New Fortress Energy Inc (NFE) 2024 Q4 法說會逐字稿

Good day, and welcome to the NFE fourth quarter 2024 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Matt Renard, Managing Director for introductory remarks. Please go ahead.

大家好，歡迎參加 NFE 2024 年第四季財報電話會議。今天的會議正在錄製。現在，我想將會議交給董事總經理 Matt Renard 作開場發言。請繼續。

Thank you, and good afternoon, everyone. Thank you for joining today's conference call, where we will discuss our fourth quarter and full year 2024 results. This call is being recorded and will be available by replay on the Investors section of our website under the subheading Events and Presentations. At the same location, you will find a presentation that we will walk through on today's call. Please review this as it includes important information on forward-looking statements and non-GAAP measures.

謝謝大家，下午好。感謝您參加今天的電話會議，我們將在會議上討論我們的第四季和 2024 年全年業績。本次通話正在錄音，可在我們網站的「投資者」部分的「活動和演示」子標題下重播。在同一位置，您將看到我們將在今天的電話會議上討論的簡報。請查看此內容，因為它包含有關前瞻性陳述和非公認會計準則指標的重要資訊。

With that, I'll turn it over to our Chairman and CEO, Wes Edens.

說完這些，我將把話題交給我們的董事長兼執行長 Wes Edens。

Alright.Great, Matt, and thanks, everyone, for dialing in. So let's just jump into it here and start with the presentation that we sent out. So starting on page number 3, quarterly financial results and annual financial results.

好的。太好了，馬特，謝謝大家撥打電話。因此，我們就從這裡開始，從我們發出的簡報開始。從第 3 頁開始，是季度財務結果和年度財務結果。

So very, very good quarter, concluding a very, very good year. $313 million in EBITDA for the quarter. That's roughly a 50% increase over the guidance that we had previously provided. So it was a big beat for that. Very positive outlook for 2025 and beyond.

所以這是一個非常非常好的季度，結束了非常非常好的一年。本季的 EBITDA 為 3.13 億美元。這比我們之前提供的指導增加了約 50%。所以這對那個人來說是一個巨大的打擊。對 2025 年及以後的前景非常樂觀。

We were confirming our guidance of $1 billion for this year in total. So by the numbers, a very, very good report. The profile of the business that we run is tremendous. We're an integrated gas to power company. We have five countries, seven terminals manage or own nearly 10 gigawatts of power.

我們確認今年的總指導金額為 10 億美元。所以從數字來看，這是一份非常非常好的報告。我們經營的業務規模十分龐大。我們是一家綜合性的天然氣發電公司。我們在五個國家、七個終端機管理或擁有近10千兆瓦的電力。

So a very, very significant portfolio. It's a capital-intensive business to build, which is the bad news. But once it's created as it largely is now, it has massive competitive barriers to entry. So sustainable competitive advantage is the terms that we use. And basically, where we are right now is that we think by just focusing on our current markets, we feel that we have an opportunity in the next two years to grow EBITDA by 50% or more.

因此這是一個非常非常重要的投資組合。這是一個資本密集的業務，這是個壞消息。但一旦它像現在這樣被創造出來，它就會面臨巨大的競爭進入障礙。所以，我們使用的術語是永續競爭優勢。基本上，我們現在的情況是，我們認為只要專注於當前市場，我們就有機會在未來兩年內將 EBITDA 成長 50％ 或更多。

So huge numbers, I know, but that's how big these markets are and how big the opportunities are if we execute on them.

我知道這個數字非常大，但是這些市場確實非常大，如果我們抓住這些機會，將會獲得非常大的機會。

Growth with very little in the way of CapEx and reduce then the debt, the amount of our debt outstanding and the cost of it dramatically. Those are the goals that we have. There was tremendous work by our people this last year and over the first couple of months of this year, tremendous work actually. And I want to give a big thank you to all of them. We're very excited for what we have accomplished thus far this year, and we think that there's great things ahead.

在很少的資本支出的情況下實現成長，從而大幅減少債務、未償還債務金額及其成本。這些就是我們的目標。我們的人民在去年和今年頭幾個月都做了大量的工作。我要向他們所有人表達衷心的感謝。我們對今年迄今為止所取得的成就感到非常興奮，我們相信未來還會有更偉大的事情發生。

So with that, let's turn to page number 4. A little bit more detail on the financial update. So basically, here's the $314 million and the $950 million. What is crystal clear is that the FLNG asset coming online was the star of the show for us, to start with the quarter and contributing significantly to earnings now and also in the future. the volumes that are created there allowed us to optimize the portfolio and make significant returns and the positions continue to do so in the quarters ahead.

因此，讓我們翻到第 4 頁。關於財務更新的更多細節。所以基本上，這是 3.14 億美元和 9.5 億美元。顯而易見的是，FLNG資產的上線是我們關注的焦點，從本季開始，它就為現在和未來的獲利做出了重大貢獻。在那裡創造的交易量使我們能夠優化投資組合併獲得可觀的回報，並且在未來幾季中這些頭寸仍將繼續保持這種狀態。

So two areas of focus for us is long-term growth in the core markets. number one; and number two, our asset sales and deleveraging. So a little bit of the detail in terms of the of the business.

因此，我們關注的兩個領域是核心市場的長期成長。第一;第二，我們的資產出售和去槓桿。關於業務方面，我想講一些細節。

Page number 5, capital markets update in the last six months or so, we have done a ton of different capital markets activities to strengthen the balance sheet, increase liquidity and set ourselves up well for future growth. In October, we raised $400 million in new equity, including $50 million of my own equity. In November, we extended the $900 million revolver to October 2027. We issued the $2.7 billion bond that basically consolidated debt and extended maturity out to 2029. And then in March, as recently as today, it's been a very busy period at the start of the year.

第 5 頁，資本市場更新在過去六個月左右的時間裡，我們做了大量不同的資本市場活動，以加強資產負債表，增加流動性，為未來成長做好準備。十月份，我們籌集了 4 億美元新股本，其中包括 5,000 萬美元的自有股本。11 月，我們將 9 億美元的循環信貸期限延長至 2027 年 10 月。我們發行了 27 億美元的債券，基本上合併了債務並將期限延長至 2029 年。然後到了三月，直到今天，這是年初非常繁忙的時期。

We closed the $425 million Term Loan B upsized, and we refinanced our corporate facility in Brazil, which was $200 million increase that to $350 million. Total of $4.775 billion in corporate transactions, and it's put us up in a terrific place in terms of our balance sheet and liquidity to now execute what our plans are.

我們完成了 4.25 億美元 B 類定期貸款的追加，並對巴西的公司設施進行了再融資，從 2 億美元增加到 3.5 億美元。公司交易總額達到 47.75 億美元，這使我們的資產負債表和流動性處於極佳狀態，可以執行我們的計劃。

The goal is very simple. We want to deleverage, we want to simplify the capital structure and we want to reduce debt costs, all of which are well in. So let's turn now to page number 6.

目標很簡單。我們希望去槓桿，我們希望簡化資本結構，我們希望降低債務成本，所有這些都是可行的。現在我們翻到第 6 頁。

Gas supply update, as I said, LFNG entering service was a big catalyst for us. And as a result, we have excess supply versus our current base of demand. The significant incremental demand that we see in our core markets will definitely come over the next couple of years. But this now this surplus then leads to the next question. Do we wait and sell excess cargoes over time until demand comes online?

天然氣供應更新，正如我所說，LFNG 的投入使用對我們來說是一個巨大的催化劑。結果是，相對於當前的需求基礎，我們的供應過剩。我們的核心市場需求肯定會在未來幾年內大幅增加。但現在這種盈餘又引出了下一個問題。我們是否要等待並隨著時間的推移銷售多餘的貨物，直到需求出現？

Or do we hedge and sell today to capture excess spread? If you look at the chart on the right-hand side, the blue line represents the price of TTF as it goes forward. So you can see that it goes down fairly substantially over the last. Next couple of years and then flattens out as people expect more and more gas to come onto the market. The yellow box represents the amount of gas or profitability that we have above our base return.

或者我們今天進行對沖並出售以獲取過多的利差？如果您查看右側的圖表，藍線代表 TTF 的未來價格。因此您可以看到，過去這一數字大幅下降。由於人們預期會有越來越多的天然氣進入市場，因此未來幾年天然氣需求將趨於穩定。黃色框代表我們高於基本回報的天然氣量或獲利能力。

So the base return to the bottom. That's if we sell to our customers down line with the returns that we generate. The yellow is the amount above that. And so the question is, do we hedge or sell some of this? Or do we just let it all ride?

所以基地又回到了底部。那是如果我們將產生的回報賣給我們的客戶的話。黃色是高於該數值的數量。所以問題是，我們是否應對其中的一部分進行對沖或出售？或者我們就讓它過去吧？

I think in particular, with the geopolitical time that we live in, in particular, the prospects for some kind of a resolution in the Ukraine-Russian war, we think that, that alone would have a profound impact on the market. And if we did nothing and simply waited for the events to transpire, the yellow box could get bigger or it can get actually quite a bit smaller.

我認為，特別是在我們所處的地緣政治時代，特別是烏克蘭和俄羅斯戰爭有望得到某種解決的情況下，我們認為，僅此一點就會對市場產生深遠的影響。如果我們什麼都不做，只是等待事件發生，黃色框可能會變得更大，或者實際上會變得小很多。

And so the answer to what we did and our judgment was to de-risk sell a portion of it, keep significant upside if the market stays elevated or goes higher, but if the market falls, we're insulated, puts cash on balance sheet, conservative approach by us that we felt struck the right balance. It's good for our earnings. It's good for our cash flow. It was the right decision to make. We still retain a lot of optionality.

因此，我們的答案和判斷是，出售一部分資產以降低風險，如果市場保持高位或走高，則保持顯著的上行空間，但如果市場下跌，我們就不會受到影響，將現金放在資產負債表上，我們認為採取保守的方法達到了正確的平衡。這對我們的收入有好處。這對我們的現金流有好處。這是正確的決定。我們仍然保留很多可選性。

So a very, very good result with our FLNG volumes. Page number 7, I'm just going to breeze on these because we're going to talk about them in some detail. Chris is going to talk about our fast LNG assets. I'll spend some time talking about Puerto Rico. We have our senior management [ Leando Kuna and Jeremy Dawson ] on the phone to talk about Brazil. lots of tremendous commercial activity.

因此，我們的 FLNG 產量取得了非常非常好的成績。第 7 頁，我將簡要介紹這些內容，因為我們將詳細討論它們。克里斯將談論我們的快速液化天然氣資產。我會花一些時間談論波多黎各。我們與高階主管 [ Leando Kuna 和 Jeremy Dawson ] 通了電話，討論巴西的情況。大量巨大的商業活動。

The greatest opportunities for us exist in our biggest markets. So there's a lot that we have to talk about that we're looking forward to. Chris?

我們最大的機會存在於我們最大的市場中。因此，我們有很多事情要談，我們對此充滿期待。克里斯？

Thanks, Wes. Really appreciate it. So as Wes mentioned, we're pleased to report that our FLNG 1 asset is performing above nameplate capacity, demonstrating the exceptional dedication and expertise of our operators. Since achieving first gas in late July, we successfully navigated several planned outages taking advantage of these windows to implement key process optimizations.

謝謝，韋斯。真的很感激。正如韋斯所提到的，我們很高興地報告，我們的 FLNG 1 資產的表現超出了額定容量，證明了我們運營商的卓越奉獻精神和專業知識。自 7 月底首次產出天然氣以來，我們利用這些時間窗口成功完成了幾次計畫內停機，並實施了關鍵的流程最佳化。

These proactive measures have allowed us to maximize uptime, enhance production efficiency and ensure the asset is operating in optimal conditions. Notably, our highest production milestone was achieved in January when we reached approximately 120% of nameplate capacity, a testament to the team's commitment to operational excellence.

這些積極主動的措施使我們能夠最大限度地延長正常運作時間、提高生產效率並確保資產在最佳條件下運作。值得注意的是，我們的最高生產里程碑是在一月份實現的，當時我們的產量達到了額定產能的約 120%，證明了團隊對卓越營運的承諾。

To date, we shipped 12 cargoes totaling approximately 24 TBtu. In parallel, we've taken significant steps to lower other operating costs, including improving procurement strategies, renegotiating service contracts and consolidating third-party vendor support. Additionally, we've made progress in our commitment to the local community by increasing the proportion of local operators to approximately 50%. We anticipate this figure will rise to 80% Mexican workforce over the course of 2025, reinforcing our long-term investment in the region.

