Q4 2024 Venture Global Inc Earnings Call

Senior Vice President Investor Relations. Please go ahead.

Speaker Change: Thank you operator, good morning, everyone and welcome to venture Global's fourth quarter and full year of 2024 earnings call. I'm joined this morning by my stable venture Global's CEO Executive co Chairman and founder Jack There, our CFO and other members of eventual global senior management team.

Speaker Change: Before we begin I would like to remind all listeners that our remarks, including answers to your questions may contain forward looking statements.

Speaker Change: Actual results could differ materially from what you're describing.

Speaker Change: I encourage you to refer to the disclaimers in our earnings presentation, which is available on the investors section of our website. Additionally, we may include references to certain non-GAAP metrics.

Speaker Change: Consolidated adjusted EBITDA.

Speaker Change: Reconciliation of these metrics and most relevant GAAP measures can be found in the appendix of the earnings presentation posted on our website.

Speaker Change: Finally.

Speaker Change: The guidance in this presentation is effective as of today only.

Speaker Change: It is our policy to generally not update guidance until the following quarter and not to update where firm guidance other than through broadly disseminated public disclosure.

I'll now turn the call over to Mike.

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Speaker Change: Thank you Michael Good morning, everyone and thank you for joining US today. This call is an important milestone for venture global as this is our inaugural earnings report as a public company.

Speaker Change: Excited to share our fourth quarter and full year 2024 results along with our guidance for 2025, which we believe will be an exceptional year for the company.

Speaker Change: I will begin the call with an overview of our fourth quarter and full year 2024 key accomplishments and results before shifting to our LNG projects individually I will then make some remarks on the LNG industry broadly before turning over the call to Chuck who will provide a more detailed review of our financial results and guidance for <unk>.

Chuck: Fiscal year 2020, following our prepared remarks, we will open the call for Q&A.

Chuck: Turning to page six of the presentation I am happy to report that venture global performed well during the fourth quarter of 2024 generating $1 $5 billion of revenue $871 million of net income attributable to common stockholders, which we will refer to as net income.

Chuck: And $688 million of consolidated adjusted EBITDA, bringing our full year 2020 for revenue net income and consolidated adjusted EBITDA totals $2 billion, $1 5 billion and $2 1 billion respectively.

Chuck: Additionally, we finished 2024 with over $43 billion of assets on our balance sheet and realized return on equity of 41, 3%.

We achieved these results as we continue to commission and perform rectification work on accomplishing pass project.

Chuck: <unk> commissioning at our <unk> project and progressed, our subsequent LNG and ancillary projects, including CP too.

Chuck: At KFC paths, we exported 32 commissioning cargoes during the fourth quarter, resulting in a 140 commissioning cargoes in the total for 2024.

Chuck: Recently, you gave notice to our long term SBA customers that the commercial operations date or CIB for the project will occur on April 15th 2025.

Speaker Change: At <unk>, we achieved first production of LNG on December 13th 2024, and exported our first cargo on December 26, 2020 for just 13 days later this remarkable performance showcases the hard work and dedication of our team at <unk> and our innovative approach to.

Chuck: Constructing LNG facilities.

Chuck: Provide further details plaquemines momentarily, but I'd like to highlight upfront.

Chuck: Every liquefaction trains we have activated thus far apartments has consistently demonstrated.

Chuck: Production levels are equivalent to approximately a 140%.

Chuck: Of the nameplate capacity of the facility.

Chuck: Based on the aggregate outlets were from <unk>, 140%.

Chuck: This gives us confidence that following completion of our construction documents will be able to perform at a recently FERC authorized upgraded capacity of $27 2 million Tpa.

Chuck: Looking ahead to 2025, we expect that our consolidated adjusted EBITDA will be between six eight and 741 billion. This reflects a $7 per <unk> to $8 for <unk> fixed liquefaction fee range for available Commission.

Speaker Change: At KFC pilots, we exported 32 commissioning cargoes during the fourth quarter, resulting in 140 commissioning cargoes in total for 2024.

Chuck: Cargoes, which is consistent with recently executed transactions.

Chuck: We believe the next four quarters will constitute a period of meaningful growth for our company and we are focused on delivering a consolidated adjusted EBITDA in this range for our shareholders. We will also evaluate opportunities to deploy our surplus capital <unk>.

Speaker Change: <unk> gave notice to our long term SBA customers that the commercial operations date or Coa for the project will occur on April 15th 2025.

Chuck: Including through potential share repurchases.

Speaker Change: At <unk>, we achieved first production of LNG on December 13th 2024, and exported our first cargo on December 26, 2020 for just 13 days later this remarkable performance showcases the hard work and dedication of our team at <unk> and our innovative approach to.

Chuck: Turning to page seven of the presentation I would like to touch on our compelling growth in hard machine assets over the last two years.

Chuck: Give a preview of how we aim to continue to expand in 2025.

Chuck: As many of you know our liquefaction trains or factory build and arrive ready for installation into our facilities are the thousands of men and women we employ across a growing list of projects here in the United States. We are proud that the contractors and subcontractors supporting our projects employed people in over 30.

Speaker Change: Constructing LNG facilities.

Speaker Change: Provide further details black events, while materially, but I'd like to highlight upfront.

Speaker Change: Every liquefaction train we have activated thus far apartments has consistently demonstrated.

Speaker Change: Production levels are equivalent to approximately 140%.

Chuck: States across the country.

The nameplate capacity of that facility.

Chuck: Through our commissioning programs. We currently have 18 trains producing and shipping costs.

Speaker Change: Just on the aggregate <unk> from large areas of 140%.

Chuck: And another 16 trains producing during construction apartments. Additionally, we had installed 16 more trains on their foundations apartments accepted delivery of two more trains to suite.

Speaker Change: This gives us confidence that following completion of our construction documents will be able to perform at a recently FERC authorized operated capacity of $27 two at GPA.

Chuck: Our final two trains currently in transit we.

Speaker Change: Looking ahead to 2025, we expect that our consolidated adjusted EBITDA will be between six eight and 741 billion.

Chuck: We expect that these trends will be incrementally Commission anvil.

Chuck: And we will increase the production from our second facility.

Chuck: Through our investment and our third project <unk> two we have executed purchase orders for another 36 strengths.

Speaker Change: This reflects a $7 per <unk> to $8 per btu fixed liquefaction fee range or available commissioning cargoes, which is consistent with recently executed transactions. We believe the next four quarters will constitute a period of meaningful growth for our company and we are focused on delivering.

Chuck: Of which 12 are already being fabricated and will arrive on a rolling basis as storage sites on the Gulf Coast.

Chuck: Getting at the end of the second quarter in 2025.

Chuck: By the end of 2025.

Speaker Change: And our consolidated adjusted EBITDA in this range for our shareholders. We will also evaluate opportunities to deploy our surplus capital <unk>.

Chuck: We expect that 54 trains either commissioned the calcasieu pass or producing during construction that bachman with another 16 trains fabricated and ready for installation at CP to subject to FERC authorization.

Speaker Change: Including through potential share repurchases.

Speaker Change: Turning to page seven of the presentation I would like to touch on our compelling growth in hard machine assets over the last two years.

Chuck: A rapid expansion from 18 trainings.

Chuck: 70 trains in aggregate over the course of just 29 months.

Speaker Change: Give a preview of how we aim to continue to expand in 2025.

Chuck: Combined with the extraordinary production performance of our new trains at <unk>, which I discussed a moment ago. We believe this asset base will serve as <unk> for our growth in the coming years, providing cash flow to help fund our future projects.

Speaker Change: As many of you know our liquefaction trains our factory built and arrive ready for installation into our facilities by the thousands of men and women, we employ across a growing list of projects here in the United States.

Speaker Change: We're proud that the contractors and subcontractors supporting our projects employed people in over 30 states across the country.

Chuck: And expansions for decades.

Chuck: Shifting gears a bit I would now like to focus on caps you pass which is covered by page nine of the presentation.

Speaker Change: Through our commissioning programs. We currently have 18 trains producing at Calcasieu pass.

Chuck: As mentioned during the fourth quarter of 2024, you were able to successfully export 32 commissioning cargos, including four cargoes utilizing venture global owned charter chips, bringing our full year 2020 for export total to 140 commissioning cargos.

Speaker Change: And another 16 trains producing during construction apartments. Additionally, be installed 16 more trains on their foundations apartments accepted delivery of two more trains this week.

Speaker Change: Our final two trains currently in transit we.

Speaker Change: We expect that these trends will be incrementally commission and.

Chuck: We realized a weighted average fixed liquefaction fee of $8 79 per gram in the queue for cargoes in the fourth quarter.

Speaker Change: And we will increase the production from our second facility.

Speaker Change: Through our investment and our third project <unk> two we have executed purchase orders for another 36 straight years of work.

Chuck: And $7 28 permit btu across the entire year.

Speaker Change: Which 12 are already being fabricated and will arrive on a rolling basis.

Chuck: Although cup she passed suggested produce above its 10 in tpa nameplate capacity on an aggregate basis for an extended period due to ongoing power plant pre treatment and other rectification work. The trains at cop. She passed that performed well beyond nameplate capacity on an.

Speaker Change: More insights on the Gulf Coast, beginning at the end of the second quarter in 2025.

Speaker Change: By the end of 2025, we expect that 54 trains either commissioned the calcasieu pass or producing during construction at <unk> with another 16 trains fabricated and ready for installation at CPG subject to FERC authorization capping off a rapid.

Chuck: Digital discrete basis.

Chuck: While we continue to produce substantial quantities of LNG at Calcasieu pass we are simultaneously navigating the remaining work related to commissioning carryover completions rectification work reliability testing and the other one finished items, we have given notice to our long term SBA customers.

Speaker Change: Spansion from 18 trains 70 trains in aggregate over the course of just 29 months.

Speaker Change: Combined with the extraordinary production performance of our new training possible, which I discussed a moment ago. We believe this asset base will serve as <unk> for our growth in the coming years, providing cash flow to help fund our future projects and expansions for decades.

Chuck: COPD will occur on April 15, 2025, and our focus on completing final performance test before this milestone which.

Chuck: Which we should achieve just 68 months after FY <unk>.

Chuck: We look forward to servicing our offtake contracts for the full duration of their largely 20 year tenders.

Speaker Change: Shifting gears a bit I would now like to focus on caps you pass which is covered by page nine of the presentation.

Chuck: For 2025 based on liquefaction fee use achieved via cargo sold on a forward basis today, we anticipate capturing a fully weighted average liquefaction fee of.

Speaker Change: As mentioned during the fourth quarter of 2024, we were able to successfully export 32 commissioning cargos, including four cargoes to utilize and venture global owned charter chips, bringing our full year 2020 for export total to 140 commissioning cargos.

Chuck: A $3 85 per <unk> across all forward sold perhaps you past production.

Chuck: I will sum up my remarks on Calcasieu pass with a brief note on safety, which is our top priority here at venture global today, approximately 25 million work hours have been completed at cop. She passed with only 13 reportable incidents sustaining.

Speaker Change: We realized a weighted average fixed liquefaction fee of $8 79 per <unk> for cargoes in the fourth quarter.

Speaker Change: And $7 28 experiment btu across the entire year.

Chuck: This performance has produced a total recordable incident rate TR IRR of 0.1 of them.

Speaker Change: Although cup she passed suggested produce above its 10 at Tpa nameplate capacity on an aggregate basis for an extended period due to ongoing power plant pre treatment and other rectification work.

Chuck: <unk> outperforming the national industry average of one nine.

Chuck: We are very proud of our outstanding team for achieving and maintaining the safety record, especially well performing significant equipment rectification work and construction.

Speaker Change: Trains at Cop, she passed that performed well beyond nameplate capacity.

Speaker Change: Individual discrete basis.

Chuck: Moving onto <unk> and flipping to page 10 in the presentation. Our focus on the remarkable progress we are achieving at our 20 MTA nameplate project South of New Orleans, the incredible focus diligence and craftsmanship of our team allowed us to implement a complicated reverse pool down process.

Speaker Change: While we continue to produce substantial quantities of LNG at Calcasieu pass we are simultaneously navigating the remaining work related to commissioning carryover completions rectification work reliability testing and the other on finished items, we have given notice to our long term SBA customers.

Chuck: Which enables the production of first LNG on December 13th 2024.

Speaker Change: That COPD will occur on April 15, 2025, and our focus on completing final performance testing before this milestone.

Chuck: By December 26, we.

Chuck: Had successfully exported our first target from the facility.

Speaker Change: Which we should achieve just 68 months after FY <unk>.

Chuck: The 31 months after our phase one.

Speaker Change: We look forward to servicing our offtake contracts for the full duration of their largely 20 year tenders.

Chuck: We have delivered 34 liquefaction trains to the site and produce LNG from 16 trains during construction to date.

Speaker Change: For 2025 based on liquefaction fee achieved via cargo sold on a forward basis today, we anticipate capturing a fully weighted average liquefaction fee of.

Chuck: Maintaining an unparalleled pace of execution for a Greenfield project of this scale underpinned by our commitment to safety.

