Venture Global Inc (VG) 2025 Q1 法說會逐字稿

Welcome to the Venture Global, Inc.'s first-quarter 2025 earnings call. I will now hand it to Michael Pasquarello, Senior Vice President, Investor Relations, for a brief introduction.

歡迎參加 Venture Global, Inc. 2025 年第一季財報電話會議。現在我將把它交給投資者關係高級副總裁 Michael Pasquarello 進行簡要介紹。

Thank you, operator. Good morning, everyone. Welcome to Venture Global, Inc.'s first-quarter 2025 earnings call. I'm joined this morning by Mike Sabel, Venture Global's CEO, Executive Co-Chairman, Founder; Jack Thayer, our CFO; and other members of Venture Global's Senior Management Team.

謝謝您，接線生。大家早安。歡迎參加 Venture Global, Inc. 2025 年第一季財報電話會議。今天早上與我一起參加會議的還有 Venture Global 的執行長、執行聯席主席、創辦人 Mike Sabel；我們的財務長 Jack Thayer；以及 Venture Global 高階管理團隊的其他成員。

Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward-looking statements, and actual results could differ materially from what is described in these statements. I encourage you to refer to the disclaimers in our earnings presentation, which is available on the Investors section of our website.

在我們開始之前，我想提醒所有聽眾，我們的評論（包括對您的問題的回答）可能包含前瞻性陳述，實際結果可能與這些陳述中描述的結果有重大差異。我鼓勵您參考我們收益報告中的免責聲明，該免責聲明可在我們網站的「投資者」部分找到。

Additionally, we may include references to certain non-GAAP metrics, such as consolidated adjusted EBITDA, the reconciliation of these metrics to the most relevant GAAP measures can be found in the appendix of the earnings presentation posted on our website. Finally, the guidance in this presentation is only effective as of today. In general, we will not update guidance until the following quarter, and we will not update or affirm guidance other than through broadly disseminated public disclosure.

此外，我們可能會引用某些非 GAAP 指標，例如合併調整後 EBITDA，這些指標與最相關的 GAAP 指標的對帳可以在我們網站上發布的收益報告附錄中找到。最後，本簡報中的指導僅自今天起有效。一般而言，我們要到下個季度才會更新指引，並且除了透過廣泛傳播的公開披露之外，我們不會更新或確認指引。

I will now turn the call over to Mike Sabel.

現在我將電話轉給麥克·薩貝爾。

Thank you, Michael. Good morning, everyone, and thank you for joining us today. We are pleased to share our first quarter 2025 results and update our guidance for 2025, which we believe will be a strong year for the company.

謝謝你，麥可。大家早安，感謝大家今天加入我們。我們很高興分享我們 2025 年第一季的業績並更新我們對 2025 年的指導，我們相信這將是公司強勁的一年。

I will begin the call with an overview of our first-quarter 2025 key accomplishments and results before shifting to our LNG projects individually. I will then make some remarks on the LNG industry broadly before turning over the call to Jack, who will provide a more detailed overview of our financial results and updated guidance for fiscal year 2025. Following all prepared remarks, we will open the call to Q&A.

我將在電話會議中首先概述我們 2025 年第一季的主要成就和結果，然後再分別討論我們的液化天然氣項目。然後，我將對液化天然氣行業進行一些廣泛的評論，然後將電話轉給傑克，他將更詳細地概述我們的財務業績和 2025 財年的最新指導。所有準備好的發言結束後，我們將開始問答環節。

Turning to page six of the presentation, I am happy to report that Venture Global performed well during the first quarter of 2025, generating $2.9 billion of revenue, $1.1 billion in income from operations, and $1.3 billion of consolidated adjusted EBITDA, representing increases of 105%, 75%, and 94%, respectively, compared with the first quarter of 2024.

翻到簡報的第六頁，我很高興地報告，Venture Global 在 2025 年第一季表現良好，創造了 29 億美元的收入、11 億美元的營業收入和 13 億美元的合併調整後 EBITDA，與 2024 年第一季相比分別增長了 105%、75% 和 94%。

Our projects exported a total of 234 TBtu of LNG, a new record high for the company, which is an increase of 113 TBtu, or 93%, from the fourth quarter of 2024. This impressive performance and increase in LNG production are attributable to the project execution discipline and operational excellence of the Venture Global team.

我們的專案共出口了 234 TBtu 液化天然氣，創下了公司的歷史新高，比 2024 年第四季增加了 113 TBtu，增幅為 93%。這一令人印象深刻的業績和液化天然氣產量的成長歸功於 Venture Global 團隊的專案執行紀律和卓越的營運。

On page 7, we provide greater detail on our quarterly results, which we achieved as we wrapped up commissioning and rectification work on our Calcasieu Pass project, continued construction and commissioning on both phases of our Plaquemines project, and progressed our subsequent projects, including CP2.

第 7 頁，我們提供了有關我們季度業績的更多詳細信息，這些業績是我們通過完成卡爾克蘇山口項目的調試和整改工作、繼續進行普拉克明項目兩個階段的建設和調試以及推進包括 CP2 在內的後續項目而取得的。

At Calcasieu Pass, we exported 34 commissioning cargoes during the first quarter, and we are proud to report that Calcasieu Pass achieved its commercial operation date, or COD, on April 15, 2025. Although this milestone occurred after the end of the first quarter, we wanted to highlight this important achievement for the company and our team, who worked exceptionally hard to execute very challenging rectification work without a single recordable safety incident.

在卡爾克蘇通道，我們在第一季度出口了 34 批調試貨物，我們很自豪地報告，卡爾克蘇通道於 2025 年 4 月 15 日實現了商業運營日期（COD）。儘管這一里程碑是在第一季結束後取得的，但我們希望強調公司和我們團隊的這一重要成就，他們非常努力地執行了非常具有挑戰性的整改工作，沒有發生一起可記錄的安全事故。

Plaquemines exported 29 commissioning cargoes during the first quarter, and we continued to see strong performance from this facility, with all 18 local fraction trains activated during the quarter, demonstrating production levels of approximately 140% of nameplate capacity.

普拉克明在第一季度出口了 29 批調試貨物，我們繼續看到該工廠的強勁表現，本季度所有 18 條本地分餾列車均已啟動，生產水平達到額定產能的約 140%。

This gives us confidence that following completion of our construction and commissioning, Plaquemines will be able to perform at the uprated capacity of 27.2 MTPA that FERC recently authorized. At present, Plaquemines is producing LNG from 22 local fraction trains, and we expect to have started up all 24 of the phase one local fraction trains by the end of May.

這使我們有信心，在完成建設和調試後，普拉克明將能夠按照聯邦能源管理委員會 (FERC) 最近批准的 27.2 MTPA 的升級容量運作。目前，普拉克明正在透過 22 條本地分餾生產線生產液化天然氣，我們預計第一階段的 24 條本地分餾生產線將於 5 月底全部啟動。

Turning to CP2, the project received a non-FTA export authorization from the U.S. Department of Energy on March 19, locking in an essential permit ahead of our final investment decision, or FID, for phase one of the project, which is anticipated for the middle of this year. We also recently entered into a $3 billion bank loan facility from a syndicate of 20 global banks, which will help fund capital expenditures associated with the project until FID, at which time we will pivot to a traditional construction loan.

談到 CP2，該計畫於 3 月 19 日獲得了美國能源部頒發的非 FTA 出口授權，在我們預計於今年年中對該計畫第一階段做出最終投資決定 (FID) 之前鎖定了一項重要許可。我們最近也從 20 家全球銀行組成的銀團獲得了一筆 30 億美元的銀行貸款，這筆貸款將用於資助與該項目相關的資本支出，直到最終投資決定 (FID) 做出，屆時我們將轉向傳統的建設貸款。

In addition, CP2 upsized its 20-year SPA with New Fortress Energy from 1.0 MTPA to 1.5 MTPA, bringing CP2's 20-year SPA total to 9.75 MTPA. We believe we are making good progress on the contracting front and anticipate further updates on SPAs during the second quarter of 2025, both with other existing SPA counterparties as well as with potential new customers.

此外，CP2 將與 New Fortress Energy 簽訂的 20 年期 SPA 規模從 100 萬噸/年擴大至 150 萬噸/年，使 CP2 的 20 年期 SPA 總量達到 975 萬噸/年。我們相信，我們在簽訂合約方面取得了良好的進展，並預計在 2025 年第二季將與其他現有的 SPA 交易對手以及潛在的新客戶就 SPA 進行進一步更新。

Furthermore, FERC issued its final Supplemental Environmental Impact Statement for CP2 on May 9, this past Friday, recommending approval of the project. This is the second instance of FERC finding that CP2 would have no significant air quality impact and positions FERC to approve the project and issue notice to proceed with construction imminently.

