Venture Global, Inc. (VG) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Venture Global, Inc.'s first quarter 2026 earnings call. At this time, I would like to turn the conference call over to Ben Nolan, Senior Vice President, Investor Relations.

早安，歡迎參加 Venture Global, Inc. 2026 年第一季財報電話會議。此刻，我想將電話會議交給投資人關係資深副總裁 Ben Nolan。

Thank you, Matt. Good morning, everyone, and welcome to Venture Global, Inc.'s first quarter 2026 earnings call. I'm joined this morning by Mike Sable, Venture Global's CEO; Executive Co-Chairman and Founder; Jack Thayer, our CFO; and other members of Venture Global's senior management team.

謝謝你，Matt。各位早安，歡迎參加 Venture Global, Inc. 2026 年第一季財報電話會議。今天早上與我一同出席的有 Venture Global 執行長、執行共同董事長暨創辦人 Mike Sable；我們的財務長 Jack Thayer；以及 Venture Global 高階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 on our earnings presentation, which is available on the Investors section of our website.

在我開始之前，我想提醒所有聽眾，我們的發言（包括對各位提問的回答）可能包含前瞻性陳述，而實際結果可能與這些陳述所描述者有重大差異。我建議各位參閱我們財報簡報中的免責聲明，該簡報可於我們網站的投資人專區取得。

Additionally, we may include references to certain non-GAAP metrics such as consolidated adjusted EBITDA, which we may refer to simply as EBITDA during this call. A reconciliation of these matrix to the most relevant GAAP measures can be found in the appendix of the earnings presentation posted on our website.

此外，我們可能會提及某些非 GAAP 指標，例如合併調整後 EBITDA；在本次電話會議中，我們可能簡稱其為 EBITDA。這些指標與最相關 GAAP 衡量指標之調節表，可在我們網站所發布之財報簡報附錄中找到。

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

最後，本簡報中的財測指引以今日為準。一般而言，我們不會在下一季之前更新指引，且除透過廣泛發布的公開揭露外，我們不會更新或確認指引。

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

接下來我把電話交給 Mike Sable。

Thank you, Ben. Good morning, everyone, and thank you for joining us today. We are pleased to share our first quarter 2026 results. I'll begin the call with an overview of our key accomplishments and future plans. I will then make some remarks on the LNG industry before turning over the call to Jack, who will provide a more detailed review of our financial results as well as updated guidance for 2026. Following our prepared remarks, we will open the call to Q&A.

謝謝你，Ben。各位早安，感謝今天加入我們。我們很高興分享 2026 年第一季的業績。我將先概述我們的主要成果與未來計畫，接著在把電話交給 Jack 之前，先就 LNG 產業發表一些看法；Jack 將更詳細檢視我們的財務結果，並提供 2026 年更新後的指引。在我們的準備發言結束後，將開放問答。

Turning to page 5 of the presentation. The unstoppable energy demonstrated since the founding of Venture Global has gained further momentum thus far in 2026, with the FID of CP2 Phase 2. We are on track to be the largest LNG producer in North America by the end of 2027 with line of sight to over 100 million tonnes of annual production by 2030. Total assets were up by over $11 billion year-over-year to $56 billion at the end of the first quarter.

請翻到簡報第 5 頁。自 Venture Global 創立以來所展現的勢不可擋的能量，在 2026 年迄今隨著 CP2 第二期的 FID 進一步加速。我們正按計畫在 2027 年底前成為北美最大的 LNG 生產商，並可望在 2030 年前達到每年超過 1 億噸的產量。第一季末總資產年增超過 110 億美元，達到 560 億美元。

We continue to be active in contracting our available capacity and now have more than 52 MTPA of long- and medium-term contracts totaling approximately $137 billion of revenue backlog. The business is running extremely well and we remain on track for COD of [plot commands] Phase 1 in the fourth quarter of this year. We are developing highly accretive bolt-on expansions, which we believe should come online in a fraction of the time LNG projects traditionally take while maintaining the highest safety standards in the industry as we've demonstrated at our current projects.

我們持續積極為可用產能簽訂合約，目前已擁有超過 52 MTPA 的中長期合約，合計約 1,370 億美元的收入積壓（revenue backlog）。公司營運表現極佳，我們仍按計畫在今年第四季達成 <content> 中所述的 COD（[plot commands] Phase 1）。我們正在開發高度增益的附加式擴建（bolt-on expansions），我們相信在維持業界最高安全標準（正如我們在現有專案所展現）之下，這些擴建可在傳統 LNG 專案所需時間的一小部分內上線。

On page 6, I'll highlight our performance in the first quarter. As you can see, despite the impact of winter storm burn and some spillover from market disruptions in late 2025, we were still able to grow revenue, income from operations, net income and EBITDA year-over-year. We are also increasing our 2026 EBITDA guidance to $8.2 billion to $8.5 billion from $5.2 billion to $5.8 billion, which assumes liquefaction fees for the remainder of the year in line with the current forward curve. Jack will discuss these numbers in greater detail.

請看第 6 頁，我將重點說明第一季表現。如各位所見，儘管受到冬季風暴影響以及 2025 年底市場干擾的部分延續影響，我們仍能在年對年基礎上成長營收、營業利益、淨利與 EBITDA。我們也將 2026 年 EBITDA 指引自 52 億至 58 億美元上調至 82 億至 85 億美元，該指引假設今年剩餘期間的液化費用與目前遠期曲線一致。Jack 將更詳細說明這些數字。

Turning to page 7. As you know, we completed the FID of Phase 2 of CP2 with an $8.6 billion project financing. Thus far, in Q2, our focus has been on simplifying our capital structure due to refinancing of a $1.6 billion redeemable preferred security at Calcasieu Pass Funding LLC held by Stonepeak with a more tax efficient and lower interest rate term loan B facility.

請翻到第 7 頁。如各位所知，我們已完成 CP2 第二期的 FID，並取得 86 億美元的專案融資。進入第二季迄今，我們的重點在於簡化資本結構：我們將 Calcasieu Pass Funding LLC 由 Stonepeak 持有的 16 億美元可贖回優先證券進行再融資，以更具稅務效率且利率更低的 Term Loan B 融資取代。

We also raised $750 million of new Cache pass bonds to term out and repay the remaining balance of its construction loan. These two transactions are particularly gratifying as they represent the repayment of all the original debt capital that enabled Venture Global to launch its first project.

我們也新發行 7.5 億美元的 Cache Pass 債券，以延長到期並償還其建造貸款的剩餘餘額。這兩筆交易特別令人振奮，因為它們代表償還了所有最初使 Venture Global 得以啟動第一個專案的原始債務資本。

Operationally, we safely exported a new record of 130 cargoes in the first quarter. Commercial momentum has continued in 2026 with five year offtake agreements with Trafigura and and [Vitol] and a 20-year offtake agreement with Hanwha Aerospace finalized in the first quarter. Furthermore, today, we are pleased to announce that the five year agreement with Vitol has been upsized from 1.5 MTPA to approximately 1.7 MTPA. And we have also finalized a new agreement with Total Energy's for 0.85 MTPA for approximately five years.

在營運方面，我們於第一季安全地出口創新高的 130 船貨物。2026 年商業動能持續推進，第一季完成與 Trafigura 及 [Vitol] 的五年期承購協議，以及與 Hanwha Aerospace 的 20 年期承購協議。此外，我們今天很高興宣布，與 Vitol 的五年期協議已由 1.5 MTPA 擴大至約 1.7 MTPA。我們也已完成與 Total Energy's 的新協議，規模為 0.85 MTPA，期間約五年。

Moving to page 8. As you can see, we expect production from our operational and commissioning facilities to be relatively stable over the course of 2026 with normal seasonality and potential variability from Plaquemines commissioning process.

請看第 8 頁。如各位所見，我們預期 2026 年期間，來自已投產及試運轉（commissioning）設施的產量將在正常季節性下大致穩定，並可能因 Plaquemines 的試運轉流程而出現一定變動。

Our contracted position for 2026 has increased markedly to 84% of the portfolio from the 69% reported on our fourth quarter 2021 earnings call in March. In addition, April 15 marked the one year anniversary of COD at Calcasieu Pass, and I'm pleased to say that we have now exported more than 150 contracted cargoes to our customers without missing a single scheduled cargo.

我們 2026 年的合約覆蓋率已顯著提高至投資組合的 84%，高於我們在 3 月第四季 2021 財報電話會議中所報告的 69%。此外，4 月 15 日是 Calcasieu Pass 達成 COD 一週年；我很高興地表示，我們至今已向客戶出口超過 150 船合約貨物，且未曾錯過任何一班排定的船期。

Turning to page 9. You can see the evolution and speed at which we are executing CP2 construction. We are now just under 10 months from FID and the progress being made is astonishing. CP2 is our largest project to date, and we are increasingly confident it will be the fastest to progress from FID to first LNG, not only for Venture Global, but in the history of the LNG industry. That speed translates into returns as we expect, we should be able to earn back nearly all of our equity in the project with pre-COD cargoes with a return on invested capital over 30%.

