rigs on location and also the installation of the Penguin FSRU. First gas is expected to the units in late June, and our first LNG production will be July 2023 and expect to hit COD in August of 2023.

那麼，這意味著什麼？轉到幻燈片 #16，讓我在時間線上向您更新從今天到 COD 的最新情況。目前我們第一台鑽機的機械完工時間估計是 2023 年 5 月。這包括 3 台鑽機的交錯準備，最終預計將於 6 月初完成。正如上一張幻燈片中提到的，我們有能力在逐個鑽井平台的基礎上調試系統，並且我們已經對鑽井平台進行了排序，以在海上連接之前最大限度地做好準備。本週我們將開始現場施工活動，包括管道鋪設和其他接收 [FOC] 的準備活動。鑽井平台完工後將從 Yard 拖到 Altamira，預計 6 月將完成完整的海上連接。這包括現場鑽機站以及 Penguin FSRU 的安裝。預計 6 月下旬向這些裝置提供第一批天然氣，我們的第一批液化天然氣生產將在 2023 年 7 月進行，預計將在 2023 年 8 月達到 COD。

So moving on from our liquefiers. If you're going to get you to turn to Slide #19, and we'll go through some of the financial performance for Q4 2022. For the 3 months ended December 31, we had adjusted EBITDA of $239 million and $1.1 billion for calendar year 2022, which is in line with our expectations. The terminal segment operating margin was $196 million and $86 million from the ship segment, and you can find more detail on that in the appendix. The net income for the quarter was $183 million, which is $87 -- $0.87 per share when excluding impairment charges. And for the year, our net income was $576 million or $2.74 per share, excluding impairment charges, which is an over 500% increase from 2021. This quarter, we sold 22 TBtus in total volume, which equates to an average operating margin of around $13 per MMBtu.

所以從我們的液化器繼續前進。如果你想讓你翻到幻燈片 #19，我們將介紹 2022 年第四季度的部分財務業績。截至 12 月 31 日的三個月，我們調整後的 EBITDA 為 2.39 億美元，日曆調整後的 EBITDA 為 11 億美元2022年，符合我們的預期。碼頭部門的營業利潤率為 1.96 億美元，船舶部門的營業利潤率為 8600 萬美元，您可以在附錄中找到更多詳細信息。本季度的淨收入為 1.83 億美元，即扣除減值費用後每股收益為 87 美元 0.87 美元。今年，我們的淨收入為 5.76 億美元或每股 2.74 美元，不包括減值費用，比 2021 年增長了 500% 以上。本季度，我們售出了 22 TBtus 的總量，相當於平均營業利潤率約為每百萬英熱單位 13 美元。

On Slide #20, I wanted to point out how NFE is accessing flexible debt to support working capital fluctuations. Earlier this month, we completed an upsize to our revolving credit facility to $750 million and increased the letter of credit facility to $325 million. This is an increase of $800 million since the end of 2021. The cost of these facilities is competitively priced and allows for draws and repayments to match the needs of the business. From a liquidity standpoint, as of 12/31/2022, we have over $1.3 billion of cash on hand plus availability under the revolver when you include the upsize and an additional $325 million of availability under the letter of credit facility.

在幻燈片 #20 上，我想指出 NFE 如何獲得靈活的債務來支持營運資本波動。本月早些時候，我們完成了將循環信貸額度擴大至 7.5 億美元，並將信用證額度增加至 3.25 億美元。自 2021 年底以來增加了 8 億美元。這些設施的成本價格具有競爭力，並允許提款和還款以滿足業務需求。從流動性的角度來看，截至 2022 年 12 月 31 日，我們手頭有超過 13 億美元的現金加上循環貸款下的可用現金（如果包括擴大規模和額外的 3.25 億美元信用證貸款下的可用現金）。

One final comment on the balance sheet. We announced the sale of the Hilli asset to Golar, which is expected to close in the next week or so. In addition to the cash payment of share repurchase, this reduces about $325 million of off-balance sheet debt.

關於資產負債表的最後評論。我們宣布將 Hilli 資產出售給 Golar，預計將在下週左右完成。除了股票回購的現金支付外，這還減少了約 3.25 億美元的資產負債表外債務。

Almost done. If you turn to Slide #21, just some quick comments on the progress we've made to increase our credit profile. With a 2022 adjusted EBITDA print of $1.1 billion, we stand at around 3x levered and will be under 2x based on the 2023 earnings estimates discussed on the call today. Further, as Andrew said, we have 2 new terminals turning on this year and are focused on selling our volumes under long-term take-or-pay contracts to downstream consumers, thus creating steady and stable cash flows. Given our geographic and customer diversity, combined with the increase of sales to creditworthy counterparties, we've continued to enhance the quality of our earnings.

快完成了。如果您轉到幻燈片 #21，請快速評論一下我們在提高信用狀況方面取得的進展。根據今天電話會議上討論的 2023 年盈利預測，2022 年調整後的 EBITDA 為 11 億美元，我們的槓桿率約為 3 倍，並將低於 2 倍。此外，正如安德魯所說，我們今年有 2 個新碼頭投入使用，並專注於根據長期照付不議合同向下游消費者銷售我們的貨物，從而創造穩定的現金流。鑑於我們的地域和客戶多樣性，再加上對信譽良好的交易對手的銷售額增加，我們繼續提高了盈利質量。

Finally, in 2023, cash flows are highly predictable and resistant to market movements given that the majority of our supply is already contracted at known margins. These factors, combined with disciplined capital allocation, contribute to our goals of becoming an investment-grade company.

