Q1 2025 Venture Global Inc Earnings Call

Unknown Executive: Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward looking statements. Natural results could differ materially from what is described. I encourage you to refer to the disclaimers in our earnings presentation, which is available on the investors section of our website. The reconciliation of these metrics to the most relevant gap measures can be found in the appendix of the earnings presentation posted on our website.

All listeners that our remarks, including answers to your questions may contain forward looking statements and actual results could differ materially from what is described in these statements.

I encourage you to refer to the disclaimers in our earnings presentation, which is available on the investors section of our website. Additionally, we may include references to certain non-GAAP metrics, such as consolidated adjusted EBITDA. A reconciliation of these metrics to the most relevant GAAP measures can be found in the appendix of the earnings presentation posted on our website.

Unknown Executive: Finally, the guidance in this presentation is only effective as In general, we will not update guidance until the following quarter, and we will not update or affirm guidance other than through broadly disseminated public announcing the call over.

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

Mike: I will now turn the call over to Mike <unk>.

Speaker Change: Thank you Michael Good morning, everyone and thank you for joining US today, we're pleased to share our first quarter 2025 results and update our guidance for 2025, which we believe will be a strong year for the company I will begin the call with an overview of our first quarter 2025 key accomplishments and results before shifting.

Michael Sabel: Good morning, everyone, and thank you for joining us today. We are pleased to share our first quarter 2025 results and update our guidance for 2025, which we believe will be a strong year for the company. I will begin the call with an overview of our 1st quarter 2025 key accomplishments. And results before shifting to our projects individually. I will then make some remarks on the industry broadly before turning over the call to Jack. We'll provide a more detailed overview of our financial results and updated guidance for fiscal year 2025. Following all prepared remarks, we will open the call to Q and a.

Mike: Through our LNG projects individually.

Mike: And then make some remarks on the LNG industry broadly before turning over the call to John who will provide a more detailed overview of our financial results and updated guidance for fiscal year 2025.

Mike: Following our prepared remarks, we will open the call for Q&A.

Michael Sabel: Turning to page 6 of the presentation, I am happy to report that Venture Global performed well during the first quarter of 2025, generating $2.9 billion of revenue, $1.1 billion in income from operations, and $1.3 billion of consolidated adjusted EBITDA, representing increases of 105%, 75%, and 94%, respectively, compared with the first quarter of 2024. Our projects exported a total of 234 TPTU of LMG, a new record high for the company, which is an increase of 113 TPTU, or 93%, from the fourth quarter of 2024. This impressive performance and increase in LMG production are attributable to the project execution discipline and operational excellence of the Venture Global team.

Speaker Change: Turning to page six of the presentation I am happy to report that venture global performed well during the first quarter of 2025 generating $2 9 billion of revenue $1 1 billion and income from operations and $1 $3 billion of consolidated adjusted EBITDA representing increase.

<unk> of 105%, 75% and 94% respectively compared with the first quarter of 2024.

Speaker Change: Our projects exported a total of 234 GPU of LNG, a new record high for the company, which is an increase of 113, TPU or 93% from the fourth quarter of 2020 for this impressive performance and increase in LNG production are attributable to the project.

Speaker Change: <unk> discipline and operational excellence of the venture global team.

Michael Sabel: On page 7, we provide greater detail on our quarterly results, which we achieved as we wrapped up commissioning and rectification work on our Calcasieu Pass project, continued construction and commissioning on both phases of our Plaquemines project, and progressed our subsequent projects, including CP2. At Cappuchin Pass, we exported 34 commissioning cartos during the first quarter, and we are proud to report that Cappuchin Pass achieved its commercial operation date, or COD, on April 15, 2025. Although this milestone occurred after the end of the first quarter, we wanted to highlight this important achievement for the company and our team, who worked exceptionally hard to execute very challenging rectification work without a single recordable safety impact.

Speaker Change: On page seven we provide greater detail on our quarterly results, which we achieved as we wrapped up commissioning and rectification work or Calcasieu pass project.

Speaker Change: Construction and commissioning on both phases of our <unk> project.

Speaker Change: And progressed, our subsequent projects, including CPT.

Speaker Change: At Calcasieu pass we exported 34 commissioning cargoes during the first quarter and we are proud to report the Calcasieu pass achieved its commercial operation date or COPD on April 15th 2025.

Speaker Change: Although this milestone occurred after the end of the first quarter. We wanted to highlight this important achievement for the company and our team worked exceptionally hard to execute very challenging rectification work without a single recordable safety incident.