請翻到第 9 頁。各位可以看到我們執行 CP2 建造的演進與速度。我們距離 FID 目前不到 10 個月，所取得的進展令人驚嘆。CP2 是我們迄今最大的專案，我們愈來愈有信心它將成為從 FID 到首批 LNG（first LNG）進度最快的專案，不僅在 Venture Global 之內，甚至在 LNG 產業史上亦然。這樣的速度可轉化為報酬：如我們所預期，我們應可透過 COD 前（pre-COD）貨物回收該專案幾乎全部的股權投資，投入資本報酬率（ROIC）超過 30%。

All 21,842 linear feet of the perimeter wall is now complete, making the facility water tight, which is extremely important as we accept delivery of valuable modules. We now have 12 liquefaction trains and 3 gas turbines for the power plant delivered to the site and on foundations and many more on their way. First, LNG is still tracking well for the second half of next year.

目前周界圍牆全長 21,842 線性英尺已全部完工，使設施具備防水密閉性（water tight），這在我們接收高價值模組交付時極為重要。我們目前已有 12 座液化列車（liquefaction trains）與電廠用的 3 具燃氣渦輪機交付至現場並完成就位於基礎上，還有更多設備正在運送途中。首批 LNG 仍按計畫在明年下半年達成。

On page 10, we thought it would be helpful to present our production profile and EBITDA sensitivity for the next several years. As you can see, our production profile is growing quickly with CPT coming online and continues to grow as we begin adding the bolt-on expansions at CP2 and Placements.

在第 10 頁，我們認為呈現未來數年的產量曲線與 EBITDA 敏感度將有所助益。如各位所見，隨著 CPT 上線，我們的產量曲線快速成長；並且在我們開始於 CP2 與 Placements 增加附加式擴建後，產量將持續成長。

In the past two years, we grew the number of cargoes exported by 166%. By 2028, we expect exported cargoes to grow by another 130% from current levels. While our portfolio of 52 MTPA of medium or long-term contracts is more than our nameplate capacity, it is just over 60% of the 85 MTPA we expect to have online by the end of 2029, providing an opportunity for further intermediate and long-term contracting.

在過去兩年，我們出口貨物船數成長了 166%。到 2028 年，我們預期出口船數將在目前水準上再成長 130%。雖然我們 52 MTPA 的中長期合約組合高於我們的名目產能（nameplate capacity），但僅略高於我們預期在 2029 年底前上線的 85 MTPA 的 60%，因此仍提供進一步簽訂中期與長期合約的機會。

The cadence of new project start-up and the subsequent commissioning cargoes also means our near-term available for sale capacity is elevated over the next several years as we move each project towards COD matching well with the near-term global supply and demand market dynamics.

新專案啟動的節奏以及後續試運轉貨物（commissioning cargoes），也意味著在未來數年，隨著我們推進各專案至 COD，我們短期可供銷售的產能將維持在較高水位，並與短期全球供需市場動態良好匹配。

As you can see on page 11, while we continue to contract available cargoes on a short, medium- and long-term basis, we have over 33 MTPA of available capacity to contract over the next several years with the addition of our first 2 bolt-ons, not including commissioning cargoes.

如您在第 11 頁所見，雖然我們持續以短期、中期及長期的方式簽訂可供貨物合約，但隨著我們首兩項附加擴建（bolt-on）的加入，未來數年我們仍有超過 33 MTPA 的可用產能可供簽約（不含投產調試貨物）。

We expect to contract the majority of this capacity over the next several years on a blend of long-term contracts to support new project financing and medium-term contracts to optimize returns and flexibility. On page 12, we depict the first two bolt-on expansions we expect to develop after CP2 Phase 2. We are updating our near-term development plan to include the full expansion of CP2, which is 12 trains or 10 MTPA.

我們預期在未來數年內，將以長期合約（用以支持新專案融資）與中期合約（用以最佳化報酬與彈性）的組合，簽下其中大部分產能。在第 12 頁，我們展示了預計在 CP2 第二期之後開發的前兩項附加擴建。我們正在更新近期開發計畫，將 CP2 的完整擴建納入其中，即 12 條生產線（trains）或 10 MTPA。

The Plaquemines expansion plans remain unchanged at around 6.4% MTPA with optionality that additional trains as market conditions dictate. We are working with regulators expedite the permitting of both facilities and are actively negotiating commercial agreements. We have already begun to order long lead equipment and we'll look to move forward with the first CP2 and then Pokemon's expansions by early and mid next year, respectively.

Plaquemines 的擴建計畫維持不變，約為 6.4% MTPA，並保留依市場狀況增設額外生產線的選擇權。我們正與監管機關合作，加速兩座設施的許可審批，並積極洽談商業協議。我們已開始訂購長交期設備，並計畫分別於明年初與年中推進第一個 CP2 擴建，以及 Plaquemines 的擴建。

On page 14, we address pertinent industry trends in we last reported approximately 20% of global LNG capacity has been offline in Qatar and Abu Dhabi as you. Roughly 13 million tons or 3% of global production is likely to remain offline for several years in the construction schedule of the planned advent of Qatar's Ross [Lafon] remains to be updated.

在第 14 頁，我們說明相關產業趨勢：如我們先前所報告，約有 20% 的全球 LNG 產能在卡達與阿布達比處於停擺狀態。約 1,300 萬噸（約占全球產量 3%）可能在未來數年仍將停擺，而卡達規劃中的擴建（Ross [Lafon]）之施工時程仍有待更新。

As reflected by healthy LNG forward curves in January and February, we believe the LNG market was already well balanced prior to the March supply disruptions. So unsurprisingly, LNG prices have subsequently been higher, and the forward curve is lifted for several years into the future. Interestingly, US LNG infrastructure, which only started production 10 years ago, has now grown to 19 Bcf feed gas per day. Despite this unprecedented growth, domestic natural gas prices are almost exactly where they were 10 years ago.

從 1 月與 2 月健康的 LNG 遠期曲線可見，我們認為在 3 月供應中斷之前，LNG 市場已相當平衡。因此，LNG 價格其後走高並不令人意外，且遠期曲線在未來數年也被整體上移。值得注意的是，美國 LNG 基礎設施在 10 年前才開始投產，如今已成長至每日 19 Bcf 的進料天然氣量。儘管出現如此前所未有的成長，美國國內天然氣價格幾乎與 10 年前完全相同。

The US has decades low cost natural gas reserves position in the country and Venture Global to continue to provide affordable and reliable LNG to the global market. I also think the current environment highlights the value of Henry Hub link prices versus oil link prices that are common in most other markets.

美國擁有可供數十年使用的低成本天然氣儲量，使美國以及 Venture Global 能夠持續向全球市場提供可負擔且可靠的 LNG。我也認為，當前環境凸顯了 Henry Hub 連結定價相較於多數其他市場常見的油價連結定價之價值。

Not only as Henry Hub not moved higher with the rise of oil prices, but US natural gas prices have fallen as production of gas associated with oil production has increased, examining current and future LNG production in the Middle East. While we do not know how long the straight-out closure will last, clearly, there is an immediate impact. And we believe it is likely to take some time for even the equipment that has not been damaged to return to full operational capacity.

不僅 Henry Hub 未隨油價上漲而走高，隨著與石油生產相關的伴生氣產量增加，美國天然氣價格反而下跌；同時也可對照中東目前與未來的 LNG 產量。雖然我們不知道霍爾木茲海峽的全面封閉將持續多久，但顯然已造成即時影響。我們也認為，即便是未受損的設備，要恢復至滿載運轉能力也可能需要一段時間。

Lower production levels are only compounding the already historically low EU gas inventory levels, which were already near multiyear lows following cold winter temperatures. Depleted inventories will need to be rebuilt before next winter, likely increasing exposure to the forthcoming winter in compounding the challenge of constrained LNG production.

較低的產量只會加劇歐盟天然氣庫存已處於歷史低位的情況；在寒冷冬季氣溫之後，庫存原本就接近多年低點。耗盡的庫存必須在下個冬季前補回，這可能提高對即將到來冬季的曝險，並使 LNG 產量受限的挑戰更加嚴峻。

Also, many traditionally price elastic markets like China, India and Pakistan have already made near-term demand adjustments and residual demand is increasingly inelastic. As a result, we believe the current backwardation in TTF and JKM Ford's is unsustainable. Storage must be replenished and when our markets are likely to rally absent a near-term cessation of hostilities as market fundamentals take hold.