最後，在 2023 年，鑑於我們的大部分供應已經以已知的利潤率收縮，現金流量是高度可預測的，並且不受市場波動的影響。這些因素與嚴格的資本配置相結合，有助於我們實現成為投資級公司的目標。

And finally, on Slide #22, this is a testament to the amazing men and women at our terminals, on our vessels and in our trucks. In Q4, with their continued focus on being a world-class operating company, we delivered 22 TBTUs to our customers, and our regas terminal asset reliability remains around 99%. We continue to optimize logistics and terminal operations and saw significant reductions in costs associated with our small-scale delivery using volumes produced out of our Miami facility. And last, but certainly not least, we had no safety incidents during Q4 and maintain our 0.0 total recordable incident rate.

最後，在幻燈片 #22 上，這證明了我們碼頭、船隻和卡車上的傑出男男女女。在第四季度，隨著他們繼續致力於成為世界一流的運營公司，我們向客戶交付了 22 個 TBTU，我們的再氣站資產可靠性保持在 99% 左右。我們繼續優化物流和碼頭運營，並發現與我們使用邁阿密工廠生產的產品進行小規模交付相關的成本顯著降低。最後但並非最不重要的一點是，我們在第四季度沒有發生安全事故，並且保持了 0.0 的總可記錄事故率。

With that, I'll turn the call back over to Patrick for questions.

有了這個，我會把電話轉回給帕特里克提問。

Yes, Jess, I think we're ready for Q&A. If you can tee up the queue, please.

是的，Jess，我想我們已經準備好進行問答了。如果你能排好隊，請。

(Operator Instructions) Our first question comes from Cameron Lochridge with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Cameron Lochridge。

Congrats on the quarter. I wanted to maybe start off on the FLNG volume expectations going out through '25. It looks like, if I'm looking at the chart correctly, there may have been a shift in expectations around when your FLNG volumes are expected to come on. I was just wondering if you can confirm that. And if so, provide any color on what you guys are planning around turning on incremental FLNG volumes? And then on a related note, any update on the permitting progress, particularly in Mexico? Anything you can offer there would be helpful.

祝賀這個季度。我想從 25 年前的 FLNG 數量預期開始。看起來，如果我沒看錯圖表，您的 FLNG 量預計何時出現，預期可能會發生變化。我只是想知道你是否可以證實這一點。如果是這樣，請提供關於你們計劃圍繞打開增量 FLNG 量的任何顏色？然後在相關說明中，關於許可進展的任何更新，特別是在墨西哥？你能提供的任何東西都會有所幫助。

Great. Let me take the first one, I'll have Cam, who runs our permitting stuff for General Counsel, give you a second. The supply-demand numbers that Andrew walked through and that I referenced, at this point, assume 1 FLNG unit. So 70 TBtus is the volume, 1.4 million tons, probably net expected of 65 with weather days and other operational down days during the year. So that's what's in the numbers in front of you. We have a number of other units that are in various stages of development right now. And basically, what we have done as a matter of discipline is simply to look at incremental supply being matched with incremental demand. We have lots of options on both additional units in Mexico, the units that we are right now forecasting to put off the coast of Louisiana and other situations around the world. So there's lots of opportunity on that side. But it is intended to be, and it is, a disciplined process of not just simply adding supply but we don't have demand.

偉大的。讓我拿第一個，我會讓 Cam，他為總法律顧問負責我們的許可工作，再給你一點。在這一點上，Andrew 遍歷的和我參考的供需數字假設有 1 個 FLNG 單元。所以 70 TBtus 是體積，140 萬噸，可能淨預期為 65 年中的天氣天數和其他運營停機天數。這就是你面前的數字。我們還有許多其他單位目前處於不同的發展階段。基本上，作為紀律，我們所做的只是簡單地查看增量供應與增量需求的匹配情況。我們在墨西哥的兩個額外單位有很多選擇，我們現在預測這些單位將推遲路易斯安那州海岸和世界其他地方。所以這方面有很多機會。但它的目的是，它是一個有紀律的過程，不僅僅是簡單地增加供應，而且我們沒有需求。

That said, the reference I made to the modular units that we are looking to buy and the increase in our downstream capacity with terminals and Brazil and Nicaragua and elsewhere gives us a lot of opportunities, we think, to really, really incrementally add to our demand part of the equation. And if we did that, we would add to supply, and that's, of course, where the growth comes. And so we're not trying to forecast growth that we can't see the other side of right now. So these numbers that are reflected in front of you we, think are very much achievable with what is on the table in front of us right now. There could be some upside to those. But certainly in outer years, we think that there's a lot of upside to those and the FLNG will be a big, big part of that. So with that, Cam?

也就是說，我提到了我們正在尋求購買的模塊化裝置，以及我們在碼頭、巴西、尼加拉瓜和其他地方的下游產能的增加，這給了我們很多機會，我們認為，真的、真的逐步增加我們的方程式的需求部分。如果我們這樣做，我們就會增加供應，當然，這就是增長的來源。因此，我們不會試圖預測我們現在看不到另一面的增長。所以這些反映在你面前的數字，我們認為現在擺在我們面前的是非常可以實現的。這些可能有一些好處。但當然在未來幾年，我們認為這些有很多好處，而 FLNG 將是其中很大一部分。那麼，卡姆？

Sure. Thanks, Wes. This is Cameron. I received that permitting process in Mexico. I think the update on the permits in Mexico is a very positive one. We have an excellent team fully engaged there. We have a great engagement with the Mexican permitting authorities and we continue to remain on schedule for all of the permitting milestones that we need to hit to match the time line that Chris mentioned earlier. So a very positive update there.