Chuck: So far each of our 16 trains as regularly demonstrated pro rata production levels.

Speaker Change: A $3 85 per nwcu across all forward sold perhaps you past production.

Chuck: Wait to approximately 140% of the nameplate capacity of the facility based on aggregate outflow from our diverse. This performance has enabled by the engineering and design improvements we implemented apartments, returning informed by the significant operational data collected and lessons learned from top she passed.

Speaker Change: I will sum up my remarks on Calcasieu pass with a brief note on safety, which is our top priority here at venture global today, approximately 25 million work hours have been completed at cop. She passed with only 13 reportable incidents sustaining.

Speaker Change: This performance has produced a total recordable incident rate TR IRR of 0.1.

Chuck: S B.

Chuck: These exciting results, we're holding possible through our innovative approach and the relentless execution of our team.

Speaker Change: <unk> outperforming the national industry average of one nine.

Chuck: Documents.

Chuck: Permanent and incorporated for example, 400 megawatts of temporary power at the facility, which has allowed us to mitigate contractor delays, especially from the power on.

Speaker Change: We are very proud of our outstanding team for achieving and maintaining the safety record.

Speaker Change: Well performing significant equipment rectification work and construction.

Chuck: This approach allows us to progress commissioning efforts and recoup project cost through the sale of commissioning cargoes, while we complete the construction of our combined cycle power plants Commission and test our pretreatment systems booster.

Speaker Change: Moving off the Plaquemines and flipping to page 10 in the presentation. Our focus on the remarkable progress we are achieving at our 'twenty MCP nameplate project South of New Orleans, the incredible focus diligence and craftsmanship of our team allowed us to implement a complicated reverse pool down process.

Chuck: Your compressors and other balance of plant work streams in parallel.

Chuck: Although we are very encouraged by our commission success, thus far we recognize the challenging and highly variable process lying ahead.

Speaker Change: Which enables the production of first LNG from December 13th 2024.

Chuck: I want to note that achieving this considerable progress and our construction speed has been an active strategy in his comment of increased cost by investing capital and enabling increased construction staffing levels on the site. We have pulled forward the production of LNG by months against the original baseline despite.

Speaker Change: By December 2006.

Speaker Change: Had successfully exported our first target from the facility.

Speaker Change: 31 months after our phase one.

Speaker Change: We have delivered 34 liquefaction trains to the site and produce LNG from 16 train starting construction today.

Chuck: Substantial delays in portions of the facilities construction in particular with power Island.

Maintaining an unparalleled pace of execution for a greenfield project of this scale.

Speaker Change: <unk> by our commitment to safety.

Chuck: Over the course of construction, we had invested approximately $2 $8 billion of incremental equity to fund. These expanded work fronts to mitigate delays.

Speaker Change: So far each of our 16 trains as regularly demonstrated pro rata production levels. They equate to approximately a 140% of the nameplate capacity of that facility based on aggregate outflow from our guidance. This performance has enabled the engineering and design improvements we implemented at <unk> return.

Chuck: We believe this is a differentiated approach from the rest of the industry enabled by our modular design.

Chuck: Early investment and module fabrication and engaged on site construction management.

Speaker Change: We are informed by the significant operational data collected and lessons learned from your past visa.

Chuck: It's also emblematic of the creative problem solving and tenacity as the bedrock of our unique corporate culture.

These exciting results, we're only possible through our innovative approach and the relentless execution of our team.

Chuck: Spike setbacks positions <unk> to achieve phase one <unk> approximately 54 months post <unk>.

Speaker Change: Plaquemines.

Speaker Change: Permitted and incorporated for example, 400 megawatts of temporary power at the facility, which has allowed us to mitigate contractor delays, especially from the power on.

Chuck: For 2025, we anticipate exporting 219 to 239 cargos from Plaquemines and have contracted 78 of these cargos thus far.

Speaker Change: This approach allows us to progress commissioning efforts and recoup project costs with the sale of commissioning cargoes, while we complete the construction of our combined cycle power plants Commission and test our pretreatment systems.

Chuck: During a weighted average fixed liquefaction fee of $7 94 per <unk>.

Chuck: Again, I want to highlight our leading safety performance of documents.

Speaker Change: Your compressors and other balance of plant work streams in parallel.

Chuck: Over 50 million work hours have been completed at the project with a PR IR of only two level roughly 110th of the National average <unk> of $1 nine.

Speaker Change: Although we are very encouraged by our commission success, thus far we recognize the challenging and highly variable process playing out.

I want to note that achieving this considerable progress and our construction speed has been an active strategy and his comment of increased cost by investing capital and enabling increased construction staffing levels on site. We have pulled forward the production of LNG by months against the original baseline despite.

Chuck: And I want to turn to our next project CPU, which is covered on page 11.

Chuck: <unk> is at 20 million ton per annum nameplate capacity facility, consisting of 36 of our factory built with fashion trends.

On the performance of these trains to cop. She passed the design improvements implemented at Plaquemines and the performance of those trains to date, we believe <unk> will produce at least 28 and tpa.

Speaker Change: Substantial delays.

Speaker Change: <unk> for the facilities construction in particular with power Island.

Speaker Change: Over the course of construction, we had invested approximately $2 $8 billion of incremental equity to fund. These expanded work fronts to mitigate delays.

Chuck: Further we currently estimate approximately 550 cargos will be exported during the construction of the facility across the commissioning programs of the project's two phases due to the company's innovative.

Speaker Change: We believe this is a differentiated approach from the rest of the industry enabled by our modular design early investment and module fabrication and engaged on site and construction management.

Chuck: <unk> commissioning and startup approach.

Speaker Change: It is also emblematic of the creative problem solving and tenacity as the bedrock of our unique corporate culture, which despite setbacks positions <unk> to achieve phase one CMT approximately 54 months post.

Chuck: We have deployed over $4 billion, thus far with our key equipment suppliers and contractors for CP to supporting thousands of jobs in dozens of states across our country and our ready to commence on site construction as soon as we receive all necessary approvals.

Speaker Change: For 2025, we anticipate exporting $219 to 239 cargos from documents and that.

Chuck: As widely reported the department of Energy's path on issuing LNG export approvals to countries that do not have a free trade agreement with United States, commonly known as non FTA nations has been reversed by the Trump administration.

Speaker Change: Contracted 78 of these cargos, thus far capturing a weighted average fixed liquefaction fee of $7 94 per <unk>.

While there can be no assurance as to the timing of regulatory approvals.

Speaker Change: Again, I want to highlight our leading safety performance at <unk> today over 50 million work hours have been completed at the project with a TR IRR of only two level roughly 110th of the National average <unk> of one nine.

Chuck: We believe we may receive our non FTA export approval from the Doe and the near term.

Chuck: We are also pleased that the.

Chuck: Federal Energy regulatory Commission supplemental environmental impact statement issued last month reiterated that <unk> would have no significant emissions impacts we are awaiting a notice to proceed from FERC.

Speaker Change: And I want to turn to our next project CPU, which is covered on page 11.

Chuck: The current regulatory environment is supportive of the U S. LNG industry and we have been thrilled with the backing we have received from President Trump and the current administration members of Congress governors, including Governor Landry, Louisiana State legislators from both sides of the aisle and government and industry Representatives from Allied nations.

Speaker Change: <unk> is at 20 million ton per annum nameplate capacity facility, consisting of 36 of our factory built liquefaction trains.

Speaker Change: Based on the performance of these trains to capture you pass the design improvements implemented at <unk> and the performance of those strengths to date, we believe <unk> will produce at least 28 and tpa.

Chuck: Taking advantage of these permanent tailwind we have commenced the process for phase one of the CPG project with our well established banking syndicate.

Speaker Change: Further we currently estimate approximately 550 cargos will be exported during the construction of the facility across the commissioning programs.

Chuck: Our bold investments in the project to date will position <unk> as potentially the most advanced project in the history of the LNG industry by the time, we officially break ground in Cameron parish.

Speaker Change: <unk> two basis due to the company's innovative phase commissioning and startup approach.

Chuck: We currently aim to begin receiving major power island equipment and liquefaction trains number 50 556 in the first half of 2025 and.

Speaker Change: We have deployed over $4 billion, thus far with our key equipment suppliers and contractors for CP to supporting thousands of jobs in dozens of states across our country and our ready to commence on site construction as soon as we receive all necessary approvals as.

Chuck: And are targeting first production of LNG in mid 2027.

Chuck: We believe <unk> has the potential to be a key source of LNG for critical United States alloys, such as Germany, and Japan, and others and we look forward to our role in providing their citizens clean affordable American LNG and bolstering their energy securities.

Speaker Change: As widely reported the department of Energy's pause on issuing LNG export approvals to countries that do not have a free trade agreement with the United States, commonly known as non FTA nations has been reversed by the Trump administration.

Speaker Change: There can be no assurance as to the timing of regulatory approvals.

Chuck: Continuing with this discussion of an advantageous regulatory environment, we are pleased to announce today.

Speaker Change: We believe we may receive our non FTA export approval from the Doe and the near term.

Chuck: Our plans to expand the Plaquemines project, which is detailed on page 12, we have begun the pre filing process at FERC.

Speaker Change: We are also pleased that the.

Speaker Change: Federal Energy regulatory Commission supplemental environmental impact statement issued last month reiterated the CPU would have no significant emissions impacts we are awaiting a notice to proceed from FERC.

Chuck: For our brownfield expansion phase III expansion configuration, consisting of 24 liquefaction trains and related infrastructure.

Chuck: We expect to provide 18 six MTA of export capacity.

Speaker Change: The current regulatory environment is supportive of the U S. LNG industry and we have been thrilled with the backing we have received from President Trump and the current administration members of Congress governors, including Governor Landry, Louisiana State legislators from both sides of the aisle and government and industry Representatives from Allied nations.

Chuck: Believe this expansion will be highly accretive as the new liquefaction trains with leverage existing infrastructure developed during the documents phase, one and phase II, including but not limited to LNG tanks marine jetty as pipe racks and marine Offloading facilities.

Speaker Change: Taking advantage of these permitting tailwind.

Chuck: We are targeting for this expansion project in mid 2007.

Speaker Change: <unk>.

Speaker Change: <unk> for phase one of the CPG project with our well established banking syndicate.

Chuck: After achieving first production at <unk>.

Chuck: And believes this flexible incremental capacity with positioning us to respond rapidly to market growth signals.

Speaker Change: Our bold investments in the project to date will position <unk> as potentially the most advanced project in the history of the LNG industry by the time, we officially break ground and camera perish.

Chuck: In a capital intensive commodity industry capital will always flow to the most competitive projects.

Speaker Change: We currently aim to begin receiving major power island equipment and with faction trainings number $55 56 in the first half of 2025.

Chuck: We believe that an expansion of plaquemines as one of the most economically efficient opportunities available.

Chuck: Quickly meet growing LNG demand.

Speaker Change: And are targeting first production of LNG in mid 2027.

Chuck: Simply stated we believe our plaquemines expansion along with projects, we pursue in the future has the potential to displace.

Speaker Change: We believe <unk> has the potential to be a key source of LNG for critical United States allies, such as Germany, and Japan, and others and we look forward to our role in providing their citizens clean affordable American LNG and bolstering their energy securities.

Chuck: More expensive development projects with longer construction durations.

Chuck: Willing us to offer lower long term LNG prices global markets, while also delivering very attractive returns to our shareholders.

Chuck: Turning to page 14.

Speaker Change: Continuing with this discussion of an advantageous regulatory environment. We are pleased to announce today, our plans to expand the <unk> project, which is detailed on page 12, we have begun the pre filing process at FERC.

Chuck: Haven't noticed the misconception amongst some investors and analysts that our production outside of our 20 year contracts is fully exposed to spot or merchant prices and that our contracted revenue profile and substantial neither of which in this case, 100% of the nameplate production capacity of <unk>.

Speaker Change: Brian field expansion phase III expansion configuration, consisting of 24 liquefaction trains and related infrastructure, which we expect to provide 18 six MTA of export capacity. We believe this expansion will be a highly accretive as the new liquefaction trains with leverage exist.

Chuck: <unk> is contracted.

<unk> <unk> to <unk>.

Chuck: 39 to $5 50.

Chuck: Tpa has a nameplate capacity of our first three projects is contracted at an average tenor of slightly under 20 years right.

<unk> infrastructure developed during documents phase, one and phase two including but not limited to LNG tanks marine jetty as pipe racks and marine Offloading facilities.

Chuck: Presenting over $100 billion of illustrative total contracted revenue.

For our commissioning cargoes, we are continuously seeking to lock in advantageous fixed liquefaction fees and anticipate contracting board sales of strips of cargoes on an ongoing basis.

Speaker Change: We are targeting for this expansion project in mid 2007.

Speaker Change: After achieving first production at <unk>.

Speaker Change: And believes this flexible incremental capacity would position us to respond rapidly to market growth signals.

Chuck: We plan on contracting are currently I'm contracted capacity at <unk> two.

Chuck: As well as our expansion capacity of Plaquemines under a blend of 3% to 20 year contract tenders.

