Venture Global Inc (VG) 2025 Q3 法說會逐字稿

Good morning and welcome to the Venture Global Inc. third-quarter 2025 earnings conference call.

早安，歡迎參加 Venture Global Inc. 2025 年第三季財報電話會議。

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

此時，我謹將電話會議交給投資人關係資深副總裁本‧諾蘭。請繼續。

Thank you, Joanna. Good morning, everyone, and welcome to Venture Global Inc.'s third-quarter 2025 earnings call.

謝謝你，喬安娜。各位早安，歡迎參加 Venture Global Inc. 2025 年第三季財報電話會議。

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 management team.

今天早上和我一起的有 Venture Global 的執行長、執行聯席主席兼創辦人 Mike Sabel；我們的財務長 Jack Thayer；以及 Venture Global 管理團隊的其他成員。

Before I 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 investor section of our website. 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.

在開始之前，我想提醒各位聽眾，我們的發言，包括對你們問題的回答，可能包含前瞻性陳述，實際結果可能與這些陳述中描述的內容有重大差異。我建議您參閱我們網站投資者關係部分提供的獲利簡報中的免責聲明。此外，我們也可能參考某些非GAAP指標，例如合併調整後的EBITDA。這些指標與最相關的 GAAP 指標的對照表可以在我們網站上發布的獲利報告附錄中找到。

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，本簡報中的指導意見僅截至今日有效。一般而言，我們不會更新業績指引，直到下一季才會更新，也不會透過其他方式更新或確認業績指引，除非透過廣泛公開揭露的方式。

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

現在我將把電話交給麥克·薩貝爾。

Thank you, Ben.

謝謝你，本。

Good morning, everyone, and thank you for joining us today. We are pleased to share our third-quarter 2025 results and update our guidance for 2025, which we believe is proving to be a year of strong project advancement, financial growth, and operating performance for Venture Global.

各位早安，感謝大家今天收看我們的節目。我們很高興與大家分享 2025 年第三季業績，並更新我們對 2025 年的展望。我們相信，2025 年對 Venture Global 而言將是專案進展強勁、財務成長和營運績效斐然的一年。

I'll begin the call with an overview of our considerable third-quarter 2025 key accomplishments and results before shifting to our LNG projects individually. I will then make some remarks in 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 all prepared remarks, we will open the call to Q&A.

我將首先概述我們在 2025 年第三季取得的重大成就和成果，然後再逐一介紹我們的液化天然氣計畫。接下來，我將就液化天然氣產業發表一些看法，然後將電話交給傑克，他將更詳細地回顧我們的財務表現和 2025 財年的最新指引。所有準備好的發言結束後，我們將開放問答環節。

Turning to page 5 of the presentation, I'm incredibly proud of what we are building at Venture Global. Despite only shipping our first cargo in March of 2022, about 3.5 years ago, Venture Global is positioned to be one of the largest LNG producers in the world, with expected production capacity of approximately 67 MTPA in operation or under construction today before additional brownfield expansions take us over 100 MTPA.

翻到簡報的第 5 頁，我對我們在 Venture Global 所取得的成就感到無比自豪。儘管 Venture Global 直到 2022 年 3 月才首次發貨，距今已有約 3.5 年，但它已做好準備成為全球最大的液化天然氣生產商之一，目前運營或在建的預計產能約為 67 百萬噸/年，之後通過擴建現有設施，產能將超過 1 億噸/年。

The volume of achievements in our third quarter was nothing short of extraordinary by the team. The coordinated efforts and oversight required at every step of the journey have not been easy, but the team has worked incredibly hard to deliver affordable energy security to our partners throughout the world.

第三季團隊的成就數量堪稱非凡。整個過程中每一步都需要協調努力和監督，這並不容易，但團隊付出了巨大的努力，為我們在世界各地的合作夥伴提供價格合理的能源安全保障。

We are applying that same level of relentless effort and rigorous execution to grow the business, harness the industry's lowest cost LNG production strategy, and pass that value on to our global customers and trade partners in the market. Executing and operating at this scale and pace requires significant stakeholder engagement and support, regulatory advocacy, capital access, and most importantly, employee grit.

我們正以同樣的不懈努力和嚴格執行力來發展業務，利用業內成本最低的液化天然氣生產策略，並將這種價值傳遞給我們在市場上的全球客戶和貿易夥伴。以這樣的規模和速度執行和運作需要利益相關者的廣泛參與和支持、監管倡議、資金獲取，以及最重要的，員工的毅力。

Ours is a company with broad geopolitical impact that is playing a material part in the US efforts to promote energy security and achieve better balance of trade globally. In fact, I just returned from Eastern Europe where Venture Global executed a geopolitically important agreement to support energy security in the region, which I'll comment on more in a moment.

我們是一家具有廣泛地緣政治影響力的公司，在美國促進能源安全和實現全球貿易平衡的努力中發揮著實質作用。事實上，我剛從東歐回來，Venture Global 在那裡簽署了一項具有重要地緣政治意義的協議，以支持該地區的能源安全，我稍後會對此做更多評論。

Moving to page 6, the past several months demonstrate operational excellence at Calcasieu Pass, the swift ramp up of production at Plaquemines, while navigating complex construction and commissioning activities, and the deployment of significant resources at CP2 as we work to execute for our customers.

翻到第 6 頁，過去幾個月展現了 Calcasieu Pass 的卓越營運、Plaquemines 的快速增產，同時應對複雜的建設和調試活動，以及在 CP2 部署大量資源，努力為我們的客戶執行專案。

These efforts enabled Venture Global to generate $3.3 billion of revenue, $1.3 billion in income from operations, $429 million of net income attributable to common shareholders, and $1.5 billion of consolidated adjusted EBITA. These results represent increases of 260% for revenue, 598% for income from operations, and 439% for consolidated adjusted EBITDA compared with the third quarter of 2024. It was an exceptional quarter for our company and the team.

這些努力使 Venture Global 獲得了 33 億美元的收入、13 億美元的營業收入、歸屬於普通股股東的 4.29 億美元淨收入以及 15 億美元的合併調整後 EBITA。與 2024 年第三季相比，這些結果分別代表營收成長 260%、營業收入成長 598% 和合併調整 EBITDA 成長 439%。對於我們公司和團隊來說，這是一個非常出色的季度。

Considering our success year to date -- successful year to date, our market outlook for the fourth quarter and the inclusion of certain non-cash accounting charges for recent potential arbitration awards, we are marginally reducing and tightening the range of our EBITDA guidance for the year. This update reflects further operating visibility into the number of commissioning cargos we expect to produce at Plaquemines and the current fixed liquefaction fees we are contracting on those cargoes for the remainder of the year.

考慮到我們今年迄今為止的成功——今年迄今為止的成功，我們對第四季度的市場展望，以及最近潛在仲裁裁決中某些非現金會計費用的納入，我們將略微下調並收緊我們今年的 EBITDA 指引範圍。本次更新進一步反映了我們對普拉克明斯工廠預計生產的調試貨物數量的營運可見性，以及我們為這些貨物簽訂的今年剩餘時間的固定液化費用合約。

Presently we are seeing pricing for winter cargos which reflect static [TTF prices and higher] Henry Hub forwards, implying a compression of winter liquefaction spreads. As you will recall, last quarter, we had set a $1 per MMBtu change in price translated into a $230-million to $240-million change in our anticipated consolidated adjusted EBITDA.

目前我們看到冬季貨物的定價反映了亨利樞紐遠期價格的穩定（TTF 價格及更高），這意味著冬季液化價差的收窄。您應該還記得，上個季度，我們設定了每百萬英熱單位價格變動 1 美元，這將導致我們預期合併調整後 EBITDA 變動 2.3 億美元至 2.4 億美元。

As we have contracted additional projected output since the end of our prior quarter, this market sensitivity has declined. However, this compression of margins on future unsold cargoes during the fourth quarter plus the timing of two DES loadings, where we load them and deliver them after the quarter, results in us marginally reducing our 2025 guidance range to $6.35 billion to $6.50 billion of consolidated adjusted EBITDA for 2025. This range reflects a forecasted $4.50 per MMBtu to $5.50 per MMBtu fixed liquefaction fee range for available cargoes remaining in the quarter, which is consistent with current TTF and JK -- JKM for price expectations.

由於我們自上一季末以來已減少了預計產量，因此這種市場敏感度有所下降。然而，由於第四季度未來未售貨物的利潤率受到壓縮，加上兩次DES裝載的時間表（我們在季度結束後裝載和交付貨物），導致我們略微下調了2025年的綜合調整EBITDA預期範圍，至63.5億美元至65億美元。該範圍反映了本季剩餘可用貨物的固定液化費預計為每百萬英熱單位 4.50 美元至 5.50 美元，這與目前 TTF 和 JK -- JKM 的價格預期一致。

Additionally, our projected results also incorporate reserve adjustments which account for our best estimate of the financial impact of the Calcasieu Pass arbitration process. We anticipate updating the market with full-year 2026 guidance next quarter.

此外，我們的預測結果還納入了準備金調整，以反映我們對卡爾克蘇山口仲裁程序財務影響的最佳估計。我們預計下個季度向市場發布 2026 年全年業績指引。

Please turn to page 7. In my mind, the extraordinary list of accomplishments achieved in the past few months tells the story of Venture Global's unwavering commitment to streamlined high impact execution in its growth to date. We were able to hit several major milestones, including 100 cargoes exported in a single quarter, and just a few days ago we shipped our 500th cargo from Calcasieu Pass.

請翻到第7頁。在我看來，過去幾個月的非凡成就充分體現了 Venture Global 在發展過程中始終堅持精簡高效執行的堅定承諾。我們實現了幾個重要的里程碑，包括在一個季度內出口了 100 批貨物，就在幾天前，我們從卡爾克蘇山口運出了第 500 批貨物。

Those achievements are remarkable, particularly given the relatively short operating history of the company. While these are significant operating achievements, everything starts with safety. I'm thankful to say that despite the speed at which we are constructing and developing our projects, the total reportable incident rate is still 10 times better than the industry average.