此外，許多傳統上對價格具彈性的市場（如中國、印度與巴基斯坦）已進行近期需求調整，剩餘需求正變得愈來愈缺乏彈性。因此，我們認為目前 TTF 與 JKM 遠期的逆價差（backwardation）難以持續。儲存必須補庫，而在市場基本面發揮作用之際，若短期內敵對行動未能停止，我們的市場很可能出現反彈。

Beyond the immediate impact of the closure of the Strait of Hormuz and the two damaged Qatari liquefaction trains, the 49 million-ton Northfield expansion is already delayed and we expect could be delayed further by factors like supply chain disruptions and the availability of skilled labor as Qatar works to bring that facility back on schedule.

除了霍爾木茲海峽封閉以及兩座受損的卡達液化生產線所帶來的即時影響之外，4,900 萬噸的 Northfield 擴建已經延宕；我們預期在卡達努力讓該設施回到既定時程的過程中，供應鏈中斷與技術勞工可得性等因素可能使延宕進一步擴大。

Now I'll turn it over to CFO, Jack Thayer, who will review the quarterly performance provide an overview of our project performance and discuss our updated financial guidance.

接下來我把時間交給財務長 Jack Thayer，他將回顧本季表現、概述我們的專案進度，並說明更新後的財務指引。

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 quarter ended March 31, and 2026. 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，Mike，也向線上的各位道早安。我將引用 Venture Global, Inc. 截至 2026 年 3 月 31 日止季度的 Form 10-Q。該 10-Q 可在我們網站上取得，部分關鍵結果已彙總於簡報第 16 頁。在本次電話會議中，我會強調我認為對本聽眾最重要的結果，並建議各位詳閱我們完整的財務報表。

Beginning with revenue. Our top line was $4.6 billion for the first quarter of 2026, a $1.7 billion increase from the $2.9 billion during the equivalent period in 2025. This increase in revenue was driven by $3.1 billion from higher sales volumes, 48 TBtu in the first quarter of 2026 compared with 228 TBtu in the first quarter of 2025, which was partially offset by $1.4 billion from lower net LNG sales prices at our Plaquemines project and at Calasieu Pass due to the commencement of LNG sales under its post-COD SPAs.

先從營收開始。我們 2026 年第一季營收為 46 億美元，較 2025 年同期的 29 億美元增加 17 億美元。營收增加主要來自銷售量提高所貢獻的 31 億美元；2026 年第一季為 48 TBtu，相較 2025 年第一季的 228 TBtu；但部分被 14 億美元所抵銷，該部分來自 Plaquemines 專案與 Calcasieu Pass 的 LNG 淨銷售價格下降，原因是 Calcasieu Pass 在 COD 後之 SPA 項下開始進行 LNG 銷售。

Our income from operations was $1.2 billion in the first quarter of 2026, a $71 million increase from $1.1 billion in the first quarter of 2025. The shift was primarily driven by the higher sales volumes I previously mentioned, offset by lower LNG prices, net of the cost of feed gas.

我們 2026 年第一季營業利益為 12 億美元，較 2025 年第一季的 11 億美元增加 7,100 萬美元。變動主要由我先前提到的較高銷售量所帶動，但被較低的 LNG 價格（扣除進料天然氣成本後）所抵銷。

Our operating costs and G&A were largely changed year-over-year despite increased sales volumes and more venture global owned ships in operation. Our development costs were lower than the same period last year as we were able to capitalize more costs associated with CP2 and our pipeline and bolt-on expansions.

儘管銷售量增加且更多 Venture Global 自有船舶投入營運，我們的營運成本與一般及行政費用（G&A）年對年大致持平。我們的開發成本低於去年同期，因為我們得以將更多與 CP2、管線以及附加擴建相關的成本資本化。

Our net income attributable to common stockholders, which we will refer to as net income was $488 million for the first quarter of 2026, a $92 million increase from the $396 million in Q1 2025. Higher interest expense was offset by favorable changes in interest rate swaps and lower taxes due to higher stock option tax benefits.

歸屬於普通股股東的淨利（以下簡稱淨利）在 2026 年第一季為 4.88 億美元，較 2025 年第一季的 3.96 億美元增加 9,200 萬美元。較高的利息費用被利率交換（interest rate swaps）的有利變動以及因股票選擇權稅務利益增加而導致的較低稅負所抵銷。

Shifting to consolidated adjusted EBITDA, we earned $1.4 billion during the first quarter of 2026, a $26 million or 2% increase from $1.3 billion in Q1 2021. This increase in consolidated adjusted EBITDA was driven chiefly by higher sales volumes, largely offset by lower LNG sales prices, net of the cost to feed gas. Our EBITDA margin was 30% for the quarter despite challenging market conditions and is indicative of our substantial operating efficiencies and competitive operating advantage. I would also like to call out several additional financial updates.

接著看合併調整後 EBITDA。2026 年第一季我們達成 14 億美元，較 2021 年第一季的 13 億美元增加 2,600 萬美元或 2%。合併調整後 EBITDA 的增加主要由較高銷售量所驅動，但大致被較低的 LNG 銷售價格（扣除進料天然氣成本後）所抵銷。儘管市場環境具挑戰，本季 EBITDA 利潤率仍為 30%，反映我們顯著的營運效率與具競爭力的營運優勢。我也想補充幾項額外的財務更新。

As Mike mentioned, we closed an $8.6 billion project financing as part of the final investment decision of the second phase of CPI which, in combination with the first phase, brings total project financing at CP2 to $20.7 billion, the largest stand-alone project financing ever completed.

如 Mike 所提到，作為 CPI 第二期最終投資決策（FID）的一部分，我們完成了 86 億美元的專案融資；與第一期合併後，CP2 的專案融資總額達 207 億美元，為史上完成的最大單一專案融資。

Subsequent to the end of the quarter, Capture Pass Funding LLC raised $1.75 billion in the Term Loan B market to fully redeem the per equity interest of Stonepeak Bayou Holdings which should reduce our cost of anaesthesia expense by approximately $100 million per year and allow capital to flow more fluidly to the parent

在季度結束後，Capture Pass Funding LLC 於 Term Loan B 市場籌得 17.5 億美元，用以全額贖回 Stonepeak Bayou Holdings 的優先股權（preferred equity interest）；此舉預期可使我們的利息費用每年降低約 1 億美元，並使資金能更順暢地流向母公司。

Additionally, last month we issued $750 million of Calcasieu Pass notes which we used to fully repay the remaining balance of the Calcasieu Pass construction loan. Already in 2026, we've raised over $11 billion in support of our development and to refinance existing debt.

此外，上個月我們發行了 7.5 億美元的 Calcasieu Pass 票據，並用以全額償還 Calcasieu Pass 建設貸款的剩餘餘額。僅在 2026 年，我們已籌集超過 110 億美元，以支持開發並為既有債務進行再融資。

As you see on page 17, based on this cargo count, we are providing a consolidated adjusted EBITDA guidance range of $8.2 billion to $8.5 billion for 2026. This range assumes a liquefaction fee of $9.50 to $10.50 per MBtu for cargoes remaining to be sold in 2026 and is consistent with current TTF and JKM for price expectations.

如您在第 17 頁所見，基於此貨物（cargo）數量，我們提供 2026 年合併調整後 EBITDA 指引區間為 82 億美元至 85 億美元。此區間假設 2026 年尚待出售貨物的液化費為每 MBtu 9.50 美元至 10.50 美元，並與目前 TTF 與 JKM 的價格預期一致。

On average, a fixed liquefaction fees over the remainder of 2026, increase or decrease by $1 per MMBtu. We expect our consolidated adjusted EBITDA range to adjust accordingly $300 million to $350 million, reflecting our accelerated pace of contracting and our 84% contracted position.

平均而言，若 2026 年剩餘期間的固定液化費每 MMBtu 上下變動 1 美元，我們預期合併調整後 EBITDA 區間將相應調整 3 億美元至 3.5 億美元，反映我們加速簽約的步伐以及 84% 的已簽約比例。

As a reminder, our exposure stated on our 2025 year-end call was $575 million to $625 million for every dollar move in TTF prices. and our updated forecast reflects a material reduction in EBITDA sensitivity since our last call.

提醒一下，我們在 2025 年年終電話會議中所述的曝險為：TTF 價格每變動 1 美元，影響 5.75 億美元至 6.25 億美元；而我們更新後的預測顯示，自上次電話會議以來，EBITDA 對價格的敏感度已大幅降低。

Lastly, before turning the call back to Mike to take your questions. On page 18, we walk through our capital allocation priorities. With respect to our near-term objectives, the numbers speak for themselves, and our model clearly generates the highest returns in the LNG industry. As such, we believe the best use of our capital is continuing to invest in future growth. through our bolt-on expansions and adjacent infrastructure.