迄今為止，我們已運送了 12 批貨物，總計約 24 TBtu。同時，我們也採取了重大措施降低其他營運成本，包括改善採購策略、重新談判服務合約和整合第三方供應商支援。此外，我們將本地業者的比例提高到約 50%，在對當地社區的承諾方面也取得了進展。我們預計到 2025 年，這一數字將上升至 80% 的墨西哥勞動力，從而加強我們對該地區的長期投資。

Another key initiative underway is the direct sourcing of molecules from the Agua Dulce Hub, which is expected to yield annual savings of $15 million to $30 million and further optimize our supply chain. On the accounting front, due to the asset's exceptional performance and its ability to consistently produce, we officially place the asset into service as of December 31, 2024. This milestone marks a significant step in the life cycle of FLNG 1 and positioned us for continued success in the year ahead.

正在進行的另一項重要舉措是直接從 Agua Dulce Hub 採購分子，預計每年可節省 1500 萬至 3000 萬美元，並進一步優化我們的供應鏈。在會計方面，由於該資產的卓越性能及其持續的生產能力，我們於 2024 年 12 月 31 日正式投入使用該資產。這一里程碑標誌著 FLNG 1 生命週期邁出了重要一步，並為我們在未來一年的持續成功奠定了基礎。

Flipping to slide number 10. Investors have heard us talk about the incredible facility onshore at ULTOMIRA before. And as a quick reminder, it was built in the mid-2000s by Shell and is an ideal facility to turn from an import terminal to an export terminal. The infrastructure includes deepwater birthing access, including direct access to the open waters in the Gulf of America -- or Gulf of Mexico, whichever your win of view is, 250,000 cubic meter tanks that are operational and cold now. access to pipeline gas and power infrastructure and an incredibly protected operational location with only one name hurricane in the last 90 years that has hit the facility, and it was only a category 1, A comment on the FLNG project generally, as this is a materially different construction project as compared with FLNG 1.

翻到第 10 張投影片。投資者之前曾聽我們談論過 ULTOMIRA 陸上令人難以置信的設施。簡單回顧一下，它是由殼牌公司於 2000 年代中期建造的，是從進口終端轉變為出口終端的理想設施。基礎設施包括深水分娩通道，包括直接進入美國灣或墨西哥灣的開闊水域，無論你的視角是哪個，250,000立方米的水箱現在都在運行並且處於冷卻狀態。可以使用管道天然氣和電力基礎設施，並且運營地點受到極大保護，過去 90 年中只有一次同名颶風襲擊過該設施，並且只是 1 級颶風，這是對 FLNG 項目的總體評論，因為與 FLNG 1 相比，這是一個有實質性差異的建設項目。

On FLNG 1, we started construction and engineering at the same time. We didn't initially have a chosen deployment location. So our team had to engineer for any conceivable sea condition as well as multiple gas composition scenarios. The FLNG 1 asset was also taken offshore too early in the development of the project and manpower constraints and weather conditions impacted the schedule materially. contrast all of these FLNG 1 challenges with the FLNG 2 project and the differences are stark, we're now able to build something that is already designed, engineered and in the case of the modules we have as built drawings, all of this making the construction much easier to know and to price, which is what we've done with our construction partners.

對於FLNG 1，我們同時開始建造和工程設計。我們最初並沒有選擇部署地點。因此，我們的團隊必須針對任何可能的海況以及多種氣體成分情境進行設計。FLNG 1 資產在專案開發過程中也過早地被轉移到海上，人力限制和天氣條件對進度造成了重大影響。將所有這些 FLNG 1 挑戰與 FLNG 2 項目進行對比，差異是顯而易見的，我們現在能夠建造已經設計好、工程好的東西，就模組而言，我們有建造圖紙，所有這些都使施工更容易了解和定價，這正是我們與建築合作夥伴所做的。

On the next slide, we've outlined the current expected time line for the completion of the FLNG 2 asset. We started engineering and procurement in Q2 of 2023 using FLNG 1 as a basis for design of the modules and the ALTAIR terminal as a deployment location. We signed a gas supply and partnership agreement for the onshore facility with the CFE in January of 2024 and started module construction at the same time. We currently expect onshore construction to commence this summer and are working closely with the CFE on that process and provide additional updates as permits are received. Over the last 18 months, we spent about $625 million, with the bulk of that being on procurement in the modules.

在下一張投影片中，我們概述了 FLNG 2 資產完成的當前預期時間表。我們於 2023 年第二季開始工程和採購，使用 FLNG 1 作為模組設計的基礎，並以 ALTAIR 終端作為部署位置。我們於2024年1月與CFE簽署了陸上設施的天然氣供應和合作協議，並同時開始模組建造。我們目前預計陸上建設將於今年夏天開始，並正在與 CFE 就這一進程密切合作，並在收到許可後提供更多更新。在過去的 18 個月裡，我們花費了大約 6.25 億美元，其中大部分用於模組的採購。

The remaining $480 million to spend is back-end loaded with about $160 million expected to be spent in 2025 and the remainder to be spent in 2026 or 2027. Given that we built the modules given that the modules that we built for FLNG 1 are the exact same for FLNG 2, we were able to shift risk to the construction contractor and get price and schedule certainty. As a result of and as of February 1, 2025, we were over 50% complete on the modules. And the majority of the large pieces of kit are either already at the quit yard or ready to be shipped when needed.

剩餘的 4.8 億美元將用於後期支出，其中約 1.6 億美元預計將於 2025 年支出，剩餘部分將於 2026 年或 2027 年支出。由於我們為 FLNG 1 建造的模組與為 FLNG 2 建造的模組完全相同，我們能夠將風險轉移給施工承包商，並獲得價格和進度確定性。截至 2025 年 2 月 1 日，我們已完成 50% 以上的模組。大多數大型設備要么已經在場內，要么準備在需要時裝運。

With that, I'll turn it back over to Wes for Puerto Rico.

說完這些，我會把話題轉回給韋斯，由他來代表波多黎各。

Great. Thanks, Chris. So let's flip to the following page, page number 13. Here's a map of Puerto Rico with a bunch of dots. The dots represent power plants in different facilities.

偉大的。謝謝，克里斯。讓我們翻到下一頁，第 13 頁。這是波多黎各的地圖，上面有很多點。這些點代表不同設施中的發電廠。

So there's the NFE facilities their current power plants, there are power plants that are targets for fuel switch. There's new builds and peakers and other anerocites. So lots of dots on the map. Just a little bit of context to where we are. So today, we have two contracts, one where we provide gas to the yellow dot, which is our San Juan LNG facility where we provide gas to the San Juan 5 and 6 power plant that runs through March of 2026, two is we have a gas contract on the two plants that we built for the Army Core that are adjacent, one right there in the yard.

因此，有 NFE 設施、目前的發電廠，以及作為燃料轉換目標的發電廠。有新建築、高峰建築和其他無風建築。地圖上有很多點。僅介紹一下我們現在的情況。所以今天，我們有兩個合同，一個是我們向黃點提供天然氣，這是我們的聖胡安液化天然氣設施，我們在那裡向聖胡安 5 號和 6 號發電廠提供天然氣，運行到 2026 年 3 月；二是我們有一份天然氣合同，涉及我們為陸軍核心部隊建造的兩個相鄰的工廠，其中一個就在院子裡。

The other 5 miles down the road. The two of those together total about 50 TBtus of production is about 1 ton of LNG. The conversions, which I'll talk about in just a second represent a massive opportunity for Puerto Rico and by derivative, a mass up opportunity for us to basically take fuel ready assets that currently burn diesel switch them to natural gas, save hundreds of millions, billions of dollars over the years in time. for the Puerto Ricans and actually generate a significant amount of business for us. That is between 50 and 100 TBtus in total demand.

沿著這條路走下去還有 5 英哩。兩者合計產量約50 TBtus，相當於1噸液化天然氣。我稍後將談到的這些轉換對波多黎各來說是一個巨大的機遇，從衍生意義上講，這也是一個巨大的機遇，讓我們基本上可以將目前燃燒柴油的燃料就緒資產轉換為天然氣，從而在未來幾年節省數億、數十億美元的成本。對波多黎各人來說，這實際上為我們帶來了大量業務。總需求量在50至100 TBtus之間。

Lastly, the new build business. is also very significant. They announced their first new build power plant in 25 years in January. We are going to be providing the gas for that when it comes online in 2028. We estimate that the total need for new power will generate between 150 and 200 TBtus in total volume.

最後，新建業務。也十分有意義。他們於一月宣佈建造25年來第一座新建發電廠。當該水力發電廠於 2028 年投入運作時，我們將為其提供天然氣。我們估計，新增電力需求總量將達到 150 至 200 TBtus。

If you add that all up, you take the $50 million that we have now, it grows to between $250 million to $350 million in total. So truly, we're a fraction today of where we believe the market on this can be potentially the biggest gas to power market opportunity in the world. There's nobody that's in a better position to access this and perform on behalf of Puerto Rico than we are.

如果把這些加起來，加上我們現在擁有的 5,000 萬美元，總額將成長到 2.5 億到 3.5 億美元。所以實際上，我們今天只佔了一小部分，我們相信這個市場可能成為世界上最大的天然氣發電市場機會。沒有人比我們更適合參與這項事務並代表波多黎各行事。

So let's just flip the page real quickly. page 14, these are the photos you've seen many times. The left-hand side is the San Juan 5 and 6 that orange boat is a boat that we have leased that sits in front of our facility. On the right-hand side, there are two other contracts or assets in the island-wide contract. It is a 80 TBtu contract.

所以讓我們快速翻過這一頁。第14頁，這些是你曾經多次看過的照片。左邊是聖胡安 5 和 6，那艘橘色的船是我們租的，停在我們設施前面。右側是全島合約中的另外兩個合約或資產。這是一份80 TBtu的合約。

We use about half of that, a little less than half of it today. And that contract expired on March 15, and we just extended it this weekend for one more year. And I'll talk about that in just a second.

我們使用了其中的大約一半，今天略少於一半。該合約於 3 月 15 日到期，我們剛剛在本週末將其延長一年。我馬上就談論這個問題。

Page 15, the opportunity to convert is the earliest and easiest short-term win for Puerto Rico and for us to help them with. So there are four plants that we show here. They are currently burning these megawatts, they are actually used significantly. And so the cost savings would be $5 at today's prices roughly between what they pay for diesel and what they would pay for natural gas. These are a high priority.

第 15 頁，轉換的機會是波多黎各和我們幫助他們獲得的最早和最容易的短期勝利。這裡我們展示的是四種植物。他們目前正在消耗這些兆瓦電力，這些電力實際上被大量使用。因此，以今天的價格計算，他們購買柴油和購買天然氣所花費的費用大約可節省 5 美元。這些都是高度優先的。

The government has made a high priority. We are very aligned with them on that. This alone would double the size of our portfolio. say, Puerto Rico, $250 million to $500 million a year. So it's a win-win on both sides and something that we are very, very focused on in the short term.

政府對此高度重視。在這一點上我們和他們的觀點一致。光是這一點就足以讓我們的投資組合規模增加一倍。例如，波多黎各，每年2.5億到5億美元。因此，這是雙方共贏的局面，也是我們短期內非常關注的事情。

Page number 16, Long term, it's all about new power. So a little bit of context. Average power plant in Puerto Rico built 1981, 50% of the power plant is built in 1975 and before, desperate for more reliable, less expensive power. That's the situation. First new plant that they have announced to be built in 25 years is the one that is shown here schematically.

第 16 頁，從長遠來看，一切都關乎新力量。稍微介紹一下背景。波多黎各的發電廠平均建於 1981 年，50% 的發電廠建於 1975 年及之前，迫切需要更可靠、更便宜的電力。情況就是這樣。他們宣布將在 25 年來建造的第一座新工廠就是這裡示意圖所示的工廠。

It was originally scheduled to be a 478-megawatt power plant. They have upsized it to be 550-megawatts. We are the gas provider to that project. So 20 years at roughly 30 TBtus. At today's margins, that's roughly $120 million in margin for 20 years with essentially no CapEx.

該發電廠原計劃興建成 478 兆瓦的發電廠。他們將其規模擴大到 550 兆瓦。我們是該專案的天然氣供應商。因此 20 年內約為 30 TBtus。以今天的利潤率計算，這意味著 20 年內的利潤約為 1.2 億美元，基本上沒有資本支出。

This is the benefit of having spent all the capital in this capital-intensive business, establish the beachhead and now we're able to service customers efficiently. And of course, it generates a tremendous amount of margin for us.