當然。謝謝，韋斯。這是卡梅倫。我在墨西哥收到了許可程序。我認為墨西哥許可證的更新是非常積極的。我們有一支優秀的團隊全力投入其中。我們與墨西哥許可當局進行了良好的合作，我們將繼續按計劃完成我們需要達到的所有許可里程碑，以符合克里斯之前提到的時間表。所以那裡有一個非常積極的更新。

That's great. I much appreciate it. If I could just quick follow-up on that. Wes, you mentioned a very measured approach to deploying new supply via FLNG. I just -- I want to dig in there a little bit. Is that to imply that before you bring on additional FLNG volumes, you'll want to have contracted offtake agreements in hand? Or in other words, are we not to expect these FLNG volumes to be purely merchant volumes but rather have dedicated offtake agreements prior to them coming online?

那太棒了。我非常感激。如果我能快速跟進一下就好了。 Wes，您提到了一種非常謹慎的方法來通過 FLNG 部署新供應。我只是 - 我想在那裡挖掘一點。這是否意味著在您增加 FLNG 產量之前，您需要手頭簽訂承購協議？或者換句話說，我們是否不期望這些 FLNG 量是純粹的商業量，而是在它們上線之前有專門的承購協議？

Yes, it's the latter. It's really a -- there's not a hard and fast rule about it, but we want to have clean line of sight to half of the volume is being deployed before we actually turn the unit on. That said, these units take a while to build. We are nearly done with #1, and we have #2 and 3 well under development. So we've got stuff that is on the back burner, basically moving ahead. The volumes at this point would be 2024 volume, so still volumes that would be in a market which prospectively could be quite a tight one. And so the merchant volumes could be very valuable to us at that point in time. But we don't want to interject a lot of market volatility into the earnings. We're on a path to high quality, repeatable, predictable earnings.

是的，是後者。這確實是一個 - 沒有關於它的硬性規定，但我們希望在我們實際打開設備之前能夠清楚地看到正在部署一半的捲。也就是說，這些單位需要一段時間才能建造。我們幾乎完成了#1，我們正在開發#2 和 3。所以我們有一些擱置的東西，基本上是在向前推進。此時的交易量將是 2024 年的交易量，因此市場中的交易量仍然可能非常緊張。因此，當時的商家數量對我們來說可能非常有價值。但我們不想在收益中加入太多的市場波動。我們正走在通往高質量、可重複、可預測收益的道路上。

We think that, that's the path that we want to be on, we need to be on path our shareholders want us to be on. And then we can add to that incrementally of course, that's a material amount of growth. I mean, if you just take 65 or 70 TBtus, take our margin, which today is close to $10, obviously, any incremental asset you bring online is very valuable. Even at $5, these things are actually very valuable. So there's -- without any merchant volumes whatsoever, there's a lot of growth potential from 1 incremental unit. We think we'll have a portfolio, a suite of these over time, for sure. But the right way to get from here today, we think is in a [magic] way.

我們認為，這就是我們想要走的路，我們需要走股東希望我們走的路。然後我們當然可以逐步增加，這是一個實質性的增長。我的意思是，如果你只拿 65 或 70 TBtus，拿我們的保證金，今天接近 10 美元，顯然，你帶到網上的任何增量資產都是非常有價值的。即使是 5 美元，這些東西實際上也很有價值。因此，在沒有任何商家數量的情況下，1 個增量單位有很大的增長潛力。我們認為我們肯定會有一個投資組合，隨著時間的推移，其中的一套。但是今天從這裡出發的正確方式，我們認為是一種[神奇]的方式。

Sure. No, much appreciated. And then if I could just squeeze one more in. Do you guys plan on disclosing what price you may have hedged that out over the past several months for some of your open cargoes?

當然。不，非常感謝。然後，如果我能再擠一個進去。你們是否計劃披露在過去幾個月中您可能為一些未平倉貨物對沖的價格？

We don't. We don't report that. I mean, obviously, we made a number of hedges and the market was higher. That's obviously a good thing. In hindsight, we should have hedged everything but there's challenges in terms of doing that. So we did the best that we could. And we think it's actually quite constructive, but no, we don't disclose that. You'll see that show up in the results, though. So...

我們沒有。我們不報告那個。我的意思是，很明顯，我們做了一些對沖，市場走高了。這顯然是一件好事。事後看來，我們應該對沖一切，但這樣做存在挑戰。所以我們盡了最大努力。我們認為它實際上很有建設性，但不，我們不會透露這一點。不過，您會在結果中看到這一點。所以...

We'll move to our next question from Marc Solecitto with Barclays.

我們將轉到來自巴克萊銀行的 Marc Solecitto 的下一個問題。

Maybe just to start on your '23 guidance. I just wanted to clarify what the embedded assumption is as far as spot prices. And then if we compare the disclosures on Slides 11 and 12, I think that implies roughly 36 TBtus of cargo sales. Just wanted to confirm if you've already locked all those volumes in or hedged those?

也許只是開始您的 23 年指南。我只是想澄清就現貨價格而言，嵌入式假設是什麼。然後，如果我們比較幻燈片 11 和 12 上的披露，我認為這意味著大約 36 TBtus 的貨運銷售。只是想確認您是否已經鎖定所有這些交易量或對沖這些交易量？

Yes, we do have -- I mean, this is Chris. There is about 10 cargoes or so that have exposure and that's really FLNG. So everything that's expected from our existing supply contracts, that's already been sold or has been allocated to downstream customer volumes that are expected to happen over the course of the remainder of the year. So fair point, Marc, that is the kind of the open exposure...

是的，我們確實有——我的意思是，這是克里斯。大約有 10 批貨物暴露在外，這確實是 FLNG。因此，我們現有供應合同所期望的一切，已經售出或已分配給預計在今年剩餘時間內發生的下游客戶量。公平地說，馬克，這就是那種公開曝光……

But some of those cargoes are hedged obviously.