Speaker Change: In a capital intensive commodity industry capital will always flow to the most competitive projects and we believe that the expansion of Plaquemines is one of the most economically efficient opportunities available to quickly meet growing LNG demand.

Chuck: In the coming years long term contracts, representing hundreds of M. Tpa of demand are set to expire offering a significant opportunity for venture global to secure incremental pricing certainty.

Speaker Change: Simply stated we believe our plaquemines expansion along with projects, we pursue in the future.

And build a balanced portfolio of contract terms.

Speaker Change: The potential to displace.

Speaker Change: More expensive development projects with longer construction durations, enabling us to offer a lower long term LNG prices the global markets, while also delivering very attractive returns to our shareholders.

Chuck: Throughout the history of our company and combat industry participants, including LNG producers and global Supermajors have questioned our disruptive approach.

Chuck: Despite the skepticism we have continued to execute improve our critics wrong. Our core business is building and operating machines that produce a valuable commodity and we are focused on delivering our product faster more safely and at a lower cost than the rest of the market.

Speaker Change: Turning to page 14, we haven't noticed a misconception amongst some investors and analysts that our production outside of our 20 year contracts is fully exposed to spot or merchant prices and that our contracted revenue profile and substantial neither of which in this case, 100%.

Chuck: We believe this is a winning formula.

Chuck: Just about any market.

Chuck: Look forward to proving it with our earnings and returns in the years to come.

Speaker Change: <unk> of the nameplate production capacity of cops you pass Epocrates is contracted.

I'll now turn it over to our CFO, Jack there to walk through our fourth quarter and full year 2020 for financials as well as our guidance for 2025.

Speaker Change: <unk> <unk> to <unk>.

Speaker Change: 39 to 550 Tpa has a nameplate capacity of our first three projects is contracted at an average tenor of slightly under 20 years, representing over $100 billion of illustrative total contracted revenue.

Jack There: Thank you, Mike and good morning to those on the line I'll be referring to the venture global incorporated Form 10-K as of and for the year ended December 31, 2020 for the 10-K is available on our website and some of the key results are summarized on page 16 of the presentation.

Speaker Change: For our commissioning cargoes, we are continuously seeking to lock in advantageous fixed liquefaction fees and anticipate contracting board sales of strips of target is on an ongoing basis.

Jack There: During this call I will highlight results on lever failure to this audience and I encourage you to review the entirety of our financial statements in detail.

Speaker Change: We plan on contracting are currently on contracted capacity at <unk> two.

Jack There: Beginning with revenue our topline revenue was $1 5 billion for the fourth quarter of 2024 and $5 billion for the full year, a $108 million and a $2 $9 billion decrease or a 7% and 37% decline respectively from $1 6 billion.

Speaker Change: As well as our expansion capacity of Plaquemines under a blend of 3% to 20 year contract tenders.

In the coming years long term contracts, representing hundreds of tpa of demand are set to expire offering a significant opportunity for venture global to secure incremental pricing certainty.

Jack There: And $7 $9 billion during the equivalent periods in 2023.

Jack There: This decrease in revenue year over year was driven by one lower weighted average base liquefaction fees of $7 28 per <unk> versus $12 23 per M Btu and lower natural gas commodity fees of $2 61 per btu versus $3 20.

Speaker Change: Build a balanced portfolio of contract terms.

Speaker Change: Throughout the history of our company and combat industry participants, including LNG producers and global Supermajors.

Speaker Change: Questions are disruptive approach.

Speaker Change: Despite the skepticism we have continued to execute improve our critics wrong. Our core business is building and operating machines that produce a valuable commodity and we are focused on delivering our product faster more safely and at a lower cost than the rest of the market. We believe this is a winning formula.

Jack There: From a btu, resulting in a decrease of $2 $8 billion.

Jack There: And to lower LNG sales volumes of 501, TVT use versus 510 at TVT used resulting in an additional decrease of $139 million.

Speaker Change: Commodity market and look forward to proving it with our earnings and returns in the years to come.

Jack There: Our net income attributable to common stockholders was $871 million for the fourth quarter of 2024, and $1 5 billion for the full year, a $921 million increase and a $1 2 billion decrease from a loss of $50 million and net income of $2 $7 billion during the fourth quarter.

Speaker Change: I'll now turn it over to our CFO, Jack there to walk through our fourth quarter and full year 2020 for financials as well as our guidance for 2025.

Jack: Thank you, Mike and good morning to those on the line I'll be referring to the venture global incorporated Form 10-K as of and for the year ended December 31 2020 for the.

Jack There: And full year of 2023, respectively.

Jack There: <unk> were driven by the stabilization of inherent national LNG prices, resulting in lower total margin for LNG sold and higher cost to remediate and commission the calcasieu projects personnel expenses, reflecting higher head count and cost to develop the CPG project. These.

Jack: The 10-K is available on our website and some of the key results are summarized on page 16 of the presentation.

Jack: During this call I will highlight our results and lever failure to this audience and I encourage you to review the entirety of our financial statements in detail.

Jack There: These declines were partially offset by the reduction of third party ownership interest in a consolidated subsidiary in 2023 favorable changes in the fair value of our interest rate swaps and lower income tax expense.

Jack: Beginning with revenue our top line revenue was $1 5 billion for the fourth quarter of 2024 and $5 billion for the full year, a $108 million and a $2 9 billion decrease or a 7% and 37% decline respectively from one 6 billion.

Jack There: Shifting to consolidated adjusted EBITDA, we realized $688 million during the fourth quarter of 2024, and $2 1 billion for the full year, a $125 million and $3 $1 billion decrease or a 15% at 59% decline respectively from 800.

Jack: Seven $9 billion during the equivalent periods in 2023.

Jack: The decrease in revenue year over year was driven by one lower weighted average fixed liquefaction fees of $7 28 per <unk> versus $12 23 per M of Btu and lower natural gas commodity fees of $2 61, that's correct and btu versus $3 20.

Jack There: $13 million from $5 $2 billion during the equivalent periods in 2023.

Jack There: This decrease in consolidated adjusted EBITDA year over year was driven chiefly by stabilization of international LNG prices, resulting in lower total margin for LNG sold and higher O&M and G&A and development expenses, including cost to remediate and commission Calcasieu pass costs associated with personnel growth to support our growing.

Jack: From a btu, resulting in a decrease of $2 8 billion and two lower LNG sales volumes of 501, TVT use versus 510 at TVT used resulting in an additional decrease of $139 million.

Jack There: Business and design and development costs for <unk> among other development projects.

Jack: Our net income attributable to common stockholders was $871 million for the fourth quarter of 2024, and $1 5 billion for the full year, a $921 million increase and a $1 2 billion decrease from a loss of $50 million and net income of $2 $7 billion during the fourth quarter.

Jack There: As Mike discussed we exported a total of 33 commissioning cargoes in Q4, and 141 commissioning cargoes over the entire year, which declined from 40 and 143, respectively compared with the same periods in 2023.

Jack There: These cargos 102008 TVT you have volumes are reflected in our results for Q4 and 501 TVT you have volumes are reflected in the full year 2024 figures.

Jack: <unk> and full year of 2023, respectively.

Jack: Shifts were driven by the stabilization of inherit national LNG prices, resulting in lower total margin for LNG sold and higher cost to remediate and commission. The Calcasieu project personnel expenses, reflecting higher head count and cost to develop the CPG project.

Jack There: Advancing to page 17, we are guiding to a consolidated adjusted EBITDA range of $6 8 billion to $7 4 billion for 2025, incorporating and a forecasted 140 to 148 cargos from Calcasieu pass and 219 to 239 Park guys.

Jack: These declines were partially offset by the reduction of third party ownership interest in a consolidated subsidiary in 2023 favorable changes in the fair value of our interest rate swaps and lower income tax expense.

Jack There: Patents.

Jack There: This EBITDA range was determined assuming a fixed liquefaction fee of between seven and $8 per M and btu being contracted for car base remaining to be sold over 2025, consistent with current Tcf and J Cam forward price expectations.

Jack: Shifting to consolidated adjusted EBITDA, we realized $688 million during the fourth quarter of 2024, and $2 1 billion for the full year, a $125 million and $3 1 billion decrease or a 15% at 59% decline respectively from 800.

Jack There: Consolidated adjusted EBITDA forecast also assumes over $500 million of expense development spending relating primarily to <unk> and regulatory and engineering design spent on our other developmental projects as well as the conclusion of onetime rectification O&M spent the calcasieu pass to ready to plant four in April.

Jack: $13 million from $5 2 billion during the equivalent period in 2023.

Jack: This decrease in consolidated adjusted EBITDA year over year was driven chiefly by the stabilization of international LNG prices, resulting in lower total margin for LNG sold and higher O&M and G&A and development expenses, including cost to remediate and commission Calcasieu pass costs associated with personnel growth to support our growing.

Jack There: <unk> CRB.

Jack There: On average it fixed liquefaction fees over 2025 increased or decreased by $1 frame that Btu, we expect our consolidated adjusted EBITDA range to adjust accordingly by between 625 and $675 million.

Jack: Business and design and development costs for <unk> among other development projects as Mike discussed we exported a total of 33 commissioning cargoes in Q4, and 141 commissioning cargoes over the entire year, which declined from 40 and 143, respectively compared with the same periods in 2002.

I will now turn the call back over to Mike.

Mike: Thank you Jack.

Mike: At this point, we'd like to open the call for Q&A.

Mike: Thank you.

Speaker Change: Ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press star one on your telephone keypad.

Jack: 93.

Jack: These cargos 102008, <unk> volumes are reflected in our results for Q4 and 501 <unk> volumes are reflected in the full year 2024 figures.

Mike: Should you wish to cancel your request please press star two.

Mike: If youre using a speakerphone please pick up the handset before pressing in Keith one moment. Please for your first question.

Jack: Advancing to page 17, we are guiding to a consolidated adjusted EBITDA range of $6 8 billion to $7 $4 billion for 2025, incorporating DNA forecast at 140 to 148 cargos from Calcasieu pass and 219% to 239 Park guys.

Speaker Change: Your first question comes from the line of John Mccain from Goldman Sachs. Please go ahead.

John Mccain: Hey, good morning, all thank you for the time.

Mike: Just wanted to start on <unk>.

Jack: Patents.

Mike: So don't want to start on the 25 guide maybe you can just walk us through again, a little bit some of the moving pieces on kind of your assumptions on the margin.

Jack: This EBITDA range was determined assuming a fixed liquefaction fee of between seven and $8 per M and btu being contracted for cargoes remaining to be sold over 2025.

Mike: And then also how much of this continued quick ramp plaquemines as.

Jack: With current Tcf and Jay can afford price expectations.

Is baked in there I think it's relative to the range you guys have given for the plus or minus $1 spread it's ultimately narrow.

Jack: Consolidated adjusted EBITDA forecast also assumes over $500 million expense development spending relating primarily to <unk> and regulatory and engineering design spent on our other developmental projects as well as the conclusion of onetime rectification O&M spend the calcasieu pass to ready to plant or in April.

Mike: EBITDA range for the year. So maybe just talking a few more of the moving pieces would be helpful. Thank you.

Good morning, John Thank you. Thank you for the question.

Mike: The obviously the largest moving piece is just the forward curve for the remaining of the year.

Speaker Change: <unk> CRB.

Speaker Change: On average a fixed liquefaction fees over 2025 increased or decreased by $1 Prime a btu, we expect our consolidated adjusted EBITDA range to adjust accordingly by between 625 and $675 million.

Mike: And so.

Mike: Since the since the IPO.

Mike: The forward curve is compressed.

Speaker Change: If youre looking at Etfs in particular, but we also sell the Asia too.

Mike: I will now turn the call back over to Mike.

Speaker Change: The European market has come in at approximately 20% and Henry hub, that's come up a little bit and so we've factored in a conservative view.

Mike: Thank you Jack.

Speaker Change: At this point, we'd like to open the call for Q&A.

Speaker Change: Thank you.

Speaker Change: Ladies and gentlemen, we will now begin the question and answer session.

Speaker Change: What we're anticipating for the rest of the year blended in with.

Speaker Change: Do you have a question. Please press star one on your telephone keypad.

Speaker Change: Of course, what we've already built already contracted.

Speaker Change: Should you wish to cancel your request please press star two.

Speaker Change: I'll, let John give you a little bit more detail on.

Speaker Change: On what.

Speaker Change: You're seeing a speaker phone please lift the handset before pressing in Keith one moment. Please for your first question.

Speaker Change: Yes.

Great. Thanks, Mike So so I think it might be instructive.

Speaker Change: Two of them.

Speaker Change: Walk us through how we're how we're forecasting the EBITDA for the year and maybe in that illustrate that illustrative examples will be helpful.

Speaker Change: Your first question comes from the line of John Magee from Goldman Sachs. Please go ahead.

John Magee: Hey, good morning, all thank you for the time.

Speaker Change: Yes.

Speaker Change: I just wanted to start on <unk>.

Speaker Change: A number of.