此外，美國聯邦能源管理委員會於上週五 5 月 9 日發布了 CP2 的最終補充環境影響聲明，建議批准該計畫。這是聯邦能源管理委員會第二次認定 CP2 不會對空氣品質產生重大影響，因此聯邦能源管理委員會批准該項目並發出立即開工通知。

Our business is scaling rapidly, with 18 liquefaction trains now commercially operating at Calcasieu Pass; another 36 trains delivered at Plaquemines, with 22 activated thus far; and another 36 trains purchased for CP2, Venture Global will be capable of providing over 67 MTPA at peak production across our first three projects once complete, before considering the significant brownfield expansions we have previously announced.

我們的業務正在迅速擴大，目前卡爾克蘇通道有 18 條液化列車投入商業運營；另外 36 列火車在普拉克明交付，迄今已啟動 22 列；加上為 CP2 購買的另外 36 條生產線，Venture Global 一旦完成，將能夠為我們前三個項目的峰值產量提供超過 67 MTPA，這不包括我們前三個項目的峰值產量提供。

As we noted last quarter, changes in natural gas prices, both domestic and international, could impact our consolidated adjusted EBITDA guidance. We have seen the spread between domestic and international prices for gas and LNG compressed since our previous report, which naturally influences how we think about guidance for the remainder of the year.

正如我們上個季度所指出的，國內和國際天然氣價格的變化可能會影響我們的合併調整後 EBITDA 指引。自上次報告以來，我們看到國內和國際天然氣和液化天然氣價格之間的價差有所縮小，這自然會影響我們對今年剩餘時間指引的看法。

Looking ahead to the remainder of 2025, we are revising our guidance from our previously reported range and now expect that our consolidated adjusted EBITDA for 2025 will be between $6.4 billion and $6.8 billion. This reflects a $6 per MMBtu to $7 per MMBtu fixed liquefaction fee range for available cargos, which is consistent with recently executed transactions in current market forward prices and provides Venture Global with additional margin that we can reinvest into our asset base.

展望 2025 年剩餘時間，我們正在修改先前報告的範圍指導，現在預計 2025 年合併調整後 EBITDA 將在 64 億美元至 68 億美元之間。這反映了可用貨物每百萬英熱單位 6 美元至每百萬英熱單位 7 美元的固定液化費用範圍，這與當前市場遠期價格中最近執行的交易一致，並為 Venture Global 提供了額外的保證金，我們可以將其再投資到我們的資產基礎中。

We will continue to update our guidance each quarter to reflect shifts in market forwards, especially during the commissioning phases of our projects. As Jack will cover later in the call, our 2025 guidance will become less sensitive to movements in market prices as the year progresses and we continue to contract our available cargos.

我們將在每個季度繼續更新我們的指導，以反映市場未來的變化，特別是在我們專案的調試階段。正如傑克稍後將在電話會議中提到的那樣，隨著時間的推移以及我們繼續簽訂可用貨物合同，我們的 2025 年指導將不再那麼敏感於市場價格的變動。

Shifting gears a bit, I would now like to focus on Calcasieu Pass, which is covered by page 9 of the presentation. As mentioned, during the first quarter of 2025, Calcasieu Pass was able to export 34 commissioning cargos and realized a weighted average fixed liquefaction fee of $8.80 per MMBtu.

稍微轉換主題，我現在想集中討論一下卡爾克蘇山口，該山口在演示文稿的第 9 頁有所涉及。如上所述，2025 年第一季度，卡爾克蘇通道出口了 34 批調試貨物，實現了每百萬英熱單位 8.80 美元的加權平均固定液化費。

While producing these cargos, the facility simultaneously navigated all remaining work related to commissioning, carryover completions, rectification work, reliability testing, and other unfinished items, and commenced commercial operations on April 15, just 68 months after FID, outpacing other projects that took FID before Calcasieu Pass.

在生產這些貨物的同時，該設施還同步完成了與調試、結轉完工、整改工作、可靠性測試和其他未完成項目相關的所有剩餘工作，並於4月15日開始商業運營，這距離最終投資決定僅過去68個月，超過了卡爾克蘇通道項目之前進行最終投資決定的其他項目。

Our Q1 2025 operating and maintenance costs at Calcasieu Pass reflect the incremental expenses of completing this significant work. Importantly, having completed this work, Calcasieu Pass is performing with materially improved reliability and availability levels.

我們在卡爾克蘇山口的 2025 年第一季的營運和維護成本反映了完成這項重大工程的增量費用。重要的是，完成這項工作後，卡爾克蘇山口的可靠性和可用性水準得到了顯著提高。

Since COD, the facility has delivered cargos on schedule to all foundational customers and we look forward to operating the facility safely and reliably for the full duration of our customers' largely 20-year [SBA] tenors. For the second, third, and fourth quarters of 2025, based on liquefaction fees achieved from cargos sold on a four-year basis to date, which includes some commissioning cargos from the beginning of April, we anticipate capturing a weighted average liquefaction fee of $2.21 per MMBtu across all forward sold Calcasieu Pass production.

自 COD 以來，該設施已按時向所有基礎客戶交付貨物，我們期待在客戶長達 20 年的 [SBA] 期限內安全可靠地運營該設施。對於 2025 年第二、第三和第四季度，基於迄今為止四年內售出的貨物所獲得的液化費（其中包括 4 月初開始的一些調試貨物），我們預計所有遠期售出的卡爾克蘇通道產量的加權平均液化費為每百萬英熱單位 2.21 美元。

Including the 34 cargos exported from the facility in this quarter, we now anticipate exporting between 145 and 150 cargos by the end of the year, an increase of two cargos to the top of our previously reported range, and an increase of six cargos to the lower end of our range, reflecting our confidence in the production capacity of the rectified equipment.

包括本季從該設施出口的34批貨物在內，我們目前預計到今年年底將出口145至150批貨物，比我們之前報告的範圍上限增加兩批貨物，比我們範圍下限增加六批貨物，這反映了我們對整改後設備生產能力的信心。

I will sum up my remarks on Calcasieu Pass with a brief note on safety, which is our top priority. To date, our team has achieved a total recordable incident rate, TRIR, of 0.10, far outperforming the national industry average of 1.9. We are very proud of our team for maintaining the safety record, especially while pushing toward COD.

我將總結我對卡爾克蘇山口的評論，並簡要地談論安全問題，這是我們的首要任務。到目前為止，我們的團隊已經實現了 0.10 的總可記錄事故率 (TRIR)，遠遠超過 1.9 的全國行業平均值。我們為我們的團隊保持安全記錄感到非常自豪，特別是在努力實現 COD 的過程中。

Moving on to Plaquemines and flipping to page 10 in the presentation, I will focus on the construction and commissioning progress achieved at Phases 1 and 2 of our 20 MTPA nameplate project south of New Orleans.

接下來談談普拉克明，翻到簡報的第 10 頁，我將重點介紹我們位於新奧爾良南部的 20 MTPA 銘牌計畫第 1 階段和第 2 階段的建設和調試進展。

During the first quarter of 2025, the Venture Global team achieved an extraordinary, safe startup of the first 18 liquefaction trains at the facility. This enabled Plaquemines to export 29 commissioning cargos, meeting the top of our previously projected range, and realize a weighted average fixed liquefaction fee of $7.26 per MMBtu.

2025 年第一季度，Venture Global 團隊成功且安全地啟動了該設施的前 18 條液化列車。這使得普拉克明斯能夠出口 29 批調試貨物，達到我們先前預測的最高值，並實現每百萬英熱單位 7.26 美元的加權平均固定液化費。

All major equipment and materials, including all 36 liquefaction trains, have been delivered to the site. And to date, LNG has been produced from 22 trains, while the remainder of the facility is simultaneously constructed.

所有主要設備及材料，包括全部36條液化生產線，均已運抵現場。到目前為止，已有 22 條生產線生產出液化天然氣，同時該設施的其餘部分也在同步建設中。

As detailed in our prior report, Plaquemines is engineered, permitted, procured, and installed approximately 400 megawatts of temporary power at the facility. This proactive measure has allowed Plaquemines to mitigate contracted delays, especially with respect to the Power Island, and continue progressing commissioning and startup activities.

正如我們之前的報告中所詳述的那樣，普拉克明斯電廠設計、許可、購買並安裝了約 400 兆瓦的臨時電源。這項積極措施使普拉克明緩解了合約延誤，特別是電力島方面的延誤，並繼續推進調試和啟動活動。

Although we are very encouraged by the progress at Plaquemines thus far, we recognize the challenging and highly variable construction and commissioning process laying ahead. For 2025, including the 29 cargos exported from Plaquemines in this quarter, we now anticipate the facility exporting between 222 and 239 cargos by the end of the year, which represents a slight increase to the lower end of our previously reported range.

儘管我們對普拉克明迄今為止的進展感到非常鼓舞，但我們認識到未來的建設和調試過程充滿挑戰且變化很大。對於 2025 年而言，包括本季度從普拉克明出口的 29 批貨物在內，我們目前預計該設施到年底將出口 222 至 239 批貨物，這比我們先前報告的範圍的下限略有增加。

Plaquemines has contracted 89 of these remaining cargoes thus far, capturing a weighted average fixed liquefaction fee of $7.46 per MMBtu. Again, I want to highlight the leading safety performance at Plaquemines. To date, our team has achieved a TRIR of only 0.21, roughly one-tenth of the national average TRIR of 1.9.

