Venture Global Inc (VG) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Venture Global Inc, second quarter 2025 earnings call.

早安，歡迎參加 Venture Global Inc 2025 年第二季財報電話會議。

At this time, I would like to turn the conference call over to Ben Nolan, Senior Vice President, Investor Relations.

現在，我想將電話會議交給投資者關係高級副總裁 Ben Nolan。

Thank you, operator. Good morning, everyone, and welcome to Venture Global, Inc's second quarter 2025 earnings call. I'm joined this morning by Mike Sabel, Venture Global's CEO, Executive Co-Chairman and 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 年第二季財報電話會議。今天上午，與我一起參加會議的還有 Venture Global 執行長、執行聯席主席兼創辦人 Mike Sabel、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. A reconciliation of these metrics to the most relevant GAAP measures can be found in the appendix of the earnings presentation posted on our website.

此外，我們可能會引用某些非 GAAP 指標，例如合併調整後 EBITDA。在我們網站上發布的收益報告附錄中可以找到這些指標與最相關的 GAAP 指標的對帳。

Finally, the guidance in this presentation is only effective as of today. In general, we will not update guidance until the following quarter and will not update or affirm guidance other than through broadly disseminated public disclosure.

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'll now turn the call over to Mike Sabel.

現在我將電話轉給麥克·薩貝爾。

Thank you, Ben. Good morning, everyone, and thank you for joining us today. We are pleased to share our second quarter 2025 results and update our guidance for 2025, which we believe will be a strong year for Venture Global. I will begin the call with an overview of our second quarter 2025 key accomplishments and results before shifting to our LNG projects individually. I'll then make some remarks on the LNG industry broadly before turning over the call to Jack, who will provide a more detailed review of our financial results and updated guidance for fiscal year 2025. Following our prepared remarks, we will open the call to Q&A.

謝謝你，本。大家早安，感謝大家今天加入我們。我們很高興分享我們 2025 年第二季的業績並更新我們對 2025 年的指導，我們相信這將是 Venture Global 強勁的一年。我將在電話會議中首先概述我們 2025 年第二季度的主要成就和結果，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，他將對我們的財務業績進行更詳細的回顧，並對 2025 財年進行更新指導。在我們準備好發言之後，我們將開始問答環節。

Turning to page 5 of the presentation. We are pleased to highlight that the past several months have been especially productive for Venture Global. First, we took our final investment decision, or FID, on Phase 1 of our CP2 project, which was the single largest standalone project financing ever. And as we'll discuss more in a moment, our team is fully deployed and working to safely build our third large-scale LNG production facility. Importantly, we took FID without issuing incremental equity and retaining 100% ownership in the project.

翻到簡報的第 5 頁。我們很高興地強調，過去幾個月對 Venture Global 來說是特別有成效的。首先，我們對 CP2 專案第一階段做出了最終投資決定（FID），這是有史以​​來最大的獨立專案融資。正如我們稍後將進一步討論的那樣，我們的團隊已全面部署並致力於安全地建造我們的第三個大型液化天然氣生產設施。重要的是，我們採取了 FID，但沒有發行增量股權，並且保留了該項目 100% 的所有權。

Secondly, I'm happy to say that the team here delivered on the commitment I made last quarter to sign multiple long-term LNG sales and purchase agreements, or SPAs, in coming quarters. In July, we signed two new 20-year contracts, one with Petronas and one with Eni, and expanded our long-term sales to SEFE Germany, increasing the total exported volumes under that contract at 3.75 MTPA. We expect our long-term contracting activity to continue through the remainder of this year.

其次，我很高興地說，這裡的團隊履行了我上個季度所做的承諾，即在未來幾季簽署多份長期液化天然氣銷售和購買協議（SPA）。7 月份，我們與 Petronas 和 Eni 分別簽署了兩份新的 20 年期合同，並擴大了對 SEFE 德國的長期銷售，使該合約項下的總出口量增加到 375 萬噸/年。我們預計我們的長期承包活動將持續到今年剩餘時間。

And finally, on the capital front, in addition to the $15.1 billion of financing, we completed as part of the CP2 FID, we also raised $6.5 billion in new bonds to refinance construction term debt at Plaquemines. Adding to these notable milestones, Venture Global shipped a record 89 cargoes in the second quarter of 2025, which is at the top of the guidance range, as we continued the production ramp up at Plaquemines.

最後，在資本方面，除了我們作為 CP2 FID 的一部分完成的 151 億美元融資外，我們還籌集了 65 億美元的新債券，為 Plaquemines 的建設定期債務進行再融資。除了這些值得注意的里程碑之外，隨著我們繼續提高普拉克明的產量，Venture Global 在 2025 年第二季度運送了創紀錄的 89 批貨物，達到了指導範圍的最高水平。

This ramp-up in combination with stable output from Calcasieu Pass enabled us to generate $3.1 billion of revenue, $1 billion in income from operations, net income attributable to common shareholders of $368 million and $1.4 billion of consolidated adjusted EBITDA, representing increases of 180%, 186%, 21% and 217%, respectively, compared with the second quarter of 2024. Once again, this impressive financial performance and the growth in LNG production are attributable to consistent execution and operational excellence by the Venture Global team.

產量提升加上卡爾克蘇山口的穩定產出，使我們實現了 31 億美元的收入、10 億美元的營業收入、3.68 億美元的歸屬於普通股股東的淨收入和 14 億美元的合併調整後 EBITDA，與 2024 年第二季度相比，分別增長了 180%、1862121%。再次，這一令人印象深刻的財務表現和液化天然氣產量的成長歸功於 Venture Global 團隊的一貫執行和卓越營運。

As we noted last quarter, changes in natural gas prices, both domestic and international, could impact our consolidated adjusted EBITDA guidance. While both domestic and international gas prices had fluctuated since our last report, we have continued to lock in future cargo sales and reduce our exposure to pricing variability for the year. As a result, looking ahead to the remainder of 2025, we are maintaining our guidance for $6.4 billion to $6.8 billion of consolidated adjusted EBITDA for 2025, which reflects a $6 to $7 per MMBtu fixed liquefaction fee range for available cargos, which is consistent with recent contracting in current TTF and JKM forward price expectations. We will continue to update our guidance each quarter to reflect shifts in market forwards, especially during the commissioning phases of our projects.

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。儘管自上次報告以來國內和國際天然氣價格都出現了波動，但我們仍繼續鎖定未來的貨物銷售，並降低今年價格波動的影響。因此，展望 2025 年剩餘時間，我們維持 2025 年合併調整後 EBITDA 64 億美元至 68 億美元的預期，這反映了可用貨物每 MMBtu 6 至 7 美元的固定液化費用範圍，這與當前 TTF 和 JKM 遠期價格預期中的近期收縮一致。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。

Moving to slide 6. Following the final investment decision of the CP2 Phase 1, we thought it would be interesting to take a look at how far Venture Global has come in a short time. Six years ago this month, we took FID on our first facility, Calcasieu Pass. Now based on our three projects in operation exporting or under construction, totaling approximately 67 MTPA, we would be the largest LNG producer in North America and the second largest in the world and with $46.5 billion of assets as of June 30.

移至幻燈片 6。在做出 CP2 第一階段的最終投資決定之後，我們認為看看 Venture Global 在短時間內取得了多大的進步將會很有趣。六年前的這個月份，我們對我們的第一個設施卡爾克蘇山口進行了 FID。現在，根據我們正在運營、出口或正在建造的三個項目，總計約 67 MTPA，我們將成為北美最大的液化天然氣生產商和世界第二大液化天然氣生產商，截至 6 月 30 日，我們的資產總額為 465 億美元。

We have an average remaining contract duration of 19 years now relative to nameplate capacity, and we expect to have 17 MTPA of excess production capacity from our first three facilities before including brownfield expansions. And we believe we are on track to meet our goal of 100 million tonnes or more of production online or under construction by 2030.

相對於額定產能，我們目前的平均剩餘合約期限為 19 年，並且我們預計在包括棕地擴建之前，我們的前三個設施將擁有 17 MTPA 的過剩產能。我們相信，我們預計將實現 2030 年上線或在建產能達到 1 億噸或以上的目標。

As I mentioned, I think it's worth reiterating, we have not needed to sell any equity interest in either Plaquemines or CP2 to support our financings and retain 100% ownership with our shareholders in both projects. Our facilities will significantly improve US balance of trade with potentially more than $1 trillion of export value to the United States over the coming decades. I'm also extremely proud to continue our industry-leading safety record, as Venture Global's top priority is making sure that our hard-working people make it home safely each day.

正如我所提到的，我認為值得重申的是，我們不需要出售 Plaquemines 或 CP2 的任何股權來支持我們的融資並與股東保留這兩個項目的 100% 所有權。我們的設施將顯著改善美國的貿易平衡，未來幾十年對美國的出口額可能超過 1 兆美元。我也非常自豪能夠繼續保持業界領先的安全記錄，因為 Venture Global 的首要任務是確保我們辛勤工作的員工每天都能安全回家。

Lastly, Venture Global is continuing to support thousands of jobs in Louisiana and across the country and making a positive impact on the communities in which we operate.