考慮到該公司相對較短的營運歷史，這些成就尤其顯著。雖然這些都是重要的營運成就，但一切都始於安全。令人欣慰的是，儘管我們的專案建設和開發速度很快，但總可報告事故率仍然比行業平均低 10 倍。

In addition to these operational successes, we also made incremental strides in sourcing capital to fund our growth. Specifically, the Blackfin joint venture raised $1.575 billion of financing, which enabled an almost $900 million return of capital to Venture Global. And last Friday, we finalized a new $2-billion revolving credit facility with [a dozen banks] which we expect will enhance our corporate liquidity and capital flexibility.

除了這些營運上的成功之外，我們在籌集資金以支持業務成長方面也取得了逐步進展。具體來說，Blackfin 合資企業籌集了 15.75 億美元的資金，這使得 Venture Global 獲得了近 9 億美元的資本回報。上週五，我們與[十幾家銀行]最終敲定了一項新的 20 億美元循環信貸安排，我們預計這將增強我們公司的流動性和資本靈活性。

These financings build upon the $15.1-billion FID project financing for CP2 phase one in the $4 billion of Plaquemines senior secured notes we completed early in the quarter. Year to date, we have now raised approximately $30 billion and closed eight separate $1 billion-plus transactions to further grow our business and optimize our capital structure. It has been a truly remarkable year of financing activity for us.

這些融資建立在我們本季初完成的 40 億美元 Plaquemines 優先擔保票據中 CP2 第一階段的 151 億美元 FID 專案融資之上。今年迄今為止，我們已籌集約 300 億美元，並完成了 8 筆金額超過 10 億美元的獨立交易，以進一步發展我們的業務並優化我們的資本結構。對我們來說，今年是融資活動非常成功的一年。

I'm also pleased to announce the signing of two new 20-year SPA sales and purchase agreements. On Friday, we signed a 1 MTPA agreement with Naturgy of Spain for phase two of CP2. Venture Global is honored to expand our long-term partnership with Spain through this new agreement with Naturgy, a leading global LNG company. This contract will positively impact the US balance of trade with Spain.

我很高興地宣布，我們簽署了兩份新的為期 20 年的 SPA 買賣協議。週五，我們與西班牙 Naturgy 公司簽署了 CP2 第二階段的 1 百萬噸/年協議。Venture Global 非常榮幸能夠透過與全球領先的液化天然氣公司 Naturgy 達成的這項新協議，擴大我們與西班牙的長期合作夥伴關係。該合約將對美國與西班牙的貿易平衡產生正面影響。

Our unmatched speed and execution have made Venture Global a trusted, reliable supplier to the global market. The signing of this agreement, along with the strong commercial momentum we've achieved over the past 6 months, reflects the continued customer confidence in our company and the robust demand for LNG globally. Venture Global remains committed to meeting that demand with flexible, fast, affordable, and dependable long-term supply.

我們無與倫比的速度和執行力使 Venture Global 成為全球市場值得信賴的可靠供應商。該協議的簽署，以及我們在過去 6 個月中取得的強勁商業勢頭，反映了客戶對我們公司的持續信心以及全球對液化天然氣的強勁需求。Venture Global 將繼續致力於以靈活、快速、經濟實惠且可靠的長期供應來滿足這一需求。

Additionally, last Thursday we signed a 20-year SPA for a minimum of 0.5 MTPA with Atlantic-SEE LNG, which is a newly formed joint venture between Greek companies AKTOR and DEPA, making Greece's first ever long-term LNG supply agreement with a US exporter. In combination with our capacity at the Alexandroupolis LNG regasification receiving terminal, this agreement should substantially enhance Central and Eastern European energy security, bringing affordable and reliable US natural gas to the region.

此外，上週四，我們與 Atlantic-SEE LNG 簽署了一份為期 20 年的 SPA，最低供應量為 0.5 MTPA。 Atlantic-SEE LNG 是希臘公司 AKTOR 和 DEPA 新成立的合資企業，這是希臘與美國出口商簽署的第一份長期液化天然氣供應協議。結合我們在亞歷山德魯波利斯液化天然氣再氣化接收站的產能，該協議應能大幅提升中東歐的能源安全，為該地區帶來價格合理、供應可靠的美國天然氣。

Including the three off-take commitments, we previously announced and signed in July, Venture Global has now added 5.25 MTPA of new 20-year SPAs in the second half of 2025, which I think might be the most in the market globally, and I expect more to follow. We continue to build momentum towards the FID for CP2 phase two.

包括我們先前在 7 月宣布並簽署的三項承購承諾在內，Venture Global 現已在 2025 年下半年新增 5.25 MTPA 的 20 年期 SPA，我認為這可能是全球市場上最多的，而且我預計未來還會有更多。我們正持續推進 CP2 第二階段的最終投資決定 (FID)。

Turning to page 9. We'll take a look at our projects starting with CP2. As on June 3, our team fully mobilized and started site work at CP2 following final approval and notice to proceed from FERC with FID of phase one announced on July 28. Additionally, on October 22, the final non-FDA export authorization from the US Department of Energy was received.

翻到第9頁。我們將從 CP2 開始，逐一了解我們的專案。截至 6 月 3 日，我們的團隊已全面進駐 CP2 專案現場，並在 7 月 28 日宣布第一階段最終投資決定後，獲得了聯邦能源管理委員會的最終批准和開工通知。此外，10 月 22 日，我們收到了美國能源部頒發的最終非 FDA 出口授權。

Phase one engineering is 99% complete, allowing for over 98% of all phase one permanent plant equipment to now be procured. FERC has reviewed and approved 97% of all underground and foundation scopes, enabling continuous phase one field execution. The speed and productivity of the team's mobilization to site has been nothing short of extraordinary. There are over 3,500 people and more than 1,700 major pieces of construction equipment on site. Construction progress is on schedule at 98% of all civil site prep and soil improvement work completed across 700 acres. This work includes moving 2 million cubic yards of soil and cement, stabilizing over 6 million cubic yards of soil, utilizing over 580,000 tons of cement. Piling work has commenced with over 10,000 piles installed to date, representing already one-third of the 32,000 total piles required.

第一階段工程已完成 99%，第一階段永久性工廠設備的採購量已超過 98%。聯邦能源監管委員會已審查並批准了 97% 的地下和基礎工程範圍，從而能夠持續進行第一階段的現場施工。團隊向現場調動的速度和效率堪稱非凡。現場有超過3500名工作人員和1700多台大型建築設備。施工進度按計畫進行，700英畝土地上的土木工程場地準備和土壤改良工作已完成98%。這項工程包括搬運 200 萬立方碼的土壤和水泥，穩定超過 600 萬立方碼的土壤，使用超過 58 萬噸水泥。樁基工程已經開工，迄今已安裝超過 10,000 根樁，佔所需 32,000 根樁總數的三分之一。

To create roads and access support allowing for the start of the foundation work, over 1.2 million tons of aggregate base has been installed. Foundation work is now underway in all major process areas of the facility. The most notable accomplishments include pouring, the first LNG tank foundation, the first liquefaction module foundation, and the power island switch Gear building foundation. Marine terminal work also continues to progress, with nearly 2 million cubic yards of dredging completed.

為了建造道路和提供通道支持，以便開始基礎工程，已經鋪設了超過 120 萬噸的骨材基層。目前，該設施所有主要製程區域的基礎工程均已啟動。最值得一提的成就包括澆築、第一個液化天然氣儲罐基礎、第一個液化模組基礎和電力島開關設備大樓基礎。海運碼頭工程也持續推進，已完成近200萬立方碼的疏浚工作。

Additionally, nearly 5,000 feet of the 22,000-foot perimeter wall has been installed, nearly a mile completed. Off-site, all phase one equipment module erection has commenced both domestically and abroad. Specifically, I'd like to highlight the notable progress on our pre-treatment systems, pipe rack modules, and electrical buildings, all of which we are building in the US Gulf Coast.

此外，22000 英尺長的圍牆已安裝近 5000 英尺，近一英里已完工。場外，一期設備模組的安裝工作已在國內外全面展開。具體來說，我想重點介紹我們在美國墨西哥灣沿岸建造的預處理系統、管道支架模組和電氣建築所取得的顯著進展。

I'm also pleased to recognize that Baker Hughes has completed the first eight liquefaction trains, which are currently being stored at its fabrication facility in Italy. The team has incorporated our learnings from the construction of Calcasieu Pass and Plaquemines, which is aiding the progress of construction.

我也很高興地得知，貝克休斯公司已經完成了前八套液化裝置，這些裝置目前正在其位於義大利的製造廠存放。團隊吸收了卡爾卡修山口和普拉克明斯山口建設的經驗，有助於工程建設的進展。

Some of the modifications include one, utilizing 10 marine offloading facilities near the CP2 project site versus just three when we built Calcasieu Pass, which translates into a much greater speed of deployment and less traffic on the roads; two, further modulization -- modularization in new scopes of the project, particularly with respect to the power island, a critical path item; and three, internalizing additional construction scope and more targeted use of subcontractors to improve quality, efficiency, and pace of construction.

部分改善措施包括：一、在 CP2 專案現場附近使用 10 個海上卸貨設施，而建造 Calcasieu Pass 時僅使用了 3 個，這意味著部署速度更快，道路交通量更少；二、進一步模組化——在專案的新範圍內採用模組化，特別是對於關鍵路徑專案——電力島；

With respect to phase two, I mentioned the two SPAs we signed in the past few days, and we continue to have constructive conversations with off-takers and aim to sign additional SPAs before the end of the year. As I've said before, given the lower cost per ton of brownfield expansion and our significant equity already invested in phase two of the project, which is now over $1 billion, we do not anticipate needing many more 20-year SPAs to reach FID for either phase two or even beyond that, the phase three bolt-on. This contract strategy is supportive of EG maintaining a balanced portfolio of intermediate, short- and long-term contracts. The targeted FID timeframe for phase two remains the first half of 2026.

關於第二階段，我提到了我們在過去幾天簽署的兩份採購協議，我們將繼續與承購者進行建設性對話，並力爭在年底前簽署更多採購協議。正如我之前所說，考慮到棕地擴建每噸成本較低，以及我們已經在專案第二階段投入了大量資金（目前已超過 10 億美元），我們預計不需要再簽訂很多 20 年的特別授權協議 (SPA) 就能實現第二階段的最終投資決定 (FID)，甚至不需要後續的第三階段附加項目。此合約策略有助於 EG 維持中期、短期和長期合約的平衡組合。第二階段的最終投資決定目標時間仍為 2026 年上半年。

On page 10 and 11, we thought it would be helpful to walk through the value proposition of CP2 and all our future projects. On page 10, we have listed some of the attributes that we believe support the company's growth outlook.