但其中一些貨物顯然進行了對沖。

That's right.

這是正確的。

And as we said, that's not -- we don't disclose exactly what the hedging positions are. The exposure we've got at this point, our view with TTF going down to kind of mid- to high teens, it's pretty modest at this point. We think that on balance, the amount of market exposure we've got net of the hedges and then the absolute price of gas today is actually pretty modest. I mean, if you look at the slide that Andrew went through, you can see not only this year, but in all years, we're looking at 15% or 20% of our total volumes being open, and that assumes no incremental downstream activity, which, of course, that's not our goal. It's still at the end of February. We think there's lots of downstream in front of us. So...

正如我們所說，那不是——我們沒有透露具體的對沖頭寸是什麼。我們在這一點上得到的曝光，我們對 TTF 下降到中高青少年的看法，在這一點上是相當溫和的。我們認為，總的來說，我們獲得的市場風險敞口已扣除對沖，然後今天的天然氣絕對價格實際上相當適中。我的意思是，如果你看一下安德魯經歷的幻燈片，你不僅可以看到今年，而且在所有年份中，我們正在查看我們總交易量的 15% 或 20% 是開放的，並且假設下游沒有增量活動，當然，這不是我們的目標。現在還是二月底。我們認為我們面前有很多下游。所以...

Got it. That's helpful. And maybe just -- apologies if I missed it, but as far as the 30 TBtu from FLNG, are you using the current strip in your guide?

知道了。這很有幫助。也許只是 - 如果我錯過了它，我深表歉意，但就 FLNG 的 30 TBtu 而言，您是否在指南中使用當前條帶？

We are.

我們是。

Got it. And then maybe just to follow up on the previous question. Can you talk about the expected CapEx cadence at this point? And then it relates to your dividend, just how you're thinking about the 40% targeted payout over the next couple of years with pullback in spot prices. I guess, it's partly dependent on the CapEx side as well.

知道了。然後也許只是跟進上一個問題。你能談談此時預期的資本支出節奏嗎？然後它與你的股息有關，你如何看待未來幾年 40% 的目標支出以及現貨價格回落。我想，這在一定程度上也取決於資本支出方面。

Marc, yes, so 2 kind of categories of CapEx, one being FLNG, one big terminals. So there's very little remaining terminal CapEx. So between the 2 terminals in Brazil and then the maintenance stuff at the terminal, that's pretty minimal, I'd say less than $50 million. On CapEx for FLNG #1, we will pay the remaining balance. And I think we have it in the K, but just to step through it, it's around $250 million left to spend. And we'll spend that. Majority of that is going to be in Q2. So I think in Q1, you'll have -- sorry. And I'm thinking from today forward.. So from 12/31 that you'll see in the K, it's probably closer to $400 million that we'll spend. And that will all go out, I'd say, $100 million in Q1, $200 million in Q2 and $100 million in Q3.

馬克，是的，有兩種類型的資本支出，一種是 FLNG，一種是大型終端。所以剩餘的終端資本支出很少。因此，在巴西的 2 個航站樓和航站樓的維護工作之間，這是非常少的，我想不到 5000 萬美元。對於 FLNG #1 的資本支出，我們將支付剩餘餘額。而且我認為我們在 K 中擁有它，但只是為了逐步完成它，還剩下大約 2.5 億美元要花。我們會花掉它。其中大部分將發生在第二季度。所以我認為在第一季度，你會 - 抱歉。我在考慮從今天開始……所以從 12 月 31 日開始，你會在 K 中看到，我們可能會花費接近 4 億美元。我想說的是，第一季度 1 億美元，第二季度 2 億美元，第三季度 1 億美元。

That's probably the way to think about it. And then for FLNG 2 or others, as Wes has said, we'd be probably very thoughtful about how we continue to move that forward. We've taken careful precision through our legal team in executing excellent contracts that allow us maximum flexibility with our customers. So we're able to kind of pace out the construction CapEx to match the business needs. Procurement and engineering has largely all been completed.

這可能是思考它的方式。然後對於 FLNG 2 或其他項目，正如 Wes 所說，我們可能會非常深思熟慮如何繼續推進它。我們通過我們的法律團隊在執行出色的合同時非常精確，這使我們能夠與客戶保持最大的靈活性。因此，我們能夠加快建設資本支出的步伐，以滿足業務需求。採購和工程已基本完成。

Our next question comes from Sam Burwell with Jefferies.

我們的下一個問題來自 Jefferies 的 Sam Burwell。

I wanted to maybe unpack the Fast LNG CapEx just a little bit. Last week, Chart reported and they disclosed that you guys had made orders for the cold boxes on FLNGs 4 and 5. So curious how much of the equipment have you guys procured so far for all the units. And then maybe of the $750 million of guided CapEx per unit, what percentage of that is sort of equipment versus labor and other?

我想稍微拆開 Fast LNG CapEx 的包裝。上週，Chart 報導稱，他們透露你們已經為 FLNG 4 和 5 的冷箱下了訂單。很好奇你們到目前為止為所有裝置採購了多少設備。然後，也許在每單位 7.5 億美元的指導性資本支出中，設備與勞動力和其他方面的百分比是多少？

Yes. So Wes has been very deliberate, and we announced this on our earnings -- or the Investor Day, excuse me, in Corpus, that we purchased the long lead equipment so that we have maximum flexibility that when he wants to move forward on the pace of the construction side, we have the ability to do so. So partners at Baker Hughes, GE -- excuse me, Chart and others are on the ready with equipment so that when we want to continue to move forward on the construction, we can do so. As far as breaking it up, rule of thumb, 30% is probably procurement and engineering and 70% is construction and makeready. Obviously, the make-ready you don't do until you have a location and an expected online date.