Michael Sabel: Blackman's exported 29 commissioning cargos during the first quarter, and we continue to see strong performance from this facility with all 18 local fraction trains activated during the quarter, demonstrating production levels of approximately 140% of nameplate capacity. This gives us confidence that following completion of our construction and commissioning, Blockumans will be able to perform at the uprated capacity of 27.2 MTPA that FERC recently authorized. At present, Blockumans is producing LNG from 22 liquefaction trains, and we expect to have started up all 24 of the phase one liquefaction trains by the end of May. Turning to CP2, the project received a non-FTA export authorization from the U.S.

Speaker Change: Black womens exported 29 commissioning cargoes during the first quarter and we continued to see strong performance from this facility with all 18 liquefaction trains activated during the quarter demonstrating production levels of approximately 140% of nameplate capacity.

Speaker Change: This gives us confidence that following completion of our construction and commissioning documents will be able to perform at the operating capacity of $27 two MTA FERC recently authorized.

Speaker Change: At present blackmun's is producing LNG from 'twenty, two liquefaction trains and we expect to have started up all 24 of the phase one liquefaction trains by the end of May.

Speaker Change: Turning to <unk>. The project received a non FTA export authorization from the U S Department of energy on March 19, locking in an essential permit ahead of our final investment decision or FID for phase one of the project, which is anticipated for the middle of this year.

Michael Sabel: Department of Energy on March 19, locking in an essential permit ahead of our final investment decision, or FID, for phase one of the project, which is anticipated for the middle of this year. We also recently entered into a $3 billion bank loan facility from a syndicate of 20 global banks, which will help fund capital expenditures associated with the project until FID, at which time we will pivot to a traditional construction loan. In addition, CP2 upsized its 20-year SPA with New Fortress Energy from 1.0 mTPA to 1.5 mTPA, bringing CP2's 20-year SPA total to 9.75 mTPA.

Speaker Change: We also recently entered into a $3 billion bank loan facility from a syndicate of 20 global banks.

Speaker Change: It will help fund capital expenditures associated with the project until <unk>.

Speaker Change: At which time, we will pivot to a traditional construction loan.

Speaker Change: In addition to.

Speaker Change: <unk> Upsized its 20 year SBA with new fortress energy for 1.0 M Tpa to $1 five MTA, bringing <unk> 20 year SBA total to $9 75, MTA. We believe we are making good progress on the contracting front and dissipate further updates when SBA during the second quarter of 2020.

Michael Sabel: We believe we are making good progress on the contracting front and anticipate further updates on SPAs during the second quarter of 2025, both with other existing SPA counterparties, as well as with potential new customers. Furthermore, BERC issued its final Supplemental Environmental Impact Statement for CP2 on May 9th, this past Friday, recommending approval of the project. This is the second instance of BERC finding that CP2 would have no significant air quality impact, and positions BERC to approve the project and issue notice to proceed with construction imminence. Our business is scaling rapidly, with 18 liquefaction trains now commercially operating at Capsule Pass, another 36 trains delivered at Flockamans, with 22 activated thus far, and another 36 trains purchased for CP2, Venture Global will be capable of providing over 67 MTPA of peak production across our first three projects once complete, before considering the significant brownfield expansions we have previously announced.

Speaker Change: Five both with other existing SBA counterparties as well as with potential new customers. Furthermore, PRC issued its final supplemental environmental impact statement for CPG on May 9th SaaS products recommending approval of the project. This is the second instance of FERC finding that CP too.

Speaker Change: No significant air quality impact and positions FERC to approve the project and issued notice to proceed with construction imminently.

Speaker Change: Our business is scaling rapidly with 18 liquefaction trains now commercially operating talks you past. Another 36 trains delivered at <unk> with 22 activated thus far and another 36 trains purchased for CP to venture global will be capable of providing over 67 MTP.

Speaker Change: Peak production across our first three projects once complete.

Speaker Change: For considering the significant brownfield expansions, we have previously announced.

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

Speaker Change: As we noted last quarter changes in natural gas prices, both domestic and international could impact our consolidated adjusted EBITDA guidance.

Speaker Change: We have seen the spread between domestic and international prices for gas and LNG compressed since our previous report, which naturally influences. How we think about guidance for the remainder of the year.