最後，Venture Global 將繼續為路易斯安那州和全國各地的數千個工作提供支持，並對我們經營所在的社區產生積極影響。

Turn to page 8, and we'll dive a little deeper into the projects. As you know, we announced the FID for CP2 Phase 1 on July 28. Phase 1 is a nameplate capacity of 14.4 MTPA, but following the improvements we have made as a result of our ongoing optimization efforts, we believe the peak run rate production level of Phase 1 should be closer to 20 MTPA.

翻到第 8 頁，我們將更深入地探討這些項目。如您所知，我們於 7 月 28 日宣布了 CP2 第一階段的 FID。第一階段的額定產能為 14.4 MTPA，但隨著我們不斷優化努力的改進，我們相信第一階段的峰值運行率生產水準應該接近 20 MTPA。

Including Phase 2, which we expect to FID in 2026, the 36 factory-built liquefaction trains from both phases should be capable of production of 28 MTPA once completed and commissioned. We expect first LNG before the end of 2027 and continue to estimate more than 550 cargoes will be exported during the construction and commissioning of the project's two phases.

包括我們預計於 2026 年完成最終投資決定的第二階段在內，兩個階段的 36 條工廠建造的液化生產線一旦完工並投入使用，應該能夠生產 28 MTPA。我們預計第一批液化天然氣將於 2027 年底前出口，並繼續估計在該項目兩個階段的建設和調試期間將出口超過 550 批貨物。

On June 3, our team fully mobilized and started site work at CP2, following final approval and notices to proceed from FERC as well as our receipt of the conditional non-FTA export authorization from U.S. Department of Energy. There are now over 1,200 people and more than 500 major pieces of construction equipment on site.

6 月 3 日，在獲得聯邦能源管理委員會 (FERC) 的最終批准和通知以及美國能源部頒發的有條件非 FTA 出口授權後，我們的團隊全面動員並開始在 CP2 進行現場工作。目前，現場共有施工人員1,200餘人，主要施工設備500餘台。

Key on-site activities include early site preparation, logistics establishing roads, installing silt fencing, dewatering and drainage, cut-and-fill soil stabilization and establishing pile test pads. Key accomplishments including the placed -- include the placement of over 13,000 loads of soil in aggregate, the placement and consumption of over 26,000 tons of cement, the dredging of over 650,000 cubic yards and the clearing of over 700 acres, including 100% silk fencing.

現場的主要活動包括早期場地準備、後勤道路建設、安裝淤泥圍欄、脫水和排水、填挖土壤穩定和建立樁測試墊。主要成就包括——包括放置超過 13,000 車土壤、放置和消耗超過 26,000 噸水泥、疏浚超過 650,000 立方碼和清理超過 700 英畝的土地，其中包括 100% 的絲綢圍欄。

Lastly, we have begun full mobilization, including crane delivery and erection for the storm surge wall construction and the tank construction. Tank 1 soil stabilization final grade and test pile program were now complete and transferred over for construction. Of course, all of this work is being executed in parallel with our off-site procurement and fabrication activities.

最後，我們已經開始全面動員，包括風暴潮牆建設和水箱建設的起重機運送和安裝。1號罐土壤穩定最終等級和測試樁計畫現已完成並轉入施工。當然，所有這些工作都是與我們的場外採購和製造活動同時進行的。

In particular, I'd highlight that Baker Hughes has completed the first 2 liquefaction trains, which are currently being stored at its fabrication facility in Italy. Incidentally, we have included a number of pictures in the appendix showing site progress, equipment under construction and a number of long lead time items like gas turbines and pipes that have already been delivered and are in storage awaiting construction.

我特別要強調的是，貝克休斯已經完成了前兩列液化列車，目前存放在其位於義大利的製造廠。順便說一句，我們在附錄中附上了一些圖片，展示了現場進展、正在建造的設備以及一些已經交付並存放在等待建造的燃氣渦輪機和管道等長交貨期物品。

The final investment decision of Phase 1 was made possible by the support of 29 banks lending $15.1 billion, including the refinancing of the $3 billion pre-FID bridge loan we discussed on the last call. We appreciate the support of our lending partners, and I'm happy to report the project financing was nearly 3 times oversubscribed, despite already being the largest standalone project financing in history.

第一階段的最終投資決策得益於 29 家銀行提供的 151 億美元貸款支持，其中包括上次電話會議上討論的 30 億美元 FID 前過橋貸款的再融資。我們感謝貸款合作夥伴的支持，我很高興地報告，儘管該專案融資已經是史上最大的獨立專案融資，但其認購量仍接近三倍。

With financing in place, a solid start to both on-site work and on the construction of our numerous project components, the project is progressing smoothly, and we believe our early preparation will enable CP2 to potentially reach first LNG production on pace with or even faster than our first two projects.

隨著融資到位，現場工作和眾多項目組件建設都取得了良好的開端，該項目進展順利，我們相信，我們的早期準備將使 CP2 有可能與我們的前兩個項目同步甚至更快地實現首次液化天然氣生產。

Commercially, we signed 2 new 20-year offtake agreements last month with Petronas and Eni, respectively, and expanded our sales commitments under an existing SPA with SEFE, increasing their total LNG volumes to 3.75 MTPA of LNG. Importantly, Eni's 2 MTPA contract with CP2 was its first ever long-term offtake agreements with a US LNG producer.

在商業方面，我們上個月分別與 Petronas 和 Eni 簽署了兩份新的 20 年承購協議，並擴大了與 SEFE 現有 SPA 下的銷售承諾，將其液化天然氣總產量增加到 3.75 MTPA。重要的是，埃尼與 CP2 簽訂的 2 MTPA 合約是其與美國液化天然氣生產商簽訂的首份長期承購協議。

Collectively, these three new commitments bring the total contracted volume for CP2 up to 13.5 MTPA. At this point, we are contracting for Phase 2, which has 5.6 MTPA of nameplate capacity with expected peak production capacity of about 8 MTPA. Following several additional offtake agreements, we anticipate Phase 2 FID at some point next year funded by internally generated cash flow and project financing similar to what we executed for Phase 1.

總的來說，這三項新承諾使 CP2 的總合約量達到 13.5 MTPA。目前，我們正在簽訂第二階段的合同，該階段的額定產能為 5.6 MTPA，預計峰值產能約為 8 MTPA。在達成幾項額外的承購協議之後，我們預計第二階段的最終投資決定將於明年某個時候進行，資金將來自內部產生的現金流量和專案融資，類似於我們為第一階段執行的資金。

Next, I'd like to focus on Calcasieu Pass, which is covered by Page 9 of the presentation. During the second quarter of 2025, Calcasieu Pass was able to export 38 cargoes and realized a weighted average fixed liquefaction fee of $2.66 per MMBtu in the second quarter. The cargoes were a blend of commissioning cargoes sold prior to April 15, 2025, COD day and cargoes sold under our long-term SPAs. The lender's reliability test was completed in May, and production levels have stabilized.

接下來，我想重點介紹簡報第 9 頁中涉及的卡爾克蘇山口。2025 年第二季度，卡爾克蘇通道出口了 38 批貨物，第二季度實現了每百萬英熱單位 2.66 美元的加權平均固定液化費。這些貨物包括 2025 年 4 月 15 日（交貨日期）之前銷售的調試貨物以及根據我們的長期 SPA 銷售的貨物。該貸款機構的可靠性測試已於五月完成，生產水準已穩定。

For the third and fourth quarters of 2025, based on liquefaction fees achieved from cargoes sold on a forward basis to date, we anticipate capturing a weighted average liquefaction fee of $1.95 per MMBtu across all forward sold Calcasieu Pass production, which reflects contracted sales under our long-term SPAs, plus a small number of excess cargoes, including the 72 cargoes exported from the facility in the first half. We now anticipate exporting between 144 and 149 cargoes by the end of the year, a single cargo decrease in cargoes from our previously reported range due to minor maintenance scheduled for Q3.

對於 2025 年第三季和第四季度，基於迄今為止遠期銷售貨物所獲得的液化費，我們預計所有遠期銷售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 1.95 美元，這反映了我們長期 SPA 下的合約銷售額，加上少量超額設施，包括上半年從該設施出口的 72 批貨物。我們現在預計，到今年年底，我們將出口 144 至 149 批貨物，由於第三季度計劃進行小型維護，貨物數量比我們之前報告的範圍減少了一批。

On August 4, Calcasieu Pass received approval from the Department of Energy to export an additional 0.4 MTPA to non-FTA countries, bringing total DOE export approval for the project to 12.4 MTPA.

8 月 4 日，卡爾克蘇通道專案獲得美國能源部批准，向非自由貿易協定國家額外出口 40 萬噸/年，使該專案獲得美國能源部批准的總出口量達到 1,240 萬噸/年。

Moving on to Plaquemines and flipping to page 10 in the presentation. Construction and commissioning continues to progress nicely for Phases 1 and 2. Since the start of the second quarter of 2025, the Venture Global team added six safe start-ups of liquefaction trains, bringing the total to 28 trains now in operation, with eight more scheduled over the next months. The continued progress enabled Plaquemines to export 51 commissioning cargoes during the second quarter, surpassing the high end of our previously projected range by one cargo. The facility realized a weighted average fixed liquefaction fee of $7.09 per MMBtu on these cargoes.