最後，在把電話會議交回給 Mike 進行問答之前。第 18 頁我們說明了資本配置的優先順序。就近期目標而言，數字不言自明，我們的模式清楚地創造出 LNG 產業中最高的報酬。因此，我們認為資本的最佳用途是持續投資未來成長，透過我們的附加式擴建（bolt-on expansions）與相鄰基礎設施。

As cash flows from CP2 begin to materialize in a meaningful way next year, we also expect to begin reducing leverage and hope to see our debt across the capital structure shift to investment grade. We've already begun making progress on debt repayment as total debt outstanding at Calcasieu Pass and Plaquemines have been reduced by more than $900 million. And since January, we have repaid over $500 million of the bridge loan at CP2.

隨著 CP2 的現金流在明年開始以更具意義的方式逐步顯現，我們也預期將開始降低槓桿，並希望看到我們資本結構中的債務轉向投資級。我們已在償債方面取得進展，Calcasieu Pass 與 Plaquemines 的未償總債務已減少超過 9 億美元。且自 1 月以來，我們已償還 CP2 的過橋貸款超過 5 億美元。

The last of our short-term objectives is to continue to simplify our capital structure, which we have already made progress towards in Q2 through the redemption of our Stonepeak preferred security and the repayment of the Cactus Pass construction loan.

我們短期目標的最後一項，是持續簡化資本結構；我們已於第二季透過贖回 Stonepeak 優先證券以及償還 Cactus Pass 建設貸款，在此方面取得進展。

Longer term, we expect our portfolio of high-return bolt-on opportunities to continue to be a compelling home for future investment. Although the scale of incremental investment is likely to shrink relative to our escalating cash flows.

就長期而言，我們預期由高報酬附加式機會所構成的投資組合，仍將是未來投資的具吸引力去處。儘管相對於我們不斷攀升的現金流，新增投資的規模可能會縮小。

Thus, leaving more capital available for other uses. In particular, we expect to retire and refinance higher capital, higher cost capital, advance mature or are [callable]. Additionally, we anticipate growing our dividend and potentially repurchasing shares as other means of driving shareholder value and returns.

因此，將有更多資本可用於其他用途。特別是，我們預期將在較高資本、較高成本的資本工具到期或可被贖回（callable）時，予以償還並再融資。此外，我們也預期提高股利，並可能回購股票，作為推動股東價值與報酬的其他方式。

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

我現在把電話會議交回給 Mike。

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

謝謝你，Jack。此時，我們想開放電話會議進行問答。

(Operator Instructions)

（接線員指示）

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Firstly, congrats on a guidance raise, excellent execution. I wanted to get a little more understanding on the new two contracts that you have signed both with Vitol and Total Energies, Help us understand how those things came together. And given that you are such a low-cost producer, do we expect that you will continue to get more orders given cost advantage you have versus your global peers?

首先，恭喜上調指引，執行力非常出色。我想更了解一下你們新簽的兩份合約，分別與 Vitol 以及 TotalEnergies 簽訂；請協助我們理解這些合約是如何促成的。另外，鑑於你們是低成本生產商，是否預期憑藉相對全球同業的成本優勢，將持續獲得更多訂單？

Thank you, Manav. Good morning. Starting with the second half first. We are very active in both the long medium and short-term contracting conversations and expect to progress on all three and have very, very good line of sight on the contracting that we want to do in -- to support the bolt-on expansion and also to continue to term out our future portfolio. We're super excited about our five year deals.

謝謝你，Manav。早安。先從你問題的後半段談起。我們在長期、中期與短期的簽約洽談上都非常積極，並預期三者都會持續推進；對於我們想要完成的簽約——用以支持附加式擴建，並持續將未來投資組合的期限拉長——我們有非常、非常清晰的能見度。我們對這些五年期合約感到非常興奮。

Those are a length in the term that we planned on and I talked about, as you know, for several years. But we -- as we talked about in earlier calls, reached the -- finally reached the point, the transition point between placements progressing and CP2 progressing and comfort in the production capacity of both, in particular, Plaquemines first that allows us to do the five year deals now.

這些合約的期限符合我們原先的規劃，也如我所知你們多年來一直聽我提到的。不過——如同我們在先前的電話會議中談到的——我們終於來到一個轉折點：Plaquemines 的進展、CP2 的推進，以及對兩者產能（尤其是 Plaquemines 先行）的信心，使我們現在能夠簽下五年期合約。

Those initially will be serviced primarily by Plaquemines. And then as CP2 comes online next year, initially with commissioning cargoes will shift over to start selling commissioning cargoes out of CP2 ramp-up. This is particularly important because it allows us to, in today's market blend out, term out those -- that future production has a big impact on kind of blending the risk with much higher pricing than 20-year pricing. We're achieving roughly double our long-term contract prices a little bit better.

這些合約初期主要將由 Plaquemines 供應。接著當 CP2 於明年上線後，初期會以試運轉（commissioning）貨物為主，並會轉而開始銷售 CP2 爬坡（ramp-up）期間的試運轉貨物。這點特別重要，因為它讓我們能在當前市場中把未來產量做「混合」與「期限化」（blend out、term out），相較於 20 年期定價，能以更高的價格來分散風險，影響很大。我們達成的價格大約是長期合約價格的兩倍，甚至略高一些。

Perfect. My quick follow-up here is, you mentioned in the opening comments, global gas prices are rising. US gas prices are actually under pressure, which is what we call the VG advantage. And the way we look at it, there are like 8 Bcf of pipes connecting the Permian to the Gulf Coast.

很好。我這邊快速追問：你在開場提到全球天然氣價格正在上升，但美國天然氣價格其實承壓，這就是我們所說的 VG 優勢。從我們的角度看，大約有 8 Bcf 的管線把 Permian 連到墨西哥灣沿岸。

There's a lot of gas which we have moved from the Permian towards the Gulf Coast? And do you think this further widens the VG advantage where you are already low cost, but you've become even lower cost as this gas starts to land on the Gulf Coast?

是否有大量天然氣正從 Permian 移往墨西哥灣沿岸？你是否認為這會進一步擴大 VG 優勢——也就是你們本來就低成本，但隨著這些天然氣抵達墨西哥灣沿岸，你們的成本會變得更低？

We hope so. We hope so, Manav. The -- I think I'd focus you particularly on the physical infrastructure and interconnects that we put in place are interconnecting. The Permian gas has particularly high nitrogen content, which is not good for liquefaction facilities and LNG tankers. And to accommodate for that, we designed, configured have built, and it's now arriving at our site at CP2, very, very large-scale nitrogen removal units, among the biggest in the country that allow us to extract the full gas stream that we can draw from the Waha.

我們希望如此。我們希望如此，Manav。我想我會特別請你聚焦在我們所建置、正在互聯的實體基礎設施與互連點（interconnects）。Permian 的天然氣含氮量特別高，這對液化設施與 LNG 船舶都不利。為了因應這點，我們在 CP2 現場設計、配置並建造了非常、非常大規模的脫氮裝置（nitrogen removal units），規模是全美最大之一，讓我們能從 Waha 抽取我們可取得的完整氣流。

And the combination of our 90-mile CPX lateral for CP2, our interconnects with the completed pipe Black Fin that takes us to Katy and then the transportation agreements that physically connect us direct with Waha. We can uniquely absorb a massive amount of gas all the way from Waha to CP2 and extract the nitrogen and use it directly into our facility. So we're excited when CPT turns on next year to begin enjoying the flows of Waha gas.

結合我們為 CP2 建置的 90 英里 CPX 支線（lateral）、與已完工的 Black Fin 管線互連（把我們連到 Katy），以及在實體上把我們直接連到 Waha 的運輸協議，我們能夠以獨特方式吸收從 Waha 一路到 CP2 的大量天然氣，將氮氣去除後直接供應到我們的設施。因此，我們很期待 CP2 明年啟用後，開始享受 Waha 天然氣的流量。

Thank you so much, and congrats on all the positive developments.

非常感謝，也恭喜你們所有正面的進展。

Thanks, Manav.

謝謝，Manav。

John Mackay, Goldman Sachs.

John Mackay，高盛（Goldman Sachs）。

Hey, team. Good morning. I want to [send] the macro. Mike, you made a couple of comments suggesting effectively, you'd expect global gas prices to be higher than they are right now on the back of this disruption. I'd be curious just to hear a little bit more on your view of maybe why they aren't higher. Is it -- are we seeing demand destruction? Is it a view in the market that resolution is coming sooner than it will be. Maybe just walk us through a little bit of that and what you're hearing from your customers? Thanks.