在第 10 頁和第 11 頁，我們認為詳細介紹 CP2 的價值主張以及我們所有未來的項目會很有幫助。在第 10 頁，我們列出了一些我們認為能夠支撐公司成長前景的因素。

In short, engineering and construction optimization, access to legacy construction and operation data, and an internal team of experienced personnel promote construction speed and production excellence. This in turn generates financial returns faster and allows us to pass this capital efficiency onto our customers through industry leading pricing. In sum, it's all in support of realizing our corporate mission of innovating to provide low cost LNG to the world.

簡而言之，工程和施工優化、獲取歷史施工和營運數據以及一支經驗豐富的內部團隊，能夠提高施工速度和生產效率。這反過來又能更快地產生財務回報，並使我們能夠透過業界領先的定價將這種資本效率傳遞給我們的客戶。總之，這一切都是為了支持我們實現企業創新使命，即為世界提供低成本的液化天然氣。

On page 11, we outline how that speed and efficiency correlate to strong annual returns even while passing on much of those lower costs to our SPA customers and the market in a variety of LNG pricing environments. The key to success in any commodity business is being the low cost producer, which for CP2 phases one and two should be just above $1000 a ton. All in, including our inside the fence power plants, the pipelines, owners' costs, and all other construction costs.

在第 11 頁，我們概述了這種速度和效率如何與強勁的年度回報相關聯，即使在各種 LNG 定價環境下，我們也把大部分較低的成本轉嫁給了我們的 SPA 客戶和市場。在任何大宗商品業務中，成功的關鍵在於成為低成本生產商，對於 CP2 的第一階段和第二階段來說，成本應該略高於每噸 1000 美元。全部費用，包括我們圍欄內的發電廠、管道、業主費用以及所有其他建設費用。

Additionally, we generate considerable cash flow during construction and commissioning, which reviews and offset the project cost. In this case, based on the Ford-Henry Hub and TTF curves for CP2, we estimate these construction and commissioning pre-COD cargo sale EBITDA proceeds would yield an estimated $8 billion of cash flow during construction, reducing CP2's net cost down to approximately $21 billion.

此外，我們在建設和調試期間會產生可觀的現金流，這可以抵消專案成本。在這種情況下，根據福特-亨利樞紐和 CP2 的 TTF 曲線，我們估計這些建設和調試 COD 前貨物銷售 EBITDA 收益將在建設期間產生約 80 億美元的現金流，從而將 CP2 的淨成本降低到約 210 億美元。

Following COD, cash flows will come from a combination of fixed liquefaction charges under our long-term SPAs and contracted pricing on available capacity in excess of that sold under our 20-year long-term contracts. In the case of CP2 phases one and two, we expect this available excess production to be 9 to 11 million tons, which we anticipate selling on a medium- and short-term basis or a non-20-year basis. As you can see on the slide, we are showing two fixed liquefaction fee cases. One at $4 per MMBtu and one at $6 for these non-20 year SPA cargos.

COD之後，現金流量將來自長期SPA協議下的固定液化費用，以及根據我們20年長期合約出售的可用產能的合約定價。就 CP2 一期和二期而言，我們預計可利用的剩餘產能為 900 萬至 1,100 萬噸，我們預計這些剩餘產能將在中短期內或非 20 年期限內出售。正如您在幻燈片上看到的，我們展示了兩個固定清算費案例。對於這些非 20 年 SPA 貨物，一種價格為每 MMBtu 4 美元，另一種價格為每 MMBtu 6 美元。

Assuming a $4 fixed liquefaction fee, the combination of fixed long-term contribution and that from the available capacity would translate into an estimated $4-billion contribution to annual consolidated adjusted EBITDA. Whereas assuming $6 per MMBtu for the available cargoes, which I believe will be closer to the case over 20 years, the estimated annual consolidated adjusted EBITDA would rise to $5.2 billion.

假設固定液化費為 4 美元，固定長期貢獻與可用產能結合，預計可為年度合併調整 EBITDA 貢獻 40 億美元。假設現有貨物的價格為每百萬英熱單位 6 美元（我認為 20 年後這種情況會更接近實際情況），則預計年度合併調整 EBITDA 將增至 52 億美元。

Collectively under these scenarios, relative to the $21 billion of net project costs after assuming 50% leverage or we carry extra equity, these illustrative results imply a return at the project level on equity of greater than 30%. While still providing the lowest price SPAs in the market to our customers, which you're now seeing reflected in the high number of 20-year contracts we continue to execute.

在這些情境下，相對於假設 50% 槓桿或我們持有額外股權後 210 億美元的淨項目成本，這些示例性結果表明，專案層面的股權回報率超過 30%。我們仍然向客戶提供市場上價格最低的SPA（購銷協議），這一點從我們持續執行的大量20年合約中可見一斑。

Moving to page 12, Plaquemines construction and commissioning continues to progress on schedule for phases one and two. While still relying on temporary power, as we are not in our combined 5-on-2 configuration for the power plant for phase one yet, construction continues at our power on units, and the Venture Global team has now safely started up 34 of the 36 liquefaction trains.

翻到第 12 頁，Plaquemines 的建設和調試工作第一階段和第二階段繼續按計劃進行。雖然我們仍需依靠臨時電力，因為我們尚未達到第一階段發電廠的 5 對 2 組合配置，但我們的發電裝置建設仍在繼續，Venture Global 團隊現已安全啟動了 36 套液化裝置中的 34 套。

Despite these challenges, our continued construction and commissioning progress enabled Plaquemines to export 64 commissioning cargoes during Q3, hitting the high end of our previously projected range. This represents a 25% increase in exported cargoes relative to the previous quarter, reflecting the remarkable pace at which we are integrating and commissioning liquefaction trains. The facility realized a weighted average fixed liquefaction fee of $6.79 per MMBtu on these commissioning cargoes during the quarter.

儘管面臨這些挑戰，但我們持續的建設和調試進展使 Plaquemines 在第三季度出口了 64 批調試貨物，達到了我們先前預測範圍的高端。與上一季相比，出口貨物量增加了 25%，這反映出我們在整合和調試液化裝置方面取得了顯著進展。該設施在本季對這些調試貨物實現了每百萬英熱單位 6.79 美元的加權平均固定液化費。

As we recently communicated to our phase one offtakers, we maintain our expected [COD] schedule of Q4 2026. Important work remains, but we are making great progress at Plaquemines. For example, the project's required combined cycle power generation equipment for phase one is expected to commence commissioning in its 5-on-2 configuration in Q1 2026.

正如我們最近向第一階段承購商所傳達的那樣，我們維持原定的 [COD] 計劃，即 2026 年第四季。雖然還有很多重要工作要做，但我們在普拉克明斯計畫上取得了巨大進展。例如，該專案第一階段所需的聯合循環發電設備預計將於 2026 年第一季開始以 5 對 2 的配置進行調試。

This power island schedule and other work allows us to have sufficient time to complete commissioning, reach substantial completion under our EPC contract, complete lender reliability testing, and declare COD on schedule. Importantly, over the past several years, we've made incremental project investments in areas like temporary power, which we continue to use today, and a number of other scopes including power island to address EPC delays for which we have injected approximately $3.3 billion of additional equity capital in order to hold our COD schedule. That's not new. That's previously reported. These are incremental costs relative to our FID budgets that we've incurred and absorbed as project sponsor to deliver a low-cost LNG to our customers years faster than our peers.

該電力島計劃和其他工作使我們有足夠的時間完成調試，根據我們的EPC合約達到實質性完工，完成貸款方可靠性測試，並按計劃宣布COD。重要的是，在過去的幾年裡，我們在臨時電力等領域進行了逐步的專案投資，我們至今仍在繼續使用這些電力，此外還在其他一些領域進行了投資，包括電力島，以解決EPC延誤問題，為此我們已註入約33億美元的額外股權資本，以保持我們的COD進度。這並非新鮮事。此前已有報道。這些是相對於我們的最終投資決策預算而言的增量成本，作為專案發起人，我們為了比同行更快地向客戶交付低成本液化天然氣而承擔並支付了這些成本。

I'm pleased to affirm that because of this spend we are on track for COD in Q4 2026 for phase one and mid-'27 for phase two, reflecting a 54-month construction timeline which is among the industry's best and will be ever achieved, including the 144 cargoes exported from Plaquemines in the first three quarters of the year, we now anticipate the facility exporting between 234 and 238 cargoes by year end. This puts us in the high end of our previous estimates and represents a 7-cargo increase to the low end and a 2-cargo decrease from the high end of our previously reported range. For Q4, Plaquemines has contracted 79 cargoes or 84% of potential cargos for the quarter, capturing a weighted average fixed liquefaction fee of $6.41 per MMBtu on those contracted cargoes.

我很高興地確認，由於這筆投入，我們第一階段的貨物交付計劃將於 2026 年第四季度完成，第二階段將於 2027 年年中完成，這反映了 54 個月的建設工期，這是業內最佳之一，也是有史以來最好的。今年前三個季度，普拉克明斯港出口了 144 批貨物，我們現在預計到年底，該設施將出口 234 至 238 批貨物。這使我們處於先前估計的高端，比先前報告的範圍低端增加了 7 船貨物，比高端減少了 2 船貨物。第四季度，Plaquemines 已簽訂 79 批貨物的合同，佔該季度潛在貨物的 84%，從這些已簽訂合約的貨物中獲得了每百萬英熱單位 6.41 美元的加權平均固定液化費。

On page 13, you see the monthly ramp of Plaquemines' cargoes exported since the beginning of 2025. Plaquemines' accounts for 82% of the incremental LNG production capacity added to the global LNG supply this year, lifting worldwide LNG production by more than 4%. That growth almost single-handedly helped to mitigate the impact of a more than 33% rise in European LNG demand through the first 10 months of the year as the continent seeks to move away from the consumption of Russian gas. I'm grateful for the hard work, ingenuity, and tenacity of our VG construction team, which enabled the ramping of Plaquemines production despite power and other construction challenges. With production excellence such as this at Plaquemines, we are playing an industry leading role in keeping LNG prices affordable throughout the world.