繼續討論 Plaquemines 並翻到簡報的第 10 頁。第一階段和第二階段的建設和調試繼續順利進展。自 2025 年第二季開始以來，Venture Global 團隊又安全啟動了 6 條液化列車，使目前投入營運的列車總數達到 28 條，未來幾個月還計劃再啟動 8 條。持續的進展使得普拉克明斯在第二季度出口了 51 批調試貨物，比我們之前預測的最高值多出了一批貨物。該設施對這些貨物收取的加權平均固定液化費為每百萬英熱單位 7.09 美元。

As we have discussed in prior reports, Plaquemines is engineered, permitted, procured and installed approximately 400 megawatts of temporary power at the facility. This proactive measure has enabled Plaquemines to mitigate contracted delays, especially with respect to the power island, and continue progressing commissioning and start-up activities. We expect to be able to transition from these temporary power units to our permanent power island capacity in the fourth quarter of 2025.

正如我們在先前的報告中所討論過的，普拉克明的設施設計、許可、採購和安裝了約 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，特別是在動力島方面，並繼續推進調試和啟動活動。我們預計能夠在 2025 年第四季從這些臨時發電機組過渡到我們的永久發電島容量。

Including the 80 cargoes exported from Plaquemines in the first half of the year, we now anticipate the facility exporting between 227 and 240 cargoes by the end of the year, which represents a six cargo increase to the lower end and a one cargo increase to the high end of our previously reported range. For the second half of the year, Plaquemines has contracted 102 or 64% of the remaining cargoes, capturing a weighted average fixed liquefaction fee of $7.04 per MMBtu on those contracted cargoes.

包括今年上半年從普拉克明出口的 80 批貨物在內，我們目前預計該設施到今年年底將出口 227 至 240 批貨物，這意味著與我們先前報告的範圍相比，下限增加了 6 批貨物，上限增加了 1 批貨物。下半年，普拉克明斯已簽訂了 102 份或 64% 的剩餘貨物合同，這些合同貨物的加權平均固定液化費為每百萬英熱單位 7.04 美元。

Collectively, across Calcasieu Pass and Plaquemines, we contracted 59 more cargoes for export in the second half of 2025 since our prior report and have contracted 198 of a potential 326 cargoes or roughly 74% of our total Q3 to Q4 2025 production.

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 年下半年出口 59 批貨物的合同，目前已簽訂了 198 批貨物（潛在數量為 326 批），約占我們 2025 年第三季度至第四季度總產量的 74%。

We believe this strategy allows us to derisk our LNG production and reduce sensitivity to movement in market prices. Additionally, we have added to the number of cargoes sold for 2026 the total of 57 commissioning cargoes booked. For the first two quarters of next year, we have 34 cargoes or 19% of the potential cargoes now contracted with a weighted average fixed liquefaction fee of $5.41 per MMBtu.

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減少對市場價格變動的敏感度。此外，我們還將 2026 年售出的貨物數量與預訂的 57 批調試貨物總數進行了比較。對於明年的前兩個季度，我們目前已簽訂了 34 批貨物（佔潛在貨物的 19%）的加權平均固定液化費為每百萬英熱單位 5.41 美元。

Turning to page 12 and the LNG industry broadly. We remain optimistic on the outlook for both growth of the global LNG market and continued stability of LNG prices. As you see on the left, the forward curve reflects the market's expectation for largely stable pricing of LNG in both Asia and Europe, driving healthy spreads above the Henry Hub.

翻到第 12 頁，大致了解 LNG 產業。我們對全球液化天然氣市場的成長前景和液化天然氣價格的持續穩定仍然持樂觀態度。正如您在左側看到的，遠期曲線反映了市場對亞洲和歐洲液化天然氣價格基本穩定的預期，從而推動了亨利港上方的健康價差。

Flipping to page 13. We also have confidence that LNG markets will continue to grow, and prices should remain relatively stable. The chart on the left shows 20 years of LNG production growth, which has averaged 5.5% per year based only on projects which have made FID, final investment decisions. The supply growth rate through the end of the decade would be 7.4%, but that assumes no delays in project timing, which historically has been the case on most new facilities.

翻到第 13 頁。我們也相信液化天然氣市場將持續成長，價格將保持相對穩定。左側圖表顯示了 20 年來的液化天然氣產量成長情況，僅根據已做出 FID（最終投資決策）的項目，年均成長率為 5.5%。到本世紀末，供應成長率將達到 7.4%，但這是假設專案時間不會延遲，而歷史上大多數新設施都是如此。

Yet as you can see on the right side of the page, meaningful LNG growth has already occurred in the first half of 2025 with Europe, in particular, stepping up, buying actively. As a result, price levels remain unchanged. We continue to monitor the ongoing trade discussions EU plans to eliminate Russian LNG and potential secondary sanctions on Russia from the Trump administration.

然而，正如您在頁面右側看到的，2025 年上半年液化天然氣已經出現了有意義的成長，尤其是歐洲正在加強購買。因此，物價水準保持不變。我們將繼續關注歐盟計劃取消俄羅斯液化天然氣以及川普政府可能對俄羅斯實施的二次製裁的貿易談判。

Due to our flexible large-scale LNG capacity, we are uniquely positioned to scale up our support to European partners should the market demand it. We expect that number is only growing as new countries like Vietnam and the Philippines and others become importers, and these countries like China continue to grow their import infrastructure footprint. China specifically is growing the regasification capacity from 152 MTPA currently to 260 MTPA by 2030. With some forecasting, that number could be more than 300 MTPA by 2030, an enormous percentage of the market.

由於我們擁有靈活的大規模液化天然氣產能，因此如果市場有需求，我們有能力擴大對歐洲合作夥伴的支援。我們預計，隨著越南、菲律賓等新國家成為進口國，以及中國等國家繼續擴大其進口基礎設施足跡，這一數字將持續成長。具體來說，中國正在將再氣化能力從目前的1.52億噸/年提高到2030年的2.6億噸/年。據預測，到 2030 年，這一數字可能會超過 3 億噸/年，佔據巨大的市場份額。

And finally, on the arbitration, we are pleased with the tribunal's determination, which reaffirms what Venture Global has maintained from the outset. The plain language in our contracts mutually agreed upon with all of our customers is clear. We have consistently honored these agreements without exception.

最後，關於仲裁，我們對仲裁庭的裁決感到滿意，這再次肯定了 Venture Global 從一開始就堅持的立場。我們與所有客戶共同商定的合約中使用的語言非常明確。我們一貫毫無例外地遵守這些協議。

Our industry and the investors and lenders who underpin it all rely on respect for both the sanctity of negotiated contracts and the experienced objective regulatory and legal bodies that govern it. These principles will ensure our industry remains dynamic, fair and competitive, enabling the innovation and breakthroughs that benefit all market participants and the customers we serve.

我們的行業以及支撐該行業的投資者和貸款人都依賴對談判合約的神聖性和管理該行業的經驗豐富的客觀監管和法律機構的尊重。這些原則將確保我們的行業保持活力、公平和競爭力，實現創新和突破，使所有市場參與者和我們服務的客戶受益。

Venture Global's unique ability to incrementally export commissioning cargoes during the construction of our facilities has brought LNG to the market years faster than ever before and strengthened global energy security. The world needs more abundant, low-cost energy, and our company looks forward to playing a leading role in meeting that demand for years to come.

Venture Global 擁有在設施建設期間逐步出口調試貨物的獨特能力，這使得液化天然氣以比以往更快的速度進入市場，並加強了全球能源安全。世界需要更豐富、低成本的能源，我們公司期待在未來幾年在滿足這項需求方面發揮主導作用。

Now I'll hand it over to Jack Thayer, our CFO.

現在我將把麥克風交給我們的財務長傑克‧塞耶 (Jack Thayer)。

Thank you, Mike, and good morning to those on the line. I'll be referring to the Venture Global, Inc Form 10-Q for the quarterly period ended June 30, 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 6 月 30 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 on slide 16 with revenue. Our top line was $3.1 billion for the second quarter of 2025, a $2 billion increase from $1.1 billion during the equivalent period in 2024. This increase in revenue was driven by $2.2 billion from higher sales volumes, 329 TBtu in the first quarter of 2025 compared with 132 TBtu in the first quarter of 2024, which was partially offset by $241 million from lower prices.

從第 16 張投影片開始介紹收入。2025 年第二季我們的營業額為 31 億美元，比 2024 年同期的 11 億美元增加了 20 億美元。營收的成長得益於更高的銷售量，即 2025 年第一季的銷售量為 329 TBtu，而 2024 年第一季的銷售量為 132 TBtu，從而帶來了 22 億美元的營收成長，但價格下降帶來的 2.41 億美元營收被部分抵銷。

Weighted average fixed facility fees were $5.58 per MMBtu in the second quarter of 2025 versus $6.14 per MMBtu in the second quarter of 2024. And weighted average commodity fees were $3.97 per MMBtu in the second quarter of 2025 versus $2.20 per MMBtu in the second quarter of 2024.