是的。所以 Wes 非常慎重，我們在我們的收益上宣布了這一點 - 或者投資者日，對不起，在 Corpus，我們購買了長周期設備，以便我們在他想要向前邁進時擁有最大的靈活性施工方，我們有能力做到。因此，通用電氣貝克休斯的合作夥伴 - 抱歉，Chart 和其他人已經準備好設備，以便當我們想要繼續推進建設時，我們可以這樣做。至於分解，根據經驗，30% 可能是採購和工程，70% 是施工和準備。顯然，只有在確定地點和預計的在線日期後，您才能進行準備工作。

Okay. Got it. Very helpful. And just, I guess, sticking with CapEx, like 2023, that still is expected to be $2 billion. I mean, how much of that should be earmarked for the Barcarena power plant? I think you said that's under construction. Is that more of a 2024 spend? How should we think about sort of non-FLNG CapEx this year and next?

好的。知道了。很有幫助。而且，我想，堅持資本支出，比如 2023 年，預計仍將達到 20 億美元。我的意思是，其中有多少應該專門用於 Barcarena 發電廠？我想你說那正在建設中。這更多是 2024 年的支出嗎？我們應該如何考慮今年和明年的非 FLNG 資本支出？

Yes. So non-FLNG CapEx is pretty minimal. So there are terminals, as I mentioned and any maintenance CapEx is less than $50 million. You've got a little bit of FSRU conversion, $20-ish million dollars or so. The Barcarena power plant, if Andrew can talk to specifics about it, but we also have the Barcarena loan that we have and it's disclosed in the financial statements. So we expect that to fully fund the development and construction of that power plant over the course of the next 24 months or so, maybe 18 months.

是的。因此，非 FLNG 資本支出非常小。所以有終端，正如我提到的，任何維護資本支出都不到 5000 萬美元。你有一點 FSRU 轉換，20 萬美元左右。 Barcarena 發電廠，如果安德魯可以談談具體情況，但我們也有我們擁有的 Barcarena 貸款，並在財務報表中披露。因此，我們預計在接下來的 24 個月左右，可能是 18 個月內，為該發電廠的開發和建設提供全部資金。

Yes. The power plant is being built under a fixed price lump sum turnkey EPC agreement with Mitsubishi between now and July 2025. So actually on a kind of a per quarter basis, it's a pretty modest amount of CapEx, obviously, mostly done through the loan we have...

是的。從現在到 2025 年 7 月，該發電廠是根據與三菱簽訂的固定價格一次性總承包 EPC 協議建造的。因此實際上按每季度計算，這是相當少量的資本支出，顯然，主要是通過我們的貸款完成的有...

Yes. So then, I think $2 billion is probably a little high from kind of what we were expecting when we announced last quarter. That included probably moving forward at a quicker pace with additional FLNG units that we will now be very thoughtful on how we move forward there to match the online of supply with our demand.

是的。那麼，我認為 20 億美元可能比我們上個季度宣佈時的預期有點高。這包括可能以更快的速度推進額外的 FLNG 裝置，我們現在將非常考慮如何推進，以使在線供應與我們的需求相匹配。

We'll take our next question from Sean Morgan with Evercore.

我們將接受 Evercore 的 Sean Morgan 的下一個問題。

I think Slide 11 is pretty helpful. We do get a lot of questions sort of regarding open exposure. And I'm wondering a little bit, the FLNG, it looks like the fully contracted, some of that would have to be contracted by the math for the [120] loan of kind of third-party gas. So have you -- firstly, is there any difficulty of procuring gas kind of upstream? You have to sign contracts on midstream pipelines and then contracts with E&Ps to basically procure that 63% that you have on (inaudible). And then also on the other side, you don't have any firm offtake contracts yet, right? Just now, you're just sort of maybe saying that instead of being 100% merchant, you would probably look to sign some of that either shortly before you start producing gas or kind of in the near term after it starts operating.

我認為幻燈片 11 很有幫助。我們確實收到了很多關於公開曝光的問題。我有點想知道，FLNG，它看起來像是完全簽約的，其中一些必須通過數學來簽約，以用於第三方天然氣的 [120] 貸款。那麼你有沒有 - 首先，在上游採購天然氣有什麼困難嗎？你必須在中游管道上簽訂合同，然後與 E&P 簽訂合同，基本上採購你擁有的 63%（聽不清）。然後在另一邊，你還沒有任何確定的承購合同，對吧？剛才，您可能只是在說，與其成為 100% 的商人，您可能希望在開始生產天然氣之前不久或在其開始運營後的短期內簽署其中的一些協議。

Yes. The first question, the gas that we are going to take on FLNG 1 is Texas gas, right? It comes from Agua Dulce, comes in a pipeline, a TC pipeline, which 100% of the capacity is contracted with CFE. And they, in turn, are subcontracting to us. So the sticky bit there would be the capacity on that pipeline, but that's the agreement that we have with CFE. The gas out of Texas is obviously very plentiful. There's an oversupply. Prices have come down, obviously. So there is massive flexibility in terms of buying Henry Hub-indexed gas at that location for us. So that's not a challenge whatsoever. Andrew?