這就是將所有資本投入到這個資本密集型業務、建立灘頭陣地並能夠有效率地為客戶提供服務的好處。當然，它為我們創造了巨大的利潤。

Page number 17. Yesterday, we announced the 1-year extension of the A TBtu contract, this is the island-wide contract that allows them to grow gas use from currently 40 TBtus to roughly 80% is the maximum over the next year. We think that the bulk of that can be taken up by the temp power growth. We've already saved Puerto Rico over $500 million in fuel savings on the San Juan 5 and 6. So we think by converting more power plants and burning more gas in this manner is the fastest way to more savings for Puerto Rico.

第 17 頁。昨天，我們宣布將 A TBtu 合同延長 1 年，這是一份全島範圍的合同，允許他們在未來一年內將天然氣使用量從目前的 40 TBtu 增加到最高約 80%。我們認為，其中大部分可以透過臨時電力成長來吸收。我們已經為波多黎各節省了超過 5 億美元的聖胡安 5 號和 6 號航班的燃料費用。因此，我們認為，透過改造更多的發電廠並以這種方式燃燒更多的天然氣是波多黎各節省更多成本的最快方法。

So let's talk about page number18 The Genera contract itself is actually quite simple. We get paid a base fee of $22.5 million. We had $100 million incentive that basically, we got paid 50% of the cost savings that were generated either by operations or from fuel savings. We earned $110 million over the course of that first year of the contract. We've built them as initially in July and have built them a number of times ever since then.

那我們來談談第18頁Genera合約本身其實非常簡單。我們獲得的基本費用為2250萬美元。我們獲得了 1 億美元的獎勵，基本上就是從營運或燃料節省中產生的成本節省中獲得 50% 的報酬。合約第一年我們就賺了 1.1 億美元。我們從 7 月開始首次建造它們，從那時起已經建造了多次。

They wanted to convert and grow gas and utilize more of our business down there. But they became, as the government very fixated on the incentive structure. And we said after a lot of consultation with them, fine. Mean the government basically at the heart of it, the government basically didn't feel comfortable with the structure of having us sell them gas and also charge the incentive fee. Even though this was clearly the contract and the incentives from day one.

他們希望轉化和發展天然氣並在那裡利用更多我們的業務。但由於政府過於注重激勵機制，他們也開始這麼做。經過多次協商後，我們決定接受。也就是說，政府基本上處於這個問題的核心，政府基本上對我們向他們出售天然氣並收取獎勵費用的結構感到不舒服。儘管從第一天起這顯然就是合約和激勵措施。

And so we after, again, a lot of consultation with them, we said, you know what, let's try and understand what it is you're focused on, we'll try and come up with we're focused on and find a compromise that works for both of us. We have two goals. One, we're owed $110 million, and we want to get paid as we adjust the code. Two, we wanted to grow our supply of gas. And by doing so, a, make more money because we're trying to generate more revenues and be a more productive business; and b, save them billions of dollars in fuel savings.

因此，在經過多次與他們磋商後，我們說，你知道嗎，讓我們試著了解你關注的是什麼，我們會嘗試找到我們關注的重點，並找到一個對我們雙方都有利的妥協方案。我們有兩個目標。首先，我們欠了 1.1 億美元，我們希望在調整程式碼時獲得報酬。二，我們希望增加天然氣供應。透過這樣做，我們可以賺更多的錢，因為我們正在努力創造更多的收入，成為更有生產力的企業； b、為他們節省數十億美元的燃料費用。

So we decided on this compromise. They pay us $110 million. We agreed to eliminate the incentives together, we then try to take the island off of diesel and fuel oil, save them potentially billions and generate far more for us than the incentive structure would have in a manner that they feel that they are aligned with us. So it's very much of a win-win.

因此我們決定做出這個妥協。他們向我們支付了 1.1 億美元。我們同意共同取消激勵措施，然後嘗試讓島上擺脫對柴油和燃料油的依賴，為他們節省數十億美元，並為我們創造比激勵結構更多的收益，讓他們覺得與我們是一致的。因此，這是一個雙贏的局面。

With that, let me turn it over to Leandro Puna and Jeremy Dawson to talk briefly about our Brazil operations.

接下來，請容許我請 Leandro Puna 和 Jeremy Dawson 簡單介紹一下我們在巴西的業務。

Thank you very much, Wes. Good afternoon, everyone. My name is Leandro Kuna, and I'm pleased to be presenting the NFE Brazil session, alongside my partner in Brazil, Jeremy Dawson. Starting on slide number 20, I want to take this opportunity to highlight the incredible achievements NFE has made in Brazil over the past almost four years now since the acquisition of Hygo. During this time, we have made significant investments laying the groundwork for a successful business prepared to deliver substantial and sustainable value to our shareholders.

非常感謝，韋斯。大家下午好。我的名字是 Leandro Kuna，我很高興與我的巴西合作夥伴 Jeremy Dawson 一起主持 NFE 巴西會議。從第 20 張幻燈片開始，我想藉此機會強調 NFE 自收購 Hygo 以來近四年來在巴西取得的令人難以置信的成就。在此期間，我們進行了大量投資，為成功的業務奠定了基礎，準備為我們的股東帶來巨大而可持續的價值。

This slide showcases the impressive assets that we built in Brazil. We now operate two LNG terminals with a supply capacity of approximately 200 terabits per year each terminal. Our Barcarena terminal, the one you can see in the Northeast Brazil in a region with no access to pipelines, is already operating to serve one key customer, the big large hydro aluminum refinery. Soon the terminal will also serve two of our own power plants under construction in that region, totaling an impressive 2.2 gigawatts of installed capacity.

這張幻燈片展示了我們在巴西建立的令人印象深刻的資產。我們目前營運兩個液化天然氣終端，每個終端的供應量約為每年 200 太比特。我們的巴卡雷納終端位於巴西東北部一個沒有管道的地區，目前已經投入運營，為一個重要客戶——大型水電鋁精煉廠提供服務。該終端很快也將為我們在該地區正在建造的兩座發電廠提供服務，總裝置容量將達到驚人的2.2千兆瓦。

Furthermore, our Santa Catarina terminal, South Brazil, a terminal that is connected to the same pipeline used by Brazil to import gas from Bolivia is fully commissioned and ready to play a major role in the upcoming 2025 capacity auction in Brazil, which is scheduled by the way, to happen in June 2025 and the auction is an amazing opportunity for NFE.

此外，我們位於巴西南部的聖卡塔琳娜州終端與巴西用於從玻利維亞進口天然氣的同一條管道相連，該終端已全面投入使用，並將在即將於 2025 年 6 月舉行的巴西 2025 年產能拍賣中發揮重要作用，此次拍賣對 NFE 來說是一個絕佳的機會。

And with our terminal, we could not only secure long-term power purchase agreements for our own projects, but also provide gas and terminal services to existing power plants in the region. We believe most of the south terminal capacity will be contracted after the auction, reinforcing our position as a key player in Brazil's energy landscape. I will provide more details on the auction opportunity in the following slides.

透過我們的終端，我們不僅可以為自己的專案獲得長期購電協議，還可以為該地區現有的發電廠提供天然氣和終端服務。我們相信，大部分南部碼頭的產能將在拍賣後簽訂，鞏固我們在巴西能源領域的關鍵參與者地位。我將在下面的幻燈片中提供有關拍賣機會的更多詳細資訊。

Now let's move to slide number 21, please. and continuing with an overview of our business, I want to emphasize the strong foundation we have built in Brazil through our existing contracts. In addition to the Alunorte long-term gas supply agreement that I mentioned before, we have secured over 2.2 gigawatts with long-term power purchase agreements contracted for more than 15 years with inflation-adjusted PPAs. This ensures a stable and predictable revenue stream for NFE in the long run. It's also important to highlight that NFE has no commodity index risk in any of those existing contracts.

現在請翻到第 21 張投影片。繼續概述我們的業務，我想強調我們透過現有合約在巴西建立的堅實基礎。除了我之前提到的 Alunorte 長期天然氣供應協議之外，我們還透過通膨調整後的 PPA 簽訂了為期超過 15 年的長期購電協議，獲得了超過 2.2 千兆瓦的電力。這確保了 NFE 長期擁有穩定且可預測的收入來源。還需要強調的是，NFE 在任何現有合約中都沒有商品指數風險。

Both Alunorte GSA and the power plant PPAs, they do have a pass-through for the commodity price. With those contracts, as far as I'm concerned, the Barcarena terminal is the only terminal in Brazil with almost 100% of its capacity long term contracted. It still on existing contracts on the funding side we have already secured all necessary equity funding, which was already injected into the project.

Alunorte GSA 和發電廠 PPA 都對商品價格進行了傳導。據我所知，透過這些合同，巴卡雷納碼頭是巴西唯一一個幾乎 100% 容量都簽訂了長期合約的碼頭。在現有合約的融資方面，我們已經獲得了所有必要的股權融資，這些融資已經注入到專案中。

And on the debt front, the long-term financing was already secured and disbursed. This demonstrates our diligence and commitment to these projects, which are fully funded until their completion. And looking ahead, we are focused on near-term growth opportunities. And we believe that the upcoming Brazilian capacity auction could represent a great second wave of growth for NFE in Brazil. The market is expecting a big auction that will contract to over 10 gigawatts of capacity.

在債務方面，長期融資已經得到保障並發放。這體現了我們對這些項目的勤奮和承諾，我們將為這些項目提供全額資助直至其完成。展望未來，我們專注於近期的成長機會。我們相信，即將到來的巴西產能拍賣可能代表巴西 NFE 的第二波成長。市場預計此次拍賣規模將達 10 千兆瓦以上。

This action represents the potential for higher margins for NFE in the South Terminal, and requires minimal additional capital investment as we have already built the necessary foundation for the expansion of our portfolio. I would also like to highlight that NFE registered over 2 gigawatts of its own capacity to participate in the next auction. And has many players repricing gas supply to our terminal, which again, elevates our confidence that after the auction in June, a material part of the TGS terminal will have long-term contracts. Meaning if you could potentially double its size in Brazil.

此舉意味著南航站樓 NFE 的利潤率可能會更高，而且只需要極少的額外資本投資，因為我們已經為擴大投資組合奠定了必要的基礎。我還要強調的是，NFE 已註冊了超過 2 千兆瓦的自有容量以參加下一次拍賣。並且有許多參與者對我們終端的天然氣供應重新定價，這再次增強了我們的信心，即在 6 月拍賣之後，TGS 終端的很大一部分將簽訂長期合約。這意味著你有可能將巴西的規模擴大一倍。

Moving to slide number 22, I'm going to give you guys an overview about the auction. So First of all, this slide highlights the strategic advantage of our TGS terminals location. It's ideally positioned to serve part of the anticipated demand from the upcoming auction supply not only greenfield products but also existing assets in a region that currently lack access to flexible and reliable gas.

現在轉到第 22 張投影片，我將向大家概述拍賣情況。首先，這張投影片強調了我們的 TGS 終端位置的戰略優勢。它的理想位置可以滿足即將到來的拍賣供應的部分預期需求，不僅是綠地產品，還有目前缺乏靈活可靠天然氣的地區的現有資產。

If you move to slide number 23, please. As I mentioned, we see a significant growth potential in the power auction scheduled for June. As also said, this auction is expected to award between 10 to 15 gigawatts of new and existing power projects. The PPAs awarded in this auction will commence its operation between 2025 and 2030, and the PPA term will be from 10 years for our existing power plants to 15 years for new plants. Those contracts, they will be very similar to the one that we own in Barcarena, the 1.6 gigawatts power plant, where the system will pay a capacity fee for the power project and an energy fee whenever the project is called to produce power.

請移至第 23 張投影片。正如我所提到的，我們看到六月電力拍賣具有巨大的成長潛力。據悉，本次拍賣預計將授予10至15千兆瓦的新舊電力項目。是次拍賣中授予的電力購買協議 (PPA) 將於 2025 年至 2030 年間開始運營，電力購買協議期限為：現有發電廠 10 年，新建發電廠 15 年。這些合約與我們在巴卡雷納 (Barcarena) 擁有的 1.6 千兆瓦發電廠的合約非常相似，該系統將為電力項目支付容量費，並在項目發電時支付能源費。

The energy fee of those contracts can be linked to international indexes, including spot indices like JKM and TTF.