到目前為止，普拉克明斯已簽訂了 89 批剩餘貨物的合同，加權平均固定液化費為每百萬英熱單位 7.46 美元。再次，我想強調普拉克明領先的安全表現。到目前為止，我們的團隊僅實現了 0.21 的 TRIR，大約是全國平均 TRIR 1.9 的十分之一。

Collectively, across Calcasieu Pass and Plaquemines, we contracted 45 more cargoes for export in 2025 since our prior report, and have contracted 198 of a potential 326 cargoes, for roughly 60% of our total Q2 through Q4 2025 production. We believe this strategy allows us to de-risk our LNG production and reduce sensitivity to movement and market prices.

總體而言，自上次報告以來，我們在卡爾克蘇通道和普拉克明簽訂了 2025 年出口合約的 45 批貨物，目前已簽訂了 326 批貨物中的 198 批，約占我們 2025 年第二季至第四季總產量的 60%。我們相信這項策略可以讓我們降低液化天然氣生產的風險，並降低對波動和市場價格的敏感度。

I now want to turn to our next project, CP2, which is covered on page 11. CP2 is a 20 million ton per annum mainplate facility consisting of 36 of our factory-built liquefaction trains. Based on the performance of similar trains at Calcasieu Pass, the design improvements implemented at Plaquemines, and the performance of those trains to date, we believe CP2 will be capable of peak production of 28 MTPA once completed and commissioned.

現在我想談談我們的下一個項目 CP2，它在第 11 頁介紹。CP2 是一個年產 2000 萬噸的主機板設施，由 36 條我們工廠建造的液化列車組成。根據卡爾克蘇山口類似列車的表現、普拉克明實施的設計改進以及這些列車迄今為止的表現，我們相信 CP2 一旦建成並投入使用，將能夠達到 28 MTPA 的峰值產量。

Further, we currently estimate more than 550 cargoes will be exported during the construction and commissioning of the project's two phases. CP2 received conditional approval to export LNG to non-FTA nations from the U.S. Department of Energy on March 19, 2025, concluding a lengthy process with the DOE spanning multiple administrations. We appreciated the support of the Trump administration in lifting the Department of Energy's pause on issuing new LNG export approvals and swiftly resuming the LNG export authorization process.

此外，我們目前估計，在該項目兩期建設和調試期間，將有超過 550 批貨物出口。2025 年 3 月 19 日，CP2 獲得美國能源部有條件批准向非自由貿易協定國家出口液化天然氣，結束了美國能源部跨越多屆政府的漫長審批程序。我們感謝川普政府支持能源部解除暫停發放新的液化天然氣出口批准的決定，並迅速恢復液化天然氣出口授權程序。

On May 9, FERC issued the final environmental impact statement for the project, reconfirming their positive analysis on the project and setting it up for final approval by the commission, which should result in the issuance of notices to proceed with on-site construction this summer. Subject to obtaining FERC approval, we anticipate mobilization to site and beginning site works and dredging by the middle of this year.

5月9日，聯邦能源管理委員會發布了該專案的最終環境影響聲明，再次確認了對該專案的積極分析，並將其提交給委員會最終批准，從而發布今年夏天開始現場施工的通知。在獲得聯邦能源管理委員會的批准後，我們預計將於今年年中動員到現場並開始現場工作和疏浚。

As I mentioned at the beginning of the call, we recently entered into a $3 billion bank loan facility from a syndicate of 20 banks to fund CP2 manufacturing, procurement, and engineering ahead of an FID construction financing to be closed after receiving notice to proceed from FERC. These asset-level, non-recourse financings will fund CapEx associated with CP2 going forward, which represents a considerable majority of our planned capital expenditures.

正如我在電話會議開始時提到的，我們最近從 20 家銀行組成的財團獲得了一筆 30 億美元的銀行貸款，用於資助 CP2 的製造、採購和工程，在收到 FERC 的開工通知後，FID 建設融資將結束。這些資產級、無追索權融資將為未來與 CP2 相關的資本支出提供資金，這占我們計劃資本支出的相當大部分。

Our investments in the project to date have advanced CP2 considerably. We have deployed approximately $5 billion thus far with our key equipment suppliers and contractors, and we believe this preparation will enable CP2 to reach first LNG production on pace or even faster than our first two projects.

迄今為止，我們對該項目的投資已顯著推進了 CP2 的發展。到目前為止，我們已經與主要設備供應商和承包商投入了約 50 億美元，我們相信，這些準備將使 CP2 能夠與前兩個項目同步甚至更快地實現首次液化天然氣生產。

Turning to page 13 on the LNG industry broadly, I would like to address some of the recently announced tariffs and highlight several factors that mitigate risks to our business.

翻到第 13 頁有關液化天然氣產業的概述，我想談談最近宣布的一些關稅，並強調幾個可以減輕我們業務風險的因素。

Our exposure to tariffs can be broadly bifurcated in two categories. One, exposure related to tariffs imposed by the United States, which could potentially increase the cost of raw materials and fabricated modules we use to construct our facility.

我們受到的關稅影響大致可分為兩類。一是與美國徵收的關稅相關的風險，這可能會增加我們用於建造設施的原材料和製造模組的成本。

And two, retaliatory tariffs imposed by foreign nations on LNG imports, which could put downward pressure on demand for US produced LNG. Beginning with tariffs imposed by the United States, our Calcasieu Pass and Plaquemines projects are not exposed to any material import tariffs. Calcasieu Pass has declared commercial operations, and Plaquemines has taken delivery of all major equipment.

二是外國對液化天然氣進口徵收報復性關稅，可能對美國生產的液化天然氣的需求造成下行壓力。除美國徵收的關稅外，我們的卡爾克蘇通道和普拉克明工程不受任何材料進口關稅的影響。卡爾克蘇通道核電廠已宣布商業運營，普拉克明核電廠已接收所有主要設備。

With respect to CP2, our investments to date have allowed us to procure, deliver, and stockpile a significant amount of raw materials, components, and in some cases, fully fabricated modules. Caveating that the tariff landscape is evolving and there is no assurance as to the ultimate impact on our business, we believe our total exposure amounts to roughly only 1% of our total budget for the CP2 project, before considering any potential exemptions for materials relating to LNG facility construction.

關於 CP2，迄今為止我們的投資使我們能夠採購、交付和儲存大量原材料、零件，在某些情況下還包括完全製造的模組。由於關稅情況不斷變化，無法保證最終會對我們的業務產生影響，我們認為，在考慮與液化天然氣設施建設相關的材料的任何潛在豁免之前，我們的總風險敞口僅佔 CP2 項目總預算的 1%。

Shifting to tariffs imposed by foreign nations, while we cannot estimate the ultimate impact of these levies, given the rapidly evolving geopolitical situation, we remain in close contact with our customers and stakeholders as the tariff conversation evolves.

轉向外國徵收的關稅，雖然我們無法估計這些徵稅的最終影響，但鑑於地緣政治局勢的迅速變化，隨著關稅談判的進展，我們仍與客戶和利益相關者保持密切聯繫。

I will now turn it over to our CFO, Jack Thayer, to walk through our first-quarter 2025 financials, as well as our guidance for the remainder of the year.

現在，我將把時間交給我們的財務長傑克·塞耶 (Jack Thayer)，介紹我們 2025 年第一季的財務狀況以及我們對今年剩餘時間的指導。

Thank you, Mike, and good morning to those on the line. I will be referring to the Venture Global Inc.'s Form 10-Q for the quarterly period ended March 31, 2025. The 10-Q is available on our website, and some of the key results are summarized on page 16 of the presentation. During this call, I will highlight results I believe are salient to this audience, and I encourage you to review the entirety of our financial statements in detail.

謝謝你，麥克，在線的各位早安。我將參考 Venture Global Inc. 截至 2025 年 3 月 31 日的季度 10-Q 表。10-Q 可在我們的網站上找到，一些關鍵結果總結在簡報的第 16 頁。在這次電話會議中，我將重點放在我認為對與會者來說很重要的結果，並鼓勵大家詳細查看我們的全部財務報表。

Beginning with revenue, our top line was $2.9 billion for the first quarter of 2025, a $1.5 billion increase from $1.4 billion during the equivalent period in 2024. This increase in revenue was driven by one, $1.1 billion from higher sales volume, 228 TBtu in the first quarter of 2025 compared with 141 TBtu in the first quarter of 2024; and two $380 million from higher prices, weighted average fixed facility fees of $8.55 per MMBtu in the first quarter of 2025 versus $7.40 per MMBtu in the first quarter of 2024, and realized gas feedstock prices of $4.23 per MMBtu in the first quarter of 2025 versus $2.59 per MMBtu in the first quarter of 2024.