在第 13 頁，您可以看到自 2025 年初以來 Plaquemines 出口貨物的月度增長。Plaquemines 佔今年全球 LNG 供應新增產能的 82%，使全球 LNG 產量提高了 4% 以上。這一增長幾乎憑藉一己之力緩解了今年前 10 個月歐洲液化天然氣需求增長超過 33% 的影響，因為歐洲大陸正尋求擺脫對俄羅斯天然氣的依賴。我非常感謝 VG 建設團隊的辛勤工作、聰明才智和堅韌不拔的精神，正是他們的努力，才使得 Plaquemines 的生產得以在電力和其他建設挑戰中逐步提高。憑藉普拉克明斯這樣的卓越生產能力，我們在保持全球液化天然氣價格合理方面發揮著行業領先作用。

Next, I'd like to focus on Calcasieu Pass, which is covered on page 14 of the presentation. During the third quarter of 2025, Calcasieu Pass exported 36 cargoes, which is in line with our previous expectations, but down slightly from the second quarter. The reduction compared to Q2 is due to a longer than scheduled routine power island maintenance on the facility.

接下來，我想重點介紹卡爾卡修山口，這部分內容在簡報的第 14 頁有詳細介紹。2025 年第三季度，卡爾克蘇山口出口了 36 批貨物，這與我們先前的預期一致，但比第二季度略有下降。與第二季相比，下降的原因是該設施的例行電力島維護工作時間比計劃要長。

This does give us an opportunity to highlight one of the competitive advantages of our mid-scale modular approach. Specifically, because of the performance capacity of our trains and equipment redundancy across our process system and our configuration, we can undertake significant maintenance at our facilities with only very modest impacts on production. This translates into smoother production profiles and lowers operating costs per MMBtu of production.

這給了我們一個機會來突出我們中等規模模組化方法的競爭優勢之一。具體來說，由於我們的列車性能強大，並且我們的製程系統和配置中設備冗餘度高，我們可以在工廠進行重大維護，而對生產的影響卻非常小。這意味著生產曲線更加平穩，每百萬英熱單位（MMBtu）的生產營運成本降低。

At Calcasieu Pass, we realized a weighted average fixed liquefaction fee of $1.76 per MMBtu in the third quarter. This is lower than the $1.97 per MMBtu we have published in our October 6 8-K as we have incorporated a non-cash $27-million arbitration related reserve relative to the 5.5 months of production since COD in our Q3 results at Calcasieu Pass.

在卡爾卡修山口，我們在第三季實現了每百萬英熱單位 1.76 美元的加權平均固定液化費。這低於我們在 10 月 6 日的 8-K 文件中公佈的每百萬英熱單位 1.97 美元，因為我們在 Calcasieu Pass 第三季度業績中計入了與 COD 以來 5.5 個月的生產相關的 2700 萬美元非現金仲裁準備金。

For the fourth quarter of 2025, based on liquefaction fees achieved from SPA and excess cargo sold on a forward basis to date, we anticipate capturing a weighted average liquefaction fee of $2.14 per MMBtu across all forward sold Calcasieu Pass production, which reflects contracted sales under a long-term SPAs plus an excess cargo that has been sold. That figure includes a Q4 adjustment for arbitration reserves incorporating the 108 cargos exported from this facility in the first half, we now anticipate exporting 148 cargoes by the end of the year. Collectively across Calcasieu Pass and Plaquemines, we have contracted 59 more cargoes for export in Q4 2025 since our prior report and have contracted 119 of a potential 134 cargos or roughly 89% of our total Q4 2025 production.

根據 SPA 獲得的液化費和迄今為止以遠期方式售出的超額貨物，我們預計 2025 年第四季度所有遠期售出的 Calcasieu Pass 產量將獲得每百萬英熱單位 2.14 美元的加權平均液化費，這反映了根據長期 SPA 簽訂的合約銷售加上已售出的超額貨物。該數字包括第四季度仲裁準備金的調整，其中包含了上半年從該設施出口的 108 批貨物，我們現在預計到年底將出口 148 批貨物。自上次報告以來，我們在卡爾卡修山口和普拉克明斯兩地共簽訂了 59 批貨物的出口合同，計劃於 2025 年第四季度出口。在 2025 年第四季潛在的 134 批貨物中，我們已簽訂了 119 批貨物的合同，約佔總產量的 89%。

I want to spend a few minutes updating you all on the Calcasieu Pass arbitration proceedings. Well, confidentiality agreements do restrict our ability to provide all the details we would like, to the extent we were able, we thought we would provide answers to a number of the common questions we have received. You can see the most frequent of these on page 15. Let me address several.

我想花幾分鐘時間向大家報告卡爾克蘇山口仲裁程序的最新進展。保密協議確實限制了我們提供所有細節的能力，但我們會盡我們所能，回答一些我們收到的常見問題。您可以在第 15 頁看到其中最常見的例子。讓我來談談幾個問題。

First, there have now been full or partial resolutions in three of the proceedings, as the shell arbitration was decided in our favor. We settled the second for an amount which we did not have a material impact on Venture Global's results. And the arbitration panel reached a partial final decision against Calcasieu Pass and the BP arbitration. There are four separate outstanding proceedings now which we expect should be determined over the course of the next few years in the absence of settlements.

首先，目前已有三起訴訟案件已全部或部分解決，其中一起空殼仲裁案的裁決對我們有利。第二起糾紛我們以一筆數額較小的款項達成和解，這筆款項對 Venture Global 的業績並沒有產生實質影響。仲裁小組對卡爾克蘇山口和英國石油公司的仲裁做出了部分最終裁決。目前有四起獨立的未決訴訟，我們預計，如果沒有和解，這些訴訟將在未來幾年內解決。

Secondly, no damages have been determined or awarded in the BP arbitration, and the date for the hearing on damages has not been set as of the date of this presentation. Financially, including BP, the remedies sought by our customers against Venture Global Calcasieu Pass, including BP, have been materially reduced to $4.8 billion to $5.5 billion from $6.7 billion to $7.4 billion. Venture Global Calcasieu Pass's aggregate liability cap under the post-COD SPAs for the four remaining arbitration proceedings, excluding BP is now $765 million.

其次，BP仲裁案尚未確定或判決任何損害賠償，截至本報告發布之日，損害賠償聽證會的日期也尚未確定。在財務方面，包括 BP 在內，我們的客戶針對 Venture Global Calcasieu Pass（包括 BP）尋求的賠償金額已從 67 億美元至 74 億美元大幅減少至 48 億美元至 55 億美元。根據 COD 後的 SPA，Venture Global Calcasieu Pass 在剩餘的四項仲裁程序（不包括 BP）中的累積責任上限為 7.65 億美元。

Importantly, while we ardently disagree with the BP award, the result does not impact our strategy for growth and providing low cost LNG to our customers throughout the world. Jack will address the accounting treatment for estimating the financial impact in the form of non-cash reserves of BP and these remaining arbitrations shortly.

重要的是，雖然我們強烈反對 BP 的裁決，但這一結果不會影響我們的成長策略以及向世界各地的客戶提供低成本液化天然氣的策略。Jack 稍後將討論如何對 BP 的非現金儲備以及剩餘仲裁事項的財務影響進行估算的會計處理。

Turning to page 17. While there has been modest softening of winter 2026 LNG spreads, demand remains healthy and the margins are robust. Even as new LNG supply enters the market over the next several years, we expect prices to remain supportive as energy demand responds to affordable prices. As you can see on the left, the forward curve reflects the market's expectation for LNG prices in both Asia and Europe to remain at considerable spreads above Henry Hub for the next 12 months. Beyond this time frame, we continue to see upward revisions to demand that reinforce our belief that margins will reflect insufficient LNG supply through 2028 and beyond.

翻到第17頁。儘管 2026 年冬季液化天然氣價差略為收窄，但需求依然強勁，利潤率也很穩健。即使未來幾年新的液化天然氣供應進入市場，我們預計價格仍將保持穩定，因為能源需求會對價格合理的液化天然氣做出反應。從左側可以看出，遠期曲線反映了市場預期，在未來 12 個月內，亞洲和歐洲的液化天然氣價格將比亨利樞紐價格高出相當大的價差。在此時間範圍之外，我們持續看到需求向上修正，這進一步強化了我們的觀點，即利潤率將反映出 2028 年及以後液化天然氣供應不足的情況。

Flipping to page 18, for years industry pundits have been predicting a plateau in LNG demand, and time and time again those predictions have not materialized, and demand has continued to grow at record levels. Historically, LNG consumption has grown about 5% to 6% per year. Even assuming a more conservative 3% growth rate, the current slate of new projects would not be sufficient to meet global demand by the middle of the next decade. And at the 5% compound growth rate, which is the historical number, global LNG infrastructure would need to nearly triple to meet global demand. There certainly may be fluctuations in LNG prices over time, but we remain confident in the underlying fundamental demand growth because of the increasing consumption of electricity around the world.

翻到第 18 頁，多年來，業內專家一直預測液化天然氣需求將達到峰值，但這些預測一次又一次地沒有實現，需求繼續以創紀錄的水平增長。從歷史上看，液化天然氣消費量每年增長約 5% 至 6%。即使假設較保守的成長率為 3%，目前的一系列新項目也無法滿足下一個十年中期的全球需求。以 5% 的複合成長率（這是歷史上的平均水準），全球液化天然氣基礎設施需要成長近三倍才能滿足全球需求。液化天然氣價格肯定會隨著時間推移而波動，但由於全球電力消費不斷增長，我們仍然對潛在的基本需求成長充滿信心。

Lately, powering AI and data centers globally has been at the front of everyone's minds. While we certainly view that as a major source of global power demand, factors like a rising middle class, which uses air conditioning among lots of other demand, growing industrialization, the continued migration from coal and moderating growth expectations for renewables, and even more coal -- are even more core to what we perceive will drive strong LNG demand growth for decades to come. This demand growth also reinforces the importance of our mission to deliver increased volumes of affordable LNG to support this global growth.