2025 年第二季的加權平均固定設施費用為每百萬英熱單位 5.58 美元，而 2024 年第二季為每百萬英熱單位 6.14 美元。2025 年第二季的加權平均商品費用為每百萬英熱單位 3.97 美元，而 2024 年第二季為每百萬英熱單位 2.20 美元。

Our income from operations was $1.0 billion in the second quarter of 2025, a $675 million increase from $363 million in the second quarter of 2024. The shift was primarily driven by the higher sales volumes I mentioned previously, which resulted in a greater total margin for LNG sold. These increases were partially offset by $197 million higher depreciation and $91 million higher operating costs in support of the ramp up of LNG production at the Plaquemines project and operating our LNG tankers. As I mentioned last quarter, we did see a reduction in our development expenses of $117 million as many of the costs associated with CP2 were able to be capitalized.

2025 年第二季度，我們的營業收入為 10 億美元，比 2024 年第二季的 3.63 億美元增加 6.75 億美元。這種轉變主要是由於我之前提到的銷售量增加，從而導致液化天然氣銷售總利潤率更高。這些成長部分被 1.97 億美元的更高折舊和 9,100 萬美元的更高營運成本所抵消，這些成本是為了支持 Plaquemines 項目的液化天然氣產量增加和液化天然氣運輸船的營運。正如我上個季度提到的，我們的開發費用確實減少了 1.17 億美元，因為與 CP2 相關的許多成本都能夠資本化。

Our net income attributable to common stockholders, which we will refer to as net income, was $368 million for the second quarter of 2025, a $65 million increase from $303 million in Q2 2024. This increase in net income would have been more substantial, but was offset by noncash factors, such as unfavorable changes in the fair value of our interest rate swaps, which constituted a quarter-over-quarter decline of $288 million.

2025 年第二季度，歸屬於普通股股東的淨收入（我們稱之為淨收入）為 3.68 億美元，比 2024 年第二季的 3.03 億美元增加了 6,500 萬美元。淨收入的成長本來會更加可觀，但卻被非現金因素所抵消，例如我們的利率掉期公允價值的不利變化，導致環比下降 2.88 億美元。

Shifting to consolidated adjusted EBITDA. We realized $1.4 billion during the second quarter of 2025, a $953 million or 217% increase from $440 million in Q2 2024. This increase in consolidated adjusted EBITDA was driven chiefly by higher sales volumes.

轉向合併調整後 EBITDA。我們在 2025 年第二季實現了 14 億美元的收入，比 2024 年第二季的 4.4 億美元成長 9.53 億美元，增幅為 217%。合併調整後 EBITDA 的成長主要得益於銷售量的增加。

As Mike discussed, our project exported a total of 89 cargoes in Q2, which increased from 36 cargoes compared with the same period in 2024. Of these cargoes, 329 TBtu of volumes are reflected in our results for Q2 2025 compared with 132 TBtu in Q2 2024.

正如Mike所討論的，我們的專案在第二季度共出口了89批貨物，與2024年同期相比增加了36批。在這些貨物中，我們 2025 年第二季的業績反映出 329 TBtu 的數量，而 2024 年第二季為 132 TBtu。

Advancing to page 17. Consistent with our previous outlook, we are guiding to a consolidated adjusted EBITDA range of $6.4 billion to $6.8 billion for 2025, incorporating a forecasted 144 to 149 cargoes from Calcasieu Pass and 227 to 240 cargoes from Plaquemines, inclusive of the 152 cargoes we exported in the first half across both facilities. This consolidated adjusted EBITDA range was determined assuming fixed liquefaction fees of between $6 and $7 per MMBtu for cargoes remaining to be sold over 2025 and is consistent with current TTF and JKM forward price expectations.

前進至第 17 頁。與我們先前的展望一致，我們預計 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 144 至 149 批貨物和從普拉克明出口 227 至 240 批貨物，其中包括我們上半年通過這兩個設施出口的 152 批貨物。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，並與當前 TTF 和 JKM 遠期價格預期一致。

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 between $230 million and $240 million, down from the $460 million to $480 million range provided in our previous guidance. This reduced sensitivity to market prices reflects the contracting we executed during the second quarter and thus far in the third quarter.

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 2.3 億美元至 2.4 億美元，低於我們先前指引中提供的 4.6 億美元至 4.8 億美元範圍。對市場價格敏感度的降低反映了我們在第二季和第三季迄今執行的合約。

I'll now turn the call back over to Mike.

我現在將電話轉回給麥克。

Thank you, Jack. And now we'll open it up to Q&A.

謝謝你，傑克。現在我們開始問答環節。

(Operator Instructions)

（操作員指示）

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

Hey, good morning. Thank you for the time wanted to start on the arbitration news from last night. I understand you might be limited in how much you can say at this point. But just wondering how we should think about the remaining cases. Were other contracts written similarly? And then kind of more broadly, what does this mean for your ability to contract and kind of commercialize the future projects? Thank you.

嘿，早安。感謝您抽出時間開始播報昨晚的仲裁新聞。我理解您現在可能說得不夠多。但我只是想知道我們應該如何考慮剩下的案例。其他合約也有類似的寫法嗎？那麼更廣泛地說，這對您簽訂合約和商業化未來專案的能力意味著什麼？謝謝。

Sure. No. Thanks, John. No, the contracts are all very similar. They're all based on the standard US project finance contract that has been used by multiple companies, including us in the market for years. And we're extremely pleased, obviously, as we've said, with the result of announced yesterday with the arbitration with Shell. And we remain confident of similar outcomes in the balance because the -- it's the same contracts and the facts around construction and the facts around the completion of the facility are all the same.

當然。不。謝謝，約翰。不，合約都非常相似。它們都是基於美國標準項目融資合同，該合同已被市場上包括我們在內的多家公司使用多年。正如我們所說，我們對昨天宣布的殼牌仲裁結果感到非常高興。我們仍然相信最終的結果會類似，因為——合約是相同的，而且有關建設和設施完工的事實都是相同的。

So we remain very confident that the straightforward analysis of the same contracts will be similar. This was an unnecessary, we think, distraction because this contract language has always been clear and standard and straightforward and required as part of the project financings. And as you all know, we have recently taken COD for Calcasieu Pass, which ended up being about 68 months from FID, which is one of the faster greenfield projects and in line or better than many projects have executed over the years.

因此，我們仍然非常有信心，對相同合約的直接分析將是相似的。我們認為，這是不必要的干擾，因為這份合約的語言一直都很清晰、標準、直接，而且是專案融資的一部分。眾所周知，我們最近完成了卡爾克蘇通道項目的建設，從最終投資決定到竣工驗收僅用了約 68 個月的時間，這是速度最快的綠地項目之一，與多年來實施的許多項目一致或更好。

And even in the face of being our first project and COVID and a couple of hurricanes, the team was still able to safely execute in 68 months. And now our customers at Calcasieu Pass have been taking deliveries and will enjoy what we think are the lowest suite of -- lowest priced suite of contracts that have been done -- long-term contracts have been done on a project ever.

即使這是我們的第一個項目，而且面臨新冠疫情和幾次颶風，團隊仍然能夠在 68 個月內安全地完成。現在，我們在卡爾克蘇隘口的客戶已經開始接收貨物，並將享受我們認為是有史以來最低價的長期合約。

Thanks, Mike. And then just following up on the contract front. You mentioned in the prepared remarks you expect the pace to continue. Maybe if you could just put a finer point around that. Would you expect to contract out the CP2 Phase 2 portion this year? And then anything you can share on where you think -- or where you're seeing pricing kind of trending versus your expectations? Thanks.

謝謝，麥克。然後只是跟進合約方面的事情。您在準備好的發言中提到，您預計這種步伐將會持續下去。也許你可以更詳細地闡述這一點。您是否希望今年將 CP2 第二階段部分外包出去？然後您可以分享您認為的情況——或者您看到的價格趨勢與您的預期有何不同？謝謝。

Yeah. No. Thanks. I missed the second half of your question. Yeah. No, we're very pleased with the contracting that we've completed recently, the long-term contracting. And we are confident as we proceed through this year that we'll execute additional 20-year contracts. And we're intending to layer in contracts that will cover what we want to get done for the second phase of CP2. And we'll also look to begin contracting for the third phase of the brownfield expansion for CP2 as well, and we may be doing some of that contracting this year as well.

是的。不。謝謝。我錯過了你問題的後半部。是的。不，我們對最近完成的合同，即長期合約感到非常滿意。我們有信心，隨著今年的進展，我們將簽署更多 20 年期合約。我們打算分層簽訂合同，涵蓋 CP2 第二階段想要完成的工作。我們也將考慮開始承包 CP2 棕地擴建的第三階段工程，今年我們可能也會承包其中的一些工程。

The contract prices in the market are kind of in the -- in kind of the mid- to lower end of the $2 range. And we believe that we're the low-cost liquefier in the market and are able to price competitively to win the contracts that we need and want in order to size the construction loans for the next phases of CP2 and the third phase or brownfield expansion for Plaquemines as well.

市場上的合約價格大約在 2 美元的中低端。我們相信，我們是市場上低成本的液化器，能夠以具有競爭力的價格贏得我們需要和想要的合同，以便為 CP2 的下一階段以及普拉克明的第三階段或棕地擴建提供建設貸款。

All right. That's great. Appreciate the time. Talk soon.