從營收開始，2025 年第一季我們的營業收入為 29 億美元，比 2024 年同期的 14 億美元增加了 15 億美元。營收成長主要得益於以下因素：一是銷售量增加，2025 年第一季銷售量為 228 TBtu，而 2024 年第一季為 141 TBtu，因此增加了 11 億美元；以及來自更高價格的 3.8 億美元，2025 年第一季的加權平均平均重量為 8.50 萬英熱單位， 7.40 美元，2025 年第一季實現的天然氣原料價格為每百萬英熱單位 4.23 美元，而 2024 年第一季為每百萬英熱單位 2.59 美元。

Our income from operations was $1.1 billion in the first quarter of 2025, a $463 million increase from $617 million in the first quarter of 2024. This shift was primarily driven by the higher sales volume and higher LNG prices I mentioned previously, which resulted in a greater total margin for LNG sold.

2025 年第一季度，我們的營業收入為 11 億美元，比 2024 年第一季的 6.17 億美元增加了 4.63 億美元。這種轉變主要是由於我之前提到的更高的銷售量和更高的液化天然氣價格所致，這導致液化天然氣銷售的總利潤率更高。

These increases were partially offset by $146 million higher depreciation and $143 million higher operating costs in support of the ramp-up of LNG production at the Plaquemines Project and operating our LNG tankers, as well as remediation and rectification costs associated with the preparation of the Calcasieu Project for COD.

這些成長部分被 1.46 億美元的更高折舊費和 1.43 億美元的更高運營成本所抵消，這些成本用於支持普拉克明項目的液化天然氣產量提升和液化天然氣運輸船的運營，以及與卡爾克蘇項目 COD 準備相關的補救和整改成本。

Our net income attributable to common stockholders, which we refer to as net income, was $396 million for the first quarter of 2025, a $252 million decrease from $648 million in Q1 2024. This decrease in net income was largely driven by non-cash factors such as unfavorable changes in the fair value of our interest rate swaps, which constituted a quarter-over-quarter decline of $566 million.

2025 年第一季度，歸屬於普通股股東的淨收入（我們稱之為淨收入）為 3.96 億美元，比 2024 年第一季的 6.48 億美元減少 2.52 億美元。淨收入的下降主要是由於非現金因素，例如我們的利率掉期公允價值的不利變化，導致其環比下降 5.66 億美元。

Shifting to consolidated adjusted EBITDA, we realized $1.3 billion during the first quarter of 2025, a $653 million or 94% increase from $693 million in Q1 2024. This increase in consolidated adjusted EBITDA was driven chiefly by higher sales volumes and higher LNG prices, resulting in greater total margin for LNG sold and was offset partially by $143 million from higher O&M.

轉向合併調整後 EBITDA，我們在 2025 年第一季實現了 13 億美元，比 2024 年第一季的 6.93 億美元增加了 6.53 億美元，增幅為 94%。合併調整後 EBITDA 的成長主要得益於銷售量增加和液化天然氣價格上漲，從而提高了液化天然氣的銷售總利潤，但被營運和維護費用增加 1.43 億美元部分抵消。

As Mike discussed, our projects exported a total of 63 commissioning cargos in Q1, which increased from 40 cargos compared with the same period in 2024. Of these cargos, 228 TBtu of volumes are reflected in our results for Q1 2025, compared with 141 TBtu in Q1 2024.

正如 Mike 所討論的，我們的專案在第一季度共出口了 63 批調試貨物，與 2024 年同期相比增加了 40 批。在這些貨物中，我們 2025 年第一季的業績反映出 228 TBtu 的數量，而 2024 年第一季為 141 TBtu。

Advancing to page 17, we are now guiding to a consolidated adjusted EBITDA range of $6.4 billion to $6.8 billion for 2025, incorporating a forecasted 145 to 150 cargos from Calcasieu Pass and 222 to 239 cargos from Plaquemines, inclusive of the 63 cargos we exported in the first quarter across both facilities.

翻到第 17 頁，我們現在預計 2025 年合併調整後 EBITDA 範圍為 64 億美元至 68 億美元，其中包括預計從卡爾克蘇通道出口 145 至 150 批貨物和從普拉克明出口 222 至 239 批貨物，其中包括我們在第一季度通過這兩個設施出口的 63 批貨物。

This consolidated adjusted EBITDA range was determined assuming fixed liquefaction fees of between $6 and $7 per MMBtu for cargos remaining to be sold over 2025, consistent with current TTF and JKM forward price expectations. This consolidated adjusted EBITDA forecast also assumes approximately $300 million of Q2 through Q4 expensed development spending, related primarily to regulatory and engineering design spend on our development projects.

此合併調整後 EBITDA 範圍是假設 2025 年剩餘待售貨物的固定液化費用為每百萬英熱單位 6 至 7 美元之間，與當前 TTF 和 JKM 遠期價格預期一致。此合併調整後 EBITDA 預測也假設第二季至第四季的費用化開發支出約為 3 億美元，主要與我們開發案的監管和工程設計支出有關。

On average, if fixed liquefaction fees over the remainder of 2025 increase or decrease by $1 per MMBtu, we expect our consolidated adjusted EBITDA range to adjust accordingly by $460 to $480 million, down from the $625 million to $675 million range provided in our previous guidance. This reduced sensitivity to market prices reflects the contracting we executed during the first quarter. Our current guidance was adjusted less than our prior sensitivity range of $625 to $675 million would have suggested due to this pace of contracting.

平均而言，如果 2025 年剩餘時間內的固定液化費用每百萬英熱單位增加或減少 1 美元，我們預計合併調整後的 EBITDA 範圍將相應調整 4.6 億美元至 4.8 億美元，低於我們先前指引中提供的 6.25 億美元至 6.75 億美元範圍。對市場價格敏感度的降低反映了我們在第一季簽訂的合約。由於這種收縮速度，我們目前的指導調整幅度低於我們先前建議的 6.25 億美元至 6.75 億美元的敏感度範圍。

I will now turn the call back over to Mike.

我現在將電話轉回給麥克。

Thank you, Jack. At this point, we would like to open the call up for Q&A.

謝謝你，傑克。現在，我們想開始問答環節。

Thank you. This concludes Venture Global Inc's first-quarter 2025 earnings presentation. We will now open the line for questions from the public. (Operator Instructions)

謝謝。這就是 Venture Global Inc 2025 年第一季財報。我們現在將開放熱線接受公眾提問。（操作員指示）

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

I wanted to pick up on some of your ability to sell more cargos looking forward in the near term. You added about 40-ish since the last presentation. Can you just remind us, is that the right pace going forward? What's been your ability to kind of fully capture the margin we see on our screen with those sales? And how does that change as we kind of look forward into 2026?

我想了解您在近期銷售更多貨物的能力。自上次演示以來，您已添加了大約 40 個。您能否提醒我們，這是正確的前進步伐嗎？您如何才能充分捕捉到我們在螢幕上看到的銷售利潤？當我們展望 2026 年時，情況會發生怎樣的變化？

We're really pleased with the market demand and appetite for our cargos. As you know, we're going from 18 trains at the end of 2024 producing LNG, and by the end of this year, it will be 54 trains. And so we don't look to make bets or predictions on what future prices are, and we layer in strips of sales of future cargos. So we're pleased with it, and the market demand this year and next year as we are marketing those cargos looks very, very strong.

我們對市場對我們貨物的需求和胃口感到非常滿意。如您所知，到 2024 年底，我們將擁有 18 條液化天然氣生產列車，到今年年底，將達到 54 條。因此，我們不會押注或預測未來的價格，而是分層銷售未來的貨物。因此我們對此感到滿意，而且我們銷售這些貨物的今年和明年的市場需求看起來非常非常強勁。

Maybe just a little more specifically, is this effectively formulaic at this point where you're looking to have X percent of four quarters forward sold out lower percent, et cetera?

也許更具體一點，這在目前這個階段是否有效公式化，您希望未來四個季度的 X% 的售出百分比降低，等等？

It's not quite formulaic, but we are on a fairly steady basis weekly working on transactions of sales of cargos for the balance of this year and into next year. The customer appetite on the other side is fairly steady as customers are looking to fill out portfolios, and in the case of Europe, executing their plans to put the import capacity volumes that they want in place or to fill up storage in Europe, which still is a little below historical levels at this point. And so we feel really good about demand, and, you know, we watch the conversations in the tariff negotiations with China, which also could result in increased demand this year.

這不是很公式化，但我們每週都會以相當穩定的方式處理今年和明年的貨物銷售交易。另一方面，客戶的需求相當穩定，因為客戶正在尋求填補投資組合，就歐洲而言，他們正在執行計劃，以滿足他們想要的進口能力或填滿歐洲的倉儲量，而目前歐洲的倉儲量仍略低於歷史水平。因此，我們對需求感到非常樂觀，而且，你知道，我們專注於與中國的關稅談判，這也可能導致今年的需求增加。

And maybe I'll just add one more question just on that. You know, what are those longer-term contract conversations looking at? Like, right now you increased the New Fortress contract. You talked a little bit about this but just talk to us a little bit more about your ability to sign more 20-year SBAs at this point.