是的。第一個問題，我們要在 FLNG 1 上使用的氣體是德克薩斯天然氣，對嗎？它來自 Agua Dulce，來自一條管道，一條 TC 管道，其中 100% 的容量與 CFE 簽訂了合同。而他們，反過來，正在分包給我們。所以棘手的一點是該管道的容量，但這是我們與 CFE 達成的協議。得克薩斯州的天然氣顯然非常豐富。供過於求。價格明顯下降了。因此，在為我們購買該地點的亨利中心指數天然氣方面，存在巨大的靈活性。所以這不是一個挑戰。安德魯？

Sean, yes, I think the way to think about it is, yes, we're not looking to necessarily sign like fixed offtake at the unit like you might think about some other business models, right? We have a bunch of fixed offtake through our terminals. I think it's 66 contracts now weighted average life of 15 years. And on Page 12, I'm showing kind of some of that, right? So if you think about the Barcarena or the Nicaragua contracts, like that's how we think about our charges demand through FLNG. So...

肖恩，是的，我認為考慮它的方式是，是的，我們並不希望像您可能會考慮其他一些商業模式那樣在單位簽署固定承購協議，對吧？我們通過我們的終端進行了一系列固定的承購。我認為現在 66 份合同的加權平均壽命為 15 年。在第 12 頁，我展示了其中的一些內容，對嗎？因此，如果您考慮 Barcarena 或尼加拉瓜合同，就像我們通過 FLNG 考慮我們的收費需求一樣。所以...

To Andrew's point, the numbers that are shown on Page 11 are aggregates of the entire portfolio. So it's not that we're taking an individual supply contract, be it FLNG or Cheniere or Shell or anybody else, and allocating to a specific location typically. It's really just done in the context of the overall balance of the supply that we have and -- balance of demand that we have and the net numbers at the bottom. So...

就安德魯而言，第 11 頁上顯示的數字是整個投資組合的總和。因此，這並不是說我們要簽訂單獨的供應合同，無論是 FLNG、Cheniere、殼牌還是其他任何人，通常都會分配到特定位置。這實際上只是在我們擁有的供應總體平衡和我們擁有的需求平衡以及底部的淨數字的背景下完成的。所以...

Okay, okay. That's really helpful. So the CFE effectively has the upstream relationships already set up. So there's no need to do anything there because you're just kind of relying on their gas. And then I guess another question we get a lot and it also sort of relates to CFE and of course, there's 2 pipelines your Valley Crossing (inaudible) Texas. What is the on the water gas price relative to say, Henry Hub? Is it -- can we think of like an extra dollar per MMBtu of transit costs and CFE sort of margin built in there? How do you sort of quantify that?

好吧好吧。這真的很有幫助。因此，CFE 實際上已經建立了上游關係。所以沒有必要在那裡做任何事情，因為你只是有點依賴他們的汽油。然後我想另一個問題我們得到了很多，它也與 CFE 有關，當然，德克薩斯州的 Valley Crossing（聽不清）有 2 條管道。 Henry Hub 的水煤氣價格是多少？是嗎 - 我們可以考慮每 MMBtu 的運輸成本和 CFE 的額外利潤嗎？你如何量化它？

No, that's a very good guess. That's plus or minus exactly what we think it is.

不，這是一個很好的猜測。這正是我們認為的加減。

Our next question comes from Greg Lewis with BTIG.

我們的下一個問題來自 BTIG 的 Greg Lewis。

I was hoping to talk a little bit about the updated EBITDA guidance and kind of maybe some of the puts and some of the takes. You mentioned the volumes. Kind of curious if you've adjusted your spread assumptions around the EBITDA guidance. And then as we think about that $2 billion number, just looking at consensus, it is still a little bit above where the street is. So really just kind of trying to understand how we should be thinking about it and maybe where some of that delta might be.

我希望談談更新後的 EBITDA 指南以及一些看跌期權和一些看跌期權。你提到了卷。有點好奇您是否圍繞 EBITDA 指南調整了您的利差假設。然後當我們考慮這個 20 億美元的數字時，只要看看共識，它仍然略高於街道所在的位置。所以真的只是想了解我們應該如何考慮它，也許其中一些三角洲可能在哪裡。

Yes. Greg, so to answer the question, I mean, we had $2.5 billion we talked about at the last earnings call. $2 billion now of that -- the difference is really just FLNG timing and the downstream execution, as Wes has talked about on this call. We feel really good about it, too. It is above where a lot of the estimates are today. There's very little volatility in that $2 billion. We feel really comfortable about that. Certainly, the $2.5 billion included a little bit more volumes under the FLNG scenario and it had a little bit of a higher strip. But as Andrew has said, we've termed out more and more of that gas since we announced the call in November of 2022. So very little at risk, and we feel great about the $2 billion for 2023 calendar year.

是的。格雷格，所以為了回答這個問題，我的意思是，我們在上次財報電話會議上談到了 25 億美元。現在是 20 億美元——區別實際上只是 FLNG 時機和下游執行，正如韋斯在這次電話會議上談到的那樣。我們對此也感覺非常好。它高於今天的許多估計值。這 20 億美元的波動性很小。我們對此感到非常自在。當然，這 25 億美元在 FLNG 情景下包含了更多的交易量，而且它的價格更高了。但正如安德魯所說，自從我們在 2022 年 11 月宣布呼籲以來，我們已經淘汰了越來越多的天然氣。所以風險很小，我們對 2023 日曆年的 20 億美元感覺很好。

Okay. That's great to hear. And then my other question was when we talk about matching -- your reference matching supplies and demand around some of the volumes. And clearly, the core of the business is selling -- or not selling, but delivering gas to your downstream terminals. Has there been any change in how you're thinking about the medium-term outlook and the ability to deliver LNG into more of the international market, we'll call it?