Michael Sabel: Looking ahead to the remainder of 2025, we are revising our guidance from our previously reported range and now expect that our consolidated adjusted EBITDA for 2025 will be between $6.4 and $6.8 billion. This reflects a $6 per MNBTU to $7 per MNBTU fixed equifaction fee range for available cargos, which is consistent with recently executed transactions in current market forward prices and provides Venture Global with additional margin that we can reinvest into our asset base. We will continue to update our guidance each quarter to reflect shifts in market forwards, especially during the commissioning phases of our project.

Speaker Change: Looking ahead to the remainder of 2025, we're revising our guidance from our previously reported range and now expect that our consolidated adjusted EBITDA for 2025 will be between six four and $6 8 billion.

Speaker Change: This reflects a $6 per EBITDA to $7 per btu fixed liquefaction fee range, where available cargoes, which is consistent with the recently executed transactions.

Speaker Change: <unk> market forward prices and provides venture global with additional margin that we can reinvest into our asset base.

Speaker Change: We will continue to update our guidance each quarter to reflect shifts in market forwards, especially during the commissioning phases of our projects.

Michael Sabel: As Jack will cover later in the call, our 2025 guidance will become less sensitive to movements and market prices as the year progresses and we continue to contract our available cargo.

Speaker Change: As Jack will cover later in the call our 2025 guidance will become less sensitive to movements in market prices as the year progresses, and we continue to contract our available cargos.

Michael Sabel: Shifting gears a bit, I would now like to focus on Capuchin Paths, which is covered by page nine of the presentation. As mentioned, during the first quarter of 2025, Cogshoe Pass was able to export 34 commissioning cargos and realized a weighted average fixed-tickle fraction fee of $8.80 per MMBTU. While producing these cargos, the facility simultaneously navigated all remaining work related to commissioning, carryover completions, rectification work, reliability, testing, and other unfinished items, and commenced commercial operations on April 15th, just 68 months after FID, outpacing other projects that took FID before CAPTCHA passed. Our Q1 2025 operating and maintenance costs at CapsulePath reflect the incremental expenses of completing this significant work.

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

Speaker Change: As mentioned during the first quarter of 2025, Calcasieu pass was able to export 34 commissioning cargoes and realized a weighted average fixed liquefaction fee of $8 80 per M of Btu.

Speaker Change: While producing these cargos the facilities simultaneously navigated all remaining work related to commissioning carryover completions rectification work reliability testing.

Speaker Change: Other unfinished items and commenced commercial operations on April 15, plus 68 months after output.

Speaker Change: Outpacing other projects that took <unk>.

Speaker Change: Before Calcasieu pass.

Speaker Change: Our Q1, 2025 operating and maintenance costs at cop, she passed reflecting incremental expenses of completing the significant work.

Michael Sabel: Importantly, having completed this work, CapsulePath is performing with materially improved reliability and availability levels. Since COD, the facility has delivered cargoes on schedule to all foundational customers, and we look forward to operating the facility safely and reliably for the full duration of our customers, largely 20 year SBA tenants. For the second, third and fourth quarters of 2025, based on liquefaction fees achieved from cargoes sold on a forward basis to date, which includes some commissioning cargoes from the beginning of April, we anticipate capturing a weighted average liquefaction fee of $2.21 per MMBTU across all forward sold CalcuPath production.

Speaker Change: Importantly, having completed this work Dr. <unk> is performing with materially improved reliability and availability levels.

Speaker Change: Since COPD.

Speaker Change: The facility has delivered cargo is on schedule for all foundational customers and we look forward to operating our facilities safely and reliably for the full duration of our customers largely 20 year SBA tenors.

Speaker Change: For the second third and fourth quarters of 2025.

Speaker Change: Based on liquefaction fees achieved from cargo sold on a forward basis to date, which.

Speaker Change: Which includes some commissioning cargoes from the beginning of April we anticipate capturing a weighted average liquefaction fee of $2 21 per btu across all forward sold Calcasieu pass production.

Michael Sabel: Including the 34 cargoes exported from the facility in this quarter, we now anticipate exporting between 145 and 150 cargoes by the end of the year, an increase of two cargoes to the top of our previously reported range, and an increase of six cargoes to the lower end of our range, reflecting our confidence in the production capacity of the rectified equipment. I will sum up my remarks on Coxew Pass with a brief note on safety, which is our top priority. To date, our team has achieved a total recordable incident rate, TRIR, of 0.10, far outperforming the national industry average of 1.9.

Speaker Change: Including the 34 cargoes exported from the facility in this quarter, we now anticipate exporting between $145 and 150 cargos by the end of the year, an increase of two cargoes to the top of our previously reported range and an increase of six cargoes for the lower end of our range, reflecting our call.