Speaker Change: So I wanted to start on the 25 guide maybe you could just walk us through again, a little bit some of the moving pieces on kind of your assumptions on the margin.

Speaker Change: Investors.

Speaker Change: <unk> looked at net spreads.

Speaker Change: And here, we provide guidance in the form of a fixed liquefaction fee. So I think it might be helpful. If we kind of walk from that spread to that big circle of accuracy.

Speaker Change: And then also how much of this continued quick ramp plaquemines as.

Speaker Change: So starting with the net spread this isn't entirely market risk based measure sort of physical to all participants.

Speaker Change: Is baked in there I think it's relative to the range you guys have given for the plus or minus $1 spread it's ultimately narrow.

Speaker Change: Using the available market data.

Speaker Change: For simplicity I'll provide some.

Speaker Change: EBIT range for the year. So maybe just talking a few more of the moving pieces would be helpful. Thank you.

Speaker Change: Example, numbers that reflect the current market.

Speaker Change: Good morning, John Thank you.

Speaker Change: And that spread you start with TTS. In this example on the use of $14 per Btu net spread which is roughly where the market is right now and then from this we subtract shipping approximately 70 cents per Btu regasification.

Speaker Change: Good question.

Speaker Change: Obviously, the largest moving piece is just the forward curve for the remaining of the year.

Speaker Change: Regasification costs 50.

Speaker Change: Since since the since the IPO.

Speaker Change: <unk> those those two values to Mary Jane.

The forward curve is compressed.

Speaker Change: Generally there is some correlation between them and then we subtract 115% of Henry hub, which for simplicity barrel are assumed to be $4. So when you gross that up to 115% that's $4 60.

Speaker Change: If youre looking at Etfs in particular, but we also saw the Asia too.

Speaker Change: Yes.

Speaker Change: The European market has come in at approximately 20% and Henry hub, that's come up a little bit and so we've factored in a conservative view.

Speaker Change: So the math is $14 for TTS wireless to 70 for shipping minus 50 for re gas.

Speaker Change: What were.

Speaker Change: <unk> for the rest of the year blended in with.

Speaker Change: Of course, what we've already built already contracted.

Speaker Change: Is the $4 60.

Speaker Change: Four.

Speaker Change: I'll, let John give you a little bit more detail on.

Speaker Change: Or Henry hub growth stuff and that yields on that spread of $8 20 per teu.

Speaker Change: What's that.

Speaker Change: Yes.

Speaker Change: So let me compare this measured on how we calculate fixed fashion boots, some more contracts into the off takers, we negotiate our contracts reflect the fixed liquefaction fee plus 115% ex LIFO.

Speaker Change: Yes.

Speaker Change: Great. Thanks, Mike.

Speaker Change: I think it might be instructive.

Speaker Change: Two.

Speaker Change: Walk us through how we're how we're forecasting the EBITDA for the year and maybe in that illustrate that illustrative examples will be helpful.

Speaker Change: The contracts for the target is for negotiated between the buyer and seller generally captured in that spread as well as provide a margin for the buyer.

Speaker Change: Yes.

Speaker Change: A number of.

Speaker Change: Investors.

Speaker Change: Looked at net spreads.

Speaker Change: Context.

Speaker Change: And here, we provide guidance in the form of a fixed liquefaction fee. So I think it might be helpful.

Speaker Change: Recently, the Tcf has generally been trading prop.

Speaker Change: <unk> $1 27, and then for MBT premium to Gulf Coast market forwards. So on the same example, $14 per MCU for TTS minus the $1 20.

Speaker Change: Walk from that spread to circle back.

Speaker Change: So starting with the net spread this is Charlie market risk based measure sort of physical to all participants using the available market data.

Speaker Change: Discount for Gulf Coast marker, which is not surprising that generally reflects the shipping gas.

Speaker Change: For simplicity I'll provide some exam.

Speaker Change: For example numbers that reflect the current market cap.

Speaker Change: Minus the 115% of Henry hub, so $4 60 to $4 Henry hub standpoint.

Speaker Change: Calculated in that spread you start with TTS. In this example, I'll use of $14 Permian Btu that spread which is roughly where the market is right now and then from this we subtract shipping approximately 70 cents per btu.

Speaker Change: That gives us a facebook.

Speaker Change: This liquefaction fee of $8 20, perimeter btu less buyer margin, which varies depending on the market.

Speaker Change: Regasification costs at 50.

Speaker Change: So in the guidance, we provided a range of effectively seven to $8 of fits with infection fee.

Speaker Change: Btu those those two values to Barry, but generally there is some correlation between them and then we subtract 115% of Henry hub.

Speaker Change: Our EBITDA forecast.

Speaker Change: And then you need to think about our contribution margin from that so from that the 115% of Henry hub generally covers the LNG feedstock transportation of pipeline gas facility and our internal gas burn better power Islands.

Speaker Change: For simplicity Bureau office of soon to be $4. So when you gross.

Speaker Change: Gross that up to 115% that's $4 60.

Speaker Change: So the math is $14 for TTS wireless to 70 per shipping minus 50 for re gas minus the $4 60.

Speaker Change: We're seeing the liquefaction fee is gross margin to adopt other possible fashion, including O&M, which is generally 50 to 70, <unk> Bergen Btu, depending on what facility.

Speaker Change: For.

Speaker Change: For Henry hub gross stuff and that yields a net spread of $8 20 spring to you.

Speaker Change: So fixed liquefaction fee in this example of $8 20.

Speaker Change: So let me compare this measured on how we calculate fixed liquefaction. Please.

Speaker Change: Minus the 50 to 70 cents per Btu of O&M costs yields contribution margin between $7 $57 70 and.

Speaker Change: Some more contracts with the off takers renegotiated contracts reflect a fixed liquefaction fee plus 115% of Henry hub.

Speaker Change: And that's ultimately what is factored into our EBITDA guidance.

Speaker Change: Contracts for cargoes are negotiated between the buyer and seller generally capture the net spread as well as provide a margin for the buyer.

Speaker Change: Hopefully that work was helpful. John in the back half you're back on to your question about.

Speaker Change: The incorporation of the ramp up on <unk>, we are incredibly pleased.

Speaker Change: For context.

Speaker Change: The Tcf has generally been trading <unk>.

Approximately $1 27, and then for MBT premium to Gulf Coast market forwards. So in the same example, $14 per M of Btu for Tcf.

Speaker Change: As described in the earlier comments.

Speaker Change: With the.

Speaker Change: The rapid ramp up.

Speaker Change: Team has been able to achieve it.

Speaker Change: <unk> is really an unprecedented ramp up or Greenfield project of this scale and we.

Speaker Change: Minus the $1 20.

Speaker Change: Discount for Gulf Coast marker, which is not surprising that generally reflects the shipping gas.

Speaker Change: We are excited about what we think what we have achieved for the balance of this year.

Speaker Change: Minus the 115% of Henry hub.

Speaker Change: Pivotal plaquemines.

Speaker Change: So $4 60 to $4 Henry hub.

Speaker Change: CPG as well.

Speaker Change: The biggest news that.

Speaker Change: That gives us a facebook.

Speaker Change: Liquefaction fee of $8 20 per M and Btu.

Speaker Change: We're excited about related to the trades is the performance of the trains and our view has been spectacular so far.

Speaker Change: S buyer margin, which varies depending on the market.

Speaker Change: So in the guidance, we provided a range of stub effectively seven to $8 of fixed faction fee in our in our EBITDA forecast.

Speaker Change: And something that hasn't been seen before relative to nameplate capacity.

And since we're in the business.

Speaker Change: And then you need to think about our contribution margin from that so from that the 115% of Henry hub generally covers the LNG feedstock transportation of pipeline gas facility and our internal gas burn better apparel rounds.

Speaker Change: Manufacturing installing.

Speaker Change: Sequentially, our liquefaction trains.

Speaker Change: To be able to achieve the performance of the trains that we've been.

Speaker Change: <unk> is demonstrating for the first.

Speaker Change: We received the liquefaction fee is gross margin deduct other possible faction of putting O&M, which is generally 50 to 70 <unk> depending on the facility.

Speaker Change: 16 of the trains that are produced LNG of pluck and lenses.

Speaker Change: Incredibly exciting for us.

Speaker Change: So fixed liquefaction fee in this example of $8 20.

Speaker Change: And.

Speaker Change: We have with.

Speaker Change: In addition to.

Speaker Change: Minus the 50 to 70 cents per Btu of O&M costs yields contribution margin between $7 $57 70, and Thats ultimately what is factored into our EBITDA guidance.

Speaker Change: View this year.

Speaker Change: Looking at the medium to long term to be able to install.

Speaker Change: Any of these trends as possible and produce.

Speaker Change: Ultimately.

Speaker Change: 50 years from now.

Speaker Change: From our liquefaction trains.

Speaker Change: Actually that work was helpful.

Speaker Change: John in the back half you're back onto your question about.

Speaker Change: There is a ramp up.

Speaker Change: For Plaquemines.

The incorporation of the ramp up of platforms, we are incredibly pleased.

Speaker Change: Turning to the balance of this year.

Speaker Change: Net.

Speaker Change: Incorporates our.

Speaker Change: I've described earlier comments.

Speaker Change: Our views of the performance of the trains and the sequence of the trains coming on.

Speaker Change: With the.

Speaker Change: The rapid ramp up the team has been able to achieve this plot.

Speaker Change: It is incorporated into the cargo.

Speaker Change: <unk> is really an unprecedented ramp up for <unk>.

Speaker Change: Debbie Debbie described before.

Speaker Change: This scale.

That's that's really clear I appreciate all that color second question, maybe just on the on the Plaquemines expansion.

Speaker Change: <unk>.

Speaker Change: We are excited about what we think we're going be able to achieve for the balance of this year.

Speaker Change: Between signing longer term contracts. There you mentioned also potentially adding some more contracts for.

Speaker Change: For both buckets.

Speaker Change: CPG as well.

Speaker Change: The biggest news that.

Speaker Change: We're excited about related to the trading performance of the trains and our view has been spectacular so far.

Speaker Change: For <unk> can you, maybe just talk about where youre seeing your appetite.

Speaker Change: What are you seeing appetite in the market for signing these long term contracts right now kind of when could we expect those in general and maybe just broadly the competitive.

Speaker Change: And something that.

Speaker Change: Hasn't been seen before relative to nameplate capacity.

Speaker Change: Market versus the other Gulf coast facilities.

Speaker Change: And since we're in the.

Speaker Change: Sure so of the <unk>.

Speaker Change: Business.

Speaker Change: Manufacturing installing <unk>.

Speaker Change: If you include CPE too, we had 50 million tons of nameplate capacity 39 in the quarter of 15.

Speaker Change: Sequentially, our liquefaction trains.

Speaker Change: To be able to achieve the performance.

Speaker Change: <unk> that we have been.

Speaker Change: <unk> are contracted.

Speaker Change: Demonstrating now for the first.

Speaker Change: Largely a 20 year basis.

Speaker Change: 16 of the trains that have produced some of the a block in Memphis.

Speaker Change: And so a CPT III, we're not in the quarter up this morning.

Speaker Change: Correctly exciting for us.

Speaker Change: And we are going to contract the balance.

Speaker Change: And.

Speaker Change: We have with <unk>.

Speaker Change: Addition to.

Speaker Change: Roughly half of the nameplate capacity of CPU.

Speaker Change: This year, we're really looking at the medium to long term.

Speaker Change: On a blended basis.

Speaker Change: Be able to install as many of these trends as possible and produce.

Speaker Change: Let's say, 3% to 20 years is probably going to be the range of.

Speaker Change: For 50 years.

Speaker Change: Tenders that we're going to target for the balance of the nameplate capacity of 62.

Speaker Change: From our liquefaction trains.

Speaker Change: And then.

Speaker Change: There is a ramp up.

Speaker Change: For the expected.

Speaker Change: For Plaquemines.

Speaker Change: Trains for the balance of this year.

Speaker Change: City production above nameplate capacity.

Speaker Change: Corporates.

Speaker Change: We also are going to layer on.

Speaker Change: Our views of the performance of the trains and the sequence of the trains coming on and then Thats.

Blended contract terms that will be.

Speaker Change: Multi multi year tenders on those contracts.

Speaker Change: It is incorporated into the cargo.

Speaker Change: Debbie Debbie described before.

Speaker Change: Or the bolt on.

Speaker Change: We just announced.

Speaker Change: That's that's really clear I appreciate all that color second question, maybe just on the on the Plaquemines expansion.

Speaker Change: This morning that we that we've moved into prefer.

Speaker Change: 24 trains that debt.

Speaker Change: Between signing longer term contracts. There you mentioned also potentially adding some more contracts for.

Speaker Change: We're developing.

Speaker Change: At.

Speaker Change: The phase III.

Speaker Change: And then that is <unk>.

Speaker Change: Larger than what we were expecting to be able to layer on.

Speaker Change: For CB three so maybe just talk about where youre seeing your appetite.

Speaker Change: But if on.

Speaker Change: So are you seeing appetite in the market for signing these long term contracts right now kind of when could we expect those in general and maybe just broadly the competitive.