也許我只想就此再補充一個問題。您知道，那些長期合約談判都在討論什麼嗎？例如，現在你增加了新堡壘的合約。您已經談了一些這方面的問題，但請您再多跟我們談談您目前是否有能力簽署更多 20 年期 SBA。

We're very active in a significant number of negotiations for long-term contracts at this point, mostly all 20-year terms. And so we expect to be executing and reporting on multiple 20-year contracts in the incoming quarters, and we're really pleased with the demand and where we stand in those negotiations. So we -- the market, the investors in our company should expect to see announcements for more 20-year deals.

目前，我們正非常積極地進行大量長期合約談判，其中大部分都是 20 年期合約。因此，我們預計將在未來幾季執行和報告多份 20 年期合同，我們對需求以及我們在談判中的立場感到非常滿意。因此，我們—市場、我們公司的投資者應該期待看到更多 20 年期交易的公告。

Appreciate that. Thanks for your time.

非常感謝。感謝您的時間。

Jeremy Tonette, JPMorgan.

摩根大通的傑里米·託內特。

Just wanted to pick up with the contracting conversation, if I could. I wondered if you could provide any updated thoughts on how you think about levels you look for for CP2 as you look to expand here, what levels of percent contract long-term you'd like. And then at the same time, I guess, as you're looking to sign these new contracts, just wondering if you could expand a bit more how you see -- how you stand versus competitors here in winning new contracts, and are your targets more existing customers or new customers? Just wondering how you think about that, given how competitive things are out there.

如果可以的話，我只是想繼續談論合約問題。我想知道您是否可以提供任何最新的想法，關於當您尋求擴展此處時，您對 CP2 所尋找的水平的看法，您希望長期合約百分比達到什麼水平。同時，我想，當您希望簽署這些新合約時，您是否可以進一步闡述您的看法——您在與競爭對手的競爭中如何贏得新合同，您的目標客戶是現有客戶還是新客戶？我只是想知道考慮到外面的競爭如此激烈，您對此有何看法。

So in the last -- well, really in the last three, four months since we started ramping up Plaquemines and have seen how the facility is producing really significantly above what our upper range of expectations were on production capacity, you know, the 140% that we've been talking about.

所以在過去的三、四個月裡，自從我們開始增加普拉克明工廠的產能以來，我們看到工廠的產量大大超出了我們對生產能力的預期上限，也就是我們所說的 140%。

And as we said in my opening remarks, we expect to see that or even a little bit better for CP2. We're -- have built and are building more production capacity than we expected and planned for even just a few months ago. And so our appetite to signing more long-term contracts is greater than it was until recently. So we are intending to do more 20-year contracts than we had been planning and which we're excited about. Appetite is very strong in the market right now. I would say it's better than it has been for the last several years.

正如我在開場白中所說的那樣，我們預計 CP2 的情況會好一些，甚至更好一些。我們已經建成並正在建立的生產能力比幾個月前預期和計劃的還要多。因此，我們簽署更多長期合約的興趣比最近更大。因此，我們打算簽訂比原計劃更多的 20 年期合同，我們對此感到非常興奮。目前市場需求非常旺盛。我想說現在的情況比過去幾年好。

And we're -- our ability to win contracts with our cost and price advantage in the market is very strong. And so we are expecting to increase our 20-year contract portfolio with existing but also with new customers as well. And like I said in my previous comments with John, you know, I think people should stand by for, you know, more announcements of 20-year contracts and incoming quarters.

而且我們憑藉市場成本和價格優勢贏得合約的能力非常強。因此，我們希望擴大與現有客戶以及新客戶的 20 年合約組合。正如我之前與約翰的評論中所說的那樣，我認為人們應該等待更多有關 20 年合約和未來幾季的公告。

Got it. Thank you for that. And maybe pivoting towards CP1 just as far as operations there, just wondering if you could talk a bit more, I guess, how you see the expected ramp there how you think about achieving the targeted excess capacity. The numbers that you put out in the past, do you think that is something you hit by the end of this year or in '26? Or just any color in general would be very helpful. Thanks.

知道了。謝謝你。或許就 CP1 的營運而言，我只是想知道您是否可以再多談一談，您如何看待那裡的預期成長，您如何看待實現目標過剩產能。您過去公佈的數字，您認為是在今年年底或 26 年達到的嗎？或一般來說任何顏色都會很有幫助。謝謝。

Sure. Since we finished the rectification work earlier, really at the end of the first quarter and early in the second quarter, that allowed us to take COD in April 15, which we're super excited about, the culmination of many years of work, particularly as it's our first project. We're very pleased since that work has been completed on the performance of Calcasieu Pass.

當然。由於我們較早完成了整改工作，實際上是在第一季末和第二季初，這使我們能夠在 4 月 15 日實現 COD，我們對此感到非常興奮，這是多年工作的成果，尤其是因為這是我們的第一個專案。我們非常高興，因為卡爾卡修通行證的演出工作已經完成。

And we performed really well through the lender reliability test. And so we feel that the guidance that we've given on the production for the year from Calcasieu Pass is conservative and reasonable. And we continue to consume a massive amount of data during the production at Calcasieu Pass that allows us to look for opportunities for enhancements to our production levels.

我們在貸款人可靠性測試中表現非常出色。因此，我們認為，我們對卡爾克蘇山口全年產量給予的指導是保守且合理的。我們在卡爾克蘇山口的生產過程中不斷消耗大量數據，這使我們能夠尋找提高生產水準的機會。

We also, since we made some significant design improvements between Calcasieu Pass and Plaquemines, have learned a lot at Plaquemines already that we'll be able to go back over time and apply to Calcasieu Pass to increase our production levels. And because of that, we have a pretty clear idea and plan about what we're going to be able to achieve at Calcasieu Pass.

此外，由於我們在卡爾克蘇山口和普拉克明之間做出了一些重大的設計改進，我們已經在普拉克明學到了很多東西，隨著時間的推移，我們將能夠將這些經驗應用到卡爾克蘇山口，以提高我們的生產水平。正因為如此，我們對在卡爾克蘇山口要實現的目標有一個非常清晰的想法和計劃。

For the moment, we're going to maintain the guidance where we stand and we'll let a quarter or two pass. And as we layer in some incremental improvements there, we know there are opportunities on the upside at Calcasieu Pass.

目前，我們將維持目前的指導方針，並讓一兩個季度過去。隨著我們逐步在那裡進行改進，我們知道卡爾克蘇山口還有上升的機會。

Our Plaquemines and CP2 facilities, including the significant brownfield opportunities at both those facilities, are so much larger, just on an absolute basis, than Calcasieu Pass that the upside opportunities at those facilities really, from a math standpoint, overwhelm the incremental upside at Calcasieu Pass. We'll still do it, but the upside in the math is just going to be bigger at the bigger facilities.

我們的普拉克明和 CP2 設施，包括這兩個設施的重大棕地機會，在絕對數量上比卡爾克蘇山口大得多，從數學角度來看，這些設施的上升機會實際上超過了卡爾克蘇山口的增量上升空間。我們仍然會這樣做，但從數學上看，設施越大，好處就越大。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

HAs just noted, your volume ramp for Plaquemines has been really impressive. So just to kind of drill down a bit on the comments that you just had, but what is going forward, what is the sort of limiter or limiting factor that drives your Plaquemines ramp? Is it getting approvals to start the modules or the constraints driven by the temporary power or something else that drives the volume ramp there?

HA 剛剛指出，您對 Plaquemines 的銷售成長確實令人印象深刻。因此，只是想對您剛才的評論進行一些深入探討，但接下來會發生什麼，是什麼樣的限制因素或限制因素推動了您在 Plaquemines 的發展？它是否獲得了啟動模組的批准或臨時電源或其他因素所驅動的限制，從而推動了產量的提升？

That's a great question, and it has a big impact on our year just because of the significant number of trains that we're adding. The ramp is at this point is really constrained by the ramp of power as we increase the power required for the trains. And FERC is doing a good job keeping pace with our incremental commissioning activity at Plaquemines.

這是一個很好的問題，而且由於我們增加了大量的列車，這對我們今年產生了很大的影響。當我們增加列車所需的功率時，此時的坡道確實受到功率坡道的限制。聯邦能源管理委員會 (FERC) 在跟上我們在普拉克明的增量調試活動方面做得很好。

And so really it's the power. We plan for years to layer in the temporary power between the additional turbines that we integrated into the site and how we added some simple cycle capacity that's temporary out of our phase one power plant that's allowed us to achieve this significant ramp, I don't have the math in front of us, but it might be the fastest ramp up to our cargo count that's been done at any facility.

所以這確實是一種力量。我們計劃用數年時間在我們整合到現場的額外渦輪機之間分層提供臨時電力，以及我們如何在第一階段發電廠之外臨時增加一些簡單循環容量，這使我們能夠實現這一顯著的增長，我沒有計算過，但這可能是我們在任何設施中實現的最快的貨物數量增長。

We'll have more on that in the future, but it really is about the power ramp. But we plan to and expect to have all 36 trains at Plaquemines producing LNG this year, which will take our total to 54 trains, which we're really proud of the team on. And as you know, we purchased 36 trains at CP2 already, so we're producing, commissioning, manufacturing, developing 90 trains right now as a company.