近來，如何為全球人工智慧和資料中心提供動力，一直是大家關注的焦點。雖然我們當然認為這是全球電力需求的主要來源，但諸如不斷壯大的中產階級（他們對空調等各種能源的需求日益增長）、工業化進程加快、煤炭的持續減少以及對可再生能源增長預期的放緩，以及煤炭需求的進一步增長等因素，才是我們認為未來幾十年推動液化天然氣需求強勁增長的核心因素。這種需求成長也凸顯了我們使命的重要性，即提供更多價格合理的液化天然氣，以支持全球經濟成長。

Now I'll turn it over to our CFO, Jack Thayer, who will review the financials and our updated guidance.

現在我將把這個任務交給我們的財務長傑克·泰耶，他將審查財務數據和我們更新後的業績指引。

Thank you, Mike, and good morning to those of you on the line.

謝謝你，麥克，也祝各位線上聽眾早安。

I will be referring to the Venture Global Incorporated Form 10-Q for the quarterly period ended September 30, 2025. The 10-Q is available on our website and some of the key results are summarized on page 20 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.

我將參考 Venture Global Incorporated 截至 2025 年 9 月 30 日的季度報告（10-Q 表格）。10-Q 表格可在我們的網站上查閱，部分關鍵結果已總結在簡報的第 20 頁。在本次電話會議中，我將重點放在我認為對各位聽眾來說比較重要的成果，並鼓勵大家詳細審查我們全部的財務報表。

Beginning with revenue, our top-line was $3.3 billion for the third quarter of 2025, a $2.4-billion increase from $0.9 billion during the equivalent period in 2024. This increase in revenue was driven by $2.9 billion from higher sales volumes, 373 TBtu in third quarter of 2025 compared with 100 TBtu in the third quarter of 2024, primarily at the Plaquemines Project which was partially offset by $517 million from lower net rates at Calcasieu Pass due to the commencement of LNG sales under its post-COD SPAs with weighted average fixed facility fees of $1.76 per MMBtu in the third quarter of 2025 versus $6.67 per MMBtu in the third quarter of 2024 and offset by a weighted average commodity fees of $3.53 per MMBtu in the third quarter of 2025 versus $2.51 per MMBtu in the third quarter of 2024.

先來看收入，我們2025年第三季的營收為33億美元，比2024年同期的9億美元增加了24億美元。營收成長主要得益於銷售增加帶來的 29 億美元收入，2025 年第三季銷售量為 373 TBtu，而 2024 年第三季為 100 TBtu，主要來自 Plaquemines 專案。部分收入成長被 Calcasieu Pass 專案淨費率降低帶來的 5.17 億美元收入成長所抵消，這是由於該專案在 COD 後 SPA 協議下開始銷售液化天然氣，2025 年第三季加權平均固定設施費為每百萬英熱單位 1.76 美元，而 2024 年第三季加權平均固定設施費為每百萬英熱單位 1.76 美元，而 2024 年第三季加權平均固定設施費為每百萬英熱單位 1.76 美元，而 2024 年第三季加權平均固定設施費為每百萬英熱單位為 6.67 美元。此外，加權平均商品費用也從 2024 年第三季的每百萬英熱單位 2.51 美元增加到 2025 年第三季的每百萬英熱單位 3.53 美元，部分抵銷了上述收入成長。

Our income from operations was $1.3 billion in the third quarter of 2025, a $1.1-billion increase from $189 million in the third 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 $102 million of higher operating costs in support of the ramp up of LNG production at the Plaquemines project and operating our LNG tankers as well as $28 million and $129 million of higher G&A and depreciation expenses, respectfully.

2025 年第三季度，我們的營業收入為 13 億美元，比 2024 年第三季的 1.89 億美元增加了 11 億美元。這一轉變主要是由於我之前提到的銷售量增加所致，從而導致液化天然氣銷售的總利潤率更高。這些成長部分被以下因素抵銷：為支援 Plaquemines 專案液化天然氣產量提升和營運我們的液化天然氣運輸船而增加的 1.02 億美元營運成本，以及分別增加的 2,800 萬美元和 1.29 億美元的一般及行政費用和折舊費用。

We also experienced a reduction in our development expenses of $103 million quarter over quarter as many of the costs associated with our three phase CP2 project were capitalized. Our net income attributable to common stockholders, which we will refer to as net income, was $429 million for the third quarter of 2025, a $776-million increase from the loss of $347 million in Q3 2024. Changes in interest rate swaps negatively impacted Q3 results both this year and in 2024 by $144 million and $480 million respectfully -- respectively, and Q3 2025 net income was also unfavorably impacted by a $100-million accounting charge related to the partial voluntary prepayment of the Plaquemines term loan.

由於與我們的三期 CP2 項目相關的許多成本被資本化，我們的開發費用也較上季減少了 1.03 億美元。歸屬於普通股股東的淨利潤（以下簡稱淨利）在 2025 年第三季為 4.29 億美元，比 2024 年第三季虧損 3.47 億美元增加了 7.76 億美元。利率互換的變化對今年和 2024 年第三季度的業績分別產生了 1.44 億美元和 4.8 億美元的負面影響——此外，由於部分自願提前償還 Plaquemines 定期貸款，2025 年第三季度的淨收入也受到了 1 億美元的會計費用的不利影響。

Shifting to consolidated adjusted EBITDA, we earned $1.5 billion during the third quarter of 2025, a $1.2-billion or 439% increase from $283 million in Q3 2024. This increase in consolidated adjusted EBITDA was driven chiefly by higher sales volumes.

轉而採用合併調整後的 EBITDA，我們在 2025 年第三季獲利 15 億美元，比 2024 年第三季的 2.83 億美元成長了 12 億美元，增幅達 439%。合併調整後 EBITDA 的成長主要得益於銷售量的成長。

As Mike mentioned earlier, our projects exported a total of 100 cargoes in Q3, which increased from 31 cargoes compared with the same period in 2024. Of these cargoes, 372 TBtu of volumes are reflected in our results for Q3 2025, more than tripling production compared to the 110 TBtu in Q3 2024.

正如麥克之前提到的，我們的項目在第三季度共出口了 100 批貨物，比 2024 年同期的 31 批貨物有所增加。在這些貨物中，372 TBtu 的體積反映在我們 2025 年第三季的業績中，與 2024 年第三季的 110 TBtu 相比，產量增加了兩倍多。

I also wanted to further provide information regarding the accounting treatment for the BP and our four remaining outstanding arbitrations impact. As mentioned, our consolidated financial statements incorporate a $27-million non-cash reserve relative to the period from our April 15 COD until the end of Q3. Going forward, the non-cash reserve, which reflects our best estimate of award outcomes from BP and the four remaining arbitrations, it is currently estimated to be between $14 million and $15 million per quarter through the 20-year duration of the SPA contract terms. This amount will directly reduce Calcasieu Pass revenue and flow through EBITDA, although there will be no offsets or -- although there will be offsets to net income due to adjustments for non-controlling interest and taxes.

我還想進一步提供有關 BP 的會計處理以及我們剩餘的四起未決仲裁的影響的資訊。如前所述，我們的合併財務報表包含 2,700 萬美元的非現金儲備，涵蓋從 4 月 15 日公司成立之日起至第三季末的期間。展望未來，非現金儲備反映了我們對 BP 和剩餘四項仲裁裁決結果的最佳估計，目前估計在 SPA 合約期限的 20 年內，每季在 1,400 萬美元至 1,500 萬美元之間。該金額將直接減少 Calcasieu Pass 的收入和 EBITDA，儘管不會有任何抵消，或者——儘管由於對少數股東權益和稅收的調整，淨收入將受到抵消。

Importantly, this is an estimate, and there is no cash impact to our third quarter financial statements. We will update these estimates in our financials quarterly as we finalize arbitration results and incorporate any financial awards or settlements going forward.

重要的是，這只是一個估計值，不會對我們的第三季財務報表產生任何現金影響。我們將按季度更新財務報表中的這些估算，並在最終確定仲裁結果後，納入任何未來的財務裁決或和解方案。

Finally, I would like to call out several additional financial updates. Following the $1.575-billion financing of the Blackfin Pipeline and an $889-million return of cash to Venture Global, our cash and restricted cash position at the end of the quarter was over $3.5 billion.

最後，我想提及幾項其他財務方面的更新。在為 Blackfin Pipeline 提供 15.75 億美元融資，並向 Venture Global 返還 8.89 億美元現金之後，截至本季度末，我們的現金和受限現金頭寸超過 35 億美元。

Also, subsequent to the end of the quarter, we secured a new $2-billion corporate revolver facility. We believe that with this combination of cash on hand, revolver capacity, substantial future cash flow, and substantial future cash flow; we expect to generate in coming quarters and billions of dollars of unencumbered assets, Venture Global is in an excellent liquidity position.

此外，在本季末之後，我們獲得了一筆新的 20 億美元企業循環信貸額度。我們相信，憑藉手頭現金、循環信貸額度、充足的未來現金流以及預計在未來幾季產生數十億美元的無抵押資產，Venture Global 的流動性狀況非常良好。

Advancing to page 21 and 22, we are updating our guidance to a consolidated adjusted EBITDA range of $6.35 billion to $6.50 billion for 2025 as we've reduced and tightened the range from our previous guidance range of $6.4 billion to $6.8 billion.

翻到第 21 頁和第 22 頁，我們將 2025 年的綜合調整 EBITDA 預期範圍更新為 63.5 億美元至 65 億美元，因為我們已將預期範圍從先前的 64 億美元至 68 億美元縮減並收緊。

We have improved the lower end of our cargo production forecast range by 7 cargoes as we're now incorporating a forecasted 148 cargos for Calcasieu Pass and 234 to 238 cargoes from Plaquemines. The bottom and top end of the EBITDA range was adjusted to account for arbitration reserves, three cargoes removed from the high end of the range, the anticipation that two DES cargoes exported in 2025 will deliver in 2026, and a lower fixed liquefaction fee of $4.50 to $5.50 per MMBtu for cargoes remaining to be sold over 2025 consistent with current TTF and JKM forward price expectations. 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 $50 million to $60 million reduced from the $230-million to $240-million range provided in our previous guidance. This reduced sensitivity to market prices reflects the contracting we executed during the third quarter and thus far in the fourth quarter.