Speaker Change: But on a more extensive engineering.

Speaker Change: We were able to really leverage existing infrastructure like thanks.

Speaker Change: And pipe racks, and jetties and other systems.

Market versus other Gulf coast facilities.

Speaker Change: Sure.

Speaker Change: So of the.

Speaker Change: Ed.

Speaker Change: You have enabled us to layer on more potential trains there than we originally participated but what that means that as we have more.

Speaker Change: If you include CPE, two we had 50 million tons of nameplate capacity 39 in the quarter of 15.

Speaker Change: Capacity, there that we are able to contract on a long term basis.

Speaker Change: <unk> are contracted.

Speaker Change: Largely a one year basis.

Speaker Change: And so our plan is to contract.

And so <unk>, we're not in the quarter up this morning.

Speaker Change: 10, 20 year basis more of that.

Speaker Change: And we are going to contract the balance of the.

Speaker Change: Phase III capacity at <unk>.

Speaker Change: Womens and.

Speaker Change: Roughly half of the nameplate capacity of CPU.

Speaker Change: And at levels that we view are.

Speaker Change: On a blended basis, let's say three years.

Speaker Change: Cereals this guidance.

Speaker Change: Relative to the rest of the market.

Speaker Change: 20 years is probably going to be the range of.

Speaker Change: Because.

Speaker Change: Of tenders that we're going to target for the balance of the nameplate capacity of 62.

Speaker Change: And what we view are very sustainable cost advantages relative to the rest of the market and so our plan there.

Speaker Change: And then for the expected capacity production above nameplate capacity.

Speaker Change: And we're going to.

Speaker Change: Endeavour to demonstrate here.

Speaker Change: Is to do more long term contracts or.

Speaker Change: We also are going to layer on.

Speaker Change: Lending contract terms that will be.

Speaker Change: For the for this capacity.

Speaker Change: Multi multi year tenders on those contracts.

Speaker Change: We think there is very very good.

Speaker Change: Demand.

Speaker Change: In the market for long term.

Speaker Change: For the bolt ons.

Speaker Change: That we've just announced.

Speaker Change: <unk>.

Speaker Change: It is.

Speaker Change: This morning that we moved into prefer.

Speaker Change: And at prices that are very attractive to us and again as I described it at once that we think are substantial discounts to where other projects are economic.

Speaker Change: The 24 trains that debt.

Speaker Change: We're developing.

Speaker Change: At.

Speaker Change: The phase III.

Longer than that.

Speaker Change: We think that we're in a position to displays.

Speaker Change: That is larger.

Speaker Change: Larger than what we were expecting to be able to layer on.

Speaker Change: Other companies plans.

Speaker Change: But.

Greg: Or are there Greg.

Speaker Change: But on a more extensive engineering.

Greg: As of our advantages is our plan is to use.

Speaker Change: We were able to really leverage existing infrastructure. Thanks.

Greg: Yes.

Greg: Substantial expansion to do just that.

Greg: Two.

Speaker Change: Pipe racks, and jetties and other systems.

Greg: But.

Greg: Grab additional market share to grow earnings.

Speaker Change: Yes.

Speaker Change: You have enabled us to layer on more potential trains there than you originally participated but what that means that as we have more.

Greg: But also do it with.

Greg: More long term contracts.

Greg: To continue to build a balanced our balanced portfolio. So over time as we incrementally add.

Speaker Change: Our capacity there that we are able to contract on a long term basis.

Greg: Our compaction trains we will be blending in.

Speaker Change: Our plan is to contract.

Speaker Change: 10, 20 year basis more of that base.

Greg: Layers of more multiyear contracts that we think is an attractive way to capture.

Speaker Change: Phase III capacity at <unk>.

Speaker Change: Okay.

Greg: More of the upside.

Debt levels that we view our.

Greg: The earnings of.

Speaker Change: Materials this guidance relative to the rest of the market.

Greg: These large facilities.

Greg: Then you would realize if you did it with all 20 year contracts.

Speaker Change: Because.

But by blending in shorter terms into that we will be able to in a balanced way achieved substantially more earnings as possible.

Speaker Change: And what we view are very sustainable cost advantages relative to the rest of the market and so our plan there.

Speaker Change: And we're going at it.

Mike: Alright, let's clear I appreciate it Mike paid at the time.

Speaker Change: And David as demonstrated here.

Greg: Yes.

Speaker Change: Is to do more long term contracts or for.

Speaker Change: Thank you and your next question comes from the line of Jeremy Tonet from Jpmorgan Securities. Please go ahead.

For the for this capacity.

Speaker Change: We think there is very very good.

Jeremy Tonet: Hi, good morning, gentlemen, good morning.

Speaker Change: Demand.

Speaker Change: The market for long term contracts.

Speaker Change: Just wanted to come back to the guide if I could and.

Speaker Change: Is.

Speaker Change: We've seen assets running above nameplate here pretty encouraging numbers in.

Speaker Change: And at prices that are very attractive to us and again as I described it at points that we think are substantial discounts to where other projects are economic.

Speaker Change: So we just wanted to see I guess for.

Speaker Change: Calc.

Speaker Change: Maybe there wasn't as much potential excess cargoes.

Speaker Change: And there I'm just wondering for the potential could this number be higher.

Speaker Change: So we think that we're in a position to displays.

Speaker Change: Volume surprised the upside for the year I mean, we were looking at potential for EBITDA numbers 10 billion or more than just wanted to see if we get higher volumes here could we start moving upside to the guide as you described.

Other companies plans.

Speaker Change: Great.

Speaker Change: Because of our advantages is our plan is to use.

Speaker Change: Yes.

Speaker Change: Substantial expansion to do just that.

Speaker Change: Two.

Speaker Change: But.

Speaker Change: B.

Speaker Change: Grab additional market share to grow earnings.

Speaker Change: So there is there is a ramp up.

Speaker Change: But also do it with.

Speaker Change: The.

Speaker Change: Of the of the production capacity at Fox News as we layer on more trains.

Speaker Change: More long term contracts.

Speaker Change: To continue to build a balanced our balanced portfolio. So over time as we incrementally add.

Speaker Change: And.

Speaker Change: We are.

Speaker Change: We say, we're incredibly excited about the performance of the trained.

Speaker Change: Our compaction trains we will be blending in.

Speaker Change: After years of incorporating our.

Speaker Change: Players more multiyear contracts that we think is an attractive way to capture.

Speaker Change: Our data is better.

Speaker Change: Process engineering.

Speaker Change: Baselines.

Speaker Change: To see it play out with the performance of the trains have been.

Speaker Change: More of the upside.

Speaker Change: The earnings of.

Speaker Change: It's incredibly exciting for us and our people team.

Speaker Change: These large facilities.

Speaker Change: Sure.

Speaker Change: Then you would realize if you did it with all 20 year contracts.

Speaker Change: We are trying to be.

Speaker Change: By blending in shorter terms into that we'll be able to in a balanced way achieved substantially more earnings is feasible.

Speaker Change: On a reasonable and conservative and balanced about our EBITDA projections.

Speaker Change: And.

Speaker Change: And in.

Speaker Change: Alright, let's clear I appreciate it Mike Gray at the time.

Speaker Change: Give ourselves give ourselves.

Speaker Change: Yes.

Speaker Change: Appropriate.

Speaker Change: Thank you and your next question comes from the line of Jeremy Tonet from Jpmorgan Securities. Please go ahead.

Speaker Change: Got it.

Speaker Change: So the performance.

Speaker Change: The EBITDA projections.

Speaker Change: <unk>.

Speaker Change: $10 billion number that you are referencing is obviously sensitive to.

Jeremy Tonet: Hi, good morning, gentlemen, good morning.

Jeremy Tonet: Just wanted to come back to the guide if I could.

Speaker Change: What's the thought occurred.

Jeremy Tonet: We've seen assets running above nameplate here pretty encouraging numbers in.

Speaker Change: Sure.

Speaker Change: It is with realized over the course of this year.

Jeremy Tonet: So we just wanted to see I guess for.

Speaker Change: So as we continue to contract forward strips.

Jeremy Tonet: Maybe there wasn't as much potential excess cargoes.

Jeremy Tonet: Just wondering what the potential could this number be higher.

Speaker Change: Our production for for a block and then this year and next year and then the relative sensitivity of our of our earnings.

Jeremy Tonet: Volume surprised the upside for the year I mean, we're looking potential for EBITDA numbers $10 billion or more and just wanted to see if we get higher volumes here could we start moving upside to the guide as you described.

Speaker Change: Got it was down as we do that.

Speaker Change: The Tcf price, so the Jackie and price.

Jeremy Tonet: B.

Speaker Change: Relative to the Henry hub price that generates that spread to Jeff Jack went around.

Jeremy Tonet: So there is there is a ramp up.

Jeremy Tonet: Of the.

Speaker Change: Described earlier.

Jeremy Tonet: Of the of the production capacity at <unk> as we layer on more trains.

Speaker Change: All of it is going to be sensitive.

Speaker Change: Sensitive too.

Speaker Change: On the demand side as CFO.

Jeremy Tonet: We are.

Jeremy Tonet: We say, we're incredibly excited about the performance of this brand.

Speaker Change: Deals up its storage because it's low in storage.

Speaker Change: <unk>.

Speaker Change: Yes.

Jeremy Tonet: After years of incorporating our data these are in the.

Speaker Change: Watch with what the what the demand looks like.

Speaker Change: Out of the rest of the market.

Jeremy Tonet: Process engineering.

David: David sides.

Speaker Change: Not including Asia.

Speaker Change: To see it play out with the performance of the trains have been.

Speaker Change: We will.

Speaker Change: To remind we will remind everybody though that.

Speaker Change: It's incredibly exciting for us.

Speaker Change: We are manufacturing.

Speaker Change: We we are trying to be.

Speaker Change: Following turning on operating liquefaction trains for decades.

Speaker Change: Reasonable and conservative and balanced about our EBITDA projections.

Speaker Change: Ultimately, we think we'll be operating these machines for 50 years or more.

Speaker Change: And.

Speaker Change: <unk>.

Speaker Change: In.

Give ourselves.

Speaker Change: And we have we have a very bullish.

Speaker Change: Yes.

Appropriate.

Speaker Change: You bet five years 10 years 15 years 20 years from now.

Speaker Change: The performance to achieve the EBITDA projections.

Speaker Change: We will be using more and more electricity.

Speaker Change: <unk>.

Speaker Change: $10 billion number that you are referencing is obviously sensitive to.

Speaker Change: A large portion of that can be supplied by gas.

Speaker Change: And being a low cost producer of local back into capacity.

Speaker Change: What the forward curve.

Speaker Change: Sure.

Speaker Change: As with realized over the course of this year.

Speaker Change: It's enormously valuable and that's what we're hearing and so as we layer in these trains in and I spent some time with my comments.

Speaker Change: And.

Speaker Change: So as we continue to contract.

Speaker Change: Strips.

Speaker Change: Some of our production for two o'clock and then just here in next year.

Speaker Change: A couple of paragraphs really.

Speaker Change: And then the relative sensitivity of our of our earnings guidance.

Speaker Change: Brian to describe.

Speaker Change: The scale of the trains that we're layering in that will compound the earnings that we're able to achieve.

Speaker Change: It was down as we do that.

Speaker Change: But tcf price so the Jackie on price.

Speaker Change: In the market in the future and to.

Speaker Change: To go from 18 trains to 17 trains that are either.

Speaker Change: Relative to the Henry hub price to generate that spread to Jack Jack went around.

Speaker Change: Producing sitting on pads on ships, arriving being manufactured.

Speaker Change: As described earlier.

Speaker Change: All of it's going to be sensitive.

Speaker Change: Sensitive too.

Speaker Change: On the demand side as CFO.

Speaker Change: Sure.

Speaker Change: To go from 18 trains to 70 trained 29 months.

Speaker Change: Fills up at storage, because it's well in storage.

Speaker Change: And then to have those trains outperform.

Speaker Change: <unk>.

Speaker Change: We watch what what.

Speaker Change: What the demand looks like.

Speaker Change: Expectations labor.

Speaker Change: The rest of the market.

Speaker Change: The way we are demonstrating right now is something Greg really exciting for us.

Speaker Change: It does not see including Asia.

Speaker Change: And we're we're.

Speaker Change: We will.

Speaker Change: We're very focused on continuing to do that safely as possible.

Speaker Change: I'll remind we will remind everybody though that.

We are manufacturing.

Speaker Change: And methodically as possible.

Jeremy Tonet: I answered more than you ask Jeremy but.

Speaker Change: Following turning on operating liquefaction trains for decades.

Jeremy Tonet: Got it.

Jeremy Tonet: Okay.

Jeremy Tonet: Your next question yes.

Speaker Change: Ultimately, we think we will be operating these machines for 50 years or more.

Jeremy Tonet: That's helpful. Thank you for that and just wondering.

Jeremy Tonet: Future LNG development just wondering.

Speaker Change: And we have we have a very bullish.