各位早安。我想談一下宏觀面。Mike，你提到幾點，等於是在說你預期在這次干擾之下，全球天然氣價格應該會比現在更高。我想多聽一些你對「為什麼價格沒有更高」的看法。是——我們看到需求被破壞（demand destruction）了嗎？還是市場認為解決方案會比實際更快到來？能否帶我們梳理一下你聽到的情況，以及你從客戶那邊聽到什麼？謝謝。

No, I mean, it's a great question and obviously, the markets are very complex because it's a combination of all the different markets and participants in the markets that create it, and they all have different levels of storage, different requirements to be gas into their customers, different regulatory restrictions and how they pass along cost and price.

不，我的意思是，這確實是個很好的問題。顯然市場非常複雜，因為它是所有不同市場與參與者共同作用的結果；而各方的儲存水位不同、向其客戶供氣的需求不同、監管限制不同，以及他們如何轉嫁成本與價格也不同。

Obviously, different politics, different exposure to the Middle East Gas. So I think one of the things that might surprise people in this market or maybe not, is that when it's volatile like this and particularly around uncertainty of when conflicts that impact price might suddenly end or escalate.

當然，政治情勢也不同，對中東天然氣的曝險也不同。所以我認為在這個市場中可能會讓人意外（或也許不意外）的一點是：當波動像這樣劇烈，尤其是在不確定會影響價格的衝突何時可能突然結束或升級的情況下。

You see a lot of pause in purchasing decisions for -- in the short and medium term. And that means you're not getting the purchasing activity that could drive prices up and the psychology is the customer hoping that suddenly, it will end and prices will drop. And so they don't want to precipitously in their opinion, move to make purchases.

你會看到在短期與中期內，採購決策出現大量的觀望與暫停。這表示你看不到足以推升價格的採購活動，而心理層面上，客戶希望情況會突然結束、價格會下跌。因此，他們不想在他們看來過於倉促地採取行動進行採購。

However, a lot of the markets are pressured by very, very historically low storage levels, and so they will have to buy to fill up those storage levels. And so there's pent-up buying that has to happen to build those storage levels that will probably be spread out well into next year. And so there's really an uplift that's going to last going to last for a while.

然而，許多市場正受到非常、非常歷史性低庫存水位的壓力，因此他們必須買進以回補這些庫存水位。也就是說，為了重建庫存水位，存在必須發生的累積性買盤，而這很可能會一路分散延續到明年。因此，確實會有一波提振，而且會持續一段時間。

And this fundamentally is not an LNG issue. This is just a geography and portfolio exposure issue. Notwithstanding that, as you can see from our deal announcements of the five year deals and the progress that we made contracting short term that lifted our portfolio sales to 84% for this year. We were able to do a good job. Our teams did a great job methodically marketing into this environment. There's still quite a bit to go for the market to really normalize.

而這從根本上並不是一個 LNG 的問題。這只是地理分布與投資組合曝險的問題。儘管如此，正如你從我們宣布的五年期交易以及我們在短期簽約方面取得的進展所看到的，我們把今年的投資組合銷售提升到 84%。我們做得不錯。我們的團隊在這樣的環境中有條不紊地推進行銷，做得非常好。市場要真正恢復正常，仍然還有相當一段路要走。

Thanks. I appreciate all the thoughts there. Second quick one for me. you guys pulled forward slightly the formal time line for CP2 still screens a little conservative versus some of the progress you've talked about on kind of site work. So maybe just walk us through any level of conservatism in there? And maybe what milestones you're watching on your side to be able to tighten up or maybe even pull forward that time line a little bit?

謝謝。我很感謝你在這方面的所有看法。第二個我這邊的快速問題：你們把 CP2 的正式時間表稍微提前了，但相較於你們談到的一些現場施工進展，看起來仍然有點保守。能否帶我們了解一下其中保守性的考量？另外，你們這邊在觀察哪些里程碑，以便能夠把時間表收緊，甚至再稍微提前一些？

So things are going extremely well knocking wood at CP2. We still are -- we're $12 billion plus into construction activity at CP2, but we're still only 10 months from FID. And so we want to wait a little while and get a little further along before we refine what our CP2 projections are for first LNG, but it's going stream well, we are extremely pleased with progress.

所以 CP2 的進展非常順利（敲木頭）。我們仍然是——我們在 CP2 的施工活動投入已超過 120 億美元，但距離 FID 仍然只有 10 個月。因此，我們想再等一等、再往前推進一些，再來細化我們對 CP2 首船 LNG 的預測。不過進展非常順暢，我們對目前的進度非常滿意。

The -- in terms of milestones that we look for, we have a -- because of the standardization of our projects, we have pretty good views of how far we are away from certain milestones, in particular, first LNG production based on the status of what's on foundations. And as we described, we have 12 LNG trains currently on foundations.

——就我們關注的里程碑而言，由於我們專案的標準化，我們對距離某些里程碑還有多遠有相當清楚的掌握，特別是根據基礎工程的狀態來判斷距離首次 LNG 產出還有多久。正如我們所描述的，我們目前有 12 列 LNG 裝置（train）已在基礎上就位。

It's a great achievement of the team even to have foundations at this point, by the way. And we have a few blocks of LNG trains are coming over every other week. So it's progressing well. the power plant. We already have some turbines foundations.

順帶一提，團隊能在這個時間點就完成基礎工程，是一項很了不起的成就。而且每隔一週就會有幾個 LNG 裝置模組運抵。所以進展良好。至於電廠，我們已經有一些渦輪機的基礎完成。

Our [zig zag] are progressing very well at our Morgan City facility. Those are coming over nicely. I think we're waiting to see some more of the large components of pretreatment and power to arrive. So that the integration teapms can get in there and start doing the interconnects for those. We feel good about the tanks, the jetty is moving along super well as well. So we feel good. We just want a little bit more time before we refine it.

我們的 [zig zag] 在 Morgan City 廠區進展也非常順利，運抵情況很好。我想我們正在等待一些更大型的預處理與電力相關組件到場，這樣整合團隊就能進去開始做互連作業。我們對儲槽很有信心，碼頭（jetty）的進度也非常、非常好。所以我們感覺良好，只是希望再多一點時間再來細化。

Understood. Thanks for that.

了解。謝謝你的說明。

Jeremy Tonet, JPMorgan Securities.

Jeremy Tonet，JPMorgan Securities。

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早安，Jeremy。

Just wanted to circle on capital allocation, if I could. Clearly, a lot of -- a lot more cash coming through the door today expected than recently. And just wondering I guess, as you think about capital allocation and leverage, in particular, just wondering about the thoughts about maybe at some point in the future, hitting investment grade across all the OpCos? Or would that make sense at some point down the road for the holdco? Just want to get a sense for how leverage fits into the picture relative to other capital allocation priorities?

我想回到資本配置的問題，如果可以的話。很明顯——目前進帳的現金比最近預期的多得多。我想請教的是，當你們思考資本配置與槓桿時，特別是槓桿方面，是否會考慮在未來某個時間點，讓所有 OpCo 都達到投資級？或者對 holdco 而言，未來某個時點達到投資級是否合理？想了解槓桿在整體圖像中，相對於其他資本配置優先事項的定位。

Sure. We -- our expectation and our plan is to be investment grade at all levels. And we think we have a nice path to get there in not too long. Our view is we approach in a few months COD of Placements first phase that given the scale of production there and the earnings coverage that comes from the total production that Plaquemines should be, it's up to the rating agency, obviously, but Plaquemines should be investment grade when we take COD of Phase 1, which is on schedule, Phase is on schedule as well for spring of next year. And so if we don't get there by this winter, we would hope and expect by spring to be investment-grade at Blackman.

當然。我們——我們的預期與計畫是在各個層級都達到投資級。我們認為有一條不算太久就能達成的良好路徑。我們的看法是，隨著我們在幾個月後接近 Plaquemines 第一期的 COD，考量那裡的產能規模以及來自總產量的盈餘覆蓋，當然最終取決於評等機構，但在我們取得第一期 COD 時，Plaquemines 應該可以達到投資級；第一期按進度進行，第二期也按進度，預計在明年春季。因此，如果今年冬天還沒達到，我們希望並預期到春季時，Plaquemines 會達到投資級。

And we think that the increase in earnings that we're achieving this year and next year, relative to the scale of our parent debt, which is $11 billion of high yield there should accelerate us getting to investment grade. The earnings coverage the speed at which we're growing earning assets on our balance sheet.

而且我們認為，相較於母公司債務規模（那裡有 110 億美元的高收益債），我們今年與明年的盈餘增長，應該會加速我們達到投資級。盈餘覆蓋，以及我們在資產負債表上擴張生息資產的速度。

We're passing $56 billion in the first quarter of assets. And when turns online next year. We activate another 17 million, 18 million-plus tons of long-term contracts. So we think we're on a very good path and our objective is to be investment-grade at at all levels. And we currently amortize a significant amount of our debt, which is scheduled at a project level.