Speaker Change: <unk> and the production capacity of the rectified equipment.

Speaker Change: I will sum up my remarks on Cox you passed with a brief note on safety, which is our top priority.

Speaker Change: Our team has achieved a total recordable incident rate.

Speaker Change: Our IR of <unk> far outperforming the national industry average of one nine we're very proud of our team for maintaining the safety record, especially while pushing towards Vod.

Michael Sabel: We're very proud of our team for maintaining the safety record, especially while pushing towards DOD.

Michael Sabel: Moving on to Plaquemines and flipping to page 10 in the presentation. I'll focus on the construction and commissioning progress achieved at phases one and two of our 20 MTPA nameplate projects south of New Orleans. During the first quarter of 2025, the Venture Global team achieved an extraordinary safe startup of the first 18 liquefaction trains at the facility. This enabled Plaquemines to export 29 commissioning cargoes, meeting the top of our previously projected range, and realize a weighted average fixed production fee of $7.26 per MBTU. All major equipment and materials, including all 36 liquefaction trains, have been delivered to the site.

Speaker Change: Moving onto Plaquemines and flipping to page 10 in the presentation.

Speaker Change: Our focus on the construction and commissioning progress achieved that phases, one and two of our 20 M. Tpa nameplate project South of New Orleans.

Speaker Change: The first quarter of 2025 debenture global team achieved an extraordinary safe startup of the first 18 liquefaction trains at the facility.

Speaker Change: It's enabled <unk> to export <unk>.

Speaker Change: Nine commissioning cargos, leaving the top of our previously projected range and realize a weighted average fixed liquefaction fee of $7 26 parameter btu.

Speaker Change: All major equipment and materials, including all 36 liquefaction trains have been delivered to the site and to date LNG has been produced from 'twenty two trains while the remainder of the facility and simultaneously constructed.

Michael Sabel: And to date, LNG has been produced from 22 trains, while the remainder of the facility is simultaneously constructed. As detailed in our prior report, Blockman's is engineered, permitted, procured, and installed approximately 400 megawatts of temporary power at the facility. This proactive measure has allowed Blockman's to mitigate contracted delays, especially with respect to the power island, and continue progressing commissioning and startup activities. Although we are very encouraged by the progress at Platkin's thus far, we recognize the challenging and highly variable construction and commissioning process laying ahead. For 2025, including the 29 cargoes exported from Plaquemines in this quarter, we now anticipate the facility exporting between 222 and 239 cargoes by the end of the year, which represents a slight increase to the lower end of our previously reported range.

Speaker Change: As detailed in our prior report Blackmun's is engineered permitted procured and installed approximately 400 megawatts of temporary power at the facility.

Speaker Change: Proactive measure has allowed <unk> to mitigate contractive delays, especially with respect to the power Island and continue progressing commissioning and startup activities.

Speaker Change: Although we are very encouraged by the progress at <unk>, thus far we recognize the challenging and highly variable construction and commissioning process laying ahead.

Speaker Change: For 2025, including the 29 cargoes exported from Plaquemines and this quarter. We now anticipate the facility exporting between 222 and 239 cargos by the end of the year, which represents a slight increase to the lower end of our previously reported range.

Michael Sabel: Blockuments has contracted 89 of these remaining cargos thus far, capturing a weighted average fixed liquefaction fee of $7.46 per MMBTU. Again, I want to highlight the leading safety performance at Plock. Today, our team has achieved a TRIR of only 0.21, roughly one-tenth of the national average TRIR of 1.9. Collectively across Coffeshoot Pass and Plaquemines, we've contracted 45 more cargos for export in 2025 since our prior report, and have contracted 198 of a potential 326 cargos for roughly 60% of our total Q2 through Q4 2025 production. We believe this strategy allows us to de-risk our LNG production and reduce sensitivity to movement and market prices.

Speaker Change: Documents as contracted 89 of these remaining cargos thus far.

Speaker Change: <unk>, a weighted average fixed liquefaction fee at <unk>.

Speaker Change: $7 46 per M of Btu.

Speaker Change: Again, I want to highlight the leading safety performance at <unk> today, our team has achieved a PR IR of only two one roughly 110th of the National average PR IR of one nine.

Speaker Change: Collectively across Calcasieu pass and Plaquemines, we contracted 45 more cargoes for export in 2025 since our prior report.

Speaker Change: And have contracted a 198 of a potential 326 cargoes for roughly 60% of our total <unk>.