這些合約的能源費用可以與國際指數掛鉤，包括JKM和TTF等現貨指數。

As I mentioned before, NFE already registered 2 gigawatts of our own projects for this auction, and have received requests from third parties to supply gastro on additional 3 gigawatts of projects. Our plan is to dedicate part of the terminal capacity to supply existing projects. Supply and gas and terminal services, aiming for revenue stream already starting as early as of September 2025 and utilizing parts of the terminal to supply new projects including NFE, of course, targeting commercial operation date between 2028 and 2030, it's important to highlight again that we can capture substantial growth with very little CapEx and equity needs. At this stage, we have an overbooking of opportunities for our terminal. and we will need to select the best projects to support our growth in Brazil until the auction date.

正如我之前提到的，NFE 已經在這次拍賣中註冊了我們自己的 2 千兆瓦項目，並且已經收到第三方的請求，要求在另外 3 千兆瓦的項目中供應天然氣。我們的計劃是將部分終端容量用於供應現有項目。供應和天然氣及終端服務，旨在早在 2025 年 9 月就開始產生收入流，並利用部分終端為包括 NFE 在內的新項目提供能源，當然，目標是在 2028 年至 2030 年之間實現商業運營，需要再次強調的是，我們可以以很少的資本支出和股權需求實現大幅增長。現階段，我們的航站樓的預訂機會已經超額。我們需要在拍賣日之前選擇最好的項目來支持我們在巴西的發展。

This strong demand underscores the value of our integrated LNG and power capabilities. And NFE right now in Brazil is only one of the few players that is able to provide these capabilities. We are confident that NFE will secure a significant share of the awarded capacity in the auction, further reinforcing our position as a leading energy provider in Brazil. This growth will generate substantial value, I'm sure for our shareholders and contribute to Brazil's energy security and economic development.

強勁的需求凸顯了我們綜合液化天然氣和電力能力的價值。而 NFE 目前在巴西是少數能夠提供這些功能的公司之一。我們相信，NFE 將在拍賣中獲得相當一部分中標產能，進一步鞏固我們作為巴西領先能源供應商的地位。我相信，這種成長將為我們的股東創造巨大的價值，並為巴西的能源安全和經濟發展做出貢獻。

I will now hand it over to Jeremy Dawson, who will give you an update on construction.

現在我將把會議交給傑里米·道森，他將向大家通報施工的最新進展。

Thank you, Leandra, and good afternoon, everybody. My name is Jeremy Dawson. I'm responsible for building and operating the Brazilian assets. I'd like to start, I just have a couple of slides. I'm on slide 24.

謝謝你，Leandra，大家下午好。我叫傑瑞米·道森。我負責建造和營運巴西資產。我想開始，我只有幾張投影片。我在第 24 張投影片。

But I would like to start just with the bottom line upfront. The good news, we are on schedule. In one case, we're ahead of schedule with construction, we're also on budget. So this is an excellent outcome for the company. And we've done a good job in terms of contracting and being able to eliminate any CapEx leakage and also been able to back to back any regulatory or delay risk we have to the parties most capable of managing that risk, which is the construction consortiums themselves if I could have you and draw your attention to the map on the right side of the slide, I'd like to point out this nice geographical cluster of assets that we have coming together.

但我首先想談談底線。好消息是，我們的計劃一切順利。在一個案例中，我們的施工提前完成了，而且還超出了預算。所以這對公司來說是一個很好的結果。我們在簽訂合約方面做得很好，能夠消除任何資本支出洩漏，同時也能夠將所有監管或延誤風險背靠背地交給最有能力管理這些風險的各方，也就是建築財團本身，如果我可以請你們注意幻燈片右側的地圖，我想指出我們匯集的這個良好的資產地理集群。

You can see the Alunorte Hydro alumina refinery right in the middle of the photo. And then just down into the left, both of our power plant locations, I'll talk about those in just a second.

您可以在照片中間看到 Alunorte Hydro 氧化鋁精煉廠。然後就在左邊，是我們的兩個發電廠的位置，我稍後會討論這些。

But this is a profitable cluster of assets that will be delivered into next summer. And we will then be able to conclude our CapEx cycle in the Barcarena cluster. This cluster of assets is going to have a demand of approximately 60 TBtus per year with potential for upsizing that as the power plants dispatch increases in years of poor hydrology in Brazil, which are becoming more frequent. I'd like to start with the Norsk Hydro contract. This is a 30 TBtu per annum contract, which we started servicing in March of '24.

但這是一組有利可圖的資產，將於明年夏天交付。然後我們將能夠在巴卡雷納 (Barcarena) 集群結束我們的資本支出週期。這群資產的需求將達到每年約 60 TBtus，而且隨著巴西水文條件不佳的年份越來越頻繁，發電廠的調度增加，這項需求還有上升的潛力。我想從挪威海德魯 (Norsk Hydro) 合約開始。這是一份每年 30 TBtu 的合同，我們於 24 年 3 月開始提供服務。

It's got a 15-year tenure with a very creditworthy counterparty in Norsk. That contract and our current volumes on a month -- on a daily basis, we're currently supplying approximately 74 million cubic feet per day of gas to that facility.

它的期限為 15 年，其合作夥伴是信譽極佳的挪威人。根據該合約和我們目前的月供應量，按日計算，我們目前每天向該設施供應約 7,400 萬立方英尺的天然氣。

We have two power projects, which you've heard about before. I'll give you an update on them. although they're both power plants, of course, they're quite different. The Selva power plant is a combined cycle power plant, which basically means it captures the waste heat generated by the turbine combustion and passes that through a water and steam cycle to increase the power plant efficiency and output by about 50% compared to a simple cycle project. That's a very important process for a power plant that's expected to dispatch any significant amount on an annual basis, which this plant does.

我們有兩個電力項目，您之前已經聽說過。我將向你通報最新情況。雖然它們都是發電廠，但當然，它們是有很大的區別。塞爾瓦發電廠是一個聯合循環發電廠，這基本上意味著它捕獲渦輪機燃燒產生的廢熱，並將其通過水和蒸汽循環，與簡單循環項目相比，將發電廠的效率和產量提高約 50%。對於預計每年調度大量電力的發電廠來說，這是一個非常重要的過程，而該發電廠就是這樣做的。

The power plant is a 630-megawatt power plant using Mitsubishi technology. It is 88% complete, had a 25-year PPA with all of the terms that Leandro mentioned before. in terms of commodity risk pass-through and also inflation adjusted. The COD or the commercial operation date of this asset will occur in the second half of this year.

該發電廠是一座採用三菱技術的630兆瓦發電廠。該專案已完成 88%，並簽署了 25 年期 PPA，包含 Leandro 之前提到的所有條款。在商品風險轉嫁和通膨調整方面。該資產的COD或商業營運日期將在今年下半年。

The portal Sam asset is quite different. This is a simple cycle project, which is generally used when you have any kind of sort of fast start peak support application, which is the nature of this asset. It's a 1.6 gigawatt power plant, which is expected to dispatch less than Selva, but is at 39% complete, has a 15-year PPA and the COD will be the following summer.

門戶 Sam 資產則截然不同。這是一個簡單的循環項目，通常在您有任何類型的快速啟動峰值支援應用程式時使用，這是此資產的本質。這是一座裝置容量為 1.6 千兆瓦的發電廠，預計發電量低於塞爾瓦發電廠，但已完成 39%，擁有 15 年的電力購買協議 (PPA)，預計發電完工時間為隔年夏天。

If I could have you go to now slide 25, please. I want to get into a little bit more detail on these assets and talk about the construction specifically of each one. As I did mention, Selva 2 is the 630-megawatt plant and being combined cycle, it's a bit more complex in terms of the engineering and the direction phase of this project. So we chose an engineering heavy consortium. We chose the consortium, a Japanese consortium of Toyo Engineering with Mitsubishi as the equipment supplier.

請翻到第 25 張投影片。我想更詳細地介紹這些資產，並具體談談每個資產的構造。正如我所提到的，Selva 2 是一個 630 兆瓦的發電廠，採用聯合循環方式，因此專案的工程和指導階段稍微複雜一些。因此我們選擇了一個工程量很大的聯合體。我們選擇的一個聯合體是日本東洋工程公司和三菱公司作為設備供應商的聯合體。

And have been able to secure lump-sum turnkey contracts, which place the risk of schedule and cost overruns firmly on the consortium and also aligns our goals in terms of project completion on time and on budget.

並且已經能夠獲得總價交鑰匙合同，這將進度和成本超支的風險牢牢地轉嫁到財團身上，同時也符合我們在按時、按預算完成項目方面的目標。

The project is 88% complete. As I said, we've already started cold commissioning. Just this week, we had a very important milestone for the project, especially for a combined cycle project. We were able to introduce water onto the site into the water treatment plant, which allows us to start commissioning the water and steam cycle. This project, as I said, will provide firm power dispatch annually during the second semester of every year. And cash flows for this project will commence in the second half of '25.

該項目已完成88%。正如我所說，我們已經開始冷調試。就在本週，我們迎來了該專案一個非常重要的里程碑，特別是對於聯合循環專案而言。我們能夠將水引入現場的水處理廠，這使我們能夠開始調試水和蒸汽循環。這個項目，正如我所說，將在每年第二學期提供穩定的電力調度。該專案的現金流將於25年下半年開始。

You can see a few photos there on the right. Portal Sam, we have a different consortium makeup, primarily because of the different nature of the projects. A simple cycle project is much more civil construction focused rather than the complex erection and construction activities that are related to a combined cycle. So we chose a local contractor that is very experienced and has a very good track record in Brazil and is very experienced with the civil construction part of the scope. They're also partnered with Mitsubishi on a joint several basis in our strong lump-sum turnkey contracts.

您可以在右側看到一些照片。Portal Sam，我們有一個不同的財團組成，主要是因為專案性質不同。簡單循環專案更注重土木工程，而不是與聯合循環相關的複雜的安裝和施工活動。因此，我們選擇了一家經驗豐富、在巴西擁有良好業績記錄的當地承包商，該承包商對該範圍的土木工程部分非常有經驗。他們還與三菱公司在我們強大的總價交鑰匙合約中建立了聯合合作夥伴關係。

The project is 39% complete compared to a plan at this stage completion of 31%. So we're quite pleased to be significantly ahead of schedule. This is, as I said before, a standby asset. It is a capacity contract where we earn a very healthy capacity payments. in exchange for being ready to be online immediately upon being notified by the system operator.

該專案目前已完成 39%，而現階段計劃完成率為 31%。因此，我們很高興能夠大大提前完成計劃。正如我之前所說，這是備用資產。這是一份容量合同，我們可以從中獲得非常豐厚的容量付款。以便在接到系統操作員通知後立即準備上線。

The capacity revenues of this contract will commence in the second half of 2016, as I said before.

正如我之前所說，該合約的容量收入將於2016年下半年開始。

I wanted to point out one interesting or two interesting photos on Porto Sam, which highlight sort of the challenges that are inherent in constructing in a very remote and rainy area of the world, in this case, we're building in the Amazon. You can see in the first photo on the bottom left, that we have a very large tent erected over the site. That tent is almost 60 feet high and over 300 feet long. It essentially is covering an area of the site where we're going to do a lot of civil work and installation of balance of plant equipment during the rainy season. So essentially, we created a dome so that we could continue construction without any interference from the weather that's going on right now as we're in the rainy season.

我想指出波爾圖薩姆 (Porto Sam) 上的一兩張有趣的照片，這些照片突出了在世界上非常偏遠和多雨的地區建造所固有的挑戰，在這種情況下，我們在亞馬遜地區進行建設。您可以在左下角的第一張照片中看到，我們在現場搭建了一個非常大的帳篷。那個帳篷高近 60 英尺，長 300 多英尺。它實際上覆蓋了場地的一塊區域，雨季期間我們將在此區域進行大量的土木工程和工廠設備平衡的安裝。因此，從本質上講，我們建造了一個圓頂，這樣我們就可以繼續施工，而不受當前雨季天氣的干擾。

Then you see a photo of one of the gas turbines that is currently in route to the site. That is a Mitsubishi 501 JAC advanced air cooled design gas turbine. It's state-of-the-art. It is one of the largest turbines available in the world with an ISO output rating of about of over 400 megawatts. It is one of the five of these turbines that we own as an FE.