我們提高了貨物產量預測範圍的下限，增加了 7 船貨物，因為我們現在納入了 Calcasieu Pass 的 148 船貨物預測和 Plaquemines 的 234 至 238 船貨物預測。EBITDA 範圍的下限和上限已進行調整，以計入仲裁儲備金、從範圍上限中移除三批貨物、預計 2025 年出口的兩批 DES 貨物將在 2026 年交付，以及 2025 年剩餘待售貨物的固定液化費降低至每百萬英熱單位 4.50 美元至 5.50 美元，這與當前預期的價格一致。平均而言，如果 2025 年剩餘時間內的固定液化費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 5000 萬美元至 6000 萬美元，比我們之前提供的 2.3 億美元至 2.4 億美元的範圍減少 5000 萬美元。對市場價格敏感度的降低反映了我們在第三季以及迄今為止第四季執行的合約。

I will now turn the call back over to Mike.

現在我將把通話轉回給麥克。

Thank you, Jack. At this point, we'd like to open up our call for Q&A.

謝謝你，傑克。現在，我們想開放問答環節。

(Operator Instructions)

（操作說明）

John McKay, Goldman Sachs.

約翰麥凱，高盛集團。

I do want to start on the arbitration. I appreciate the color from both of you, Mike and Jack, on the kind of funding levers here, but maybe could you walk us through in just a little more detail about how you'd think about funding a kind of worst case scenario on these. And then on a related note, you lined up the $14 million to $15 million a quarter for 20 years, that gets to a number that's below the kind of total you guys talked about, so maybe just walk us through some of the math on getting to that one as well.

我確實想開始仲裁程序。我很欣賞 Mike 和 Jack 兩位對各種融資手段的見解，但你們能否更詳細地向我們解釋一下，你們會如何考慮為這些最壞的情況提供資金？另外，您提到，您計劃每季度支付 1400 萬至 1500 萬美元，持續 20 年，這樣算下來的總金額低於你們之前討論的數額，所以能否也給我們解釋一下您是如何計算得出這個數額的？

Thank you.

謝謝。

Sure, good morning, John. Thanks. I'll take the first half of that, and Jack will probably take the second half.

當然，早上好，約翰。謝謝。我來拿前半部分，傑克可能會拿後半部分。

We're in a very strong current cash position. The remaining arbitrations, if we were to settle or they were to run its full course, I should say if they run their full course will take place over the next a year or two or more, so they're spread over a considerable amount of time. And we remain confident that we're going to do well on those, but just to answer your question, if they didn't all go well, the incurrence of potential damages there would be spread out over a number of years.

我們目前的現金流非常充裕。剩餘的仲裁，如果我們達成和解，或者說如果它們走完整個程序，應該說如果它們走完整個程序，將在未來一兩年或更長時間內進行，所以它們會跨越相當長的一段時間。我們仍然有信心在這些方面取得成功，但為了回答你的問題，如果這些專案並非全部進展順利，那麼潛在的損失將分攤到數年內。

So in addition to current cash and the earnings that we'll achieve over the next couple of years plus the large amount of (technical difficulty) [uncovered] assets that we have, we have plenty of liquidity and time to smoothly manage exposure to any future potential damages there. We're over -- with this quarter over $50 billion in assets. We own 100% of Venture Global. We own 100% of CP2. We own our ships for cash. And we own approximately 77% of CP1, so we're in a very strong ownership position of extremely valuable liquid assets.

因此，除了目前的現金和未來幾年我們將獲得的收益，以及我們擁有的大量（技術難題）[未覆蓋的]資產之外，我們有充足的流動性和時間來平穩地應對未來可能出現的任何損失。本季資產總額超過 500 億美元。我們擁有 Venture Global 100% 的股份。我們擁有CP2 100%的股份。我們用現金購買了這些船隻。我們擁有 CP1 約 77% 的股份，因此我們擁有非常強大的所有權，掌握著極具價值的流動資產。

Jack, did you want to address the?

傑克，你想談談這件事嗎？

Sure.

當然。

So John, I think the important descriptor of how we're addressing for accounting purposes the arbitrations is the term best estimate of award outcomes and so as we worked with our accounting firm to analyze the remaining arbitrations, the outcome and the BP arbitration and align on what was our best estimate of the potential exposure associated with those. That's what allowed us to arrive at an estimate of the $14 billion to $15 million per quarter impact. As you noted, that is an amount below the maximum liability that we've articulated, but even that's come down rather dramatically given the shell and the other settlement awards or outcomes.

所以約翰，我認為，就會計目的而言，我們處理仲裁案件的重要描述是「裁決結果的最佳估計」這個術語。因此，當我們與會計師事務所合作分析剩餘的仲裁案件、結果以及 BP 仲裁案件時，我們達成一致，確定了與這些案件相關的潛在風險的最佳估計。正是基於此，我們才估算出每季的影響金額在 140 億美元到 1,500 萬美元之間。正如您所指出的，這低於我們明確規定的最高賠償限額，但考慮到殼公司和其他和解賠償或結果，即使是最高賠償限額也大幅下降了。

So you know we believe this captures the accounting guidance on how to address these potential outcomes but by no means is it a cash charge at this point, we need to fully arbitrate out the BP process, and we need to let the other four processes go forward and result in outcomes or in any potential settlements that we might achieve similar to the one that we achieved with one counterpart already.

所以，我們相信這符合會計準則，可以應對這些潛在結果，但這絕不是目前的現金支出，我們需要徹底仲裁BP流程，並且需要讓其他四個流程繼續進行，並得出結果或達成任何可能達成的和解，類似於我們已經與一個交易對手達成的和解。

Alright. Thanks, guys. Appreciate the color.

好吧。謝謝各位。欣賞這種顏色。

Maybe just turning to the contracts you signed recently, maybe just give us an update -- we've seen a lot of contracting activity across the US projects so far this year. Do you think that activity continues and where have kind of rates come in -- pricing on those come in relative to your expectations and maybe last piece of that has the BP ruling at all kind of changed the tone of those contracting discussions? Thanks.

或許可以談談您最近簽署的合同，給我們報告一下最新情況——今年到目前為止，我們看到美國各地的項目有很多合同簽訂活動。您認為這種活動會持續下去嗎？利率方面的情況如何？定價是否符合您的預期？最後一點是，BP 的裁決是否改變了合約談判的基調？謝謝。

No, not at all. The best measure of the markets trust in us to execute today and over coming decades is the pace at which we're signing 20-year contracts. I think since the beginning of July where we've signed over 5.25 MTPA, we've signed the most in the world of any project. So I think that's the best market data point on the trust that the market has for our execution.

不，完全不是。衡量市場對我們目前及未來幾十年執行能力的信任度的最佳指標，就是我們簽署 20 年期合約的速度。我認為自 7 月初以來，我們已經簽署了超過 525 萬噸/年的合同，這是我們簽署的合約數量在全球所有項目中最多的。所以我認為這是衡量市場對我們執行力信任度的最佳市場數據點。

We indicated in earlier calls earlier in the year, that we've reentered the market after deliberately staying on the sidelines to watch market pricing and we've reentered the market really coming after Liberation Day tariff announcement and activities from the United States and have been extremely successful in executing the 20-year contracts that we wanted to.

我們在今年稍早的電話會議中已經表明，在刻意觀望市場定價後，我們重新進入了市場。我們重新進入市場是在美國宣布解放日關稅和採取相關行動之後，並且非常成功地執行了我們想要的 20 年合約。

The market remains very active for us, and we still have a very active queue of live deals as we've talked about recently as well and we expect that to continue for us. Pricing is in line with where we started this and which we believe is the most attractive long-term price in the world and as we described earlier in this call, we still achieve probably the best returns in the market -- in our market on those, and so we're able to offer a great price for the market that the market's responding to, drive great returns for shareholders, and offer great pricing in the market globally to help keep prices low to support future growth everywhere in the world.

市場仍然非常活躍，正如我們最近所討論的，我們仍然有很多正在進行的交易，我們預計這種情況還會持續下去。定價與我們最初的定價一致，我們認為這是全球最具吸引力的長期價格。正如我們在本次電話會議中所述，我們仍然能夠獲得市場上最好的回報——在我們所在的市場，因此我們能夠為市場提供一個市場反應良好的價格，為股東帶來豐厚的回報，並在全球範圍內提供極具競爭力的價格，以幫助保持低價，從而支持全球各地的未來增長。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

This is actually Vrathan Reddy on for Jeremy.

實際上，這就是Vrathan Reddy取代Jeremy上台。

I just want to follow-up a little bit on the arbitration and if you guys could talk a little bit about the confidence in that $765-million cap and maybe where that differed with the BP case versus the outstanding ones.

我只是想就仲裁事宜再追問一下，你們能否談談對 7.65 億美元上限的信心，以及這與 BP 案和其他未決案件有何不同。

The $765-million cap is the aggregate of the remaining caps for the four remaining arbitrations. We obviously agree with the result from the Shell arbitration panel that closely followed the results of the contract and resulted in there being no awards and so that's the result that we expect for the rest of them. We obviously were surprised and strongly disagree with the result of the BP panel, but if we were to lose all the rest of them up to the cap, that aggregates down to $765 million. In any case, as we've talked about, we're able to manage either case of outcomes and it doesn't impact our growth and our ability to finance efficiently the construction of our facilities on the pace we've been describing to generate the future earnings from much number -- a larger number of installed trains.

7.65 億美元的上限是剩餘四項仲裁的上限總和。我們顯然同意殼牌仲裁小組的裁決結果，該小組嚴格按照合約結果進行裁決，最終決定不作出任何裁決，因此我們也希望其餘案件也能得到同樣的結果。我們顯然對 BP 小組的結果感到驚訝，並且強烈反對，但如果我們失去所有其他符合上限的股份，總額將降至 7.65 億美元。總而言之，正如我們之前討論過的，我們能夠應對任何一種結果，這不會影響我們的成長，也不會影響我們按照我們所描述的速度高效地為設施建設提供資金，從而從更多（更多）已安裝的列車中產生未來的收益。

With very conservative [for] pricing assumptions in a few years, when you guys model it out, you'll see where we pass in not too long double-digit-billion-dollar EBITDA numbers and so we have a large ramp up in growth in earnings coming in a few years. As you see, the phases of CP2 come online, we're building a 20-million ton CP2 phase one right now, and with the additional brownfields and bolt-ons coming for CP2 and Plaquemines, we have a tremendous growth and earnings coming in the next few years that result just from completion of what we have already in construction or the brownfields that give us plenty of capital firepower, cash firepower, and earnings coming to manage through this.