我們將來會對此進行更多探討，但這實際上是關於功率提升的。但我們計劃並預計今年普拉克明的所有 36 列火車都將生產液化天然氣，這樣我們的火車總數將達到 54 列，我們為我們的團隊感到非常自豪。如您所知，我們已經在 CP2 購買了 36 列火車，因此我們公司目前正在生產、調試、製造和開發 90 列火車。

Great, that's very helpful. And then do you anticipate that getting the FERC permit at CP2 will help you get contracts? Was that important to potential customers?

太好了，這非常有幫助。那麼您是否預計獲得 CP2 的 FERC 許可證將有助於您獲得合約？這對潛在客戶來說重要嗎？

I think in this permitting environment, people fully expect and have expected CP2 to get all its final approvals, and so I don't think that was a constraint or is a constraint on the customer side. We don't feel constrained. We're in active discussions with all the contracts that we want for CP2, and so we don't feel constrained at all on it, and we feel like they're going well.

我認為在這種許可環境下，人們完全期望並一直期望 CP2 獲得所有最終批准，因此我認為這不是一個限制，也不是客戶方面的限制。我們並不覺得受到限制。我們正在積極討論 CP2 所需的所有合同，因此我們感覺沒有任何限制，而且我們覺得一切進展順利。

Great, thanks a lot. It was a major milestone, Jan, with the approval just this past Friday, the confirmation from FERC on our supplemental air environmental impact statement on schedule from FERC. And the second time, they've reaffirmed that we have no significant impacts on air, and of course, we have the full FERC authorization from FERC already on the overall EIS and are waiting for just the final commission confirmation of that.

太好了，非常感謝。簡，這是一個重要的里程碑，就在上週五，聯邦能源管理委員會 (FERC) 批准並按時確認了我們的補充空氣環境影響聲明。第二次，他們重申我們對空氣沒有重大影響，當然，我們已經獲得了 FERC 對整體 EIS 的完整授權，正在等待委員會的最終確認。

Great, super helpful. Thank you.

太棒了，超級有幫助。謝謝。

Elvira Scotto, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Elvira Scotto。

Thanks for all the tariff commentary and cost impact to CP2. Can you talk about some of the other costs? Specifically, I'm thinking labor costs, especially as we see more of these projects potentially move forward. So any other costs or your views on if there's a potential that CP2 goes above that $27 billion to $28 billion cost estimate?

感謝所有關於 CP2 的關稅評論和成本影響。您能談談其他一些費用嗎？具體來說，我考慮的是勞動力成本，特別是當我們看到更多此類項目有可能向前推進時。那麼還有其他成本嗎？或者您對 CP2 的成本有可能超過 270 億美元至 280 億美元估算有何看法？

So we think from a cost perspective, you know, the last couple of years, and we think it will continue to be the case in the near term is probably the toughest environment to build large projects in since the 970s, just given the intense inflation that's occurred and the higher interest rates on top of it that's happened in the last few years.

因此，從成本角度來看，我們認為過去幾年的情況可能在短期內持續如此，這可能是自 20 世紀 70 年代以來建設大型項目最艱難的環境，因為過去幾年出現了嚴重的通貨膨脹，而且利率也隨之上升。

So it's an incredibly challenging environment. And so it's something that we work and live every day because of the scale of construction that we're doing every month at Plaquemines and CP2 through all the procurement and fabrication activity that we're already doing at CP2.

這是一個極具挑戰性的環境。因此，這是我們每天工作和生活的事情，因為我們每個月在普拉克明和 CP2 進行的建設規模很大，而且我們已經在 CP2 進行所有採購和製造活動。

Having said that, we think we're in the strongest position of any project in the world to manage it. Our unique configuration where so much of our facility is manufactured and fabricated in factories and fabrication facilities around the world gives us a huge advantage on that. We have scripted that out for the third time with our team for CP2 after CP1 and Plaquemines.

話雖如此，我們認為我們在管理該專案方面處於世界上最強的地位。我們的獨特配置使我們擁有巨大的優勢，我們的大部分設備都是在世界各地的工廠和製造廠製造和生產的。繼 CP1 和普拉克明之後，我們與團隊第三次為 CP2 制定了這項計劃。

So we think we're in a very strong position from what we've projected on costs for CP2. We are very far along. In fact, the farthest we've ever been on a project on both engineering and procurement and have received, for example, most of our power plant for phase one is already in our possession.

因此，我們認為，從我們對 CP2 成本的預測來看，我們處於非常有利的地位。我們已經走了很遠了。事實上，這是我們在工程和採購方面取得的最長的一個項目，例如，我們第一階段的大部分發電廠已經歸我們所有。

Our first liquefaction trains arrive in just the next few months. I think we're planning on 12 roughly for this year, 12 trains for this year that are already in manufacture. And so we feel really strong about that. On the labor side, again, because so much of our facility is built off-site, we have the lowest labor footprint of, I think, any LNG project of our scale on a relative or pro forma basis on size of facility.

我們的第一批液化列車將在未來幾個月內抵達。我認為我們今年計劃生產大約 12 列火車，目前已有 12 列火車投入生產。因此我們對此深感憂慮。在勞動力方面，由於我們的大部分設施都是在場外建造的，因此我認為，按設施規模的相對或形式基礎計算，我們的勞動力足跡是所有同等規模的液化天然氣項目中最低的。

So we think we're in a very strong position. And because of our net cost advantage as a project, it gives us pricing power. So any challenges on costs and schedule that exist in the macro environment for us are really opportunities for us to gain more advantage over competitors.

因此我們認為我們處於非常有利的地位。而且由於我們專案的淨成本優勢，它賦予了我們定價權。因此，宏觀環境中存在的任何成本和進度方面的挑戰實際上都是我們超越競爭對手的機會。

Okay, great. Thank you for that. And then just going back to the competitive environment, given the competition and the potential FIDs here, what are you seeing in terms of kind of offtake rates or fees? Are you seeing downward pressure on rates or is the appetite strong enough that rates are holding steady?

好的，太好了。謝謝你。然後回到競爭環境，考慮到競爭和潛在的最終投資決定 (FID)，您認為承購率或費用會是怎樣的？您是否認為利率面臨下行壓力，或者利率保持穩定的意願是否足夠強烈？

There are a lot of projects out there that are competing and offering contracts. They're not all equal, though, because the delivery schedules for projects are very different. And in the case of CP2, given how we were able to execute on schedule for Plaquemines creates an advantage for us, including how far along we are in our investments in engineering at CP2 as well.

有很多項目正在競爭並提供合約。然而，它們並不完全相同，因為專案的交付時間表非常不同。就 CP2 而言，考慮到我們能夠按時完成普拉克明項目，這對我們來說是一個優勢，包括我們在 CP2 工程投資方面的進展。

And so those advantages show up in price as well, either in potentially higher prices that can be achieved or in the ability to capture market share because of the attractiveness and when we can deliver those. I would say overall that the ability to raise prices in this market is a little bit limited for the moment, but the ability to execute at prices that are very profitable for us is super attractive right now.

因此，這些優勢也體現在價格上，要麼體現在可能實現的更高價格上，要麼體現在由於吸引力而佔領市場份額的能力上，以及我們何時能夠實現這些吸引力。我想說，總體而言，目前這個市場漲價的能力有點有限，但以對我們來說非常有利可圖的價格執行的能力現在非常有吸引力。

Brandon Bingham, Scotiabank.

布蘭登‧賓厄姆，加拿大豐業銀行。

I wanted to ask, and I know this is a smaller piece of the pie right now, but just if you could discuss some of the lower 48 production developments that we're currently seeing and that are sort of expected to persist over the next 12 to 18 months. What, if any, potential bottlenecks or maybe opportunities do you see with some of the projects, the pipeline projects specifically, that you kind of have going and in the backlog or maybe even to a lesser extent on the sourcing of feed gas side of things?

我想問一下，我知道這只是目前一小部分，但您是否可以討論一下我們目前看到的 48 個較低產量發展情況，預計這些情況將在未來 12 到 18 個月內持續下去。您認為在某些項目（特別是管道項目）中存在哪些潛在的瓶頸或機會？這些項目目前處於進行中或積壓狀態，或是在原料氣採購方面積壓的程度較小？

So, from a middle and longer term perspective, we expect there to be a faster permitting environment that's going to be very positive in just providing more connectivity between the basins and support investments in more production to support rising demand.

因此，從中期和長期來看，我們預計許可環境將會更快，這將非常有利於增強盆地之間的連通性，並支持對更多生產的投資，以滿足不斷增長的需求。

For us, in the case of CP2, we are super happy with the plan, really, that we laid out a couple of years ago and we've been executing on, which is a longer lateral, which is called CPX for CP2, which goes to the west and interconnects with lots of pipes, including a large pipe, black fin, that is moving along.