我們在第一季的資產已超過 560 億美元。而當明年投產上線時，我們會再啟動另外 1,700 萬到 1,800 萬噸以上的長期合約。因此我們認為路徑非常好，我們的目標是在所有層級都達到投資級。而且我們目前在專案層級按既定排程攤還相當大一部分債務。

And as we have maturities beginning in '28 and '29, our current thinking is that we'll begin to retire some of that debt. So on the back of our balance sheet and earning assets dramatically increasing and our earnings increasing, we also expect to begin to retire the debt. We can fund all the growth that we've described. We can reduce debt. And as Jack described, we will have capital available if we want you to buy back stock as well.

而隨著我們在 2028 年與 2029 年開始出現到期，我們目前的想法是會開始償還其中一部分債務。因此，在我們的資產負債表與生息資產大幅增加、盈餘提升的同時，我們也預期會開始退還（償還）債務。我們可以為我們所描述的所有成長提供資金。我們可以降低負債。而且如 Jack 所說，如果我們想要回購股票，也會有可用資本。

Got it. That's very helpful. Thank you for that. And just want to pivot here, I guess, to customer conversations and maybe at a different angle. Just wondering how that has changed with maybe the types of counterparties over time. When we saw the Total agreement this morning that wouldn't necessarily have been the first counterparty we would have thought of there. So just wondering, I guess, how conversations or relationships with various customers have evolved over time?

了解。這非常有幫助，謝謝。接著我想轉到客戶對話，換個角度。想請教隨著時間推移，這些對話在交易對手類型上有什麼變化？今天早上我們看到與 Total 的協議，那不一定會是我們一開始會想到的第一個交易對手。所以想了解一下，你們與不同客戶的對話或關係，隨時間是如何演變的？

Well, we've been in the last year plus, we've signed the most long-term contracts in the world, I think. And our contracting conversations continue to increase. We're unique in the market as a producer to be able to offer short-and long-term contracts and that improves that improves our commercial progress, being able to offer a middle term contract in a long-term contract or some two year strips of cargoes along with a 20-year contract.

嗯，我們在過去一年多簽下了全球最多的長期合約，我想是這樣。而我們的簽約對話仍在持續增加。作為生產商，我們在市場上很獨特，能同時提供短期與長期合約，這也提升了——提升了我們的商務進展；能夠提供中期合約與長期合約，或是搭配一些兩年期的貨物條帶（strips of cargoes）再加上一份 20 年期合約。

That's something that's unique to us in the market, and that's going to be the case for the next five years. I think we're probably going to be the largest available chunk of liquefaction capacity in the next few years. And as we continue to reliably execute and reliably deliver. As we pointed out, we didn't miss a single scheduled cargo since COD of Calcasieu Pass, and we're viewed as a very reliable, high-quality executor of our businesses, and that has expanded the conversations. We've -- in the contracts we've been signing with very, very conservative experienced offtakers like Tokyo Gas, for example, in Japan.

這是我們在市場上獨有的能力，而且未來五年都會如此。我認為在未來幾年，我們可能會是市場上最大的一塊可用液化產能。隨著我們持續可靠地執行並可靠地交付。正如我們指出的，自 Calcasieu Pass 的 COD 以來，我們沒有錯過任何一船排定的貨物（cargo），我們被視為非常可靠、高品質的業務執行者，這也擴大了對話範圍。我們——在我們簽署的合約中，包含非常、非常保守且經驗豐富的承購方（offtakers），例如日本的 Tokyo Gas。

Got it. Thank you.

了解。謝謝。

Thanks, Jeremy.

謝謝你，Jeremy。

Jean Salisbury, Bank of America.

Jean Salisbury，美國銀行。

Hi, good morning. I think as you correctly forecasted on your last call and talked about in earlier remarks, Waha gas price in the Permian has blown out pretty spectacularly in the last few months. Can you remind us of BG's exposure to that spread now like this year and whether that played any part in the increased guidance for the year?

嗨，早安。我想正如你們在上次電話會議中正確預測、並在先前發言中提到的，Permian 的 Waha 天然氣價格在過去幾個月出現了相當驚人的擴大（blown out）。你能否提醒我們 BG 目前對該價差在今年的曝險大概是多少？以及這是否在任何程度上促成了你們今年上調的財測指引？

It really doesn't show up for us until we turn on CP2 and then than our transportation and pipes and Nitrogen movie unit come into play, that's really the material exposure we have. There's gas that comes over now, but the big impact is when we turn on.

對我們來說，真正要等到我們啟動 CP2 才會顯現出來，屆時我們的運輸、管線以及氮氣（Nitrogen）單元就會開始發揮作用，那才是我們真正的實質曝險。現在確實有天然氣輸送過來，但最大的影響是在我們啟動的時候。

Thank you. That's very clear. And then the CP2 bolt-on extension, it looks like it's now scoped at 10 MTA. I think it used to be 6.4 MTA. What were the drivers of the bigger size? And I guess, more broadly, the scoping of the bolt-ons plan has moved around a little bit over the last few quarters. Can you talk about the drivers of that? And once you make the regulatory filing, does that lock in the size and scope of the bolt-ons? Thank you.

謝謝。這非常清楚。接著談 CP2 的附加擴建（bolt-on extension），看起來現在的規模範圍是 10 MTA，我記得以前是 6.4 MTA。規模變大的驅動因素是什麼？另外更廣泛地說，過去幾季附加擴建計畫的範圍界定有些變動。你能談談背後的驅動因素嗎？以及一旦你們提交監管申報（regulatory filing），是否就會把附加擴建的規模與範圍鎖定？謝謝。

So the change that made the bolt-on for CP2. And if you look at that page, I can't remember what page number it is. It has a schematic of it. The only change we made there is we shifted from trains to 12 trains and it's inside the wall. And I think it's slide 12 in the deck.

所以，讓 CP2 的附加擴建（bolt-on）發生變化的地方是——如果你看那一頁，我一時想不起頁碼——上面有一張示意圖。我們唯一做的改動是把列車（trains）調整為 12 列，而且是在圍牆內。我想是在簡報的第 12 張投影片。

As you can see, we increased that in a pretreatment plant and a little -- and a few extra turbines in the power plant. That's the decision to increase the size is just our demand is so strong in our team success in selling 3 million tons and growing of our five year deals really makes that growth much more comfortable for us. and we expect more middle and long-term deals as well.

如你所見，我們在前處理廠（pretreatment plant）增加了規模，並且在電廠多加了幾台渦輪機。決定擴大規模的原因很單純：我們的需求非常強勁，團隊成功售出 300 萬噸，且我們五年期合約的成長，讓這樣的擴張對我們而言更為踏實、也更有把握；我們也預期會有更多中長期合約。

The Plaquemines bolt-on and there's a schematic on the right side of that same page 12 as well for Plaquemines for now is staying the same with eight trains. And that's a simple fast expansion for us. The -- and we're very comfortable that we'll have the contracts that we want to rightsize the construction loans. Keep in mind that those bolt-ons will turn on much faster than what we build today, which is massively accretive for us and also makes the financing more attractive.

Plaquemines 的附加擴建（bolt-on）——同一頁第 12 張右側也有一張 Plaquemines 的示意圖——目前仍維持 8 列車（eight trains）不變。這對我們來說是簡單且快速的擴張。我們也非常有信心能取得我們想要的合約，以便把建設貸款（construction loans）的規模調整到合適水準。請記住，這些附加擴建的投產速度會比我們今天新建的項目快得多，對我們的增益（accretive）非常顯著，也讓融資更具吸引力。

We are permitting. We filed, as you know, for the Plaquemines expansion. We filed for multiple bolt-ons at Plaquemines. And what we're showing here is the first phase of the bolt-ons. If if the market demand and contracting picks up more, then we have the ability to very comfortably just drop in a few more trains next to the eight that you see there.

我們正在進行許可（permitting）。如你所知，我們已就 Plaquemines 的擴建提出申報；我們也為 Plaquemines 的多個附加擴建（multiple bolt-ons）提出申報。我們在這裡展示的是附加擴建的第一階段。如果市場需求與簽約進一步升溫，我們也能非常從容地在你看到的這 8 列旁邊再放入幾列。

and really fully take advantage of the incremental modular approach that we have that is going to lower the overall construction costs and our ownership point of the liquefaction capacity and is super accretive to margins.

並且真正充分利用我們的增量式模組化（incremental modular）方法，這將降低整體建造成本、提升我們在液化產能上的持有比例（ownership point），並且對毛利率具有非常強的增益效果（super accretive）。

Our OpEx per ton will continue to go down as we add this expansion. So we get operational leverage that's material as well on top of it. So we continue to have a very attractive permitting environment. And our two focus is here on these brownfield sites.

隨著我們加入這些擴建，我們每噸的營運費用（OpEx）會持續下降。因此我們也能取得顯著的營運槓桿（operational leverage）。此外，我們仍處於非常有利的許可環境。我們的兩個重點都放在這些棕地（brownfield）場址上。

Very clear. Thank you, Mike.