然後你會看到一張目前正在運送到現場的燃氣渦輪機的照片。那是三菱 501 JAC 先進風冷設計燃氣渦輪機。這是最先進的。它是世界上最大的風力渦輪機之一，ISO 輸出額定功率約為 400 多兆瓦。它是我們作為 FE 所擁有的五台渦輪機之一。

We're the second largest fleet owner -- second largest customer of Mitsubishi power in the world when it comes to advanced class gas turbines. This gas turbine is being loaded in this photo at the Savannah, Georgia Port after departing Mitsubishi's manufacturing facilities in the United States. There -- two of them are currently in route to our project right now. They'll arrive in about 4 to 5 weeks and the other two will arrive a few months after that.

在先進燃氣渦輪機方面，我們是三菱電力全球第二大機組擁有者－第二大客戶。這張照片中的這台燃氣渦輪機離開三菱位於美國的製造工廠後，正在喬治亞州薩凡納港裝載。其中兩輛目前正在前往我們專案的途中。它們將在大約 4 到 5 週內到達，另外兩隻將在幾個月後到達。

With that, I'll turn it over to Chris for the financial update. Thank you.

說完這些，我會把財務更新交給克里斯。謝謝。

Super. Thanks, Jeremy. Let's turn to the next section, I'll walk through a little more detail on both the financial results for the quarter and fiscal year 2024 as well as an update on cash flow and liquidity. So turning to slide 27. We've included some comments on financing activities, both past and present.

極好的。謝謝，傑里米。讓我們進入下一部分，我將更詳細地介紹本季和 2024 財年的財務業績以及現金流和流動性的最新情況。現在轉到第 27 張投影片。我們對過去和現在的融資活動提出了一些評論。

As you're all familiar, in Q4 of 2024, the company completed a series of refinancing transactions where we exchanged $875 million of 25 notes, $1 billion of 26 notes, $500 million of notes into a new $2.7 billion 2029 tranche that included about $300 million of new cash proceeds to the balance sheet. As part of that transaction, we agreed to an amendment with our revolving credit facility lenders to extend $900 million of the $1 billion revolver into October of 2027. In addition, we issued $400 million of primary equity anchored by an additional personal investment from our CEO.

大家都知道，在 2024 年第四季度，該公司完成了一系列再融資交易，我們將 25 張票據中的 8.75 億美元、26 張票據中的 10 億美元、5 億美元的票據兌換成新的 27 億美元 2029 年票據，其中包括約 3 億美元的資產負債表新收益。作為該交易的一部分，我們同意與循環信貸額度貸款人進行修訂，將 10 億美元循環信貸額度中的 9 億美元延長至 2027 年 10 月。此外，我們還發行了價值 4 億美元的初級股權，由我們執行長的額外個人投資支撐。

On Friday, we priced at today, we're closing the upside of our Term Loan B facility where we raised $425 million and associated with this, we terminated commitments under the Term Loan A facility in the amount of $350 million. This transaction puts incremental cash on balance sheet, which will be used to fund the FLNG 2 CapEx program. This refinancing was a natural progression of terming out and replacing relationship capital from select members of our supportive bank group with institutional investors that are better situated to have long-term funded loans in place. The 2025 asset sales processes are well underway. And as Wes has talked about earlier, we expect to generate $2 billion net proceeds after fees and any asset level debt payoffs, which can be used to further pay down corporate debt.

週五，我們以今天的價格定價，我們將結束定期貸款 B 計劃的上行部分，我們在該計劃中籌集了 4.25 億美元，與此同時，我們終止了定期貸款 A 計劃下的 3.5 億美元承諾。此次交易將增加資產負債表上的現金，用於資助 FLNG 2 CapEx 計劃。這次再融資是一個自然過程，它將我們支持銀行集團的選定成員的關係資本用更適合提供長期融資貸款的機構投資者取代。2025年資產出售流程正在順利進行中。正如韋斯之前所說，我們預計在扣除費用和任何資產水平債務償還後將產生 20 億美元的淨收益，可用於進一步償還公司債務。

Specifically, we will be using eligible proceeds from asset sales to retire the 2026 notes or we could do a refinancing to extend them, but in any event that is a near-term focus for us.

具體來說，我們將使用資產銷售的合格收益來償還 2026 年票據，或者我們可以進行再融資來延長這些票據，但無論如何，這都是我們近期的重點。

Longer term, we think the right capital structure would be to take out the Term Loan B and the remainder of the Term Loan A with a long-term asset level financing secured by the FLNG units as well as long-term offtake agreements. We think that this combination of delevering as well as extending maturities is in the best interest of debt and equity holders alike. My final comment here is that while we have seen some downgrades to our corporate debt ratings, we would expect that these steps once completed, will result in positive improvements to our corporate debt profile, which we expect will lead to upgrades.

從長遠來看，我們認為正確的資本結構是透過由 FLNG 單位擔保的長期資產水準融資以及長期承購協議來獲取定期貸款 B 和定期貸款 A 的剩餘部分。我們認為，去槓桿和延長期限的結合符合債務人和股權持有人的最佳利益。我最後的評論是，雖然我們的企業債務評級有所下調，但我們預計，這些措施一旦完成，將對我們的企業債務狀況帶來積極改善，我們預計這將導致評級升級。

Flipping to slide 28. And the takeaway from this page is that as a result of the refinancing transactions and equity capital raise we completed in Q4 as well as the monetizing the portion of our supply that we were long see the company has ample liquidity to service debt and to pay committed CapEx. On the left side of the page, we have a cash flow walk that we've included in prior presentations, embedded in this. We've updated the 2025 estimated adjusted EBITDA to be $1 billion, as Wes has described already this afternoon.

翻到第 28 張投影片。從這一頁可以得出的結論是，由於我們在第四季度完成的再融資交易和股本融資，以及將我們長期持有的那部分供應貨幣化，公司擁有充足的流動性來償還債務和支付承諾的資本支出。在頁面的左側，我們有在先前的演示中包含的現金流量圖表，嵌入在此。我們已將 2025 年預計調整後 EBITDA 更新為 10 億美元，正如 Wes 今天下午所描述的那樣。

On CapEx, this now includes the costs associated with FLNG 2 as we have that cash on balance sheet, but it continues to exclude the Brazil power plant CapEx, which is fully funded through either restricted cash on the balance sheet or committed financing facilities. For debt service, this includes the increased costs associated with the refinancing, but assumes that we pay off $2 billion of debt coming from asset sale proceeds.

就資本支出而言，現在包括與 FLNG 2 相關的成本，因為我們的資產負債表上有現金，但它仍然不包括巴西發電廠的資本支出，該支出完全透過資產負債表上的受限現金或承諾的融資工具提供資金。對於債務償還，這包括與再融資相關的增加的成本，但假設我們用資產出售收益償還 20 億美元的債務。

An important note here is that the way the debt documents work, a minimum of 75% of any asset sale proceeds in excess of $50 million go to pay off debt. The company does have discretion in keeping a portion of the cash on the balance sheet. But for this exercise and consistent with what we've said publicly, we're assuming we use all of the proceeds to delever.

這裡要注意的是，根據債務文件的規定，任何超過 5,000 萬美元的資產出售收益中至少有 75% 用於償還債務。公司確實有權自行決定將部分現金保留在資產負債表上。但就這次行動而言，與我們公開表示的一致，我們假設將所有收益用於去槓桿。

And again, to keep it simple, this assumes the paydown is pro rata to the 29 notes, the RCF and the term loans. We've excluded the portion of adjusted EBITDA that represents earnings that are generated from charter to third parties, and we've excluded the portion of ship charter hire that's running through interest expense. This results in cash flow use of $200 million for fiscal year 2025.

再次，為了簡單起見，我們假設償還金額是按 29 張票據、RCF 和定期貸款的比例計算的。我們排除了調整後 EBITDA 中代表租賃給第三方產生的收益的部分，並且排除了透過利息費用產生的船舶租賃費的部分。這導致2025財年的現金流量使用量為2億美元。

On the right side of the page, we show beginning of the year, unrestricted cash balance was $493 million, then add to that, the proceeds from the Term Loan B alumina financing that have just closed, which is $490 million. You have the negative $200 million of funds of cash flow from the left side of the page. And finally, our expectation of the SEMA claim, which after taxes and debt repayment suite yields cash inflows of $425 million. All of this results in an end-of-year cash balance projection in excess of $1.2 billion.

在頁面的右側，我們顯示了年初的非限制現金餘額為 4.93 億美元，再加上剛結束的 B 類定期貸款氧化鋁融資所得收益，即 4.9 億美元。頁面左側的現金流為負 2 億美元。最後，我們預計 SEMA 索賠在扣除稅款和債務償還後將產生 4.25 億美元的現金流入。所有這些都導致​​年底現金餘額預計超過 12 億美元。

Turning forward to slide 29, and we have the financial results. Total segment operating margin was $240 million for Q4 and and just under $1.1 billion for fiscal year 2024. For Q4, this is $206 million from sales to customers through our downstream terminals and cargoes that were sold to the market. which is about 85% of the revenue for the quarter. A similar percentage exists for the full year '24, which is $955 for the year or 88% of total segment operating margin.

翻到第 29 頁，我們可以看到財務結果。第四季分部總營業利益率為 2.4 億美元，2024 財年總營業利益率略低於 11 億美元。第四季度，透過我們的下游終端向客戶銷售以及向市場銷售的貨物，實現了 2.06 億美元的收入。約佔本季營收的85%。24年全年的比例也類似，即全年9.55億美元，佔分部總營業利益率的88%。

In Q4, we had $34 million of operating margin from the ships, which contributed to $137 million for the full year. Core SG&A for the third quarter was $34 million, which is up slightly from Q3, largely due to the professional fees incurred around the refinancing transactions. For 2025, we're forecasting $30 million per quarter or $120 million for a year.

第四季度，我們從船舶上獲得了 3,400 萬美元的營業利潤，為全年貢獻了 1.37 億美元。第三季的核心銷售、一般及行政費用為 3,400 萬美元，較第三季略有上升，主要是由於再融資交易產生的專業費用。到 2025 年，我們預測每季的營收為 3,000 萬美元，或每年 1.2 億美元。

The deferred earnings line was $108 million in the fourth quarter and is now for the fiscal year 2024 this represents previously contemplated cargo sales that were included in segment revenue in Q2 and Q3, but they were not recognized in EBITDA until Q4. As a result of all of this and the punch line, adjusted EBITDA for the third quarter $313 million or $950 million for the full year 2024.

第四季的遞延收益為 1.08 億美元，目前為 2024 財年，這代表先前考慮的貨運銷售，這些銷售已包含在第二季和第三季的分部收入中，但直到第四季才在 EBITDA 中確認。所有這些以及妙語的結果是，第三季的調整後 EBITDA 為 3.13 億美元，2024 年全年的調整後 EBITDA 為 9.5 億美元。

Moving on to slide 30. For Q4, $242 million of a net loss for GAAP or a loss of $1.11 per share for fiscal year $270 million of a net loss or $1.25 a share. But importantly, the majority of the Q4 results is a $235 million of charges related to the extinguishment of debt. $225 million of that was noncash and is largely driven by the equity issuance associated with the new 29 notes, which was issued as part of the refinancing. If you adjust that and other nonrecurring items out, we would result in $29 million of net income for Q4 or $0.13 a share and $101 million of net income for the full year $24.46 a share.

轉到第 30 張投影片。第四季度，以 GAAP 計算的淨虧損為 2.42 億美元，或每股虧損 1.11 美元，全年淨虧損為 2.7 億美元，或每股虧損 1.25 美元。但重要的是，第四季業績的大部分是與債務清償相關的 2.35 億美元費用。其中 2.25 億美元為非現金，主要來自作為再融資的一部分發行的新 29 張票據相關的股票發行。如果調整該金額和其他非經常性項目，我們將獲得第四季度淨收入 2,900 萬美元或每股 0.13 美元，全年淨收入 1.01 億美元或每股 24.46 美元。

Finally, funds from operations for the fourth quarter of $68 million and for the fiscal year, $263 million.

最後，第四季的營運資金為 6,800 萬美元，本財年的營運資金為 2.63 億美元。

Now that we've shared the high-level earnings for Q4 and fiscal year '24, I want to expand just a little more on the financial statement impact of the press release out this morning regarding the termination of the fuel incentives PREPA. In prior quarters, notably Q2 and Q3 '24, we previously recognized $58 million associated with the fuel savings under our Generic incentive contract with PREPA.