對我們來說，就 CP2 而言，我們對幾年前製定的計劃非常滿意，並且一直在執行，這是一個更長的水平管道，我們稱之為 CP2 的 CPX，它向西延伸並與許多管道互連，包括一個沿著管道移動的大管道、黑色鰭狀物。

Well, with our partners at Whitewater, that connects further to the west with [Matterhorn], which is a pipe that goes all the way to Permian, where we have a 20 year, a very large 20 year transportation agreement with. And so we feel in great position on gas supply for our next project, CP2.

嗯，我們與 Whitewater 的合作夥伴將管道進一步向西連接到 [Matterhorn]，這是一條一直延伸到 Permian 的管道，我們與那裡簽訂了為期 20 年的運輸協議，這是一個非常大的 20 年運輸協議。因此，我們認為我們的下一個項目 CP2 的天然氣供應處於非常有利的地位。

For existing projects, there's additional pipes that are going in, in Haynesville, additional in Texas, and multiple pipes also cutting across going from west to east that give us, bringing over more supply that will support Plaquemines as well.

對於現有項目，在海恩斯維爾和德克薩斯州還有更多管道正在鋪設，還有多條管道從西向東穿過，為我們帶來更多的供應，也為普拉克明提供支持。

I will add, just going back to the huge amount of gas that with our pipes and other pipes will be coming across from the Permian, that nitrogen content, which is higher in Permian, creates a challenge for liquefaction and in shipping.

我要補充的是，回到通過我們的管道和其他管道從二疊紀盆地輸送的大量天然氣的問題上，二疊紀盆地的氮含量較高，這對液化和運輸構成了挑戰。

And we anticipated this several years ago and engineered and procured and are now fabricating huge NRU systems, which I think right now are the largest on the Gulf Coast, that will enable us to process large volumes of Permian gas, which other facilities are going to be more challenged with. And so we feel, like I said, we feel really good about our gas position for all our projects, but CP2, our next one as well.

我們幾年前就預見了這一點，並設計、採購並正在製造大型 NRU 系統，我認為這些系統是目前墨西哥灣沿岸最大的系統，這將使我們能夠處理大量的二疊紀天然氣，而其他設施將面臨更大的挑戰。因此，就像我說的，我們感覺我們對所有項目的天然氣狀況都非常滿意，而我們的下一個項目 CP2 也是如此。

Great, great. That's great to hear. And then maybe just a quick one, like Plaquemines first LNG timing was pretty accelerated. To what extent can we maybe extrapolate that into CP2 timing, just kind of given the manufacturing style or modular style of the business and the assets?

太好了，太好了。聽到這個消息真是太好了。然後可能只是一個快速的，就像普拉克明的第一個液化天然氣時間相當快一樣。在給定業務和資產的製造風格或模組化風格的情況下，我們可以在多大程度上將其推斷到 CP2 時間安排中？

We think quite a bit. So the first trains at CP2 will be trains number 55 and 56. And that applies to our other systems, since our facilities are largely identical. And our team, which is 1,600 and growing, have now executed multiple identical systems across power and liquefaction and pretreatment and balance of plant, marine systems, et cetera.

我們想了很多。因此 CP2 的首班列車將是 55 號和 56 號列車。這也適用於我們的其他系統，因為我們的設施大致相同。我們的團隊目前有 1,600 名成員，並且還在不斷壯大，現已在發電、液化、預處理、工廠平衡、船舶系統等領域實施了多個相同的系統。

And those lessons learned have carried over into CP2, and we're really excited about it, where things that have worked well or things that didn't work well are incorporated into our execution. We are also the furthest along on engineering and procurement by far of our three projects. Pre-FID for Plaquemines for both Phase 1 and Phase 2 were a little over $1.6 billion. And for CP2, we're around $5 billion.

這些經驗教訓已經延續到了 CP2，我們對此感到非常興奮，其中行之有效或行之無效的事情都被納入我們的執行中。在我們的三個專案中，我們在工程和採購方面也是迄今為止進展最快的。普拉克明一期和二期計畫的最終投資決定前金額均略高於 16 億美元。對於 CP2，我們的投資約為 50 億美元。

And so that, combined with how far along on engineering and how we're repeating execution of the same configuration, systems, equipment, supply chain, make us really excited about execution for CP2. And so we think, subject to weather delays at CP2, that our target is to do better than we did at Plaquemines.

因此，結合工程進展以及我們如何重複執行相同的配置、系統、設備、供應鏈，我們對 CP2 的執行感到非常興奮。因此我們認為，儘管 CP2 可能會受到天氣延誤的影響，但我們的目標是比在普拉克明的表現更好。

And the weather delays are really accumulated lightning stand downs more than hurricanes. Over the course of construction of several years, it's afternoon lightning activity that causes you, for safety reasons, to stand down at construction sites. Generally aggregates the more days off than hurricanes coming through. But other than that, we feel very excited about where we are planning on schedules for CP2.

天氣延誤實際上是由於累積的雷電造成的，而不是颶風。在幾年的施工過程中，午後的雷電活動會迫使你出於安全原因在施工現場停留一段時間。通常，休假天數比颶風來襲天數還要多。但除此之外，我們對 CP2 的計畫時間表感到非常興奮。

Christopher Robertson, Deutsche Bank.

克里斯多福·羅伯遜，德意志銀行。

Hey, Mike. Just as it relates to the conversations with potential new contract customers, are those conversations taking place with the traditional kind of Northwest European and Northeast Asian market participants? Or are you having conversations with potential customers in other regions, Southeast Asia, South Asia, and other emerging markets?

嘿，麥克。正如它與潛在的新合約客戶的對話一樣，這些對話是否與傳統的西北歐和東北亞市場參與者進行？還是您正在與其他地區、東南亞、南亞和其他新興市場的潛在客戶進行對話？

We're talking with the traditional buyers that you described, in addition to some that are in other regions as well. I would say the bulk of it are the known buyers in the market. As I'm answering this question, I'm thinking about the distribution of buyers. It's still tilted a little bit towards European buyers. But the Asian buyers, and that includes multiple countries in Asia, are still very active. And I would say the level of interest I would still describe as increasing from an already very active level --

我們正在與您所描述的傳統買家進行交談，此外還與其他地區的一些買家進行交談。我想說其中大部分都是市場上已知的買家。當我回答這個問題時，我正在考慮買家的分佈。它仍然有點傾向於歐洲買家。但包括亞洲多個國家在內的亞洲買家仍然非常活躍。我想說的是，我的興趣水平仍在不斷提高，並且已經非常活躍--

Okay, great -- go ahead. Go ahead, Mike.

好的，太好了——繼續。繼續吧，麥克。

We're incredibly bullish on the short, middle, and long-term demand for gas. We continue to see that in the market activity and the appetite. And so the middle, short, and long-term contracting activity is strong, and we expect to get stronger.

我們對短期、中期和長期的天然氣需求非常樂觀。我們繼續在市場活動和需求中看到這一點。因此，中期、短期和長期承包活動強勁，我們預期會更加強勁。

And we think that gas is going to play an increasingly important role as the data center demand continues and the investment in data center demand continues to increase in a market that we still view as very, very tight on electricity generation capacity in both Europe and Asia.

我們認為，隨著資料中心需求的持續成長以及對資料中心需求的投資不斷增加，天然氣將發揮越來越重要的作用，而我們仍然認為歐洲和亞洲的發電能力非常緊張。

And so it's a great market to be in, and venture global between CP2 and our brownfield expansions is probably the largest stop for available capacity in the next three, four, five years.

因此，這是一個很好的市場，而 CP2 和我們的棕地擴建之間的全球創投可能是未來三、四、五年內可用產能最大的站點。

Thanks for that color, Mike. I just have my follow-up question. As it relates to Plaquemines, you said you plan to exit May at 24 trains will exit the year with all 36. Can you just comment around how many trains we're producing at the end of March, and how should we think about either on a quarterly cadence or monthly cadence? Will it be kind of steady ramp up from here, or will there be certain quarters or months where there's a step change in production as a power unit is installed or optimized or something like that? I guess just commentary about cadence of production ramp for the remaining of the year.

謝謝你的顏色，麥克。我只是想問後續問題。至於普拉克明，您說您計劃在 5 月 24 日退出，今年將退出所有 36 列火車。您能否評論一下我們在三月底生產了多少火車，以及我們應該如何考慮按季度或按月生產？從現在開始產量會穩定上升嗎？還是會在某些季度或月份，隨著動力裝置的安裝或最佳化或類似情況，產量會發生階躍變化？我想這只是對今年剩餘時間生產進度的評論。

Great. Thank you. Jack. Jack Thayer is going to pick up that question.

偉大的。謝謝。傑克。傑克·塞耶將回答這個問題。

Sure. So we had nine blocks or 18 trains operating at the end of Q1. We'll bring a further three on this quarter in Q2, which will complete the phase one liquefaction build out of the project.

當然。因此，我們在第一季末有 9 個班次或 18 列火車在運行。我們將在第二季再引進三家工廠，完成此工程第一階段的液化建設。

The next step is completing the power island for phase one and getting that into combined cycle, which allows us to shift the temporary power to focus on bringing on the remaining blocks and trains in phase two. And you should see that pretty steadily ramp, but it will pick up in more of Q3 when we complete the power island in Phase 1, and we're able to turn that temp power to bringing on the remaining blocks in phase two and Q4.