Jeremy Tonet: If you could provide some backdrop, how do you see the regulatory environment now is a bit choppy under the prior administration. Just wondering how you see things currently and did that kind of feed into your thoughts I guess with that potential with plaque here in this timeframe, that's very quick to get something new going here.

Speaker Change: You that five years 10 years 15 years 20 years from now.

Speaker Change: We'll be using more and more electricity.

Speaker Change: Large portion of that can be supplied by gas.

Speaker Change: And being a low cost producer with the fact that the capacity is.

Jeremy Tonet: Yes.

Jeremy Tonet: Hi.

Sure.

Jeremy Tonet: We think our view is that that.

Speaker Change: It's enormously valuable.

Jeremy Tonet: The permitting environment that we're going to do now is likely the best in a decade.

Speaker Change: And that's what we're hearing and so as we layer in these trains in and I spent some time in my comments.

Jeremy Tonet: And the.

Jeremy Tonet: The.

Speaker Change: A couple of paragraphs really.

Jeremy Tonet: Hello.

Jeremy Tonet: Makes us very bullish.

Speaker Change: Trying to describe.

Bullish on.

Speaker Change: The scale of the trains that we're layering in that will compound the earnings that we're able to achieve.

Jeremy Tonet: The ability to.

Jeremy Tonet: Two.

Our expansion plans.

Jeremy Tonet: Puts us in a position to be responsive to market demand.

Speaker Change: In the market in the future and together.

Speaker Change: To go from 18 trains to 70 trains that are either.

Jeremy Tonet: In.

Jeremy Tonet: We think as.

Jeremy Tonet: In our view the low cost with the fire.

Speaker Change: Producing sitting on pads on ships, arriving being manufactured.

And the fastest ramp up in the market that it positions us to be able to be responsive to demand.

Speaker Change: Sure.

Speaker Change: To go from 18 trains to 70 trained and 29 months.

Jeremy Tonet: Okay.

Jeremy Tonet: As we were describing a few minutes ago puts us in a position because of that with those two factors.

And then to have those trains outperformed.

Speaker Change: Expectations.

Speaker Change: We are demonstrating right now is something really exciting for us and were four.

Jeremy Tonet: Two.

Jeremy Tonet: Offer prices to customers that are extremely attractive.

Jeremy Tonet: The long term and medium term contract center that is going to be extremely difficult for other boards.

Speaker Change: We're very focused on continuing to do that safely as possible.

Speaker Change: And methodically as possible.

Jeremy Tonet: I answered more than you ask Jeremy but.

Jeremy Tonet: Compete with they are justified.

Speaker Change: Okay got it.

Jeremy Tonet: Decisions for prospective projects.

Jeremy Tonet: Your next question yes.

Speaker Change: That's helpful. Thank you for that and just wondering.

Jeremy Tonet: We think we're in which has been our plan are in a position to displace those growth plans for four global competitors.

Speaker Change: Future LNG development just wondering.

Speaker Change: Maybe you could provide some backdrop, how do you see the regulatory environment now is a bit choppy under the prior administration. Just wondering how you see things currently and did that kind of feed into your thoughts I guess with that potential with plaque here in this timeframe, that's very quick to get something new going here.

Jeremy Tonet: That's helpful and just to be clear the.

Jeremy Tonet: The lines of communication to Trump at this point and moving forward just.

Jeremy Tonet: Wondering if you could talk a bit more I guess on the contrast today versus before.

Speaker Change: Yes.

Jeremy Tonet: So the.

Speaker Change: No we think our view is that that.

Jeremy Tonet: <unk>.

Jeremy Tonet: There is.

Speaker Change: The permitting environment that we're going into now is likely the best in a decade.

Speaker Change: Obviously, there is an LNG upon us and we are waiting.

Speaker Change: <unk> for our non FTA export authorization for CPG.

Speaker Change: And B.

Speaker Change: And.

Speaker Change: We can't as I said in my comments, we can't predict an exact date, but we feel we feel pretty good based on whats been said publicly and privately that.

Speaker Change: It makes us very bullish.

Speaker Change: Bullish on.

The ability to.

Two.

Speaker Change: Our expansion plans.

Speaker Change: Yes.

Speaker Change: People are either.

Puts us in a position to be responsive to market demand.

Speaker Change: Non FTA permits from the department of energy.

Speaker Change: In.

Speaker Change: We think as.

Speaker Change: The work.

Speaker Change: In our view the lowest cost with the fire.

Speaker Change: Chairman <unk> journey has been designated by.

Speaker Change: And the fastest to ramp up in the market that it positions us to be able to be responsive to demand.

Speaker Change: By Columbus.

Speaker Change: And then with the change in <unk>.

Speaker Change: Illustration.

Speaker Change: <unk>.

Speaker Change: We feel that the direction is too.

Speaker Change: Okay.

Speaker Change: As we were describing a few minutes ago puts us in a position because of that.

Speaker Change: Moving projects forward as they satisfy the FERC requirements and then ultimately.

Speaker Change: Flat.

Speaker Change: The factors.

Speaker Change: Businesses.

Speaker Change: Two.

Speaker Change: Well the rules get their permits and then they'll have to compete.

Speaker Change: Offer prices to customers that are extremely attractive.

Speaker Change: Sorry.

Speaker Change: On a long term and medium term contract tenor that is going to be extremely difficult for other boards.

Speaker Change: Sell their product into the market and in the commodity market that we're in.

Speaker Change: Price and timing.

Speaker Change: Are you going to determine market share and so our view is that the permits will go back.

Speaker Change: Compete they are justified.

Speaker Change: Decisions for prospective projects.

Speaker Change: We think we're and this has been our plan are in a position to displace those growth plans for four global competitors.

Speaker Change: Faster than they have in the past the permitting process in that.

Speaker Change: But we'll get the permits so that that's something that.

Speaker Change: Has really been our primary constraint.

Speaker Change: That's helpful and just to be clear.

Speaker Change: The lines of communication to Trump at this point and moving forward.

Speaker Change: Timing standpoint, because we are in a position where we're repeating.

Speaker Change: <unk> supply chain in the factories that produces our trains.

Speaker Change: I'm wondering if you could talk a bit more I guess on the contrast today versus before.

Speaker Change: <unk>.

Speaker Change: Hello.

Speaker Change: Really really repetitively systematically successfully as we described in whats already going on in our supply chain.

Speaker Change: Yes.

Speaker Change: There is.

Speaker Change: Obviously, there is an LNG upon us and we are waiting we're waiting for our non FTA export authorization for CPG.

Speaker Change: Dramatically.

Speaker Change: Team that has executed the exact same trains that we have installed now captured and are installing it plop them in.

Speaker Change: And.

Speaker Change: We can as I said in my comments, we can't predict an exact date, but we feel we feel pretty good based on whats been said publicly and privately that.

Speaker Change: And about to receive the CPG too and we will do the same thing for a bolt on and expansions at documents and others in the future. So we are in.

Speaker Change: Ed.

Speaker Change: If we think we're in a very very positive.

Speaker Change: People are either.

Speaker Change: Non FTA permits from the department of energy.

Speaker Change: Environment.

Speaker Change: Got it thank you for that I'll leave it there.

Speaker Change: The work.

Jeremy Tonet: Thanks, Jeremy.

Speaker Change: Chairman Jeremy has been designated by Columbus.

Speaker Change: Thank you once again that is there any one Tennessee question and your next question comes from the line of Jean Ann Salisbury from Bank of America. Please go ahead.

Speaker Change: With a change in administration.

Speaker Change: In.

We feel that the direction is too.

Speaker Change: Hi, Good morning, good morning, good morning.

Speaker Change: Moving projects forward as they satisfy the FERC requirements and then ultimately was flat.

Speaker Change: I just had a question about page 10, and the weighted average fixed liquefaction fee the 794.

Speaker Change: Businesses.

Speaker Change: And <unk> had already.

Speaker Change: Well the rules get their permits and then they have to compete.

Speaker Change: And thank you so much for walking us through the math of how you define that.

Speaker Change: Operationally to sell their product into the market and in the commodity market that we're in.

Speaker Change: It is kind of where does that now I suppose for the rest of the year, but it seems a little bit lower than what I would have thought it had been year to date.

Speaker Change: Price and timing.

Speaker Change: Alright.

Speaker Change: Can you kind of just kind of talk about I guess, the by your margin and if thats more material eliminated that I had.

Speaker Change: Determine market share and so our view is that the permits will go.

Speaker Change: Okay.

Speaker Change: Faster than they have in the past the permitting process in that.

Speaker Change: Sure I'll say a couple of comments and then I'll, let John provide some additional detail.

Speaker Change: People will get their permits so that that's something that.

Speaker Change: We had.

Speaker Change: Has really been our primary constraint.

So contracts historically forward for some of the <unk> contract, which is what we what we.

Speaker Change: Timing standpoint, because we are in a position where we're repeating.

Speaker Change: <unk> supply chain in the factories that produces our trains.

Speaker Change: Strive to do is to run.

Speaker Change: <unk>.

Speaker Change: Really really repetitively systematically successfully as we described in whats already going on in our supply chain.

Speaker Change: Multi tender strips of forward sales.

Speaker Change: So some of those target is were sold.

Speaker Change: Is this year.

Speaker Change: Dramatically.

Speaker Change: That is executed the exact same trains that we have installed now capturing paths and are installing it plop them in.

Speaker Change: Historically in there.

Speaker Change: They're just lower prices than what the.

Speaker Change: The forward curve was during.

Speaker Change: During the winter and so thats this blended into.

Speaker Change: And about to.

Speaker Change: We received the CPG to Ian who will do the same thing for our bolt on and expansions at <unk>.

Speaker Change: Higher priced contracts.

Speaker Change: Documents and others in the future. So wondering if we think we're in a very very positive.

Speaker Change: The current forward curve.

Julien This is Jack at Us, but also maybe just.

Speaker Change: Environment.

Speaker Change: Suppose what we experienced the Calcasieu pass what we were able to capture.

Speaker Change: Got it thank you for that I'll leave it there.

Jeremy: Thanks, Jeremy.

Speaker Change: Market prices and higher margins because of the maturity of that facility.

Speaker Change: Thank you once again that is there any one chassis question and your next question comes from the line of Jean Ann Salisbury from Bank of America. Please go ahead.

Speaker Change: For 2025.

Speaker Change: Thus far there we've achieved $8 97 per MB to your margins.

Speaker Change: Hi, good morning.

Speaker Change: Good morning, good morning.

Blackmun: With blackmun's with.

I just had a question about page 10, and the weighted average fixed liquefaction fee. The 794, I commend <unk> had already.

Blackmun: The initiation of first LNG and then the ramp up that.

Blackmun: Is that as always.

Blackmun: Most challenging period of our plants evolution, when youre getting those trains up and running in about a year going through all your teething issues.

Speaker Change: And then thank you so much for walking us through the math of how you define that.

Speaker Change: That is kind of where does that now I suppose for the rest of the year, but it seems a little bit lower than what I would have thought it had been year to date.

Blackmun: Identifying the challenges that are that are complicit in or a part of the whole.

Speaker Change: Can you kind of just kind of talk about I guess, the by your margin and if thats more.

Nathan: More material Nathan I had.

Blackmun: Construction and commissioning.

Speaker Change: Calculated.

Speaker Change: Sure I'll say a couple of comments and then I'll, let John provide some additional detail.

Blackmun: And so there we were.

Blackmun: I would say contract again at a much more real time basis extensively using our own shipping fleet.

Speaker Change: We had.

Blackmun: As well too so lowe's the LNG that was being produced that allowed us the flexibility.

Speaker Change: So tracks historically forward.

Speaker Change: Or some of that <unk> contract, which is what we what we.

Blackmun: To ramp, but also go through those teething issues and Thats, why youre seeing a pretty market differential.

Speaker Change: We strive to do is to run.

Speaker Change: Multi tender strips of forward sales.

Yes.

Blackmun: More than a one dollar between the.

Speaker Change: Some of those target is were sold.

Blackmun: Contracting thus far for flatness in the contracting by year to date accounts should pass.

Speaker Change: In this year.

Speaker Change: Historically.

Blackmun: Okay got it so basically longer term sort of calculus at past fair status, where prices are as a better indicator T is everywhere right biomarker mandate.

Speaker Change: Just lower prices than what the.

Speaker Change: The forward curve was during.

Speaker Change: During the winter and so that's this blended into.

Blackmun: Okay.

Speaker Change: Higher priced contracts.

Blackmun: I would say our range currently has provided the guidance is highly reflective of where we've been tracking.

Speaker Change: The current forward curve.

Julien: Julien This is Jack at Us, but also maybe just.

Blackmun: Many of our cargoes and certainly consistent with.

Julien: Suppose what we experienced the Calcasieu pass what we were able to capture.

Blackmun: The progress we've sold in the last number of base given the pace of production that we have in our marketing team is constantly in the market.

Julien: Higher market prices and higher margins because of the maturity of that facility.

Julien: For 2025.

Blackmun: Managing the production that we have in finding buyers for that.

Julien: Thus far there we've achieved $8 97 per MB to your margins.