即使我們以非常保守的定價假設來預測幾年後的價格，當你們進行建模時，你們也會看到，在不久的將來，我們的 EBITDA 將達到兩位數的數十億美元，因此，未來幾年我們的盈利增長將大幅提升。正如你所看到的，CP2 的各個階段正在陸續上線，我們目前正在建設年產 2000 萬噸的 CP2 一期工程，加上 CP2 和 Plaquemines 的額外棕地和附加項目，未來幾年我們將迎來巨大的增長和收益，這僅僅是因為我們已在建項目或棕地現金的完工，這些項目將為我們提供收益充足的資本、項目和這些項目來應對這些項目和這些項目的資金。

Got it. That's very helpful. Thank you.

知道了。那很有幫助。謝謝。

And then I think the prepared remarks hit on not needing many more 20-year SBAs to reach FID on CP2 phase two and the bolt-on as well. So just curious if you could talk about your strategy with regards to the tenor and contracts moving forward from here.

然後我認為，準備好的發言稿提到，不需要再簽署很多 20 年的 SBA 協議就能對 CP2 第二階段和附加項目做出最終投資決定。所以，我很好奇您能否談談您今後在期限和合約方面的策略。

It's similar to what we've been talking about for the last year, which is we're going to contract 20-year SPA sufficient to give us the coverage ratios -- the investment grade coverage ratios on the debt of the projects, and then the additional volume above that which is substantial is essentially quote-unquote, free extra capacity above the long-term contracts required to fully service and amortize the debt and cover operating expenses and return and that extra margins then of production gives us a really, really attractive, upside optionality on returns that we just described.

這與我們過去一年一直在討論的內容類似，即我們將簽訂 20 年的 SPA 合約，以確保專案債務達到投資級覆蓋率，而超出此範圍的額外產能（數量相當可觀）本質上是超出長期合約所需的額外免費產能，這些產能足以完全償還和攤銷債務，並支付營運費用和回報。這些額外的生產利潤為我們提供了我們剛才描述的非常有吸引力的收益成長選擇權。

And those non-20-year deals, we expect and plan on contracting over time on an intermediate and short-term basis to have a blended portfolio.

對於那些非 20 年期的合約，我們預計併計劃隨著時間的推移，在中短期內逐步縮短合約期限，以建立混合投資組合。

As we just reported, we have 45 MTPA of long-term contracts and, if you take what we're building today at CP2 plus the second phase which we're -- as we said we're over [a billion dollars] invested in already that's a total of 67 MTPA. So of that 67, we're 45 contracted on a long-term basis and we'll do more 20 years and so you see through the second phase of CP2, we will be easily majority because we already are today 20*year contracted.

正如我們剛才報道的那樣，我們有 45 百萬噸/年的長期合同，如果算上我們今天在 CP2 建設的項目，再加上我們已經投資超過 10 億美元的第二階段項目，總產能將達到 67 百萬噸/年。因此，在這 67 人中，我們有 45 人簽訂了長期合同，還有更多人將簽訂 20 年的合同，所以你可以看到，在 CP2 的第二階段，我們將輕鬆佔據多數，因為我們現在已經簽訂了 20 年的合同。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Congrats on a good result in the new SPAs.

恭喜你在新的SPA計畫中取得好成績。

I also wanted to talk to you about the situation in Ukraine. There was the news on Reuters. I'm not sure if it was true, but apparently you met President Zelensky with President Trump, and I'm trying to understand what can Venture Global do to help the situation in Ukraine which is massively short gas at this point in time.

我還想和你談談烏克蘭的局勢。路透社報道了此事。我不確定這是否屬實，但顯然您和川普總統一起會見了澤連斯基總統，我想了解Venture Global目前能為烏克蘭的天然氣短缺局勢做些什麼。

So as we provided the statistic in our comments just a few minutes ago, Plaquemines represented the incrementally new volume for the year of over 82%. And so Plaquemines and Venture Global had a material impact on the global price and certainly European price of LNG, which we're super proud of the team for and we think about every day including the people in the Ukraine and Eastern Europe. So that's the most important part.

正如我們幾分鐘前在評論中提供的統計數據所示，Plaquemines 佔今年新增銷售量的 82% 以上。因此，Plaquemines 和 Venture Global 對全球液化天然氣價格，尤其是歐洲液化天然氣價格產生了實質影響，我們為此感到無比自豪，我們每天都在思考這個問題，包括烏克蘭和東歐人民的福祉。所以，這是最重要的部分。

And as we also indicated previously, we invested an extra few billion dollars into Plaquemines to keep the schedule without which we probably would be a couple of years further behind the schedule we are today. So those investments that we made that a lot of came from Bob and I indirectly through our ownership were critical to maintaining the pricing that we're seeing today in Europe, which is certainly moderate compared to where it's been in the last few years.

正如我們之前也指出的那樣，我們向普拉克明斯計畫額外投資了數十億美元，以維持進度，否則我們目前的進度可能會比現在落後幾年。因此，我們所做的那些投資，其中許多都是我和鮑伯透過我們的所有權間接進行的，對於維持我們今天在歐洲看到的價格至關重要，而與過去幾年相比，現在的價格當然是適中的。

Because we're able to produce so much extra production capacity at Plaquemines and we expect to see it at CP2 as well, it gives us extra availability for LNG volumes in coming months and quarters and in the next couple years that is unique in the whole market. I think we probably have the most available capacity in the world that will allow us to support flows into the market either directly into storage or through intermediaries or both that that we're working on to support and you certainly saw the agreement with Greece that the US government was very supportive of for us to bring up extra supply to the southern part of that vertical corridor of pipeline supporting Eastern European countries there.

由於我們在普拉克明斯能夠生產大量的額外產能，而且我們預計在CP2也能做到這一點，這將使我們在未來幾個月、幾個季度以及未來幾年內擁有額外的液化天然氣供應量，這在整個市場中是獨一無二的。我認為我們可能擁有世界上最充足的可用產能，這使我們能夠支持流入市場的資金，無論是直接流入儲存設施，還是透過中間商，或者兩者兼而有之。我們正在努力支持這些資金流入市場。您也看到了我們與希臘達成的協議，美國政府非常支持我們為這條垂直管道走廊的南部地區增加額外的供應，從而為東歐國家提供支持。

Thank you, sir.

謝謝您，先生。

One thing which Venture Global sometimes, I believe, doesn't get enough credit for is the massive data science operations that you have set up. When you were at the Plaquemines trip, you explained some of those. Help us understand what differentiates your data science teams and the investment that your company has made in these data science operations?

我認為，Venture Global 有時沒有得到足夠的認可，那就是你們建立的大規模資料科學運作系統。在普拉克明斯之旅中，你解釋了其中的一些問題。請幫助我們了解貴公司的數據科學團隊有何獨特之處，以及貴公司在這些數據科學運作上投入了多少資源？

No, we're very proud of it. And sometimes, we don't get credit for it because we're not giving all our secret sauce out there. But if you keep it among us, Manav, I'll say that we've always viewed our facilities not as factories but as complex machines that to us always create opportunity for acquisition of data and analysis of that data.

不，我們為此感到非常自豪。有時候，我們得不到應有的認可，因為我們沒有把所有的秘訣公諸於世。但如果你私下告訴我，馬納夫，我會說，我們一直把我們的設施視為複雜的機器，而不是工廠，對我們來說，這些機器總是能創造獲取數據和分析數據的機會。

So I think for Calcasieu Pass, we're streaming now around 222,000 data points every 10 seconds. So it's a massive amount of data. Plaquemines will exceed that amount -- that volume of data throughput. And we have a dedicated team of data scientists and process engineers and AI programmers that have been incorporating that data into our current operations but also into design changes as we've learned some very surprising interactions of different parts of the facilities that are unanticipated that have contributed to our ability to achieve the remarkable performance results at Plaquemines. And that, we expect will carry over into CP2.

所以我覺得對於卡爾卡修山口來說，我們現在每 10 秒大約會傳輸 222,000 個資料點。所以數據量非常龐大。Plaquemines 將會超過這個數量——即數據吞吐量。我們擁有一支由資料科學家、流程工程師和人工智慧程式設計師組成的專門團隊，他們不僅將這些資料融入我們目前的營運中，還融入設計變更中，因為我們了解到設施不同部分之間存在一些非常令人驚訝的、意想不到的相互作用，這些相互作用促成了我們在普拉克明斯取得卓越的效能成果。我們預期這種情況會延續到CP2階段。

So it's been an incredible effort for us and we've been hugely rewarded in the volume of production that we've achieved and maintained.

因此，這對我們來說是一項了不起的努力，而我們所取得並維持的產量也給了我們巨大的回報。

Thank you so much.

太感謝了。

We think -- just to add to that, we think that that will allow us to push CP2 up to 30 MTPA. We'll have to go back and get the export authorization moved from 28 up to 30, but we think CP2 will be doing even better than Plaquemines, which is doing the best that any project has ever done.

我們認為——補充一點，我們認為這將使我們能夠將 CP2 的產能提升至 30 MTPA。我們需要重新申請出口許可，將出口許可從 28 號提高到 30 號，但我們認為 CP2 將會比 Plaquemines 做得更好，而 Plaquemines 已經是迄今為止所有項目中做得最好的了。

Jean Anne Salisbury, Bank of America.

Jean Anne Salisbury，美國銀行。

I wanted to talk about the CP1 volumes. As you mentioned in your prepared remarks, they have bounced around a bit the last couple of quarters, it sounds like due to the power maintenance. Can you discuss the power maintenance, I guess, and then the path to get to the sustained 12.4 MTA?

我想談談CP1系列。正如您在準備好的發言稿中所提到的，過去幾個季度他們的業績有些波動，聽起來像是由於電力維護造成的。我想請您談談電力維持問題，以及如何持續達到 12.4 MTA 的輸電能力？

And as my follow-up, are these power maintenance issues kind of unique to CP1? Or would you expect to see that maintenance eventually affecting Plaquemines as well?