現在我們已經分享了第四季和 24 財年的高水準收益，我想再稍微闡述一下今天早上發布的有關終止燃油激勵計劃 PREPA 的新聞稿對財務報表的影響。在前幾季度，特別是 24 年第二季度和第三季度，我們之前已根據與 PREPA 簽訂的通用激勵合約確認了 5,800 萬美元的燃料節省費用。

However, given that we are changing this incentive contract, we are having to reverse that revenue. So we recognized $33 million in fuel savings during Q2, $25 million in fuel savings during Q3, and we had been intending to recognize another $25 million in Q4. So we were previously projecting an additional $83 million in EBITDA for fiscal year '24 that will be excluded and deferred over future periods, but the cash is in hand.

然而，鑑於我們正在改變這份激勵合同，我們必須扭轉這筆收入。因此，我們在第二季度實現了 3300 萬美元的燃料節省，在第三季度實現了 2500 萬美元的燃料節省，並且我們原本打算在第四季度再實現 2500 萬美元的燃料節省。因此，我們先前預計 24 財年的 EBITDA 將額外增加 8,300 萬美元，這筆費用將被排除在未來期間並遞延，但現金在手。

Now given this has been changing daily over the past week, we need a couple of extra days to ensure appropriate presentation and disclosures in the 10-K. So as a result, we will be filing a notification of late filing under Rule 12b-25 with the SEC. It is important to note, though, that the income statement and adjusted EBITDA numbers included in our earnings release are reflective of the final PREPA deal. We do not expect any material changes to these results released and furnished within the earnings 8-K filed with the SEC today. Further, it is our expectation that we will file the 10-K before the end of the week.

鑑於過去一周情況每天都在變化，我們需要額外幾天的時間來確保在 10-K 中進行適當的呈現和揭露。因此，我們將根據規則 12b-25 向美國證券交易委員會提交延遲提交通知。但值得注意的是，我們收益報告中包含的損益表和調整後的 EBITDA 數字反映了最終的 PREPA 交易。我們預計今天向美國證券交易委員會提交的 8-K 收益報告中發布和提供的這些結果不會發生任何重大變化。此外，我們預計將在本週末之前提交 10-K 表格。

With that, I'll turn the call back over to Wes for some additional updates.

說完這些，我將把電話轉回給韋斯，以便他能提供一些進一步的更新資訊。

Great. Just a couple of brief updates, and then we'll go to questions. So the three most frequently asked questions, I thought I would actually like to say to the end. So questions about the asset sales. We've said this before, this is all public information.

偉大的。只需簡單更新幾點，然後我們就可以開始提問了。因此，我認為我實際上想最後談談最常見的三個問題。關於資產出售的問題。我們之前就說過了，這都是公開資訊。

We are very focused on deleveraging the company. Deleveraging can happen from 1 of 2 ways. It can happen field fashion way by making more money than you spend and using that to pay down debt, which, of course, we intend to do, and that will become a bigger and bigger factor for us as we move forward. Number two, though, you can sell assets at accretive values and use those proceeds to pay down debt.

我們非常注重降低公司的槓桿率。去槓桿可以透過兩種方式實現。它可以以最有效的方式實現，即賺的錢多於花的錢，然後用這筆錢來償還債務，當然，這也是我們打算做的，而且隨著我們前進，這將成為我們越來越重要的因素。第二，你可以用增值的方式出售資產，並利用所得收益償還債務。

The first asset that we are focused on is Jamaica. So Jamaica is the country where we went first. So it's our oldest and most developed market, just by review, it's about 30 TBtu downstream market. We generate about $125 million in EBITDA. Virtually all of that is cash flow because that's what happens to these businesses over time is that once they're up and running, there's very little CapEx to run them.

我們關注的第一個資產是牙買加。牙買加是我們首先去的國家。因此，這是我們最古老，最發達的市場，僅從回顧來看，它的下游市場約為 30 TBtu。我們的 EBITDA 約為 1.25 億美元。事實上，所有這些都是現金流，因為這些企業隨著時間的推移會發生這樣的情況：一旦它們開始運營，就只需要很少的資本支出來運營它們。

It's an extremely attractive profile of assets. It's got 20-plus years of downstream demand contractually. It's got 20-plus years of gas supply 100% of the assets are US dollar based. It's never suffered $1 of credit loss in its entire history.

這是一份極具吸引力的資產組合。它已經簽訂了超過20年的下游需求合約。其擁有20多年的天然氣供應，100％的資產均以美元計價。在其整個歷史上，它從未遭受過1美元的信用損失。

So it is a phenomenal asset. It's in a very, very good market, and we have phenomenal people that actually we're lucky to work with down there.

所以這是一筆非凡的資產。這個市場非常非常好，而且我們擁有優秀的人才，我們很幸運能與他們合作。

So not surprisingly, it's been a very soft after asset. We started this process back in the fourth quarter. We're now in a kind of a final process with a handful of different folks. And although it's always hard to predict the exact timing for this. if you like, the outcome thus far has been very positive and then we'll kind of go on from there.

因此毫不奇怪，它的後資產表現非常疲軟。我們從第四季就開始了這個過程。我們現在正與少數不同的人一起進行一種最後的進程。儘管我們總是很難預測這確切的時間。如果你願意的話，迄今為止的結果是非常積極的，然後我們會從那裡繼續下去。

So it's the asset sale update. FEMA, my favorite for letter word has been a very, very productive period of time for us, FEMA, the way that it works just administratively is that you have we contracted with a prime contractor with then in turn contracts with the Army Corp that then in turn that money is paid by FEMA. FEMA obviously is the disaster relief providers. They play a massive role in all seriousness, both in a place like Puerto Rico, but also in the wildfires out West and everyplace else. So it's a critical, critical role that we value and deeply respect.

這是資產出售更新。FEMA，我最喜歡的單詞，對我們來說這是非常非常富有成效的一段時期，FEMA，其行政運作方式是，我們先與總承包商簽訂合同，然後再與陸軍公司簽訂合同，最後由 FEMA 支付這筆錢。聯邦緊急事務管理局 (FEMA) 顯然是個災難救援提供者。他們確實發揮了巨大作用，無論是在波多黎各這樣的地方，還是在西部和其他地方的山林火災中。因此，這是一個至關重要的角色，我們非常重視並且深深尊重它。

We have had the most kind of comprehensive in-person interactions with the Army & Core folks. I think that there is a great amount of understanding that we have accomplished in terms of them explaining explain to them what the nature is of our business and exactly how we provide gas in this and all the different aspects of the contract. And we've learned a lot about from them in terms of how they think about the process and whatnot. It's an interactive process does not have a definitive date right now, but I can say that the level of respect and interaction across the board between us and between them and between FEMA is at an all-time high for sure, and we feel very good about the constructiveness of it.

我們與陸軍和核心部隊人員進行了最全面的面對面互動。我認為，我們已經取得了很大的理解，向他們解釋我們的業務性質、我們如何提供天然氣以及合約的各個不同方面。我們從他們那裡學到了很多關於他們如何看待這個過程等等的知識。這是一個互動過程，目前還沒有確定的日期，但我可以說，我們之間、他們之間以及聯邦緊急事務管理局之間的尊重和互動水平肯定達到了歷史最高水平，我們對其建設性感到非常滿意。

Lastly, Klondike is our effort to provide power to data center developments. That asset the first asset that we have that is in our portfolio is in Pennsylvania. We filed in early January to get building permits and air permits for the power plant that we would build there. We expect to get those sometime in the middle of this year. And we are hopeful that later this year, we'll have good news with respect to the consummation of construction and marketing with it.

最後，Klondike 是我們為資料中心發展提供動力的努力。我們投資組合中的第一項資產位於賓州。我們在一月初申請了在那裡建造發電廠的建築許可證和空氣許可證。我們預計將在今年年中某個時候實現這些目標。我們希望今年晚些時候，我們能夠在建設和行銷方面取得好消息。

So those are the three updates. Last thing I would say is just when you look at the quarter and the year in total, it's been obviously a heck of a period. Q4, $313 million in EBITDA, the year $950 million in EBITDA. Our guidance for next year is $1 billion, which is what we're just reaffirming what we said before. Our two biggest markets are the ones that have the biggest opportunities.

這就是三個更新。我最後要說的是，當你回顧這個季度和全年時，顯然這是一段非常艱難的時期。第四季度，EBITDA 為 3.13 億美元，全年 EBITDA 為 9.5 億美元。我們對明年的預期是 10 億美元，這只是重申我們之前說過的話。我們最大的兩個市場是擁有最大機會的市場。

Brazil, that first power plant, we expect to turn on in the second half of the year and produce cash flow for us. the power auctions as we and went through are upcoming, they could be significant assets for us. We're incredibly well positioned in that market in both the North and most importantly, in the South. Puerto Rico, perhaps the biggest gas to power opportunity in the world. We are the sole provider of gas in San Juan, where over 80% of the people live in that geographic area.So we feel like we're incredibly well positioned.

巴西，第一座發電廠，我們預計在今年下半年投入營運並為我們產生現金流。我們經歷的電力拍賣即將到來，它們對我們來說可能是重要的資產。無論在北方市場，或是最重要的南方市場，我們都佔有極為有利的地位。波多黎各或許是世界上最大的天然氣發電機會地。我們是聖胡安唯一的天然氣供應商，該地區居住著超過 80% 的人口。因此，我們覺得我們的位置非常有利。

Capital structure was $4.775 billion later. It has been a very, very busy and productive year for us. The balance sheet is in much better shape than it was at the beginning of it. We have excellent liquidity, as Chris went through we are poised to deleverage, simplify and grow the business. And those are the perspectives that we have.

之後資本結構為47.75億美元。對我們來說這是非常非常忙碌且富有成效的一年。資產負債表的狀況比開始時好得多。我們擁有良好的流動性，正如克里斯所說的那樣，我們準備好去槓桿、簡化和發展業務。這些就是我們的觀點。

So with that, I will take a pause, and we'll open it up to questions. Thank you very much.

因此，我將暫停一下，然後讓我們開始提問。非常感謝。

(Operator Instructions)

（操作員指令）

Ben Nolan, Stifel.

本·諾蘭（Ben Nolan），斯蒂費爾（Stifel）。

Yeah, thanks. I appreciate you taking my questions. So the first, I wanted to start could on slide number 6, where you talked about your effective open position. Can you maybe help me quantify that a little bit between what you're buying and producing 170 TBTUs for annual supply. How much of that is available? And then you talk about a portion of it has been fixed.

是的，謝謝。感謝您回答我的問題。首先，我想從第 6 張投影片開始，您在那裡談到了您的有效空缺職位。您能否幫我量化一下您所購買的量和每年生產的 170 TBTU 之間的量？其中有多少可用？然後你說其中一部分已經修復了。

Can you maybe put a little context on the spread that you have locked in for...

您能否稍微介紹一下您所鎖定的利差的背景？

Yeah. The majority of our position, the vast majority of it is either sold or destined for a downstream customer or hedged. So our actual long position would show up as something slightly more than that, Ben. But basically, the decision that we made, as I said, was to derisk the portfolio with really the caveat being that we think that there is a lot of volatility potentially ahead and to the extent that there was we didn't want to let the yellow box evaporate. And so our goal is not to be exposed to at this point to either increases in TTF that actually then somehow hurt us because we were short or decrease in TTS and somehow eroded the profits that we already had in the balance sheet.

是的。我們的大部分部位，絕大多數要么被出售，要么運往下游客戶，要么被對沖。因此，我們的實際多頭部位會比這稍微多一點，本。但基本上，正如我所說，我們做出的決定是降低投資組合的風險，但真正的警告是，我們認為未來可能會有很大的波動，而且我們不想讓黃色框消失。因此，我們的目標是，此時不要受到 TTF 增加的影響，因為這實際上會以某種方式傷害我們，因為我們的資金短缺，或者 TTS 減少，並以某種方式侵蝕我們資產負債表中已有的利潤。

And so we thought that actually the conservative approach was the right one, and that's why we hedge it up.

因此我們認為保守的做法實際上是正確的，這就是我們採取對沖措施的原因。

Obviously, when the FLNG 2 kind of comes into the portfolio here in the first part of 2017, those will be incremental volumes. Those are volumes that we are already talking to people that are interested in buying them. So it's a good position to be in. So that would be technically a long position, but it's not yet something that is deliverable about it. But the on the balance sheet deliverable positions we are essentially neutral.

顯然，當 FLNG 2 在 2017 年上半年進入投資組合時，這些將是增量。我們已經在和有興趣購買這些產品的人洽談此事。因此這是一個很好的位置。因此，從技術上來說，這將是一個多頭部位，但目前還無法實現。但在資產負債表上，我們基本上保持中立。

So we have as I said, we've either sold, committed discretely or we have hedged them so that we are actually insulated from price moves.