非常清楚。謝謝你，Mike。

Chris Robertson, Deutsche Bank.

Chris Robertson，德意志銀行（Deutsche Bank）。

Good morning, Chris.

早安，Chris。

Thakn you. Good morning, Mike, in the past, you guys have talked about lessons learned in terms of the construction and commissioning process and about applying those lessons to the future facilities. But I just want to focus more on the operational side here because it's pretty clear that things are going extremely well from an operational perspective at Plaquemine. Can you talk about any operational lessons learned here? Anything gleaned from the data collection efforts that you then apply at CP2 or of future facilities?

謝謝。早安，Mike。過去你們談過在建造與試車（commissioning）流程方面的經驗教訓，以及如何把這些經驗應用到未來的設施。但我想把焦點更多放在營運面，因為很明顯 Plaquemines 的營運表現非常好。你能談談在營運上有哪些經驗教訓嗎？從資料蒐集（data collection）的工作中有沒有得到什麼洞見，進而應用到 CP2 或未來的設施？

Jack, do you want to talk to that one?

Jack，你要回答這題嗎？

Sure. So Chris, I think what we've spoken to and assumed for some time is that our unique design has a high fixed, low variable cost model. And as we've increased the capacity from our facilities, we've been the beneficiary of lowering that cost per unit or cost per MMBtu, whereby at Calcasieu Pass, we see that leverage taking production per MMBtu from, call it, $0.45 to $0.50 at full capacity, that will be south of $0.40 per MMBtu.

當然。Chris，我想我們談過、也假設了一段時間的是，我們獨特的設計是一種高固定成本、低變動成本的模式。隨著我們提高設施產能，我們受益於單位成本或每 MMBtu 成本的下降。以 Calcasieu Pass 為例，我們看到這種槓桿效應：在滿載產能時，每 MMBtu 的生產成本大約從 0.45 到 0.50 美元，會降到 0.40 美元以下。

And where we particularly see the leverage is at Plaquemines, where on a nameplate basis, we're at roughly $0.44 per MMBtu and at full capacity, we're in below $0.30 per MMBtu area. The benefit of these bolt-on expansions that we're doing as well as we increase the scale of CP2 and build out plaque wins further is, there is even further incremental leverage not just on per seat basis just because of the volumes created but also you're running the same fleet across all of our facilities, there are significant benefits in operating leverage that we get from a fleet-wide approach that's really in its nascency.

而我們特別看到槓桿效應的地方是在 Plaquemines：以銘牌產能（nameplate）計算，我們大約是每 MMBtu 0.44 美元；在滿載產能時，我們會落在每 MMBtu 0.30 美元以下的區間。我們正在做的這些附加擴建（bolt-on expansions）的好處，以及我們擴大 CP2 規模並進一步擴建 Plaquemines 的好處在於：不只是因為產量增加而在單位基礎上（per unit basis）帶來更多增量槓桿，還因為我們在所有設施上運行同一套機隊（fleet），以全機隊（fleet-wide）的方式運作能帶來顯著的營運槓桿效益，而這套做法其實才剛起步（in its nascency）。

And we continue to use our continuous improvement programs to drive that even further. So we're very excited about our operational excellence. You see it in the safety record that we have, but you're also seeing our competitive advantage really show up in our cost of production from MMBtu.

我們也持續透過持續改善（continuous improvement）計畫把這些效益再往上推。因此我們對營運卓越（operational excellence）非常振奮。你可以從我們的安全紀錄看到，但你也正在看到我們的競爭優勢在每 MMBtu 的生產成本上真正展現出來。

On the data side of your question, we are super -- remain super excited about it. We -- as you've heard us describe before, we're somewhere between 800,000 plus and 1 million data collection points between our two facilities.

就你問題中的資料面而言，我們仍然非常、非常興奮。正如你之前聽我們描述的，我們兩座設施之間大約有 80 萬到 100 萬個資料蒐集點（data collection points）。

We use AI tools, both to optimize production. But we actually have -- we were able to acquire so much data we use tools to identify the most valuable data to stream and so we can manage our data storage cost. But I think that our data acquisition is likely as valuable or more valuable than the rest of the business it's what's enabled us to grow our production capacity from Calcasieu pass where we're for the moment a little bit above nameplate capacity to where we are with Plaquemines and where we're excited to be for CP2, the value of that extra 40%-plus production capacity because it's largely funded by the contracts that we signed for the nameplate capacity has higher margins and higher value for us.

我們使用 AI 工具來優化產量。但實際上——我們能取得的資料量非常大，因此我們也用工具去辨識最有價值、值得串流（stream）的資料，這樣我們就能管理資料儲存成本。不過我認為，我們的資料取得能力可能跟業務其他部分一樣有價值，甚至更有價值。這也是讓我們能把 Calcasieu Pass 的產能從目前略高於銘牌產能（nameplate capacity），提升到 Plaquemines 的水準，並讓我們對 CP2 的表現充滿期待的關鍵。那額外超過 40% 的產能價值，因為主要是由我們為銘牌產能所簽訂的合約所支撐（funded），因此對我們而言具有更高的毛利與更高的價值。

So it's all driven by our data science team, process engineers on that team and was integrated into our control rooms and to our design changes and execution not CP2 and the bolt-ons. It's incredible, incredible value for us. And the value is increasing from that data. With the -- we're -- I think we're over 900 total cargoes now.

所以這一切都是由我們的資料科學團隊推動，團隊中也有製程工程師（process engineers），並且已整合到我們的控制室（control rooms）、設計變更以及 CP2 與附加擴建（bolt-ons）的執行中。這對我們而言是難以置信的價值，而且這些資料帶來的價值還在持續增加。另外——我們——我想我們現在累計已超過 900 船貨（cargoes）了。

And the value of the -- or the magnitude of the data that we stream every 10 seconds on our facilities is immense and it allows us to run very sophisticated models and simulations and experiments on operational improvements and optimizations that have resulted in the output that you're seeing today.

而我們設施每 10 秒串流一次的資料量之龐大，令人驚嘆；這讓我們能運行非常精密的模型、模擬與實驗，用於營運改善與最佳化，並帶來你今天所看到的產出成果。

Got it. Thank you for the very comprehensive answer, Mike. I'll turn it over for the second time.

了解。謝謝你非常全面的回答，Mike。我第二次把問題交回去。

Thank you.

謝謝。

Michael Blum, Wells Fargo.

Michael Blum，富國銀行（Wells Fargo）。

Hey, good morning, everyone. I wanted to go to your comments around slide 11, which was your contracting strategy. I'll just kind of ask all my questions at once. Has your approach to contracting changed here at all in light of the Middle East conflict in conversations for long-term and medium-term capacity agreements have the conflict or just a higher forward curve had any impact on pricing discussions for long and medium-term contracts? And if not, do you think they will as the full impact of the closure kind of gets reflected in forward curves. Thanks.

嗨，大家早安。我想回到你們對第 11 張投影片的評論，也就是你們的簽約策略（contracting strategy）。我會把問題一次問完：鑑於中東衝突，你們在長期與中期產能協議（long-term and medium-term capacity agreements）的洽談中，簽約方式有任何改變嗎？這場衝突或只是更高的遠期曲線（forward curve），是否對長期與中期合約的定價討論造成任何影響？如果沒有，你們是否認為當關閉（closure）的完整影響逐步反映在遠期曲線上時，未來會產生影響？謝謝。

So it's a very interesting question. So I would say our contracting strategy hasn't changed because of it. But I think the customers' views are changing and will continue to change. I think that the long-term contract price is available in the market, not just from us, but the market in general, are so attractive relative to the middle and short-term contract pricing that over time, you're going to see more of a pivot to the long-term contracts. In our opinion, the long-term contract prices in the market away from us, many of them are below replacement cost for in construction.

所以這是一個非常有意思的問題。我會說，我們的簽約策略並沒有因此改變。但我認為客戶的看法正在改變，並且會持續改變。我認為市場上有長期合約價格可供選擇，不只是我們，整體市場也是如此；相較於中短期合約定價，長期合約價格非常有吸引力，因此隨著時間推移，你會看到更多轉向長期合約。在我們看來，市場上（不含我們）的許多長期合約價格，對於正在建造中的項目而言，很多都低於重置成本。

And I think that the customers have a sense of that and know how attractive those prices are. And just to remind $2 handle liquefaction fee as a supply of fuel in Europe coming out of the power plant is it's, give or take, $0.06 per watt of electricity.