好的。聽到這個消息我很高興。然後我的另一個問題是當我們談論匹配時——你的參考匹配供應和一些數量的需求。很明顯，業務的核心是銷售——或者不銷售，而是將天然氣輸送到您的下游終端。您對中期前景的看法以及將液化天然氣輸送到更多國際市場的能力是否有任何變化，我們稱之為？

Maybe I can take that. I mean, I think the premise of our business basically is that there is a shortage of gas and power around the world. That was true in absolute terms, long before there was Ukraine invasion. And the prices reflect -- I think, the dislocation exists is there's just more demand for power. There's still 1 billion-plus people without power in the world. There's -- a lot of people have unaffordable power. And so there is no shortage of demand for what our products are. And what we've done in a fairly methodical way over the last 8-plus years is basically build out terminals and power plants in those places to access them.

也許我可以接受。我的意思是，我認為我們業務的前提基本上是全球天然氣和電力短缺。在烏克蘭入侵之前很久，這在絕對意義上是正確的。價格反映——我認為，錯位的存在只是對電力的需求增加。世界上仍有超過 10 億人沒有權力。有——很多人擁有負擔不起的權力。因此，對我們產品的需求並不缺乏。在過去 8 年多的時間裡，我們以一種相當有條理的方式所做的基本上是在這些地方建造終端和發電廠以訪問它們。

Obviously, today, we have in Jamaica and Puerto Rico and Mexico and Nicaragua and Brazil. There are a handful of other very significant markets we have spent a lot of time on, and we're confident that those will turn into terminals in due course as well. But there's -- the medium-term or long-term basis, there is just no lack of supply. I mean, I think that when you look at the business in the aggregate, I think, number one, the question is, is the macro view of the world the right one? We feel very strong the answer is yes, a resounding yes. There is a shortage of gas and power. We use the same example all the time. People in Jamaica use 10% as much electricity per capita as we do. People in Kenya use 10% as much electricity per capita as Jamaicans do. So there's a vast need for affordable power. That actually is a is something we feel more strongly about every day.

顯然，今天，我們有牙買加、波多黎各、墨西哥、尼加拉瓜和巴西。我們在其他一些非常重要的市場上花費了大量時間，我們相信這些市場也會在適當的時候變成終端。但是，從中期或長期來看，供應並不缺乏。我的意思是，我認為當你從總體上看業務時，我認為，第一，問題是，世界的宏觀觀點是否正確？我們覺得答案是肯定的，響亮的肯定。天然氣和電力短缺。我們一直使用相同的示例。牙買加人均用電量是我們的 10%。肯尼亞人的人均用電量是牙買加人的 10%。因此，人們非常需要負擔得起的電力。這實際上是我們每天都感到更加強烈的事情。

Number two, I think the question about the businesses are really good at this, right? So it's something that we feel like we've demonstrated a pretty good capacity to do things. We're not perfect. We're learning every day. We've got a great group of people. But I think that we now have a very, very good proof of concept at every level that -- except for the FLNG, which you are now days away from having proof of concept with. So we feel like that's pretty good.

第二，我認為關於企業的問題真的很擅長這個，對吧？所以我們覺得我們已經展示了很好的做事能力。我們並不完美。我們每天都在學習。我們有一群很棒的人。但我認為我們現在在每個級別都有非常非常好的概念證明——除了 FLNG，你現在離獲得概念證明還有幾天的時間。所以我們覺得這很好。

And then the third thing is just the quality and consistency of earnings because I think that companies are rewarded for being without surprises to shareholders and living with their mission and delivering what they said they're going to do. And as I said at the outset of this, not only do we feel great about the actual volume of earnings kind of doubling from last year to the year before and then doubling again this year, that's a pretty good path, right? So we're a $2 billion in EBITDA. That translates $1.3 billion in earnings, right? So very, very significant earnings and we consider what the value of the company is right now.

然後第三件事就是收益的質量和一致性，因為我認為公司會因為沒有給股東帶來驚喜、踐行使命並實現他們所說的目標而獲得回報。正如我在一開始所說的那樣，我們不僅對實際收益量從去年翻了一番到前一年然後今年又翻了一番感到很好，這是一條很好的道路，對吧？所以我們的 EBITDA 為 20 億美元。這意味著 13 億美元的收入，對吧？如此非常非常可觀的收益，我們正在考慮公司目前的價值。

And I think that the sole missing piece of it, and only time will heal this or address this, is just show that you're actually consistent in what you said you're going to do. And the more diversity we have of terminals, more diversity we have with customers, the more we control our own upstream inputs of this, which is what the FLNG does, then the higher the quality of the earnings are. And we achieved this -- the magical combination of both high-quality earnings and significant growth opportunities. That's the goal that we have as a company. So sorry for the long answer to your short question, but that's how I think about it.

而且我認為唯一缺失的部分，只有時間才能治愈或解決這個問題，只是表明你實際上在你所說的你將要做的事情上是一致的。我們擁有的終端越多樣化，我們與客戶的多樣性越多，我們就越能控制自己的上游輸入，這就是 FLNG 所做的，那麼收益的質量就越高。我們實現了這一點——高質量收益和重要增長機會的神奇結合。這是我們公司的目標。很抱歉對您的簡短問題做出長篇回答，但這就是我的想法。

We'll take our next question from Martin Malloy with Johnson Rice.

我們將與約翰遜·賴斯一起接受馬丁·馬洛伊的下一個問題。

I've got kind of a macro question here. With the FLNG assets coming online, would it ever make sense for NFE to potentially invest in upstream gas assets or conversely maybe an upstream gas producer taking equity interest in the FLNG assets to take advantage of the increase in optionality for those molecules?