Speaker Change: Q2 through Q4 2025 production.

Speaker Change: We believe this strategy allows us to derisk, our LNG production and reduced sensitivity to movement in market prices.

Michael Sabel: And I want to turn to our next project, CP2, which is covered on page 11. TP2 is a 20 million tonne per annum main plate facility consisting of 36 of our factory built liquefaction Based on the performance of similar trains at Kapschee Pass, the design improvements implemented at Plaquemines, and the performance of those trains today. We believe CP2 will be capable of peak production of 28 MTPA once completed and commissioned. Further, we currently estimate more than 550 cargos will be exported during the construction and commissioning of the project's two phases. VP2 received conditional approval to export LNG to non-FTA nations from the U.S.

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

Speaker Change: <unk> is a 20 million ton per annum nameplate facility.

Speaker Change: Listing of 36 of our factory built liquefaction trains.

Speaker Change: Just on the performance of similar trains at Calcasieu pass the design improvements implemented at <unk> and the performance of those trains today.

Speaker Change: We believe <unk> will be capable of peak production of 28, and Tpa once completed and commission.

Speaker Change: Further we currently estimate more than 550 cargos will be exported during the construction and commissioning of the project's two phases.

Speaker Change: TP two received conditional approval to export LNG to non FTA nations from the U S Department of energy.

Michael Sabel: Department of Energy on March 19, 2025, including a lengthy process with the DOE spanning multiple administrations. We appreciated the support of the Trump administration in lifting the Department of Energy's pause on issuing new LNG export approvals and swiftly resuming the LNG export authorization process. On May 9th, FERC issued the final environmental impact statement for the project, reconfirming their positive analysis on the project and setting it up for final approval by the Commission, which should result in the issuance of notices to proceed with on-site construction this summer. Subject to obtaining FERC approval, we anticipate mobilization to site and beginning site works and dredging by the middle of this year.

Speaker Change: <unk> 19, 2025, including a lengthy process with the Doj spanning multiple.

Speaker Change: People administration.

Speaker Change: We appreciate the support.

Speaker Change: The Trump administration and lifting the department of Energy's pause on issuing new LNG export approvals and swiftly resuming LNG export authorization process.

Speaker Change: On May nine.

Speaker Change: <unk> issued the final environmental impact statement for the project Reconfirming their positive analysis on the project.

Speaker Change: Setting it up for final approval by the Commission.

Speaker Change: It should result in the issuance of notices to proceed with onsite construction this summer.

Speaker Change: Subject to obtaining FERC approval, we anticipate mobilization to site and beginning site works and dredging by the middle of this year.

Michael Sabel: As I mentioned at the beginning of the call, we recently entered into a $3 billion bank loan facility from a syndicate of 20 banks to fund CP2 manufacturing, procurement, and engineering ahead of an FID construction financing to be closed after receiving notice to proceed from PERC. These asset-level, non-recourse financings will fund CapEx associated with CPQ going forward, which represents a considerable majority of our planned capital expenditures. Our investments in the project to date have advanced CP2 considerably. We have deployed approximately $5 billion thus far with our key equipment suppliers and contractors, and we believe this preparation will enable CP2 to reach first LNG production on pace.

Speaker Change: As I mentioned at the beginning of the call.

Speaker Change: We recently entered into a $3 billion bank loan facility with a syndicate of 20 banks to fund CPT manufacturing for.

Speaker Change: Chairman and engineering ahead of an FID construction financing to be closed after receiving notice to proceed from FERC.

Speaker Change: These asset level nonrecourse financings will fund capex associated with CPG going forward, which represents a considerable majority of our planned capital expenditures.

Speaker Change: Our investments in the project to date have advanced CPT considerably.

Speaker Change: We have deployed approximately $5 billion, thus far with our key equipment suppliers and contractors and we believe this preparation will enable <unk> to reach first LNG production.

Michael Sabel: or even faster than our first two projects.

Speaker Change: <unk>.

Speaker Change: Or even faster than our first two projects.

Michael Sabel: turning to page 13 on the L&G Industry Broadway. I would like to address some of the recently announced tariffs and highlight several factors that mitigate risks to our business. Our exposure to tariffs can be broadly bifurcated in two categories. One, exposure related to tariffs imposed by the United States, which could potentially increase the cost of raw materials and fabricated modules we use to construct our facility. And two, retaliatory tariffs imposed by foreign nations on LNG imports, which could put downward pressure on demand for US produced LNG. Beginning with tariffs imposed by the United States, our Talcashiew Pass and Plaquemines projects are not exposed to any material import tariffs.