而我認為客戶也有這樣的感受，知道那些價格有多麼吸引人。再提醒一下，以每百萬英熱單位（MMBtu）2 美元的液化費來看，作為歐洲燃料供應、從電廠端輸出的電力成本，大約是每瓦電力 0.06 美元上下。

So it's incredibly attractive pricing. And you're never going to get fired for delivering [$0.06] electricity. And so I think we're seeing more of that. That's also showing up in the demand for five year deals, five year contracts that I think is the market adjusting from what maybe before would have been more one and two year deals. We're seeing more five year deals.

所以那是極具吸引力的定價。而且你永遠不會因為交付 [0.06 美元] 的電力而被炒魷魚。所以我認為我們正在看到更多這種情況。這也反映在對五年期交易、五年期合約的需求上；我認為市場正在調整，過去可能更多是一年期、兩年期的交易。現在我們看到更多五年期交易。

We love the blend and price between the 20-year contract and the short-term contracts that contract price right in the middle is, we think, a great value. It's double the long-term contract basis and is a nice blend to the, give or take, 50 million tons, 49.5 million tons of 20-year contract haven't.

我們很喜歡 20 年期合約與短期合約之間的組合與定價；介於兩者之間的那個合約價格，我們認為很有價值。它大約是長期合約基準的兩倍，並且與我們約 5,000 萬噸、49.5 百萬噸的 20 年期合約形成很好的搭配。

So we're going to continue to blend in those middle terms just because we led with all our 20-year deals blending in those middle term, higher prices, we think is is really a really attractive combination with all the commissioning cargoes we produce it by physical requirement or to term contracts.

因此我們會持續把那些中期合約納入組合，因為我們以所有 20 年期交易作為起點，再混入那些中期、較高價格的合約，我們認為這與我們因實體需求或期限合約而生產的所有投運（commissioning）貨物搭配起來，是非常、非常有吸引力的組合。

Great. Thank you.

很好。謝謝。

Thank you.

謝謝。

Brandon Bingham, Scotiabank.

Brandon Bingham，豐業銀行（Scotiabank）。

Hey, good morning. Thanks for the questions. Just one quick one from me. The production profile slides, I think, are very helpful. I was just kind of curious if you could unpack kind of what's baked into the ranges there as we move forward through 2029. Obviously, CP2 timing is a big factor. But just curious, things like excess capacity or other performance-driven factors, just what's in there beyond project timing.

嗨，早安。謝謝讓我提問。我這邊只有一個很快的問題。我覺得你們的產量曲線投影片非常有幫助。我有點好奇，隨著我們往 2029 年推進，你們能否拆解一下那些區間範圍裡面包含了哪些假設？顯然 CP2 的時程是一個很大的因素。但我想了解的是，除了專案時程之外，像是超額產能或其他由績效驅動的因素，區間裡還包含了什麼？

From a total production capacity standpoint, we're really matching on a projected basis, the performance levels of Plaquemines that we've been achieving. Well, we haven't turned it on yet, but I'm hopeful we do better than that at CP2 because we engineered in some fairly significant improvements in throughput capacities into CP2 compared to Plaquemine and from lessons learned and from our data that we were just talking about. And but we're really extrapolating from placements.

從總產能的角度來看，我們基本上是在預測基礎上，對齊我們在 Plaquemines 已經達成的表現水準。當然，我們還沒把它完全啟動，但我希望在 CP2 我們能做得更好，因為相較於 Plaquemines，我們在 CP2 的設計中導入了一些相當顯著的吞吐量提升，這是基於經驗教訓以及我們剛才談到的數據。不過我們主要還是從 Plaquemines 的表現去外推。

The schedules also that we're layering that production capacity in matching what we did at Plaquemines as well. And so we're just layering on the ramp-up in production based on what we've already achieved or already executed with the same people.

我們在疊加產能的排程上，也是在對齊我們在 Plaquemines 的做法。因此我們只是依據同一批人員已經達成或已經執行過的成果，去疊加產量爬坡（ramp-up）。

So we feel good about achieving that outside really mostly of just FM-type events of achieving these levels. And it's -- we're proud as a team that we're on a path to double to double where we are today. We're roughly loading 43 ships a month today.

所以我們對達成這些水準很有信心，除非主要是一些不可抗力（FM）類型事件影響。我們團隊也很自豪，我們正走在把目前規模翻倍、再翻倍的路徑上。我們現在大約每月裝載 43 艘船。

And by 2029, early we think that will be in the 90s per month. And on top of the -- and I referenced it in my comments on top of the significant growth we've achieved in the last 2 years. In the next 2 years, we're going to double again. And that's really just based on what's in construction and development with our bolt-ons.

到 2029 年初，我們認為每月將達到 90 多艘。再加上——我在評論中也提到——我們在過去兩年已經實現了顯著成長；在接下來兩年，我們還會再翻倍。這基本上就是基於我們正在建造與開發中的項目，以及我們的增量擴建（bolt-ons）。

Sunil Sibal, Seaport Global.

Sunil Sibal，Seaport Global。

So on the CapEx front, obviously, you reiterated 2026 CapEx of $12 billion to $13 billion. And you talked about expanding FID in 2027. So I was curious, how should we think about the cadence on the CapEx, especially considering your IG plans for the -- of the complex?

關於資本支出（CapEx），你們顯然重申 2026 年 CapEx 為 120 億到 130 億美元，並且提到 2027 年擴大 FID。因此我想請教，我們應該如何看待 CapEx 的節奏／步調，特別是考量你們針對該綜合體（complex）的投資級（IG）計畫？

So the CapEx is just the drawdown of the financings that are already in place for CP2. So it's not incremental is not already in the financing. And again, just remind financing that's covered by our long-term contracts. And so as you know, the long-term offtake contracts that we have give us the coverage ratios that the rating agencies required to reach investment grade on those projects. And so those long-term offtake agreements amortize the debt, provide the interest coverage on the debt.

CapEx 其實只是對 CP2 既有融資安排的提款（drawdown）。所以它不是超出既有融資之外的新增支出。再提醒一下，這些融資是由我們的長期合約所覆蓋的。如你所知，我們的長期承購（offtake）合約提供了信用評等機構要求的覆蓋比率，使這些專案能達到投資級。因此，這些長期承購協議會攤還債務，並提供債務的利息覆蓋。

operating expense and some profit on the -- just on the long-term contracts. And then, of course, we have significant additional capacity above it that -- and I'm doing quotes the almost free capacity because it's -- the cost of the facility are funded by that construction capital. So that CapEx is covered as part of the financings.

同時也涵蓋營運費用以及一些利潤——就長期合約本身而言。然後，當然，我們還有顯著的額外產能在其之上——我用引號說，幾乎是「免費的產能」，因為——設施成本是由建造資本所資助的。所以那部分 CapEx 已經作為融資的一部分被覆蓋。

Understood. And then there's been some discussion on the call about long-term SPAs and the market expectations. So I was curious and based on the discussions you're having with customers. When do you think we see a significant improvement in the long-term SPA pricing considering all that is happening on the macro front?

了解。接著，電話會議中也有一些關於長期 SPA 以及市場預期的討論。所以我想請教，基於你們與客戶的討論，在目前宏觀環境的各種變化之下，你認為我們何時會看到長期 SPA 定價出現顯著改善？

So construction cost for the market in general mostly away from us, but in general, continue to go up. And so there is a lot of pressure on construction costs in the market. We manage it the ways we've talked about before, we order, obviously very early and manufacture a lot and are repeating what we've done before. Our strategy has been to maintain our prices as we see improvements, we pass those on to customers in our long-term pricing. We have very, very significant room for expansion.

整體市場的建造成本——多數是在我們以外的市場，但總體而言——仍在上升。因此市場的建造成本面臨很大壓力。我們用之前談過的方式來管理：我們很早就下單、進行大量製造，並重複我們過去做過的事情。我們的策略是，在看到改善時維持我們的價格，並把這些改善反映到我們的長期定價中回饋給客戶。我們有非常、非常大的擴張空間。

And so our plan is to continue to maintain the lowest long-term contract prices in the market and continue to grow market there. and to continue to pass the reliable low price execution to the market that creates demand improves demand over time. And so we our strategy is not to go raise prices on the long-term contracts.

因此我們的計畫是持續維持市場上最低的長期合約價格，並持續在那個市場擴大市占；同時持續把可靠的低價執行帶給市場，進而創造需求、並隨時間推移改善需求。因此，我們的策略不是去提高長期合約的價格。

We have reached the end of the Q&A session. I will now turn the call back to Mike Sabel for closing remarks.

問答環節到此結束。我現在把電話交回給 Mike Sabel 作結語。

Well, thank you, everybody, for your time this morning. We really appreciate. We really appreciate it, and we look forward to speaking with many of you in coming days and weeks, and hope everyone has a great day. Thank you. Bye.

各位今天早上撥冗參與，謝謝大家。我們非常感謝，真的非常感謝，也期待在接下來幾天與幾週內與各位中的許多人交流，並祝大家有美好的一天。謝謝。再見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。