Blackmun: <unk>.

Julien: With <unk>.

Blackmun: Very comfortable with the with the range. We provided is reflective of where the market is currently transacted with G&A and we've been going through.

Julien: Yeah.

Julien: With the initiation of first LNG and then the ramp up.

Julien: That is that as always.

Julien: Most challenging period of our plants evolution, when youre getting those trains up and running.

Blackmun: This is.

Blackmun: Inflection point assistant our growth, where we're transitioning from just being.

Blackmun: One facility was 18 trains and we're turning on another facility that will take us from <unk> 18, trainings 54 trains.

Julien: You are going through all your teething issues.

Julien: Identifying the challenges that are that are.

Julien: Listen.

Julien: Or a part of the whole.

Blackmun: So as we've just turned that project on we're now layer in.

Julien: Construction and commissioning.

Julien: Process and so there we were.

Blackmun: More strips of floater contracts.

Julien: I would say contract again at a much more real time basis extensively using our own shipping fleet.

Blackmun: So if.

Blackmun: If we had if we had been.

Blackmun:

Blackmun: Adding much trains are growing slower obviously, our future earnings will be lower but.

Julien: As well too.

Julien: So bose the LNG that was being produced that allowed us the flexibility.

Blackmun: The.

Julien: To ramp, but also go through those teething issues and Thats, why youre seeing a pretty market differential.

Blackmun: The percentage of.

Blackmun: <unk>.

Blackmun: Trains that we're turning on that Havent been contracted in multi year forward periods will be lower.

Julien: More than a dollar between the contracting thus far for flatness in the contracting year to date Adjunction pass.

Blackmun: And so then when you layer on CPE too will be layering on those.

Blackmun: 36 trains on top of 54 trains.

Julien: Okay got it so basically longer term sort of count that they passed fair status, where prices are as a better indicator T is if we're going with it.

Blackmun: So the.

Blackmun: <unk>.

Blackmun: The.

Blackmun: The impact will be will be different and we don't try and.

I would say our range currently is provide any guidance is highly reflective of where we've been attracting.

Blackmun: <unk>.

Blackmun: My guess is on.

Blackmun: What the LNG prices are going to be.

Julien: Many of our cargoes and certainly consistent with the.

Blackmun: He just systematically.

Blackmun: Got it.

All of our costs on average.

Julien: The progress we've sold in the last number of base given the pace of production that we have in our marketing team is constantly in the market.

Blackmun: <unk> on our contracts incrementally over time and similar.

Blackmun: Layering on.

Blackmun: <unk>.

Blackmun: More tenure.

Julien: Managing the production that we have in finding buyers for that.

Blackmun: We appointed passes in the growth.

Speaker Change: That makes sense. Thank you and then as a kind of higher level follow up and there's obviously a lot of concern that potential of Russia, Ukraine piece could lead tariffs in pipeline, it's returning to Europe in the near and medium term, which could materially bring down in global LNG prices.

Julien: <unk>.

Julien: <unk> comfortable with the with the.

Julien: The range, we provided is reflective of where the market is currently transacted with JM <unk> been going through.

Julien: This.

Julien: Inflection point assistant our growth, where we are transitioning from just.

Speaker Change: Our future development plans for <unk> and Plaquemines change if that environment came to be.

Julien: One facility was a key trains and we're turning on another facility that will take us from 18 trainees that were 54 trains.

Speaker Change: Well be.

Speaker Change: We don't see.

Speaker Change: We watch that and think about that a lot.

Julien: So as we've just turned net project on we're now layer in.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: We think that we.

Julien: More strips of forward contracts.

Speaker Change: We think that the.

Speaker Change: The short term impact that that might or will happen as more gas comes online will will be temporary and so it's a question that.

So if.

Julien: If we had if we.

Julien: It had been.

Julien:

Julien: Okay.

Julien: Adding much trains are growing slower obviously, our future earnings will be lower but.

Speaker Change: Sure.

Julien: The.

Speaker Change: Duration.

Julien: The percentage of.

Speaker Change: Or.

Julien: <unk>.

Speaker Change: A long term contract price today delivers.

Julien: Trains that we're turning on that Havent been contracted in multi year forward periods would be lower.

Speaker Change: <unk> delivered from the U S and Europe.

Speaker Change: At the power plant is a very very low kilowatt hour of electricity price that we think that there's still a lot of demand for.

Julien: And so then when you layer CPE too will be layering on those.

Julien: 36 trains on top of 54 trains.

Sure.

Speaker Change: 567 kilowatt hour equivalent to electricity at the power plant.

Julien: So the.

Julien: <unk>.

Julien: The impact will be will be different and we don't try and.

Speaker Change: And so we think that really low price.

Speaker Change: Power electricity.

Julien: <unk>.

Julien: My guess is on.

Speaker Change: We're up pretty.

Speaker Change: Pretty quickly.

Julien: What the LNG prices are going to be.

Speaker Change: With demand.

Speaker Change: They utilize it and we think thats the key.

Julien: Just systematically.

Speaker Change: Case.

Julien: Okay.

Speaker Change: It does.

Julien: Our costs on average.

Speaker Change: Medium alone.

Julien: Layering on our contracts incrementally over time and similar.

Speaker Change: For sure, but also we think in the rest of the short term.

Julien: Layering on.

Speaker Change: The prices before the Ukraine, Russia War.

Julien: <unk>.

Julien: More tenure as we as time passes and the growth.

Speaker Change: <unk> also instructive when you add all of the gas lift is going.

Speaker Change: That makes sense. Thank you and then as a kind of higher level follow up and Theres, obviously, a lot of concern that potential of Russia, Ukraine piece could lead tariffs and pipeline.

Speaker Change: Yes.

Speaker Change: That pricing was also higher than I think people remember and very attractive prices.

Speaker Change: Turning to Europe in the near and medium term, which could materially bring down in global LNG prices.

Speaker Change: <unk>.

Speaker Change: For us we continue to build.

Speaker Change: Our future development plans for <unk> and Plaquemines change.

Speaker Change: You get very attractive returns.

Speaker Change: $3 <unk> prices.

Speaker Change: <unk> came to be.

Speaker Change: Okay.

Speaker Change: Over the long term still give us.

Well be.

Speaker Change: We haven't seen.

Very attractive.

Speaker Change: Watch that and think about that a lot.

Speaker Change: IRR still building our projects in the high teens to low twenties, if that happened.

Speaker Change: Okay.

Speaker Change: We think that.

Speaker Change: We think that the.

Speaker Change: Ever so we can build extremely competitively, we think thats way below replacement cost for.

Speaker Change: The short term impacts that.

Speaker Change: <unk> will happen as more gas comes online we will will be temporary and so it's a question that.

Speaker Change: For projects.

Speaker Change: That.

Speaker Change: There is tremendous global demand for electricity.

Speaker Change: Sure.

Speaker Change: Duration.

Speaker Change: A long term contract price today delivers.

Speaker Change: That can be produced at that at that price point over time.

Speaker Change: <unk> delivered from the U S and Europe.

Speaker Change: We will.

Speaker Change: At the power plant is a very very low kilowatt hour of electricity a price that we think that there's a lot of demand for.

Speaker Change: We are in a position to.

Speaker Change: Modulate if we have to.

Speaker Change: Our growth.

Speaker Change: The bolt ons that block womens.

Speaker Change: Sure.

Speaker Change: 567 kilowatt hour equivalent electricity at the power plant.

Speaker Change: The phase III there were.

Speaker Change: We're beginning the preferred process now, which we think will go pretty quickly.

Speaker Change: And so we think that really low price.

Speaker Change: But it will still let's say.

Speaker Change: Power electricity.

Speaker Change: A year to 18 months.

Speaker Change: We're up.

Speaker Change: And so during that time, we will be we'll be watching the market.

Speaker Change: Pretty quickly.

Speaker Change: With demand.

Speaker Change: They utilize it and we think thats the key.

Speaker Change: The market pricing is behaving in the goal will be responsive to that of course.

Speaker Change: Case.

Speaker Change: It does.

Medium alone.

Speaker Change: Term for sure, but also we think in the relatively short term.

Speaker Change: Great. Thank you that's all for me.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: The prices before the Ukraine, Russia War.

Speaker Change: Thank you and your next question comes from the line of Chris Robertson from Deutsche Bank. Please go ahead.

Speaker Change: Also instructive when you add all the gas what are they going.

Chris Robertson: Hey, good morning, everybody. Thank you for taking my questions Hi, Mike.

Speaker Change: Yes.

Speaker Change: Good morning, Chris.

Speaker Change: That pricing was also higher than I think people remember and very attractive prices.

Speaker Change: This is just a broader market question I guess as youre going out into the market.

Speaker Change: Seeking additional contracting for <unk> can you talk about what types of customers. You are currently engaged with if they are in the more traditional markets like northeast Asia in northwest Europe or are you seeing increasing engagement from places like south or southeast Asia, and emerging markets and all of these customers, which ones are leaning more towards shorter term.

Speaker Change: For us we continue to build.

Speaker Change: We get very attractive returns.

Speaker Change: $3 net stress places.

Speaker Change: Over the long term it still gives us.

Speaker Change: Very attractive.

Speaker Change: IRR still building our projects in the high teens to low twenties, if that happened.

Speaker Change: Duration like three to five years versus leaning more towards the 20 year tenor.

Speaker Change: Ever so we can build extremely competitively, we think thats way below replacement cost for.

Speaker Change: No that's a great question.

Speaker Change: Our market is very broad so we're speaking.

Speaker Change: For projects and we also think that there.

Speaker Change: To all interested buyers and.

Speaker Change: There is tremendous global demand for electricity that can that can be produced at that at that price point over time. So.

Speaker Change: What's what.

Speaker Change: Yes.

New for US, though is that our balance sheet has grown.

Speaker Change: Our business has matured we're in a position now where we don't have to.

Speaker Change: We will.

Speaker Change: Are in a position to modulate if we have to.

Speaker Change: Primarily just the 120 year contracts.

Speaker Change: Our growth.

Speaker Change: The bolt ons black womens.

Speaker Change: We're able to offer.

Speaker Change: A blend of shorter term contracts.

Speaker Change: The phase III there were.

Towards 12 years 10 years was years three years five years, then we can blend into our portfolios.

Speaker Change: We're beginning the preferred process now, which we think will go pretty quickly.

But it will still let's say.

Speaker Change: Taking advantage of not just our nameplate capacity growth but.

Speaker Change: The year to 18 months.

Speaker Change: And so during that time, we will be we'll be watching the market.

Speaker Change: Excess capacity growth enter commissioning targets and so we see.

Speaker Change: No.

Speaker Change: Very strong demand still on.

The market pricing is behaving and we'll be responsive to that of course.

Speaker Change: The 20 year contracts because they have this long term fuel prices are extremely attractive.

Speaker Change: Great. Thank you that's all for me.

Speaker Change: Yep.

Speaker Change: Hi.

Speaker Change: Okay.

Speaker Change: Thank you and your next question comes from the line of Chris Robertson from Deutsche Bank. Please go ahead.

Speaker Change: But I would say it's pretty.

Speaker Change: Good.

Speaker Change: Interest in tender, it's pretty broad because.

Speaker Change: Hey, good morning, everybody. Thank you for taking my questions Hi, Mike good.

Speaker Change: On the demand side are filling.

Speaker Change: Good morning, Chris.

Speaker Change: Various buckets there fuel portfolios.

Speaker Change: This is just a broader market question I guess as youre going out into the market.

Speaker Change: Curious utility and and we run we run a blended.

Speaker Change: Seeking additional contracting for <unk> can you talk about what types of customers. You are currently engaged with if they are in the more traditional markets like northeast Asia in northwest Europe or are you seeing increasing engagement from places like south or southeast Asia and emerging markets.

Speaker Change: Yes.

Speaker Change: Portfolio of term no half of it traditionally can be longer term a quarter another quarter could be.

Speaker Change: Okay.

Speaker Change: Shorter five to 10 years, and then the final quarter can be less than five years five years and so there is there's always contracts roll off.

Speaker Change: And all of these customers, which ones are leaning more towards shorter term duration like three to five years versus leaning more towards the 20 year tenure.

Speaker Change: All of those terms from customers that creates demand.

Speaker Change: No that's a great question.

Speaker Change: Okay, yes, thanks for the detail on that.

Speaker Change: Our market is very broad so we're sort of speaking.

Speaker Change: As it relates to the <unk> process for <unk> do you need to secure any additional long term contracts, there or renegotiate any previous contracts in order to satisfy any lender requirements to move forward with that or is it all just regulatory and procedural at this point as it relates to that facility.

Speaker Change: To all interested buyers and.

What's.

Speaker Change: New for Us though.

Speaker Change: Is that is that our balance sheet is.

Speaker Change: In our business has matured we're in a position now where we don't have to.

Yeah.

We're going to get we're in a good position, but they are not in the quarter million tons that we've.

Speaker Change: Primarily just the 120 year contracts, so we're able to offer.

Speaker Change: Contracted for <unk> already.

Speaker Change: But shorter term contracts.