下一步是完成第一階段的動力島並將其納入聯合循環，這使我們能夠轉移臨時電源，專注於啟動第二階段剩餘的區塊和列車。您應該會看到，這一數字正在穩步上升，但當我們在第一階段完成電力島時，這一數字將在第三季度進一步上升，並且我們能夠將臨時電力轉化為第二階段和第四季度剩餘的電力。

Got it. Yeah, that's really helpful. I'll turn it over.

知道了。是的，這確實很有幫助。我把它翻過來。

Yeah, I would add to that that when you look at first quarter to fourth quarter for Blockamond, we're going to be triple the production at the end of this year that we are today. And so when you think about going into the end of the year and next year, we're going to be moving from 18 trains at the end of this year to 54 trains producing, you know, all of next year.

是的，我想補充一點，當你看 Blockamond 第一季到第四季時，你會發現我們今年年底的產量將是現在的三倍。因此，當您想到進入今年年底和明年時，我們將從今年年底的 18 列火車增加到 54 列火車，您知道，這是明年全年的產量。

And so it's an enormous step change for us. And of course, as we're adding the 36 trains from CP2, there's a tremendous amount of built-in growth that's coming that we've already made our investments in that are still ramping up ramping up production and earnings on.

所以這對我們來說是一個巨大的改變。當然，隨著我們從 CP2 增加 36 列火車，我們已經進行了投資，這將帶來巨大的內在成長，並且仍在不斷提高產量和收益。

Robert Mosca, Mizuho.

瑞穗的羅伯特·莫斯卡。

Just wondering if you guys could provide an update to the expansion potential at CP1 and maybe even CP2. The Plaquemines expansion you signaled last quarter was a bit larger than expected. So could we see similar expansion upsizing at those projects? And how would that affect the batting order alongside CP3 and Delta, just given a more costly construction environment?

只是想知道你們是否可以提供 CP1 甚至 CP2 的擴展潛力的最新消息。您上個季度提到的 Plaquemines 擴張規模比預期要大一些。那麼我們是否可以看到這些項目出現類似的擴張呢？而且考慮到更昂貴的建設環境，這會如何影響 CP3 和 Delta 的擊球順序？

The brownfield expansion at Plaquemines and at CP2 are larger than we have been able, we have expected to be able to layer on top of our facilities. The throughput capacity of the balancer plant, the jetties, the tanks, as we advanced our engineering studies, proved to be much more positive than we initially thought. So those brownfield opportunities are much, much larger and which we're very excited about because we can build those faster and with the cost advantages of being brownfield.

普拉克明和 CP2 的棕地擴建規模超出了我們的能力範圍，我們預計能夠在我們的設施之上進行分層擴建。隨著我們工程研究的深入，平衡器工廠、碼頭和水箱的吞吐能力被證明比我們最初想像的要積極得多。因此，這些棕地機會要大得多，我們對此感到非常興奮，因為我們可以更快地建造它們，並且具有棕地的成本優勢。

So given the scale of those, you know, our plan is to shift those brownfield expansions in front of CP3. We're still going to permit all of it. But as far as timing goes, the large brownfields will shift in front of the CP3 and Delta. And we're also on top of it excited about, and this is part of the scale, the magnitude of the excess capacity production that we're going to be able to achieve on those brownfield expansions.

因此，考慮到這些項目的規模，我們的計劃是將這些棕地擴建項目轉移到 CP3 前面。我們仍然會允許這一切。但就時間而言，大片棕地將轉移到 CP3 和 Delta 前方。除此之外，我們也對此感到興奮，這是我們在這些棕地擴張中能夠實現的過剩產能生產的規模和數量的一部分。

We expect to look just like what we're achieving or better on Plaquemines. And also, I'd layer on that because those brownfield opportunities are much larger, we have a lot more volume that we can contract on a long-term basis at very attractive, competitive prices. And so we're going to do, I would say, a significant more amount of long-term contracting as a result of how much larger these opportunities are than we had planned even just a few months ago.

我們期望取得與普拉克明相同的成績，甚至更好。而且，我還要強調的是，由於這些棕地機會要大得多，我們有更多的數量可以以非常有吸引力、有競爭力的價格簽訂長期合約。因此，我想說，我們將會簽訂更多的長期合同，因為這些機會比我們幾個月前計劃的要大得多。

Got it. That's helpful color. And follow-up from me, just revisiting the cost outlook at CP2, wondering what your timeline is looking like for entering into an EPC contract for Phase 2?

知道了。這是很有幫助的顏色。我的後續問題是，重新檢視 CP2 的成本前景，想知道您簽訂第二階段 EPC 合約的時間表是怎樣的？

We've -- keep in mind the EPC for us has a different role than it does for the rest of the industry that outsources their custom construction for the whole facilities. Because we build so much of our facilities, starting back with our first project, CP1, through manufacturers and fabricators, we, again, starting with CP1, managed, and as owners, a huge portion of our facilities.

請記住，EPC 對我們來說具有與行業其他部分不同的作用，其他部分將整個設施的客製化建設外包。因為我們建造瞭如此多的設施，從我們的第一個項目 CP1 開始，就通過製造商和製造商，因此，從 CP1 開始，我們作為所有者管理了我們設施的很大一部分。

And so the EPC scopes are smaller. We also have built our own internal EPC team that's hundreds and hundreds of very specialized, we think, high performers for all our scopes. And so we manage execution, we're doing it at Blockman's, and we'll do more of it at CP2. And so the role of EPC is much smaller for our projects. We've been working in engineering, procuring with Worley at CP2, and they've been an active partner for us.

因此 EPC 範圍較小。我們也建立了自己的內部 EPC 團隊，其中有數百名我們認為在所有領域都非常專業的高績效人員。因此，我們管理執行，我們在 Blockman 進行執行，並且我們將在 CP2 進行更多執行。因此，對於我們的專案來說，EPC 的作用要小得多。我們一直與 CP2 的 Worley 合作進行工程和採購工作，他們一直是我們積極的合作夥伴。

And so we expect to layer on additional EPC contracts here in coming months. But we're working closely now with EPCs and very large subcontractors performing massive scale work. We're, as we described, $5 billion into CP2 as well, or already. So there's a huge amount of activity with a large number of contractors that's been ongoing for a couple years now.

因此，我們預計在未來幾個月內將在這裡簽訂更多的 EPC 合約。但我們目前正與 EPC 和大型分包商密切合作，進行大規模工作。正如我們所描述的，我們已經向 CP2 投入了 50 億美元。因此，大量承包商的大量活動已經持續了幾年。

Got it. Appreciate the time, everyone.

知道了。感謝大家的時間。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

So I see the spending plans at CP2 in the slides, so thank you for that. So my question is, does this represent all or most of the CapEx spending you're planning in 2025? And if not, how do we just think about total CapEx in 2025?

我在幻燈片中看到了 CP2 的支出計劃，對此我表示感謝。所以我的問題是，這是否代表了您計劃在 2025 年進行的全部或大部分資本支出？如果不是，我們如何看待 2025 年的總資本支出？

CP2 is the vast majority of the CapEx expense. The brownfield projects that we talked about earlier on this call are in permitting right now. And so the bulk of the expense will be CP2. We will have some other expenses related to growth, but the bulk of it is going to be CP2. And, Jack, did you have additional that you wanted to add as well?

CP2 佔資本支出的絕大部分。我們之前在電話中談到的棕地計畫目前正在審批中。因此大部分費用將是 CP2。我們也會有一些與成長相關的其他開支，但其中大部分將用於 CP2。傑克，你還有其他想補充的嗎？

Only, Mike, that, as you mentioned in your remarks, we're undergoing the FID process for CP2. The critical first step of that was the $3 billion bank loan that is funding the growth as we finalize contracting and get ready to proceed to full FID and launch once we receive notice to proceed from the FERC. So we feel good about our funding levels and our access to capital. And the focus, Mike, as you mentioned, is almost exclusively CP2 and then permitting and engineering development of future expansion projects.

只是，麥克，正如你在發言中提到的，我們正在進行 CP2 的 FID 流程。其中至關重要的第一步是獲得 30 億美元的銀行貸款，用於資助我們最終簽訂合約並準備進行全面 FID 並在收到 FERC 的通知後啟動專案。因此，我們對我們的融資水準和資本獲取管道感到滿意。正如您所說，邁克，我們的重點幾乎完全是 CP2，然後是未來擴建項目的許可和工程開發。

Yeah. I would add our CP2 expenses are project-level asset-based project financing, which we've done previously and the market is used to seeing.

是的。我想補充一點，我們的 CP2 費用是專案級的基於資產的專案融資，我們之前已經做過，市場也習慣看到。

Thank you. This concludes Venture Global Inc.'s first-quarter 2025 earnings presentation. The presentation can be found on the company's website. Thank you for joining. Goodbye.

謝謝。這就是 Venture Global Inc. 2025 年第一季財報。該演示文稿可以在該公司的網站上找到。感謝您的加入。再見。