好的。那太棒了。珍惜時間。很快再談。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Good morning. The ramp at Plaquemines continues to be expectations. Can you talk about if you're starting to bump up on any constraints from here to get all the way to the end, either around the power island timing or around gas sourcing constraints?

早安.普拉克明的斜坡繼續受到人們的期待。您能否談談從現在到最後是否開始遇到任何限制，無論是圍繞電力島時序還是圍繞天然氣採購限制？

Thanks, Jean. No, we feel good about the -- our plan -- our ramp-up plan from here to the end of the year. It's extremely challenging because we're still obviously in commissioning. And so the teams have to deal with typical surprises all the time in commissioning, but are -- we're very experienced operating and commissioning and executing the configuration and systems in our facilities now, and so we manage it.

謝謝，Jean。不，我們對我們的計劃——從現在到年底的提升計劃——感到很滿意。這極具挑戰性，因為我們顯然仍處於調試階段。因此，團隊在調試過程中必須始終處理典型的意外情況，但是——我們現在在操作、調試和執行我們設施中的配置和系統方面經驗非常豐富，所以我們可以管理它。

But we still feel good about the ramp-up plan that we've guided to for the balance of this year. And the power plant is certainly one of -- or power plants are one of our big focus, but we're still on plan.

但我們仍然對今年餘下時間所製定的成長計畫感到滿意。發電廠當然是其中之一——或者說發電廠是我們關注的重點之一，但我們仍在按計劃進行。

Great. And for the Plaquemines expansion, I guess, as you eventually turn to contracting that, are you kind of thinking of doing that in a couple of large phases as you've done before? Or would that one be potentially more gradual, more incremental?

偉大的。至於普拉克明的擴張，我想，當您最終轉向收縮它時，您是否會考慮像以前一樣分幾個大階段進行？或者說，這一進程可能會更加漸進、更加漸進？

No. I think we'll be able to -- right now, our plan is to do large-scale, long-term contracting there, 20-year contracts that will allow us to do it as one or two large project financings or financings similar to what we just did for CP2.

不。我認為我們能夠——現在，我們的計劃是在那裡簽訂大規模、長期合同，20 年的合同將使我們能夠將其作為一兩個大型項目融資或類似於我們剛剛為 CP2 所做的融資。

And we feel the demand is about as strong as it has been in at least in the 15, 16 years that I've been doing this now that there's sufficient demand in the market for us to do the long-term contracts, to do the construction loan financing and sizing the way we like and want to do it and have been guiding to. First step is going to be -- to do finish the contracting for CP2 Phase 2 and Phase 3 and then move on to the brownfield expansion for Plaquemines.

我們感覺需求至少與我從事這一行業的 15、16 年一樣強勁，現在市場對我們有足夠的需求來簽訂長期合同，進行建築貸款融資和規模調整，這是我們喜歡和想要做的，也是我們一直在指導的。第一步是完成 CP2 第二階段和第三階段的承包，然後進行 Plaquemines 的棕地擴建。

Great. Very clear. Thank you.

偉大的。非常清楚。謝謝。

Manav Gupta from UBS.

瑞銀的 Manav Gupta。

Congrats guys.

恭喜大家。

Good morning, Manav.

早安，馬納夫。

Very, very happy for you about the arbitration. We always believed in you. My first question to you is you will be one of the biggest suppliers of LNG to the world. And how are you going about securing the supply for this gas from within United States, if you could talk a little bit about that, sir?

我非常非常高興你能夠成功進行仲裁。我們一直相信你。我要問您的第一個問題是，您將成為世界上最大的液化天然氣供應商之一。先生，您能談談您如何確保美國境內天然氣的供應嗎？

Sure. No, thank you. We -- unlike the case for Calcasieu Pass and really Plaquemines where we had relatively short laterals, 25, 26 miles, where for CP2 and the brownfield expansions are executing on longer pipelines that connect deeper into the gas supply grid, the laterals for CP2, it's -- the which is the primary lateral, is around 90 miles, and that interconnects with multiple pipes, but also with another pipe, Blackfin, which is around 190 miles. That interconnects with more pipes, including up around Katy above Houston that interconnects with Permian gas pipes coming over.

當然。不，謝謝。我們與卡爾克蘇通道和普拉克明的情況不同，在這些地方，我們的支管相對較短，只有 25 到 26 英里，而 CP2 和棕地擴建項目則在更長的管道上進行，這些管道可以更深地連接到天然氣供應網，CP2 的支管是主要的支管，長約 90 英里，與多條管道相連，CP2 的支管是主要的支管，長約 90 英里，與多條管道相連，也與另一條管道相連，也與另一條管道相連。該管道與更多管道相連，包括休士頓上方凱蒂周圍的管道，這些管道與過來的二疊紀天然氣管道相連。

And for our brownfield expansions, we'll be doing similar to where we're making larger investments and longer pipeline interconnects. We -- around the interconnect points, we'll continue to do term gas supply deals to layer in a conservative gas supply for our projects.

對於我們的棕地擴建，我們將採取類似措施，進行更大規模的投資和更長的管道互連。我們—圍繞互連點，我們將繼續進行定期天然氣供應交易，為我們的專案提供保守的天然氣供應。

In this permitting environment, where pipelines in the market are getting permitted and built, we feel really good about the gas supply from all the basins, being able to bring liquid gas supply to not just us, but other demand in the market as well.

在這種許可環境下，市場上的管道正在獲得許可和建設，我們對來自所有盆地的天然氣供應感到非常滿意，不僅能夠為我們自己提供液化氣供應，也能夠滿足市場上的其他需求。

Thank you, sir. You had a very strong second quarter. We are trying to understand the guidance range of $6.4 billion to $6.8 billion. So some of the drivers that can push you towards $6.8 billion and, in our hope, maybe even over it. So if you could talk about that.

謝謝您，先生。你們的第二季表現非常強勁。我們正試圖了解 64 億美元至 68 億美元的指導範圍。因此，一些驅動因素可以推動您的收入達到 68 億美元，我們希望甚至能夠超過這個數字。所以如果你能談論一下這個的話。

Yeah. We -- as Jean Ann asked earlier, we still feel good about the commissioning activity and the ramp-up of production at Plaquemines. We still have a portion of our supply as uncontracted. We think that's a huge positive that gives us some upside optionality at this point. The third quarter is pretty well covered, but for the fourth quarter and the winter, we have more unsold capacity. And we're seeing great demand for it.

是的。正如 Jean Ann 之前所問，我們仍然對 Plaquemines 的調試活動和產量提升感到滿意。我們仍有一部分供應未簽訂合約。我們認為這是一個巨大的積極因素，它為我們提供了目前一些上行選擇。第三季的覆蓋率相當高，但對於第四季和冬季，我們還有更多未售出的容量。我們看到它的需求量很大。

Europe is still below plan and below trend on storage. And so there's still a lot of required buying that has to happen. China, as we mentioned earlier, has enormous -- and Asia around it, but China especially has enormous Regas capacity to bid for import of LNG as well.

歐洲的儲存量仍然低於計劃和趨勢。因此，仍有大量必需的購買需要進行。正如我們之前提到的，中國及其周邊的亞洲都擁有龐大的天然氣資源，尤其是中國擁有龐大的再氣化能力，可以競標進口液化天然氣。

And as we see globally a very hot summer, going into the winter, there's still a lot of pent-up buying that has to happen. And our capacity at Plaquemines is a large percentage of really the incremental available supply to feed into that. So the upside value -- optional value of that unsold capacity, we're very excited about, and that continues into next year at a larger scale.

我們看到全球正經歷一個非常炎熱的夏季，即將進入冬季，但仍有大量被壓抑的購買需求需要釋放。我們在普拉克明的產能佔了實際可用增量供應量的很大一部分。因此，我們對未售出產能的上行價值——可選價值感到非常興奮，這種趨勢將在明年繼續擴大。

Thank you for the detailed response and congrats on all the positives. I'll turn it over.

感謝您的詳細回复，並祝賀您所取得的所有正面成果。我把它翻過來。

Thank you very much.

非常感謝。

Theron A, Infi.

塞隆 A，因菲。

Hi, good morning, Theron.

嗨，早上好，塞隆。

Good morning.

早安.

This is Jeremy Tonet from JPMorgan. Sorry about that. I was just wanted to come back to the 8-K, if I could, with regards to the arbitration and the partial final award. I was just wondering if you could maybe elaborate on that a little bit, what that means exactly. Do you see any financial obligations here? Is it just kind of immaterial in size? Just trying to understand that better, if we could.

我是摩根大通的 Jeremy Tonet。很抱歉。如果可以的話，我只是想回到 8-K 會議，討論仲裁和部分最終裁決。我只是想知道您是否可以稍微詳細說明一下這到底是什麼意思。您認為這裡有任何財務義務嗎？它的大小是否無關緊要？如果可以的話，我們只是想更好地理解這一點。

Go ahead. I'll let Keith Larson, our General Counsel, answer that question.