所以，正如我所說的，我們要么出售，要么謹慎承諾，要么對其進行對沖，這樣我們實際上就不會受到價格變動的影響。

Okay. And then for my next question, I know in conversations that we've had in the past, there were a number of cost saving initiatives that you guys were looking to undertake do that in Puerto Rico or in the within Islands or in Jamaica. Could you maybe give any update on first of all, what those look like, how meaningful they would be and where you are in that process?

好的。然後對於我的下一個問題，我知道在我們過去的談話中，你們提出了一些節省成本的舉措，你們希望在波多黎各、內島或牙買加實施這些舉措。首先，您能否更新一下進展情況，這些計劃是什麼樣的，意義何在，以及您目前處於哪個階段？

Yeah, I'd say the majority of the cost savings are from the ships and FSRUs out of the balance sheet. So we've got some efforts that have come back to us that are under market. And we've talked about initiatives to try to realize the gap between market and where they're priced. Those are more opportunities on the proppant side. On the other side, we've got an abundance of ships.

是的，我想說大部分成本節省都來自資產負債表中的船隻和FSRU。因此，我們做出了一些努力，但這些努力都未能在市場中得到回報。我們已經討論了一些舉措，試圖彌補市場與定價之間的差距。對於支撐劑方面來說，這代表著更多的機會。另一方面，我們擁有大量的船隻。

When we started the -- we increased the portfolio of gas we provided in Puerto Rico. We increased the number of supply shifts from 2 to 5 and we kind of -- we're trying to reduce that from 5 to 2.

當我們開始——我們增加了在波多黎各提供的天然氣組合。我們將供應班次的數量從 2 個增加到了 5 個，我們正試圖將其從 5 個減少到 2 個。

So and that is well, well underway. We spent a tremendous amount of time and effort basically refurbishing and upgrading the birth in Puerto Rico to be able to take in a bigger ship that will then simplify that supply chain, and that's what we're focused on right now. And we have a handful of other initiatives that we think they're also meaningful. One of the things that has been really interesting is that as we have basically built some version of just about every terminal, you can imagine, we've learned a lot of things. And as part of that, we think that there are significant opportunities and pretty much in the shipping business, everything you touch is worth millions of dollars.

一切進展順利。我們花了大量的時間和精力來翻新和升級波多黎各的出生地，以便能夠容納更大的船隻，從而簡化供應鏈，這就是我們現在關注的重點。我們也採取了一些其他舉措，我們認為它們也非常有意義。真正有趣的事情之一是，我們基本上已經建立了幾乎每個終端的某個版本，你可以想像，我們已經學到了很多東西。作為其中的一部分，我們認為航運業蘊藏著巨大的機遇，你接觸到的每件事都價值數百萬美元。

So if you can reduce a ship or two or just use it more efficiently, you can save meaningful amounts of money, and that really is the focus.

因此，如果你可以減少一艘或兩艘船，或者只是更有效地使用它，你就可以節省大量資金，這才是真正的重點。

On the people side, obviously, we think there's always opportunities to continue to grow the business and whatnot. But we've got a great core of people that have work extremely hard and really effectively. And so we think there's less on the labor side. But on the ship side of it, we think that there's definitely meaningful opportunities to do some good work.

從人才方面來說，我們顯然認為總有機會繼續發展業務等等。但我們擁有一群優秀核心員工，工作極為勤奮，效率極高。因此我們認為勞動力方面的壓力較小。但就船舶方面而言，我們認為肯定存在著一些有意義的機會來做一些有益的工作。

All right, I appreciate it. Thanks, Wes.

好的，我很感激。謝謝，韋斯。

Thanks, Ben.

謝謝，本。

Chris Robertson, Deutsche Bank.

德意志銀行的克里斯·羅伯遜。

Hi, good afternoon. Thank you for taking my question. I was going to ask about the Brazil power option, but Leandro did a pretty good job of laying an overview there. So I wanted to ask him a bit more of a specific question about the 2 gigawatts that you registered of your own power projects. Just in terms of where would you source the turbines? How are you thinking about the number of different projects that makes up that 2 gigawatts and what estimated CapEx might look like for something like that. .

嗨，下午好。感謝您回答我的問題。我本來想問巴西隊的實力選擇，但萊安德羅已經給了很好的概述。所以我想問他一些更具體的問題，關於你們自己註冊的 2 千兆瓦電力項目。就您從哪裡購買渦輪機而言？您如何考慮構成 2 千兆瓦的不同項目的數量，以及此類項目的預計資本支出是多少。。

Chris, thanks for your question. So we as I said, we have registered 2 gigawatts in projects. And you went straight to the point. I mean, the most difficult thing for this auction will be to secure turbines availability. And we did it.

克里斯，謝謝你的提問。正如我所說，我們已經註冊了 2 千兆瓦的專案。你直奔主題。我的意思是，這次拍賣最困難的事情是確保渦輪機的可用性。我們做到了。

So we have security turbines from one of the O&M that are our partners. So we are confident that we have turbines available not only for the 2028 COD date, but also for '29 and '30. The CapEx for those plants, and I'm mirroring here what we just did at Perten, which we hired the full EPC lump sum turnkey last year is around $600 per kilowatt total. And those projects, they are going to be spread over two different sites initially. Nevertheless, we have many other projects that qualified for the auction connected to the same pipeline that we do provide gas that would also be interested to somehow partner with us. So that number until the auction in June could increase a bit.

我們從我們的合作夥伴之一的 O&M 那裡獲得了安全渦輪機。因此，我們有信心，我們不僅可以為2028年COD日期提供渦輪機，還可以為2029年和30年提供渦輪機。這些工廠的資本支出，我在這裡重複了我們剛剛在 Perten 所做的，我們去年聘請了全套 EPC 總承包工程，總計約為每千瓦 600 美元。這些項目最初將分佈在兩個不同的地點。儘管如此，我們還有許多其他符合拍賣條件的項目，這些項目與我們提供天然氣的同一條管道相連，也有興趣以某種方式與我們合作。因此，到六月拍賣時，這個數字可能會略有增加。

Okay. I guess as a follow-up, when you guys are talking to potential partners here that have existing assets and you're coming in as a potential gas supply partner. How are those conversations going with the potential for sharing in some part of fixed capacity payments in addition to the variable dispatch and the spread on that. Is that part of the conversation? Or what does that look like?

好的。我想作為後續行動，當你們與擁有現有資產的潛在合作夥伴交談時，你們將作為潛在的天然氣供應合作夥伴加入。除了可變調度和利差之外，關於分享部分固定容量支付的可能性的討論進度如何？這是談話的一部分嗎？或者它看起來像什麼？

Yeah, absolutely, Chris. I mean we are discussing about potentially supplying gas to brownfield assets. And in the end of the day, what those projects need is kind of gas call option, right? Because there are power plant is available to produce power whenever the system needs. So they need to buy gas whenever they are required to produce power.

是的，當然，克里斯。我的意思是我們正在討論向棕地資產供應天然氣的可能性。而到最後，這些項目需要的是一種天然氣看漲期權，對嗎？因為有發電廠可以在系統需要時隨時發電。因此，每當需要發電時，他們就需要購買天然氣。

So it's a gas call option. And yes, I mean, in order to buy that debt option for us, they will need to pay premium for the call option, which is our terminal fee, plus a strike price that it's going to be a premium over the JKM so yes, I would say that all the players in the country, they are already expecting that because we have done contracts before charging capacity fees or terminal fees in a high strike price whenever they buy the gas. So all the discussions that we are having right now, they are already on that direction.

所以這是一個天然氣看漲期權。是的，我的意思是，為了為我們購買該債務期權，他們需要支付看漲期權的溢價，也就是我們的終端費，加上執行價格，該價格將高於 JKM，所以是的，我想說，該國所有的參與者都已經預料到了這一點，因為我們在他們購買天然氣終端時，已經簽訂了合同，以高執行價格收取容量費或費。因此，我們現在進行的所有討論都是朝著這個方向進行的。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

A couple on Puerto Rico. First, as we think about building to that $1 billion of EBITDA guidance, it seems like there's a lot of upside to volumes under the island wide contract. How quickly can some of these older plants switch over to gas?

波多黎各的一對夫婦。首先，當我們考慮實現 10 億美元的 EBITDA 指引時，似乎全島合約的交易量還有很大的上升空間。這些老工廠多快能轉用天然氣？

Really as quickly as they can get regas installed. And so if you have the regas in stock, which we do, you can actually convert them fairly quickly. the mega gens are actually connected to a regas system now so they could actually convert at the drop of a hat. The mic gas plant is entirely gas ready. It just simply needs re-gas that is put in place.

他們確實能以最快的速度安裝再氣化裝置。因此，如果您有庫存的再氣化器，就像我們擁有的一樣，您實際上可以相當快地轉換它們。現在，巨型發電機實際上已經與再氣化系統相連，因此它們可以隨時進行轉換。mic 氣體廠已完全做好氣體供應準備。它只是需要重新充氣。

It's basically a regas unit and a buffer tank as what kind of sits between it. The Campelachi plant, same thing. It's actually a gas-ready plant and 160 of the 240 megawatts. The other asset needs some technical work. And then the Agri plant is actually ready today.

它本質上是一個再氣化裝置和一個位於其之間的緩衝罐。Campelachi 植物也是一樣。它實際上是一個天然氣發電廠，發電量為 240 兆瓦中的 160 兆瓦。另一項資產需要一些技術工作。現在，農業工廠實際上已經準備就緒。

So the short-term opportunity on the conversions is significant, and it really became one of the factors and the discussions we had with them. As I said, they were just uncomfortable notwithstanding the contract, they're uncomfortable with the notion that we would be selling gas and generating revenues and still in certain earning an incentive even though that's what the contract calls for and it was an easy decision to sit down with it and say, look, we share objectives. And our objectives are we want to provide more gas and power to the island, and we want to save you a lot of money, and they want to save money on go-forward basis, and they want to save on the incentives. And so it's a very, very simple and easy transaction. There are a few things in life that are truly win-wins.

因此，轉換的短期機會非常重要，它確實成為我們與他們討論的因素之一。正如我所說的，儘管有合同，他們還是感到不舒服，他們對於我們出售天然氣並產生收入並且仍然獲得一定的獎勵的想法感到不舒服，儘管這是合同所要求的，但是我們很容易就決定坐下來討論這個問題，說，看，我們有共同的目標。我們的目標是為該島提供更多的天然氣和電力，我們希望為您節省很多錢，他們希望在未來節省資金，他們希望節省激勵措施。所以這是一個非常非常簡單和容易的交易。生活中有一些真正雙贏的事情。

This is one of them. So we're happy to do our part on that, and we think that the benefits will become manifest quickly because we think that there's going to be a significant amount of activity on these initiatives on the conversion side.

這是其中之一。因此，我們很高興能盡自己的一份力量，而且我們認為，這些好處很快就會顯現出來，因為我們認為，在轉換方面，這些舉措將會有大量的活動。

That's helpful color. And then kind of longer term, how does contract renewal work for the island-wide contract are there a number of extension options or like does it just roll every March.

這是很有幫助的顏色。那麼從長期來看，全島合約的續約是如何進行的，是否有多個延期選項，還是每年 3 月才續約。

There's a couple of different extension options. But for the first time, the government really came to us, came to me a couple of months ago and said, we would like to run an RFP for a new contract that would have a significantly more duration. Obviously, the year-by-year tenor of it creates instability in terms of their energy security. They recognize what a critical part of the energy sector, the gas is today. only to get more critical as they add more volume into it.

有幾種不同的擴充選項。但這是政府第一次真正來找我們，幾個月前來找我，說我們想對一份期限更長的新合約進行 RFP 。顯然，這種局勢逐年惡化將為他們的能源安全帶來不穩定。他們認識到天然氣在當今能源領域的重要性。隨著他們增加更多音量，情況只會變得更加嚴峻。

And so this is something we talked about having a duration of 10 years or 15 years or even longer. So we know what the tenor looks like on the new contract that we signed on the new power plant, that's a 20-year. So but I would expect that there will be something that happens in the not-too-distant future with no specific time associated with it right now. And I would expect that will end up being a significantly longer duration, at least on a portion of it than what they have right now.

所以我們討論的是這個持續時間為 10 年、15 年甚至更長的事情。所以我們知道我們為新發電廠簽署的新合約的期限是什麼樣的，這是20年。所以，但我預計在不久的將來會發生一些事情，但目前還沒有具體的時間。而且我預計，這段持續時間最終會明顯更長，至少部分會比目前更長。

Thanks, Wes for taking my question.