我這裡有一個宏觀問題。隨著 FLNG 資產的上線，NFE 是否有可能投資上游天然氣資產，或者相反，上游天然氣生產商可能持有 FLNG 資產的股權以利用這些分子的可選性增加？

It's a great question. It's something we kick around all the time. I think that it would be the ultimate in the integration from kind of cradle-to-grave of gas out of the ground to power and onto a system. The U.S. gas, in my opinion, is especially adjusted for the stability of the jurisdiction, the rule of law, is the cheapest gas on earth. And so simply connecting U.S. domestic gas to international markets is a fantastic idea. And that's essentially what we're trying to do with this first one where we're basically buying gas out of Texas, that will be pipeline gas and then taking it into there. I think the gas assets in the U.S. are very undervalued.

這是一個很好的問題。這是我們一直在踢的東西。我認為這將是從搖籃到墳墓的天然氣從地面到電力再到系統的集成的最終結果。美國的天然氣，在我看來，特別調整了司法管轄區的穩定性，法治，是地球上最便宜的天然氣。因此，簡單地將美國國內天然氣與國際市場連接起來是一個絕妙的主意。這基本上就是我們在第一個項目中嘗試做的事情，我們基本上是從德克薩斯州購買天然氣，這將是管道天然氣，然後將其輸送到那裡。我認為美國的天然氣資產被低估了。

And so I'm not an expert at this. We've spent a lot of time looking at it. But I think that the quality and duration and durability of some of those products is actually very, very, very inexpensive relative to the rest of the world. And so I'm a big believer in the value of those assets. And whether it's directly or it's in partnership or some combination of all that, I think that's something we'll explore over time. And obviously, it's -- first step first is get the FLNG. So we're connected to the system directly. And then I think those kinds of opportunities are things that we'll think about.

所以我不是這方面的專家。我們花了很多時間研究它。但我認為，與世界其他地區相比，其中一些產品的質量、持續時間和耐用性實際上非常、非常、非常便宜。所以我堅信這些資產的價值。無論是直接的還是合作的，或者所有這些的某種組合，我認為這是我們將隨著時間的推移探索的東西。顯然，第一步是獲得 FLNG。所以我們直接連接到系統。然後我認為這些機會是我們會考慮的事情。

Okay. And my second question, I just wanted to ask about the hydrogen zero project. And maybe are there any milestones we should be looking out for there?

好的。我的第二個問題，我只想問一下零氫項目。也許我們應該在那裡尋找任何里程碑？

Yes. I mean, the -- I left it out of the presentation because we're actually so far down the tracks of what our thoughts are with regards to that as a business. As we said before, my goal is to get a project fully committed and out of the ground and then in all likelihood, spin that off as a separate company because it deserves to have a separate identity. And I think our goal for that is to do so in the first half of this year if everything goes to plan. We have ordered the long lead items from Plug. We have personnel that are working on it every day. We have a site which is now cleared. We have the bulk of the engineering down. So there's a whole bunch of individual milestones. But rather than kind of clutter up what I think is an otherwise very clean beginning of the year picture for the company, I thought we would just leave that on to the side.

是的。我的意思是，我將其排除在演示文稿之外，因為我們實際上已經遠遠落後於我們對這一業務的想法。正如我們之前所說，我的目標是讓一個項目完全投入並啟動，然後很可能將其剝離為一家獨立的公司，因為它應該有一個獨立的身份。如果一切按計劃進行，我認為我們的目標是在今年上半年這樣做。我們已經從 Plug 訂購了長周期產品。我們每天都有工作人員在處理它。我們有一個網站，現在已清理。我們已經完成了大部分工程。所以有一大堆個人里程碑。但是，與其弄亂我認為公司年初非常乾淨的畫面，不如把它放在一邊。

But it's a good question to ask. And I think that I think -- look, I think with the IRA and the incentives the government has provided, makes the U.S. the most attractive place on earth to build hydrogen facilities. The location of those facilities is very, very important because when you create hydrogen, it quickly turns from a chemistry problem into a transportation problem. So you want to be located next to where people are going to use it. Our site down in Beaumont we think is ideal because we're close to customers or close to hydrogen pipelines. That's great. But I think our goal is to actually have a pretty specific update on this in the not-too-distant future. So -- and I think the prospects for that business, given kind of the macro environment for here in the U.S. and the $3 a kilogram production credit are actually quite good. So thanks for the question.

但這是一個很好的問題。而且我認為我認為 - 看，我認為 IRA 和政府提供的激勵措施，使美國成為地球上最有吸引力的地方來建造氫設施。這些設施的位置非常非常重要，因為當你製造氫氣時，它很快就會從化學問題變成運輸問題。所以你想位於人們將要使用它的地方旁邊。我們認為我們在博蒙特的站點是理想的，因為我們靠近客戶或靠近氫氣管道。那太棒了。但我認為我們的目標是在不久的將來對此進行非常具體的更新。所以——我認為，鑑於美國這裡的宏觀環境和每公斤 3 美元的生產信貸，該業務的前景實際上相當不錯。所以謝謝你的問題。

And that will conclude today's question on major portion of the call. I would now like to turn the conference back to Mr. Edens for any additional or closing remarks.

這將結束今天關於電話主要部分的問題。我現在想將會議轉回 Edens 先生，請他發表任何補充或結束語。

Jess, I'll take it. It's Patrick Hughes here. Thanks, everybody, for joining today. We remain available to you, as always, to answer additional questions as they may arise. And we wish you a good day. Thank you.

傑斯，我會接受的。我是帕特里克休斯。謝謝大家今天的加入。我們一如既往地隨時為您解答可能出現的其他問題。我們祝你有美好的一天。謝謝。

Ladies and gentlemen, that does conclude today's call. We thank you for your participation. You may disconnect at this time, and have a great day.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與。您此時可能會斷開連接，祝您度過愉快的一天。