前進。我將讓我們的總法律顧問 Keith Larson 來回答這個問題。

Yeah. Good morning. The reference to a partial final award is just -- is more nomenclature from the ICC than anything. It's final in that it is fully resolved the matter. And it is partial in that there is a residual proceeding to determine responsibility for legal fees.

是的。早安.提到部分最終裁決只不過是國際商會的術語而已。這是最終決定，因為此事已徹底解決。而且它是部分的，因為有一個剩餘的程序來確定法律費用的責任。

Okay. Got it. That's helpful. And I was just wondering, as we look into '26 a bit more, given supply and demand trends as you see it, just wondering, thoughts on how you think the market shakes out, given geopolitical risk here and thoughts on how much you want to lock in levels versus what you see as kind of fair value for next year.

好的。知道了。這很有幫助。我只是想知道，當我們進一步研究 26 年時，考慮到您所看到的供需趨勢，我只是想知道，考慮到這裡的地緣政治風險，您認為市場將如何波動，以及您希望在多大程度上鎖定水平，而不是您認為明年的公允價值。

The -- we're very bullish for next year in terms of demand, and we continue to be optimistic about actually growing demand. The net spreads that we've been selling into the market at the end of this year and in 2026 are very attractive. We layer them in periodically. We're not making price predictions and bets on what prices are going to be in the future.

我們對明年的需求非常看好，我們繼續對實際成長的需求保持樂觀。我們在今年年底和2026年向市場出售的淨利差非常有吸引力。我們定期對它們進行分層。我們不會對未來的價格做出預測或打賭。

We just kind of dollar cost average them over time, and it generates very, very attractive returns for us at -- attractive returns at current prices. At prices below where we are today, they're very attractive returns. And -- but we're -- continue to see the strong bids and strong interest in our capacity

我們只是對一段時間內的美元成本進行平均，它為我們帶來了非常非常有吸引力的回報——以當前價格計算，非常有吸引力的回報。以低於目前的價格，這是非常有吸引力的回報。但我們繼續看到對我們產能的強勁競標和濃厚興趣

Got it. That's very helpful. I'll leave it there. Thanks.

知道了。這非常有幫助。我就把它留在那裡。謝謝。

Robert Mosca, Mizuho Securities.

瑞穗證券的羅伯特莫斯卡。

Hey, good morning, everyone. Wondering --

嘿，大家早安。想知道--

Good morning, Robert.

早上好，羅伯特。

Good morning. I just wondering maybe what your latest project cost outlook is for CP2 Phases 1 and 2, seeing some data points in the market from other brownfield expansions. And wondering if you still expect CP2 to be in that $27 billion to $28 billion range, just given EPC inflation and potential tariff impacts.

早安.我只是想知道您對 CP2 第一階段和第二階段的最新專案成本前景如何，從市場上其他棕地擴建的一些數據點可以看出。我想知道，考慮到 EPC 通膨和潛在的關稅影響，您是否仍預計 CP2 的規模將在 270 億美元至 280 億美元之間。

We -- I'll answer that first, and then, Jack, you can add additional detail if you want. There's -- we feel good about the ranges that we're guiding to now, but it is a very tough market. There's still wage inflation out there. In our case, not so much for Phase 1, but Phase 2 and Phase 3 of CP2, there's still tariff uncertainty. So yes, no, there's still lots of challenges out there. There's supply chain inflation that the market is still going to have to manage.

我們——我先回答這個問題，然後，傑克，如果你願意的話，你可以添加更多細節。我們對目前的指導範圍感到滿意，但這是一個非常艱難的市場。工資通膨仍然存在。就我們的情況而言，第一階段的情況並不那麼不確定，但 CP2 的第二階段和第三階段仍然存在關稅不確定性。所以，是的，還是不，仍然有很多挑戰。市場仍需管理供應鏈通膨。

Having said that, our approach, we think, is best designed to manage it since so much of our facilities get built in factory settings and fabrication facilities where we're able to -- from -- on a long-term basis, fix both our schedules, but our prices and costs as well. We also manage directly more of the EPC function. And so we've reduced pretty significantly the portions of CP2 that are executed by outside EPC as we've hired and recruited very large internal EPC team now.

話雖如此，我們認為，我們的方法最適合管理它，因為我們的許多設施都是在工廠環境和製造設施中建造的，從長遠來看，我們能夠確定我們的時間表，以及價格和成本。我們也直接管理更多的 EPC 功能。因此，我們大幅減少了由外部 EPC 執行的 CP2 部分，因為我們現在已經僱用並招募了非常龐大的內部 EPC 團隊。

And so we feel we're in an extremely strong position relative to the rest of the market to manage that. We also work pretty hard to standardize what we do in our facilities that enables us to place orders well ahead of time as we're able to complete our engineering really early. And so we can manage a lot of that exposure by really taking advantage of the similarities and standardization of our facilities. And we continue to actually make a lot of improvements on that from an engineering standpoint.

因此，我們認為，相對於其他市場，我們在管理這一點上處於極為有利的地位。我們也非常努力地標準化我們在工廠內所做的工作，這使我們能夠提前下訂單，因為我們能夠很早就完成工程。因此，我們可以充分利用我們設施的相似性和標準化來管理大量的曝光。從工程角度來看，我們實際上正在繼續對此做出很多改進。

I don't know, Jack, do you want to add to that?

我不知道，傑克，你想補充嗎？

Sure. Thanks, Mike. Sorry. So just specifically, you may have noticed in the 10-Q that we took our total project guidance for CP2 Phase 1 and 2 up to $28.5 billion to $29.5 billion. That leverages the fully financed budget and understood cost structure for Phase 1 of CP2. And then it incorporates some of the learnings from that process, specifically higher interest rates.

當然。謝謝，麥克。對不起。具體來說，您可能已經在 10-Q 中註意到，我們將 CP2 第 1 階段和第 2 階段的總項目指導金額提高到了 285 億美元至 295 億美元。這充分利用了 CP2 第一階段的充分融資預算和已知的成本結構。然後它吸收了這一過程中的一些經驗教訓，特別是更高的利率。

As we've navigated a higher interest rate environment, we've accounted for that in our Phase 2 forecast. To the extent that we see rates taper off, as some are suggesting with the Fed reducing rates, that would obviously be a benefit to us.

當我們進入更高的利率環境時，我們在第二階段的預測中已經考慮到了這一點。如果我們看到利率逐漸下降，正如一些人所建議的聯準會降低利率，這顯然對我們有利。

Other variables that we've been addressing, reciprocal tariffs in Phase 2. As you'll recall, we're largely fully procured for Phase 1. So we had less exposure there given the scale of that project. We had previously guided to a range in the first quarter of tariff impact of $210 million to $350 million. That's -- that remains a good estimate of the range of exposure there. And obviously, we're working to find strategies to moderate our tariff exposure.

我們一直在解決的其他變數是第二階段的互惠關稅。您可能還記得，我們​​第一階段的採購工作基本上已經完成。因此，考慮到該項目的規模，我們在那裡的曝光率較低。我們先前預期第一季關稅影響範圍為 2.1 億美元至 3.5 億美元。這仍然是對那裡的暴露範圍的一個很好的估計。顯然，我們正在努力尋找策略來緩和我們的關稅風險。

Phase 2 is a much smaller sized project relative to Phase 1, but that has roughly the same exposure as Phase 1 from a tariff perspective, particularly with respect to some of the variability that we've seen of late with reciprocal tariffs.

與第一階段相比，第二階段的規模要小得多，但從關稅角度來看，其風險與第一階段大致相同，特別是就我們最近看到的互惠關稅的一些變化而言。

And then, finally, 2 areas where we've accounted for in our budget, with the successful financing of FID of Phase 1, we are now incorporating into our Phase 2 forecast upsizing of certain components in that phase of the project that will ultimately support the inclusion of the brownfield expansion for Phase 3.

最後，我們在預算中考慮了兩個領域，隨著第一階段 FID 的成功融資，我們現在將第二階段的預測納入其中，擴大該項目該階段的某些組成部分，最終將支持將棕地擴建納入第三階段。

And finally, given the competition for exceptional craft labor in the region where we're constructing, we've also built in dollars for labor attraction, so that we can secure and retain the best talent and build our projects safely and efficiently.

最後，考慮到我們建設所在地區對優秀工藝勞動力的競爭，我們也投入資金吸引勞動力，以便我們能夠獲得並留住最優秀的人才，安全高效地建立我們的專案。

So a very modest increase to the overall size and scale of the budget. We think we're being conservative in how we're approaching this and building in dollars that we hope we won't have to use. We have strategies to optimize that and reduce that exposure in those areas, but wanted to be fulsome in our estimates.

因此，預算的整體規模和範圍只會適度增加。我們認為，我們在處理這個問題上是保守的，我們希望投入的資金不會用那麼多。我們有策略來優化這一點並減少這些領域的風險，但希望我們的估計是全面的。

Got it. No, I appreciate that thorough answer. And maybe second for me. Can you talk about the plans to maybe add more liquefaction trains to that Plaquemines expansion you laid out in the last call? How much incremental capacity could there be beyond that 18 to 19 MTPA you laid out? And how do you balance the push to maximize that project size with the absolute costs and potential financing needs?