謝謝韋斯回答我的問題。

Craig Shere, TuohyI Brothers.

克雷格‧謝爾 (Craig Shere)，TuohyI 兄弟。

On just continuing on the question about renewing or extending longer term, the contract with island wide with PREPA. So your initial sales on the island were we're just like gas sales, gas margin sales. But that TBtu is diesel linked. But it won't be diesel link forever, right? I mean you may apply this in 20 years, but go ahead.

繼續與 PREPA 續約或延長全島合約的問題。因此，您在島上的最初銷售額就像天然氣銷售額、天然氣利潤銷售額。但 TBtu 與柴油有關。但不會永遠都是柴油鏈接，對吧？我的意思是你可能在 20 年後才會應用這一點，但請繼續。

It definitely won't be. The diesel lent ironically was our initiative because it was linked to our savings initiative. We want to make it crystal clear, there was a savings. So we like diesel. So you'd say, at 73% of diesel, you save 20% of the money.

絕對不會。諷刺的是，柴油貸款是我們的舉措，因為它與我們的儲蓄計劃有關。我們要明確地表明，確實存在節省。所以我們喜歡柴油。所以你會說，73% 的柴油可以節省 20% 的錢。

It's not that hard. And but it wasn't the pricing that they objected to at the end of the day. It was really just this notion of you're selling us gas why you've also been charging an incentive for it, and that became the heart of the discussion. I think the new contract that we signed and the new power plant is Henry Hub base. I think this certainly will be Henry Hub-based when they go to redo it.

這並不是那麼難。但最終他們反對的並不是定價。這實際上就是為什麼你向我們出售天然氣，為什麼要收取獎勵，而這成為了討論的核心。我認為我們簽署的新合約和新發電廠是亨利中心基地。我認為當他們重新進行這項工作時肯定會以亨利中心為基礎。

It's not a natural fit to the diesel savings. That was an artifact from a different part of a transaction that we were trying to do. But I mean, just to put it in perspective, you have, again, 925 megawatts of gas or diesel burning plants today, you probably have 1.5 to 2 gigawatts of new power needed. We have the peaker plants that are being built right now that are another 280 or 60 megawatts or whatever. So there's a tremendous amount of room for this.

這與柴油節省並不自然契合。那是我們正在嘗試進行的交易的不同部分的產物。但我的意思是，換個角度來看，今天你有 92​​5 兆瓦的天然氣或柴油燃燒電廠，你可能需要 150 到 2 千兆瓦的新電力。我們目前正在建造的峰值發電廠的發電量為另外 280 或 60 兆瓦或類似的。因此，這方面有很大的發展空間。

I mean we've even talked with them about converting some of their old steamer plants, those boilers or running on gas. So I think that now that we've kind of gotten past this point on the incentive part of it, I think it's kind of a log jam that then opens up. That's our bet. And it's a bet based on the fact that I assume that people will want to save money and have less emissions, right? That seems like a very logical outcome.

我的意思是我們甚至與他們討論過改造一些舊蒸汽機裝置、鍋爐或使用燃氣。所以我認為，既然我們在激勵方面的這一點已經得到突破，那麼接下來就會出現一種堵塞的情況。這是我們的賭注。這個賭注是基於這樣的事實：我認為人們會想要省錢並減少排放，對嗎？這看起來是一個非常合乎邏輯的結果。

And if they do that, we'll sell more gas. It will be more profitable for us. And so what seems like a given the short run is actually a great opportunity for both of us. That's the that's the win-win aspect of it. .

如果他們這樣做，我們就能賣出更多的天然氣。這對我們來說將會更加有利可圖。因此，短期內看似必然的事情實際上對我們雙方來說都是一個很好的機會。這就是雙贏的局面。。

And with the conversion from diesel to Henry Hub, you're confident you still have sufficient LNG availability, respectable margins given selling at the Henry Hub plus?

而且從柴油轉換為亨利港後，您是否確信仍然有足夠的液化天然氣供應，並且在亨利港銷售可以獲得可觀的利潤？

We do. We think that the margins are appropriate and consistent with what they are across the rest of the portfolio. So I think it's a good situation. And obviously, the more that you sell probably the it may affect your margin at some level, but you're on a total volume basis, if you add it all up, the gas need quite likely could be 250 or 300 or 350 TBTU. So many, many times the size of the 50 TBtus you currently have.

是的。我們認為利潤率是適當的，且與投資組合中其他部分的利潤率一致。所以我認為這是很好的情況。顯然，您銷售的越多，可能會在一定程度上影響您的利潤，但是以總量為基礎，如果把所有數量加起來，所需的天然氣很可能是 250、300 或 350 TBTU。這是您目前擁有的 50 TBtus 的大小的很多很多倍。

So there's just there's a lot of efficiencies in deploying that much gas, and we think there's a lot of savings for them, billions and billions of dollars of savings, frankly. And for us, it's obviously could be a huge market.

因此，部署如此多的天然氣會帶來很大的效率，我們認為，這可以為他們節省很多錢，坦白說，可以節省數十億美元的資金。對我們來說，這顯然是一個巨大的市場。

Got you. And I just want to confirm real quick, the $110 million in eroparent payments is a part of the $1 billion guided 2025 EBITDA?

明白了。我只想快速確認一下，1.1 億美元的 eroparent 付款是 2025 年 10 億美元指導 EBITDA 的一部分嗎？

It is.

這是。

Great. Thank you.

偉大的。謝謝。

Wade Zuki, Capital One.

韋德祖基 (Wade Zuki)，Capital One 總裁。

Good afternoon,everyone. Just one on guidance, if I could. I might have missed an interim step somewhere, but so I wonder if you could kind of speak to the moving parts from prior guidance, I thought it was around 1.3% to the 1%. If there's anything embedded in guidance, things like asset sales are sort of nonrecurring since...

大家下午好。如果可以的話，我只想給一個指導。我可能錯過了某個中間步驟，但我想知道您是否可以談談先前指導中的變動部分，我認為大約是 1.3% 到 1%。如果指導中包含任何內容的話，那麼資產銷售之類的事情就屬於非經常性的事情，因為......

No, simple change is that we're not including FEMA claim in the guidance for 2025. The $1 billion would be exclusive of the claim. That's the same plan.

不，簡單的變更是我們沒有將 FEMA 索賠納入 2025 年的指導中。這 10 億美元不包括索賠金額。這是同一個計劃。

Got it. That's what I thought. And just to switch gears a little bit, dovetail on this Ben's question earlier talking about the supply book open cargoes and whatnot. I'm not speaking about the longer term have to get these projects up and running and so I just wondering if you might be able to give us color on the third-party supply book the supply situation is in the out years, excluding FLNG 1 and 2, maybe '26, '27 time frame. Any color you could give us on the third-party supply back would be great.

知道了。我也是這麼想的。稍微轉換話題，回答一下 Ben 之前提出的問題，關於供應書開放貨物等等。我並不是說長期內必須啟動和運行這些項目，所以我只是想知道您是否可以提供一些關於第三方供應情況的詳細信息，即未來幾年的供應情況，不包括 FLNG 1 和 2，也許是 '26、'27 年的時間範圍。如果您能在第三方供應中提供我們任何顏色的話都可以。

Yeah. I mean, obviously, the further out that you go, the more supply is available. The tightness in the market is really a function of the shortness of gas, in particular in Europe with the the restrictions on the Russian gas. That's why Russian gas coming back into the European markets, if that was to pass, would have a profound impact, I think, on certainly on prices in Europe and thus worldwide. As you go further out, there's obviously a tremendous amount of activity on the construction side and the prices go out.

是的。我的意思是，顯然，走得越遠，供應就越多。市場緊張其實是由於天然氣短缺造成的，尤其是歐洲對俄羅斯天然氣的限制。這就是為什麼如果俄羅斯天然氣重返歐洲市場，將對歐洲乃至全球的價格產生深遠影響的原因。如果你進一步觀察，你會發現建築方面的活動顯然非常活躍，價格也隨之上漲。

And so you especially if you're looking for longer-term tenor, there's a lot of gas that is available. So with respect to our portfolio, we do have a couple of million tons in long-term contracts. We have our own FLNG. So we have very long dated. I think that as you extend duration in some of these portfolios, you're also then likely to then look to maybe a layer in other amounts of supply.

因此，特別是如果您正在尋找較長期的期限，那麼有很多天然氣可供選擇。因此，就我們的投資組合而言，我們確實擁有數百萬噸的長期合約。我們有自己的FLNG。所以我們的約會已經很久了。我認為，隨著你延長這些投資組合的期限，你也可能會考慮其他數量的供應層。

So it's a large portfolio. As I said, it is on a current basis, we feel like it's as well matched as we can make it. So it's like you're predicting the usage levels with all the different customers, and there's always different factors into it. But to the best of our abilities, that's what we try to do to derisk the portfolio, take advantage of the elevation and price. Generate some earnings but still maintain some significant amounts of upside on these.

所以這是一個很大的投資組合。正如我所說，這是在當前基礎上的，我們覺得它是盡可能匹配的。所以這就像您預測所有不同客戶的使用水平，並且其中總是有不同的因素。但我們會盡力降低投資組合的風險，並充分利用價格優勢。產生一些收益，但仍保持相當數量的上行空間。

And so that's the goal. But longer term, there's lots of gas, I think, that is readily available for longer-term projects, especially with creditworthy downstream.

這就是我們的目標。但從長遠來看，我認為，有大量的天然氣可供長期專案使用，尤其是下游信譽良好的專案。

Perfect. Appreciate it. Can I squeeze one more in? .

完美的。非常感謝。我可以再塞一個嗎？。

Sure. I think you had the last question.

當然。我認為你問的是最後一個問題。

I'm just wondering if there's anything sort of maybe more creative that you can do in Brazil with the auction coming up, and I'm thinking about the existing ports and subplants. Is there anything, whether it's adding capacity or expanding the plants? Anything like that, again, kind of thinking creatively to participate more so in that anything there would be great.

我只是想知道，隨著拍賣的臨近，您是否可以在巴西做一些更有創意的事情，我正在考慮現有的港口和分廠。有什麼事情嗎，無論是增加產能還是擴建工廠？任何類似的事情，再說一次，有創造性地思考，更多地參與，這樣任何事情都會變得很棒。

I can answer for the Andrew on that. The Port of and southern and sale plants are committed, right? So unfortunately, we can only commit them once they're tied to very long-term contracts. That said, we think that there is incremental capacity at the terminal. And so obviously, that's something that Leandro and Jeremy and the other guys down there are in the thick of the power auctions are an unbelievable opportunity in our judgment in terms of the array of options that they have, both on the brownfield and the greenfield sites and both in the gas terminal cash flows, et cetera.

我可以代表安德魯回答這個問題。和南部的港口和銷售工廠都已承諾了，對嗎？因此不幸的是，我們只能在與他們簽訂長期合約後才能承諾他們。儘管如此，我們認為終端的容量將會增加。顯然，萊安德羅、傑里米和其他在電力拍賣中的人都參與其中，我們認為這是一個令人難以置信的機會，因為他們擁有多種選擇，包括棕地和綠地，以及天然氣終端現金流等等。

The one point that I would just reinforce is that where in the past, we either bought or acquired these PPAs and then built the plants. We think now that there's lots of different opportunities to partner in different ways. We're very focused on our terminal cash flows, but the overall impetus of the business is to minimize CapEx, maximize free cash flow grow without actually building a tremendous amount of stuff on balance sheet. So while you can put capital into it, we think that, that's actually something that we're very, very focused on. And we think there's going to be lots of opportunity to do so this also.

我想強調的一點是，過去我們要么購買要么獲得這些 PPA，然後建造工廠。我們認為現在有很多以不同方式合作的機會。我們非常關注我們的終端現金流，但業務的整體動力是盡量減少資本支出，盡量增加自由現金流，而實際上並沒有在資產負債表上建立大量的東西。因此，雖然你可以向其中投入資金，但我們認為，這實際上是我們非常非常關注的事情。我們認為這也將有很多機會實現這一點。

At this time, I'll turn the conference back for any additional or closing remarks.

現在，我將返回會議現場，發表任何補充演講或結束語。

Great. Well, thank you, everyone, for your time on a Monday night. We appreciate it and look forward to talking to you again soon. Thank you.

偉大的。好吧，謝謝大家週一晚上抽出時間。我們對此表示感謝，並期待很快再次與您交談。謝謝。

And that concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。