我的後續問題是，這些電源維護問題是否是 CP1 特有的？或者您是否預期這種維護最終也會影響到 Plaquemines？

Thank you.

謝謝。

The maintenance at CP1 took a little bit longer than we expected, as I described. No, I don't think it is something that will carry on for Plaquemines. Obviously, you're always going to have routine maintenance at all your facilities, including in the power plants.

正如我之前描述的那樣，CP1 的維護工作比我們預期的要長一些。不，我不認為這種情況會在普拉克明斯持續下去。顯然，您的所有設施，包括發電廠，都需要進行例行維護。

But it resulted in the one cargo. We have been, this year, conservative in our guidance for Calcasieu Pass as we continue to finish up things that will get us to the higher volumes. We have a pretty good -- we have a pretty specific view on what we're going to do to get those volumes up.

但結果卻只帶來了一件貨物。今年，我們對卡爾克蘇山口的運力預測一直比較保守，因為我們仍在完成一些能讓我們達到更高運能的事情。我們對如何提高銷量有著相當清晰的認識。

And we're just deciding when we're going to implement that relative to the return we get for deploying that much capital into CP2, for example, to increase output there. And so we look at it on a holistic basis. But we'll get it up to that number and eventually, you'll see expansions -- bolt-on expansions at CP1 as well.

我們現在正在決定何時實施這項措施，以及將如此多的資金投入 CP2 以提高其產量所帶來的回報。因此，我們從整體的角度來看這個問題。但我們會把它提升到那個數字，最終，你會看到擴充包——CP1 的附加擴充包。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

I just wanted to follow up on the previous questions.

我只是想就之前的問題做個後續說明。

When you guys talk about getting to that 24% above nameplate over the next few years, do you think that takes place kind of steadily over time? Or do you see that taking place with step changes in any particular year? And what the implications might be for any O&M expenses related to that process?

你們說未來幾年要達到比標稱值高出 24% 的目標，你們認為這個目標會隨著時間的推移而穩定實現嗎？或者您認為這種情況會在某一年發生階躍式變化嗎？那麼，該過程相關的維運費用可能會受到哪些影響？

It will be a combination of step change and steady increase. We're not being more specific on it, just because we don't want to give away intellectual property. We obviously -- because of how we're operating the facility at Plaquemines, that's so much higher at the 140% level. We have a good view of what produces more. And so we'll -- we have a good path to how we're going to get there. We'll update people and update the market when we want to disclose what the timing of it is going to be.

這將是階躍式變化與穩定成長相結合的過程。我們不打算透露更多細節，只因為我們不想洩漏智慧財產權。顯然，由於我們在普拉克明斯工廠的運作方式，這個數字要高得多，達到了 140% 的水平。我們很清楚哪些因素能帶來更高的產量。所以，我們已經找到了一條通往目標的良好路徑。我們會在決定公佈具體時間時及時通知大家和市場。

But I just broke some news on our confidence level at CP2 of getting that to 30. And as I just said to Jean Ann, we look at it across all our facilities about where we're going to make the investments to add the extra volume.

但我剛剛透露了一些消息，我們對 CP2 實現 30 的信心非常高。正如我剛才對珍妮安所說，我們會審視我們所有的工廠，看看我們將在哪裡進行投資以增加產量。

Got it. Okay.

知道了。好的。

From an operational expense side, it's -- adding those extra trains don't materially impact the operating expense at all. So we view that as almost entirely upside margin.

從營運費用的角度來看，增加這些額外的列車並不會實質影響營運費用。所以我們認為這幾乎完全是上行空間。

Okay. Just related to your point just now around thinking about it holistically across the varied facilities here. When you guys think about contracting, traditionally in the past, things have been tied to a specific phase or a specific project. But are you now considering structuring agreements where it's a flexible cargo across any of the facilities that are producing? Not necessarily just tied to one, but just tied to the greater portfolio.

好的。這與你剛才提到的要從整體上考慮這裡各種設施的觀點有關。你們想到承包的時候，過去通常都是把事情與特定階段或特定項目連結起來。但您現在是否考慮制定協議，允許貨物在任何生產設施之間靈活運輸？不一定只與某個資產相關，而是與更大的投資組合相關。

Yes. I mean, we are. We're -- with the bolt-ons for CP2 and Plaquemines, we're heading towards in a few years, passing 100 million tons of annual production. So we'll have one of the largest annual portfolios in the world of produced LNG, and so it gives us immense flexibility. And particularly as you think about the combination of the extra margin of production across Plaquemines and CP2, which you'll see kind of comparably also in the bolt-ons, we think.

是的。我的意思是，我們是。加上 CP2 和 Plaquemines 的附加項目，我們預計在幾年內實現年產量超過 1 億噸的目標。因此，我們將擁有全球最大的年度液化天然氣產量組合之一，這賦予了我們極大的靈活性。特別是考慮到 Plaquemines 和 CP2 之間額外的生產利潤，我們認為，在附加組件中也會看到類似的利潤。

And so we have a big portfolio of -- I'm doing air quotes of quote-unquote, extra LNG production because we will have contracted on a long-term basis what we need to cover all the construction debt and the returns. And so that gives us flexibility to provide portfolio -- more portfolio sale type structures with fixed delivery dates that allow us to assign production to particular phases that will be difficult for a lot of other people in the market to match. So when you add that on top of the cost and price advantage, that flexibility allows us to offer super attractive commodity prices for these contracts years sooner than almost everybody else in the market.

因此，我們擁有龐大的——我這裡用的是“額外的液化天然氣產量”這個說法，因為我們已經簽訂了長期合同，以滿足我們支付所有建設債務和獲得回報的需求。因此，這使我們能夠靈活地提供產品組合——更多具有固定交付日期的產品組合銷售結構，使我們能夠將生產分配到特定的階段，這對於市場上許多其他人來說很難做到。因此，除了成本和價格優勢之外，這種靈活性使我們能夠比市場上幾乎所有其他公司提前數年為這些合約提供極具吸引力的商品價格。

And it's showing up, right? I mean, it's -- the contracting market -- the SPA market is a voting machine, right? And so in the last few months, Venture Global has gotten the most votes in the market from in terms of customer trust and confidence with these counterparties making multi-decade commitments to us and us to them.

它顯示出來了，對吧？我的意思是，它——收縮的市場——SPA市場就像一台投票機，對吧？因此，在過去的幾個月裡，Venture Global 在客戶信任和信心方面獲得了市場上最多的投票，這些交易對手與我們做出了長達數十年的承諾，我們也對他們做出了承諾。

Bob Brackett, Bernstein Research.

Bob Brackett，伯恩斯坦研究公司。

A bit of a -- bit of an angle on arbitration. If we go back to Calcasieu Pass, first cargo was March '22. Nine months later, someone announces -- or in December of '22, someone announces arbitration. Now here we are with Plaquemines, first cargo, very end of December of '24. You've ramped all through this year. How is your relationship with the current set of counterparties? And are they all on board with this sort of pre-COD, post-COD world that you guys live in?

關於仲裁，這裡有一點──一點不同的看法。如果我們回到卡爾克蘇山口，第一批貨物是在 1922 年 3 月。九個月後，有人宣布──或者說，在 2022 年 12 月，有人宣布進行仲裁。現在讓我們來看看 Plaquemines，第一批貨物，就在 1924 年 12 月底。你今年一直在加速前進。您與現有交易對手的關係如何？他們是否都認同你們所處的這種前 COD 時代和後 COD 時代的世界觀？

We have a great relationship with the customers, we believe. And as it relates to Calcasieu Pass, we performed successfully, all of those loading since we took COD for Calcasieu Pass. We are still and have just reconfirmed it, and we just provided those comments again, we reconfirmed all the customers at Plaquemines that were still on the original schedule for the first window period for Plaquemines, which is month 54.

我們相信，我們與客戶保持著良好的關係。至於 Calcasieu Pass，我們執行得非常成功，自從我們接受 Calcasieu Pass 的 COD 以來，所有裝載工作都已完成。我們仍然並且剛剛再次確認了這一點，我們再次提供了這些評論，我們再次確認了 Plaquemines 所有仍在 Plaquemines 第一個窗口期（即第 54 個月）原計劃中的客戶。

And for a giant project like Plaquemines, 54 months is a remarkable achievement. We are still operating under around 400 megawatts of temporary power today, and that's going to continue like, I described, probably until the first quarter. And then we don't have substantial completion under the EPC contract until late in the summer.

對於像普拉克明斯這樣的大型計畫來說，54 個月是一個了不起的成就。我們目前仍依靠大約 400 兆瓦的臨時電力運行，而且正如我剛才所描述的，這種情況可能會持續到第一季。然後，根據EPC合同，我們直到夏末才能基本完工。

And including a lender liability test, reliability test, we have a lot to get done, but feel really good about achieving the original schedule with our customers for Plaquemines. That, in combination with the many billions of dollars that we've already put in extra into the Plaquemines project in order to maintain the current record setting schedule, we think we're in a very solid position for Plaquemines.

包括貸款人責任測試、可靠性測試在內，我們還有很多工作要做，但我們對能夠按原計劃完成 Plaquemines 專案感到非常滿意。再加上我們已經為 Plaquemines 項目額外投入了數十億美元，以維持目前創紀錄的進度，我們認為 Plaquemines 項目目前處於非常穩固的地位。

Thank you. At this time, I will turn the call back over to Mike Sabel for closing comments.

謝謝。此時，我將把電話轉回給麥克·薩貝爾，請他作總結發言。

Great. Thank you, everybody. We appreciate everybody's time this morning. Thank you for all the questions. And in coming days, we look forward to answering more questions for people and look forward to being together here in a few months to report on how we ended up for the fourth quarter, and look forward to 2026.

偉大的。謝謝大家。感謝大家今天上午抽出時間。謝謝大家提出的所有問題。在接下來的幾天裡，我們期待回答大家更多的問題，也期待幾個月後再次相聚於此，報告我們第四季的最終業績，並展望2026年。

Thanks, everybody. Bye.

謝謝大家。再見。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。