Speaker Change: <unk>.

Speaker Change: 12 years 10 years three years three years five years, then we can blend into our portfolios.

Speaker Change: And we're in the.

Speaker Change: A strong position.

Speaker Change: Rob.

Speaker Change: The advantage of not just our nameplate capacity growth but.

Speaker Change: From.

Speaker Change: And uptake perspective.

Speaker Change: Excess capacity growth enter commissioning targets.

<unk>.

Remaining pieces are finishing off the regulatory receiving.

Speaker Change: So we see.

Very strong demand still on the 20 year contracts because there was long term fuel prices are extremely attractive.

Speaker Change: The big one is receiving the non FTA from the department of energy.

Speaker Change: <unk>.

Speaker Change: And then given your comments.

Speaker Change: Sure.

Speaker Change: But I would say it's pretty.

Speaker Change: So we can put week or two ago reiterated.

Speaker Change: <unk>.

Speaker Change: As it relates to the supplemental environmental impact statement.

Speaker Change: Interest in tender, it's pretty broad because.

Speaker Change: The demand side are filling.

Speaker Change: A score that we have.

Speaker Change: Various buckets there fuel portfolios.

Speaker Change: So just getting packs, which are there.

Speaker Change: Patrick threshold words, instead he reiterated.

Speaker Change: And securities utility and you run we run a blended.

Speaker Change: Obviously reiterated the overall authorization.

Speaker Change: Yeah.

Speaker Change: Portfolio of term no half of it traditionally can be longer term a quarter another quarter could be.

Speaker Change: PERC is running through its remaining process.

Speaker Change: Yes.

Speaker Change: As it relates to the supplemental join us.

Speaker Change: Okay.

Speaker Change: Charter five to 10 years, and then the final quarter it can be less than five years five years and so there is there's always contracts roll off.

Speaker Change: Schedule slips in the next few months.

Speaker Change: We're running our deep process versus <unk> in parallel to that.

Speaker Change: All of those terms from customers that creates demand.

Speaker Change: Got it that's very helpful. I'll turn it over thank you very much for the time.

Speaker Change: Okay, yes, thanks for the detail on that.

Speaker Change: Thank you.

Speaker Change: As it relates to the <unk> process for <unk> do you need to secure.

Speaker Change: Thank you and your next question comes from the line of Charlie Brennan from Guggenheim Partners. Please go ahead.

Speaker Change: Additional long term contracts, there or renegotiate any previous contracts in order to satisfy any lender requirements to move forward with that or is it all just regulatory and procedural at this point as it relates to that facility.

Speaker Change: Hi, Good morning, Good morning conference theme that I'm here for sure.

Speaker Change: Congrats on the inaugural call and thanks for taking the questions.

Speaker Change: Thanks, Tom.

Speaker Change: Okay.

Speaker Change: A lot of a lot of questions have been answered I think maybe taking it to a little bit more than the broader LNG market environment.

Speaker Change: We're going to get we are in a good position, but theyre not in the quarter million tons that we've.

Speaker Change: Good practice for <unk> already.

Speaker Change: Especially if we look the Europe, maintaining their gas storage quota coming off of historically low storage levels in 'twenty, five and more broadly looking at long term LNG supply agreements.

Speaker Change: <unk>.

Speaker Change: Sure.

Speaker Change: We're in the we're in the store.

Speaker Change: Strong position.

Speaker Change: From.

Speaker Change: Yeah.

Speaker Change: Participate in any incremental discussions on that front.

Speaker Change: From a.

Speaker Change: An update perspective.

Speaker Change: <unk>.

Speaker Change: Remaining pieces are just finishing up the regulatory receiving.

Speaker Change: Yes.

Speaker Change: Between.

Speaker Change: <unk> block events and CPU.

Speaker Change: The big one is receiving the non FTA permit department of energy.

Speaker Change: Substantial new supply that's coming into the market that is.

Speaker Change: BRC.

Speaker Change: And then given your comments.

Speaker Change: It's going to be critical to supplying Europe's needs and agencies and so we do follow them closely we do.

Speaker Change: So we think a week or two ago reiterated.

Speaker Change: As it relates to the supplemental environmental impact statement.

Speaker Change: Yeah.

Speaker Change: A score that we have.

Speaker Change: To answer your questions around us.

Speaker Change: So just get impacts which are there.

Speaker Change: Our views on it and also kind of R.

Speaker Change: Magic threshold words, and so they reiterated.

Speaker Change: Our <unk>.

Speaker Change: Our views on the timing of being able to execute and provide additional capacity.

Speaker Change: Obviously reiterated the overall authorization.

Speaker Change: So <unk> is running through its remaining process.

Speaker Change: In our <unk>.

Speaker Change: Our view of the markets are much tighter.

Speaker Change: As it relates to the supplemental join us with that.

Speaker Change: From a supply demand standpoint globally, then I know a lot of consultants.

Speaker Change: According to the schedule slips in the next few months and.

Speaker Change: We're running our deep process first we continue in parallel to that.

Speaker Change: Guide too.

Speaker Change: And we think that.

Speaker Change: The.

Speaker Change: Got it that's very helpful. I'll turn it over thank you very much for the time.

Speaker Change: Demand in the market.

And the need.

Speaker Change: Thank you.

Speaker Change: Even beyond just the need to do well.

Speaker Change: Thank you and your next question comes from the line of Charlie Brennan from Guggenheim Partners. Please go ahead.

Speaker Change: We supply storage is it's more significant when you think it's growing.

Charlie Brennan: Hi, Good morning, good morning, a constant theme that I'm here for sure.

Speaker Change: And so we're going to watch that really carefully as we.

Speaker Change: Congrats on the inaugural call and thanks for taking my questions.

Speaker Change: Go through a permitting process for additional capacities beyond CPE too.

Speaker Change: Thanks, Tom.

Speaker Change: A lot of a lot of questions have been answered I think maybe taking it to a little bit more to the broader LNG market environment.

Speaker Change: To be in a position to rapidly rapidly respond to price signals.

Speaker Change: Firstly, if we look the Europe, maintaining their gas storage quota coming off of historically low storage levels in 'twenty, five and more broadly looking at long term LNG supply agreements.

Speaker Change: Okay.

Okay, Thanks for that and maybe just.

Speaker Change: A quick follow up on <unk> and the expansion project.

Speaker Change: Participate in any incremental discussions on that front.

Speaker Change: With with where you are seeing and I think I heard this on the last question to where Youre seeing the 'twenty six 'twenty seven forward than the contracted market signals are those.

Speaker Change: We're we're between.

Speaker Change: <unk> block events and CPU.

Speaker Change: Fully supportive of.

Speaker Change: Going to <unk> on those projects and just as we're thinking about the volatility with a change anything on timing hurdle rates or the need for longer term subscription for those projects to support the project financing.

Speaker Change: Substantial new supply that's coming into the market that is.

Speaker Change: It's going to be critical to supplying Europe's needs and agencies and so we do follow them closely we do.

Speaker Change: Uh huh.

Speaker Change: To answer questions that were asked.

Speaker Change: No we're in a good spot.

Speaker Change: Our views on it and also kind of R. R.

Speaker Change: CPU from.

Speaker Change: Our return standpoint, even at even at much lower prices.

Speaker Change: Our views on the timing of being able to execute and provide additional capacity.

Speaker Change: Then than we have in the Florida occurred.

Speaker Change: In our in our view the markets are much tighter.

Speaker Change: So.

Speaker Change: The.

Speaker Change: The.

The returns that we have there are still a very attractive, but it's a a strong competitive position.

Speaker Change: From a supply demand standpoint globally, then I know a lot of consultants.

Speaker Change: Two rules.

Speaker Change: Guide too.

Speaker Change: The bulk of the rest of the market needs to contract instead.

Speaker Change: And we think that the.

Speaker Change: The.

Speaker Change: And so we feel really good about.

Speaker Change: Demand in the market.

Speaker Change: And the need.

Speaker Change: CPG standpoint, even even if.

Speaker Change: Even beyond just the need to de lever.

Speaker Change: Even if demand is flatter than we think it can be.

We supply storage is.

Speaker Change: More significant and we think it's growing.

Speaker Change: And so we're going to watch that really carefully as we.

Speaker Change: Excellent I appreciate it thanks, so much.

Speaker Change: Yeah.

Speaker Change: I think.

Speaker Change: Go through a permitting process for additional capacities beyond Q2.

Speaker Change: Go ahead.

Speaker Change: Thank you that answer the question and answer session I would now hand, the call back to Mr. Mike <unk> for any closing remarks.

Speaker Change: To be in a position to rapidly rapidly responds to those signals.

Speaker Change: Thank you very much. Thank you. Thank you everybody. We appreciate all the time and the questions and look forward to answering more questions and some days.

Speaker Change: Okay.

Speaker Change: Okay. Thanks for that and then just a quick follow up on <unk> and <unk>.

Speaker Change: The expansion project.

Speaker Change: With with where you are seeing and I think I heard this on the last question to where Youre seeing the 'twenty six 'twenty seven forward than the contracted market signals are those.

Speaker Change: We encourage you to please.

Speaker Change: Launch.

Speaker Change: Gas flows going into our facilities and it's a great way to track that on a continuous basis.

Speaker Change: Fully supportive of.

Speaker Change: Our performance. The teams are working safely is always very hard to layer in.

Speaker Change: Going to <unk> on those projects and just as we're thinking about the volatility does it change anything on timing hurdle rates or the need for longer term subscription for those projects to support the project financing.

Speaker Change: For mental trains and production capacity we are.

Speaker Change: Gary.

Speaker Change: Uh huh.

Speaker Change: Very happy as I've mentioned issue times above the performance of our trains.

Speaker Change: No we're in a good spot.

Speaker Change: CPU.

Speaker Change: From a return standpoint, even at even at much lower prices.

Speaker Change: As we continue.

Speaker Change: Continue to build our facilities.

Speaker Change: Then than we have in the Florida occurred.

Speaker Change: We think about the earnings that will be possible to produce from those facilities.

So.

Speaker Change: The.

Speaker Change: The returns that we have there are still a very attractive, but it's in a strong competitive position relative to those.

Speaker Change: Over many years to come.

Speaker Change: As you layer on incremental trains that increases.

Speaker Change: And we will be very prudent in.

Speaker Change: The bulk of the rest of the market needs to contract et.

Speaker Change: And so we feel really good about where you stand.

Speaker Change: In.

Speaker Change: Taking a view on short term changes in market prices.

Speaker Change: CPG standpoint, even Steven.

Speaker Change: And volatility as it relates to the timing of our growth.

Speaker Change: Even if demand is flatter than we think.

Speaker Change: Okay.

Speaker Change: But we.

Speaker Change: We will also be looking to be opportunistic.

Speaker Change: Excellent I appreciate it thanks, so much.

Speaker Change: Yes.

Speaker Change: Ernie are achieving market share.

Speaker Change: I think.

Speaker Change: Sure.

Speaker Change: We even at below market prices still achieved very attractive very attractive returns obviously as prices go higher we do better, but we still do we still do well.

Speaker Change: Go ahead.

Thank you answer a question and answer session I would now hand, the call back to Mr. Mike <unk> for any closing remarks.

Speaker Change: Great. Thank you very much. Thank you. Thank you everybody. We appreciate all the time and the questions and look forward to answering more questions and some days.

Speaker Change: In.

Speaker Change: In these lower markets into a more gas markets as well. So thank you very much we appreciate it and look forward to.

Speaker Change: Speaking to.

Speaker Change: We encourage you to please.

Speaker Change: You in the near term in the years to come thanks, everybody.

Speaker Change: Launch.

Speaker Change: Gas flows going into our facilities. So that's a great way to track that and continuous basis.

Speaker Change: Thank you. This concludes today's call. Thank you for participating you may all disconnect.

Speaker Change: Our performance the teams are working safely as always but very hard to layer in.

Speaker Change: Mental trained and production capacity we are.

Speaker Change: Gary.

Speaker Change: Very happy.

Speaker Change: Condition times about the performance of our trains.

Speaker Change: As we.

Speaker Change: We continue to build our facilities.

Speaker Change: We think about that.

Speaker Change: The earnings that will be possible to produce from those facilities.

Over many years to come.

As you layer on incremental trains that increases.

Speaker Change: And we will be very prudent in.

Speaker Change: In.

Speaker Change: Taking a view on short term changes in market prices.

Speaker Change: And volatility as it relates to the timing of our growth.

Speaker Change: But we.

Speaker Change: We will also be looking to be opportunistic.

Speaker Change: Ernie they're achieving market share.

Speaker Change: We even at below market prices still achieved very attractive very attractive returns obviously as prices go higher we do better.

Speaker Change: Do we still do well.

Speaker Change: In.

Speaker Change: In these lower markets to do our best markets as well. So thank you very much we appreciate it and look forward to speaking to.

Speaker Change: Yes.

Near term in the EU.

Speaker Change: Thanks, everybody.

Speaker Change: Thank you. This concludes today's call. Thank you for participating you may all disconnect.

Speaker Change: [noise].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].