知道了。不，我很感謝你詳盡的回答。對我來說可能是第二名。您能否談談上次通話中提出的在普拉克明擴建項目中增加更多液化列車的計劃？除了您規劃的每年 1,800 至 1,900 萬噸產能之外，還能增加多少產能？那麼，如何在最大化專案規模與絕對成本和潛在融資需求之間取得平衡呢？

Sure. We're -- right now, we're guiding to layering on the brownfield Phase 3 at CP2 first, which is on an all-in basis is approximately 10 million tonnes. And so that -- from a timing standpoint, that will go first because it's going to be faster to do the long-term contracting that we want to support the sizing we want for the construction loans for that phase.

當然。目前，我們首先指導對 CP2 棕地第三階段進行分層，總計約 1,000 萬噸。因此，從時間角度來看，這將首先進行，因為這樣可以更快地簽訂長期合同，以支持我們想要的該階段建設貸款規模。

For Plaquemines, really, we're going to look to manage any increase in -- material increase in spending on the Plaquemines expansion with the pace of the contracting, which we're bullish on, as I mentioned earlier, in this market. And so as we begin to ramp up the 20-year contracts applied to that brownfield expansion in Plaquemines, then we'll script out the pace of the spending for it.

對於普拉克明來說，實際上，我們將尋求管理普拉克明擴張支出的任何增加——隨著合約的簽訂速度而出現的實質增加，正如我之前提到的，我們對這個市場持樂觀態度。因此，當我們開始增加對普拉克明棕地擴建的 20 年期合約的執行力度時，我們就會制定出相應的支出節奏。

The size is, I think, will end up being north of 24 MTPA for the brownfield. We have -- as I mentioned earlier -- in earlier calls, we've advanced engineering analysis on, really, the throughput capacity of our jetties and common -- some common facilities like tanks that enable us to do a lot more brownfield than we expected at Plaquemines six months ago.

我認為，棕地的規模最終將達到每年 2,400 萬噸以上。正如我之前提到的，在先前的電話會議中，我們已經對碼頭和一些公共設施（如水箱）的吞吐能力進行了先進的工程分析，這使我們能夠在普拉克明進行比六個月前預期更多的棕地開發。

And so we're excited about the synergies and the accretion opportunities by layering on top of existing infrastructure, additional production capacity. And as we layer in more contracts, we'll talk more about it in coming months and quarters, but the first stop is going to be the brownfield expansion for CP2.

因此，我們對透過在現有基礎設施和額外生產能力的基礎上實現的協同效應和增值機會感到非常興奮。隨著我們簽訂更多合同，我們將在未來幾個月和幾個季度內對此進行更多討論，但第一站將是 CP2 的棕地擴建。

Got it. I appreciate the time everyone.

知道了。我很感謝大家的時間。

Yeah.

是的。

Michael Blum from Wells Fargo.

富國銀行的麥可布魯姆。

Good morning, Michael.

早上好，麥可。

Good morning. Thanks for taking the questions here. Maybe just staying on the slight, really modest cost increases at Plaquemines and CP2. So you did appreciate all the explanations of what's going on there in terms of why the costs are increasing. But I'm wondering, do those costs increase? Are they fully borne by Venture Global and, therefore, they would impact the return economics? Or are there terms in your contracts for what's contracted so far, which allow for some cost contingencies?

早安.感謝您在這裡回答問題。也許只是維持 Plaquemines 和 CP2 的輕微、適度的成本成長。所以你確實很欣賞關於成本增加原因的所有解釋。但我想知道，這些成本會增加嗎？這些費用是否全由 Venture Global 承擔，因此會影響回報經濟？或者，你們的合約中是否有針對迄今為止的合約內容的條款，允許一些成本意外情況？

The -- when you say contracts, you mean offtake, the SPA customers?

您說的合約是指承購合同，即 SPA 客戶嗎？

Yeah, yes.

是的，是的。

We're -- those costs are borne by Venture Global, and Plaquemines is 100% owned project by Venture Global. So when there are cost overruns at those projects, all that cost is borne by us, and the customers continue to enjoy their contracted long-term prices.

這些費用由 Venture Global 承擔，而 Plaquemines 是 Venture Global 全資擁有的專案。因此，當這些項目的成本超支時，所有成本都由我們承擔，而客戶則繼續享受合約規定的長期價格。

Okay. Got it. Thanks for that. And then just one other follow-up on the arbitration proceedings. I'm just wondering -- since you said that effectively, the terms of the disputes are largely the same, I'm wondering, is it the same judge or tribunal that is looking at all these? And is there a chance now that one has been ruled upon that all of these could be consolidated into one case? Thanks.

好的。知道了。謝謝。然後是關於仲裁程序的另一個後續問題。我只是想知道——既然您說實際上爭議的條款大致相同，我想知道，審理這些案件的是不是同一個法官或法庭？既然已經作出了裁決，那麼是否有可能將所有這些案件合併為一個案件？謝謝。

No. Those will still be -- they're still separate tribunals. I mean, they're all looking at the same set of facts and the same contract terms, but they're separate tribunals.

不。它們仍將是——它們仍然是獨立的法庭。我的意思是，他們都在審查同一組事實和相同的合約條款，但他們是獨立的法庭。

Thank you.

謝謝。

Yeah. I want to go back to a little bit of extra color on your first question related to costs. We -- in the case of Plaquemines have now contracted just under $6 billion so far of contracts for commissioning cargoes for Plaquemines, which is approaching 50% of the total debt of $12.9 billion at Plaquemines, and we still have a large portion of commissioning cargoes for Phases 1 and 2 yet to contract.

是的。我想稍微詳細地談談你的第一個問題，也就是與成本有關的問題。就普拉克明而言，我們迄今已簽訂了近 60 億美元的調試貨物合同，接近普拉克明 129 億美元總債務的 50%，而且我們仍有很大一部分第一階段和第二階段的調試貨物尚未簽訂合同。

And so the return profile for Plaquemines even with extra costs are extremely attractive and probably among the best that have been achieved in the LNG industry and will still allow us to come out of construction and take COD and have, on a relative net basis, historically low levels of net debt. And when I say net debt, it's just debt less what we've earned and reinvested again in LNG investments.

因此，即使有額外成本，普拉克明的回報狀況也極具吸引力，可能是液化天然氣行業迄今為止取得的最佳回報之一，並且仍將使我們能夠完成建設並實現 COD，並且在相對淨額基礎上實現歷史最低的淨債務水平。當我說淨債務時，它只是債務減去我們在液化天然氣投資中賺取並再次投資的金額。

Chris Robertson, Deutsche Bank

克里斯羅伯遜，德意志銀行

Thank you. Good morning, Mike. Yeah. Just on CP2 Phase 2 and then with the expansion projects, what are you guys thinking about now in terms of contracting strategy, either as it relates to just overall strategy with the company or as it relates to lender requirements in terms of a percentage of nameplate capacity that you look to put away?

謝謝。早上好，麥克。是的。就 CP2 第二階段以及擴建專案而言，你們現在在承包策略方面有什麼想法，無論是與公司的整體策略有關，還是與貸方要求有關，就你們希望放棄的額定容量百分比而言？

The -- as we've demonstrated, the much higher than expected production -- total production capacity at Plaquemines, which we've designed into, and I think, I hope, even more production capacity at CP2 currently and in future phases. We've guided previously to doing a little bit more percentage of our nameplate capacity on a long-term contracted basis.

正如我們所展示的，普拉克明的總生產能力遠高於預期，我們已經將其設計為，我認為，我希望，CP2 目前和未來階段的生產能力能夠更高。我們之前曾指導過在長期合約的基礎上增加一點額定產能百分比。

So we are a little over 13 MTPA of the 14.4 nameplate capacity of Phase 1. We will -- so we ended up around a little over 13 out of around 20, I think, we'll be able to do at Phase 1 of CP2. So we're going to be roughly similar to that for the second and third phases of CP2 and -- which results in us being close to the 50% equity that we've been guiding to. We're not required by the banks by any means to do the 50% level.

因此，我們目前的產能略高於第一階段 1,440 萬噸/年的額定產能。我們會的 — ​​— 所以我認為我們最終能完成 CP2 第 1 階段中大約 20 個中的 13 個多一點。因此，我們將與 CP2 的第二和第三階段大致相似 - 這使得我們接近我們一直指導的 50％ 股權。銀行絕對沒有要求我們達到 50% 的水平。

But at that level, we're still getting great returns. It's much more conservative, which we like. It allows us to carry more uncontracted on a long-term basis in the financing. Again, we're going to contract all the capacity, but we're not going to do all of it on a 20 year basis. And -- but we are going to contract all our -- all of our production capacity.

但在那個水平上，我們仍然獲得了豐厚的回報。它更加保守，我們喜歡這一點。它使我們能夠在融資中長期承擔更多未簽約的合約。再說一次，我們將承包所有產能，但我們不會在 20 年內完成所有承包。但我們將收縮我們所有的生產能力。

And right now, we're a little over 43 MTPA of capacity out of nameplate capacity of 50 on an average term of close to 19 years. And so we have a very long portfolio right now, and it's going to continue on a total portfolio basis to be a long-term contract portfolio.