Speaker Change: Turning to page 13 in the LNG industry broadly.

Speaker Change: I would like to address some of the recently announced tariffs and highlight several factors that mitigate risk to our business.

Speaker Change: Our exposure to tariffs can be broadly bifurcated into two categories, one exposure related to tariffs imposed by the United States, which could potentially increase the cost of raw materials and fabricated modules to be used to construct our facilities.

Speaker Change: And to retaliatory tariffs imposed by foreign nations on LNG imports, which could put downward pressure on demand for U S produced LNG.

Speaker Change: Beginning with tariffs imposed by the United States, our top tissue past and Plaquemines projects are not exposed to any material import tariffs.

Michael Sabel: Talcashiew Pass is declared commercial operation. and Plaquemines has taken delivery of all major equipment. With respect to CP2, our investments to date have allowed us to procure, deliver and stockpile a significant amount of raw materials, components and in some cases, fully fabricated modules. Caveating that the tariff landscape is evolving and there is no assurance as to the ultimate impact on our business, we believe our total exposure amounts to roughly only 1% of our total budget for the CP2 project, before considering any potential exemptions for materials relating to LNG facility construction. Shifting to tariffs imposed by foreign nations, while we cannot estimate the ultimate impact of these levies given the rapidly evolving geopolitical situation, we remain in close contact with our customers and stakeholders as the tariff conversation evolves.

Speaker Change: <unk> passed is declared commercial operations and Plaquemines has taken delivery of all major equipment with respect to <unk>. Our investments to date have allowed us to procure deliver and stockpile a significant amount of raw materials components and in some cases fully fabricated modules.

Speaker Change: Caveat that the tariff landscape is evolving and there is no assurance as to the ultimate impact on our business. We believe our total exposure amounts to roughly only 1% of our total budget for the CPG project before considering any potential exemptions for materials relating to LNG facility construction.

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

Jack Thayer: I will now turn it over to our CFO, Jack Thayer, to walk through our first quarter 2025 financials as well as our guidance for the remainder of the year. Thank you, Mike. And good morning to those on the line. I'll be referring to the Venture Global, Inc. Form 10-Q for the quarterly period ended March 31st, 2025. The 10-Q is available on our website, and some of the key results are summarized on page 16 of the presentation.

Speaker Change: I will now turn it over to our CFO Jack there to walk through our first quarter 2025 financials as well as our guidance for the remainder of the year.

Jack: Thank you, Mike and good morning to those on the line I'll be referring to the venture Global Inc. Form 10-Q for the quarterly period ended March 31 2025.

Jack: The 10-Q is available on our website and some of the key results are summarized on page 16 of the presentation. During this call I will highlight results I believe resilience this audience and I encourage you to review the entirety of our financial statements in detail.

Jack Thayer: During this call, I will highlight results I believe are salient to this audience, and I encourage you to review the entirety of our financial statements in detail. Beginning with revenue, our top line was $2.9 billion for the first quarter of 2025, a $1.5 billion increase from $1.4 billion during the equivalent period in 2024. This increase in revenue was driven by 1, $1.1 billion from higher sales volume, 228 TBTU in the first quarter of 2025 compared with 141 TBTU in the first quarter of 2024, and 2, $380 million from higher prices. Weighted Average Fixed Facility Fees of $8.55 per MMBTU in the first quarter of 2025, versus $7.40 per MMBTU in the first quarter of 2024, and Realized Gas Feedstock Prices of $4.23 per MMBTU in the first quarter of 2025, versus $2.59 per MMBTU in the first quarter of 2024.

Jack: Beginning with revenue our top line was $2 9 billion for the first quarter of 2025, a $1 5 billion increase from $1 4 billion. During the equivalent period in 2024. This increase in revenue was driven by one $1 $1 billion from higher sales volume 220%.

Jack: <unk> in the first quarter of 2025, compared with 141 D. Btu in the first quarter of 2024, and two $380 million from higher prices weighted average fixed facility fees of $8 55 per <unk> in the first quarter of 2025 versus seven.

Jack: <unk> 40 per <unk> in the first quarter of 2024 and realized gas feedstock prices of $4 23 per <unk> in the first quarter of 2025 versus $2 59 per <unk> in the first quarter of 2024.

Jack Thayer: Our income from operations was $1.1 billion in the first quarter of 2025, a $463 million increase from $617 million in the first quarter of 2024. The shift was primarily driven by the higher sales volume and higher LNG prices I mentioned previously, which resulted in a greater total margin for LNG sold. These increases were partially offset by $146 million higher depreciation and $143 million higher operating costs in support of the ramp up of LNG production at the Plaquemines project and operating our LNG tankers, as well as remediation and rectification costs associated with the preparation of the Calcasieu project for CO2.

Jack: Our income from operations was $1 $1 billion in the first quarter of 2025, a $463 million increase from $617 million in the first quarter of 2024. The shift was primarily driven by the higher sales volume and higher LNG prices I mentioned previously which resulted in a greater.

Jack: Total margin for LNG sold.

These increases were partially offset by $146 million higher depreciation and $143 million higher operating costs in support of the ramp up of LNG production at the <unk> project and operating our LNG tankers as well as remediation and rectification costs associated with the preparation of the countersuit.

Jack: <unk> for COPD.

Jack Thayer: Our net income attributable to common stockholders, which we refer to as net income, was $396 million for the first quarter of 2025, a $252 million decrease from $648 million in Q1 2024. This decrease in net income was largely driven by non-cash factors such as unfavorable changes in the fair value of our interest rate swaps, which constituted a quarter-over-quarter decline of $566 million. Shifting to Consolidated Adjusted EBITDA, we realized $1.3 billion during the first quarter of 2025, a $653 million or 94% increase from $693 million in Q1 2024. This increase in Consolidated Adjusted EBITDA was driven chiefly by higher sales volumes and higher LNG prices.

Jack: Our net income attributable to common stockholders, which we referred to as net income was $396 million for the first quarter of 2025% a $252 million decrease from $648 million. In Q1 2024. This decrease in net income was largely driven by noncash <unk>.

Jack: Actors such as unfavorable changes in the fair value of our interest rate swaps, which constituted a quarter over quarter decline of $566 million.

Jack: Shifting to consolidated adjusted EBITDA, we realized $1 $3 billion during the first quarter of 2025, a $653 million or 94% increase from $693 million. In Q1 2024. This increase in consolidated adjusted EBITDA was driven chiefly by higher sales volumes and higher.

Jack: LNG prices, resulting in greater total margin for LNG sold and was offset partially by a $143 million from higher O&M as.

Jack Thayer: resulting in greater total margin for LNG sold and was offset partially by $143 million from higher O&M. As Mike discussed, our projects exported a total of 63 commissioning cargoes in Q1, which increased from 40 cargoes compared with the same period in 2024. Of these cargoes, 228 TBTU of volumes are reflected in our results for Q1 2025, compared with 141 TBTU in Q1 2024.

Jack: As Mike discussed our projects exported a total of 63 commissioning cargoes in Q1, which increased from 40 cargos compared with the same period in 2024.

Jack: These cargos 228 TVT your volumes are reflected in our results for Q1 2025, compared with 141, <unk> and Q1 2024.

Jack Thayer: Advancing to page 17, we are now guiding to a consolidated adjusted EBITDA range of $6.4 billion to $6.8 billion for 2025, incorporating a forecasted 145 to 150 cargos from Calcasieu Pass and 222 to 239 cargos from Plaquemines, inclusive of the 63 cargos we exported in the first quarter across both facilities. This consolidated adjusted EBITDA range was determined assuming fixed liquefaction fees of between $6 and $7 per MMBTU for cargos remaining to be sold over 2025, consistent with current TTF and JKM forward price expectations. This Consolidated Adjusted EBITDA forecast also assumes approximately $300 million of Q2-Q4 Expense Development Spending.

Jack: Advancing to page 17, we are now guiding to a consolidated adjusted EBITDA range of $6 4 billion to $6 $8 billion for 2025, incorporating a forecasted 145 to 150 cargoes from calculus, you pass and 222 to 203.

Jack: 39 cargoes from <unk> inclusive of the 63 cargoes, we exported in the first quarter across both facilities. This consolidated adjusted EBITDA range was determined assuming fixed liquefaction fees of between six and $7 per <unk> four cargoes remaining to be sold over 2025.

Jack: <unk> consistent with current Tcf and J Cam forward price expectations.

Jack: This consolidated adjusted EBITDA forecast also assumes approximately $300 million of Q2 through Q4 expense development spending related primarily to regulatory and engineering design spend on our development projects.