目前，我們的產能略高於額定產能 50 MTPA，平均使用期限接近 19 年。因此，我們現在擁有一個非常長的投資組合，並且它將在整個投資組合的基礎上繼續成為長期合約投資組合。

Got it, thank you, Mike. As a follow-up, just looking at total CP2 construction costs here, how much of that included in the total amount is related to pipeline construction costs, so that we can better compare project costs apples-to-apples versus other projects?

明白了，謝謝你，麥克。作為後續問題，僅查看這裡的 CP2 總建設成本，總金額中有多少與管道建設成本有關，以便我們可以更好地將項目成本與其他項目進行同類比較？

We've broken that out separately. I'm not sure we have.

我們已經將其單獨列出。我不確定我們有沒有。

So no, we -- I don't believe we have. But as Mike mentioned, the Blackfin pipe that we have been constructing with our partner, WhiteWater, that is outside of the CP2 forecasted budget. That's a 193-mile pipe, 48 inches in diameter. It's a very substantive project that links us to Permian gas and provides attractively priced gas that's sitting outside. The CPX pipe is also a 48-inch pipe. It's substantive in nature, and that is roughly 85 to 90 miles in length. And that's incorporated in our forecast.

所以，不，我們——我不相信我們有。但正如麥克所提到的，我們與合作夥伴 WhiteWater 共同建造的 Blackfin 管道超出了 CP2 的預測預算。這是一根長 193 英里、直徑 48 英吋的管道。這是一個非常實質的項目，它將我們與二疊紀天然氣連接起來，並提供價格誘人的外部天然氣。CPX管道也是48吋的管道。它的本質是實質性的，長度大約為 85 到 90 英里。這已納入我們的預測。

Yes. I, mean also, there's a lot of components of projects that are different with us than others. For example, CP2 has got two large power plants inside the fence. We, in Phase 2, have a nitrogen removal unit and associated equipment that's very substantial. That enables us uniquely to take enormous volumes of Permian gas that has a lot of extra nitrogen content into it.

是的。我的意思是，我們的專案有很多組成部分與其他人的專案不同。例如，CP2 在圍籬內有兩座大型發電廠。在第二階段，我們擁有一個除氮裝置和相關的非常重要的設備。這使我們能夠以獨特的方式提取大量含有大量氮的二疊紀天然氣。

And so there are lots of things beyond just pipelines that are not apples-to-apples with other projects. But on a net basis, we're -- meaning net of commissioning cargoes on a cost basis, we're confident that we're well ahead of the rest of the market on cost.

因此，除了管道之外，還有很多事情與其他項目並不相符。但從淨值來看，即扣除成本基礎上的委託貨物淨額，我們有信心在成本方面遠遠領先其他市場。

I appreciate the color. Thank you, Mike. That's helpful.

我很欣賞這個顏色。謝謝你，麥克。這很有幫助。

Elvira Scotto, RBC Capital Markets.

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

Hey, thanks. Hey, good morning.

嘿，謝謝。嘿，早安。

Good morning, Elvira.

早安，艾爾維拉。

Just a question on demand. How have you seen demand since the tariff negotiations and the EU's commitment to buy $750 billion of energy from the US over the next three years? I think you're uniquely positioned to capitalize on that.

這只是按需提問。自從關稅談判和歐盟承諾未來三年從美國購買 7500 億美元能源以來，您如何看待需求？我認為你們擁有獨特的優勢來利用這一點。

We think so, too. Demand has been fantastic and maybe the best we've seen in 10 years on both a long-term contract basis and last 20 years, but also less than that as well. And given that, that demand is current, being able to build projects and bring them online fast is extremely attractive to customers. Combined with our ability, we think to offer the best price liquefaction fee as well and our proven execution on schedule and the advantages of our configuration.

我們也這麼認為。需求一直非常旺盛，也許是我們 10 年來在長期合約基礎上以及過去 20 年裡見過的最佳情況，但也有低於這個水平的。鑑於這種需求是當前的需求，能夠快速建立專案並使其上線對客戶來說極具吸引力。結合我們的能力，我們認為可以提供最優惠的液化費用以及我們按時完成的證明和我們配置的優勢。

So it makes us very optimistic that we're going to be able to sell the incremental contracts for our capacity for the second phase of CP2 Phase 3, a CP2 and the expansion for Plaquemines as well. That will enable us to build those projects. And really at this point, our view is that with just brownfield expansions at CP2 and CP3 -- or Plaquemines, we will be able to build and bring capacity to the market with high returns and very efficient in excess of 100 million tonnes approximately around 2030.

因此，我們非常樂觀地認為，我們將能夠出售 CP2 第三階段第二階段、CP2 以及 Plaquemines 擴建項目的增量合約。這將使我們能夠建造這些項目。實際上，目前我們的觀點是，僅透過在 CP2 和 CP3（或普拉克明）進行棕地擴建，我們就能夠在 2030 年左右建成並向市場提供超過 1 億噸的高回報和高效產能。

Great, thanks for that. And then for CP2, it sounds like the pace of construction activity is progressing in line, which is slightly ahead of your other two projects. What are some of the factors that can drive an acceleration in that time line, so that you can get to first LNG faster?

太好了，謝謝。對於 CP2 來說，聽起來建設活動的進度正在同步進行，略微領先其他兩個項目。哪些因素可以加速這條時間線，以便您更快獲得第一批液化天然氣？

So we're -- we -- at FID, we're approximately 98% complete on engineering, which supports very rapid remaining procurement and fabrication. And a good place to be for a high-performing project at FID is, let's say, 25% to 30% engineered. And so being 98% is an outlier in a good way. And combined with that, we did massive scale, we think the most ever, for an LNG project prior to FID of procurement.

因此，在 FID，我們的工程已完成約 98%，這支援非常快速的剩餘採購和製造。對於 FID 的高績效專案來說，工程化程度最好達到 25% 到 30%。因此，98% 是一個好的異常值。除此之外，我們在採購最終決定之前就完成了大規模的液化天然氣項目，我們認為這是迄今為止規模最大的項目。

And as we said in the recorded script, we already have two trains, shrink wrapped and stored at Baker Hughes in Italy. And I think we have our next two trains finishing up there as well. So to be just a few weeks past FID and to have that stage of fabrication complete and in storage, particularly for our configuration where so much of our facility is performed offsite, is a huge advantage.

正如我們在錄製的腳本中所說的那樣，我們已經有兩列火車，已用收縮膜包裝並存放在義大利的貝克休斯公司。我認為我們的下兩列火車也將在那裡結束旅程。因此，在最終投資決定 (FID) 僅過幾週的時間，就完成了製造階段並進行存儲，特別是對於我們的配置而言，因為我們的大部分設施都是在場外進行的，這是一個巨大的優勢。

So I would say the data points to really focus on as it relates to schedule is how quickly we're able to get out of the ground. So it's soil stabilization, piling, foundations, completion of our perimeter walls and all the logistics around that. So those are the things that are key for us.

因此我想說，與時間表相關的真正需要關注的數據點是我們能夠多快地開始動工。因此，它涉及土壤穩定、打樁、地基、週邊牆壁的完成以及所有相關的後勤工作。所以這些對我們來說都是至關重要的事情。

And one of the big benefits -- differentiators of our approach is as soon as those foundations are coming up out of the ground, we're going to have several years of procurement and fabricated equipment ready to go immediately on the foundations, which opens up enormous work fronts, so that we can start interconnecting equipment at a massive scale faster than it's been done before.

我們方法的一大優勢——與眾不同之處在於，一旦這些地基拔地而起，我們就能擁有經過數年採購併製造好的設備，可以立即投入使用，這將開闢巨大的工作前沿，讓我們能夠以比以前更快的速度開始大規模的設備互連。

This is also -- this is the -- our third project in our fourth phase with a lot of the team having been with us from the Phase 1 at Calcasieu Pass. And so we have tremendous experience in interconnecting and commissioning the equipment. The first two trains at CP2 are trains number 55 and 56. And so there's been enormous repetition and troubleshooting and problem solving and mistakes that we work really hard as a company to learn from.

這也是我們第四階段的第三個項目，團隊中的許多成員從第一階段在卡爾克蘇山口就一直與我們在一起。因此，我們在設備互連和調試方面擁有豐富的經驗。CP2 的前兩列火車是 55 號和 56 號火車。因此，我們公司需要進行大量的重複工作、排除故障、解決問題和犯錯，並努力從中學習。

Great. Thank you very much.

偉大的。非常感謝。

This concludes our question-and-answer session. I will now turn the call over to Mike Sabel. Please continue.

我們的問答環節到此結束。現在我將電話轉給麥克·薩貝爾。請繼續。

Thank you, everybody. We're grateful for everybody's time this morning and consideration as they think about investments in Venture Global. We will continue to work really hard this quarter and the rest of the year to build our facilities for the long term.

謝謝大家。我們感謝大家今天上午抽出的時間以及對 Venture Global 投資的考慮。我們將在本季和今年剩餘時間內繼續努力工作，以長期建造我們的設施。

So we look forward to meeting many of you in coming weeks and months, and thank you for your time. Have a great rest of the summer.

因此，我們期待在未來幾週和幾個月內與你們見面，感謝你們的時間。祝您有個愉快的暑假。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，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。