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

Jack: On average it fixed liquefaction fees over the remainder of 2025 increase or decrease by $1 per <unk>, we expect our consolidated adjusted EBITDA range to adjust accordingly by $460 million to $480 million down from the 625 million to $675 million range.

Jack: Provided in our previous guidance this reduced sensitivity to market prices reflects the contracting we executed during the first quarter. Our current guidance was adjusted less than our prior sensitivity range of $625 to $675 million would've suggested due to this pace of contracting I will now turn the call back.

Michael Sabel: I will now turn the call back over to Thank you, Jack. At this point, we would like to open the call up for Q&A.

Mike: Over to Mike.

Speaker Change: Thank you Jack at this point, we would like to open the call up for Q&A.

Mike: Thank you.

Unknown Executive: This concludes Venture Global Link's first quarter 2025 earnings presentation. We will now open the line for questions from the public. Please press star 1 to ask a question.

Speaker Change: This concludes venture Global's first quarter 2025 earnings presentation, we will now open the lines for questions from the public. Please press star one to ask a question.

John McKay: First question comes from John McKay at Goldman Sachs. Please go ahead. Hey, everyone. Good morning. Thanks for the time.

Speaker Change: First question comes from John Mccain at Goldman Sachs. Please go ahead.

John Mccain: Hey, everyone. Good morning, Thanks for the time.

John McKay: I wanted to pick up on a morning I want to pick up on some of your ability to sell more cargoes looking forward in the near term. So you added about 40 ish since the last presentation. You just remind us like is that the right pace going forward? What's been your ability to kind of fully capture the margin we see on our screen with those sales? And how does that change as we kind of look forward into into 26? Yeah, no, we're, we're really pleased with, with the market demand and appetite for our cargos. You know, we're as you know, we're going from 18 trains at the end of 2024 producing LNG and by the end of this year, it'll be 54 trains.

Speaker Change: Wanted to pick up on.

Speaker Change: Hey, good morning, I wanted to pick up on some of your ability to sell more cargos looking forward in the near term. So you added about 40 ish since the last presentation can you just remind us is that the right pace going forward whats been your ability to kind of fully capture the margin we see on our screen with those sales.

Speaker Change: And how does that change as we kind of look forward into <unk> into 'twenty.

Speaker Change: Yes.

Speaker Change: We're really pleased with.

Speaker Change: The market demand and appetite for our cargos.

Speaker Change: We're as you know we're going from <unk>.

Speaker Change: <unk> trains at the end of 2024, producing LNG in by the end of this year it'll be 54 trains and so we don't look to.

Michael Sabel: And so we don't look to make bets or predictions on what future prices are. And we layer in, you know, strips of sales of future cargoes. And so we're pleased with it. And the market demand this year and next year as we are marketing those cargoes looks very, very strong. and maybe just a little more specifically, is this effectively formulaic at this point where you're looking to have, you know, X percent of four quarters forward sold out, you know, lower percent, etc. It's not quite formulaic but we are on a fairly steady basis weekly working on transactions of sales of cargoes for the balance of this year and into next year.

Speaker Change: That sort of predictions on what future prices are and we.

Speaker Change: <unk> layer in.

Speaker Change: Strips of of sales of future cargos and so we're pleased with it and.

Speaker Change: The market demand this year and next year as we are marketing those cargoes looks very very strong.

Speaker Change: Maybe just a little more specifically is this effectively formulaic at this point, where youre looking to have.

Speaker Change: X percent of for four quarters forward sold out lower percent et cetera.

Speaker Change: It's not quite formulaic, but we.

Speaker Change: Our on a fairly steady basis.

Speaker Change: Weekly.

Speaker Change: Sure.

Working on transactions of sales of cargoes for the balance of this year and then into.

Speaker Change: Into next year.

Michael Sabel: The customer appetite on the other side is fairly steady as customers are looking to fill out portfolios and in the case of Europe executing their plans to put the capacity, the import capacity volumes that they want in place or to fill up storage in Europe, which still is a little below historical levels at this point. And so we feel really good about demand and we watch the conversations in the tariff negotiations with China, which also could result in increased demand this year.

Speaker Change: The customer.

Speaker Change: <unk>.

Speaker Change: Appetite on the other side is fairly fairly steady as customers.

Speaker Change: Are looking to fill out portfolios and in the case of Europe.

Speaker Change: Executing their plans too.

Speaker Change: Put the capacity the import capacity volumes that they want in place or to fill up storage in Europe, which still.

Speaker Change: As a little a little below historical levels.

Speaker Change: At this point and so.

Speaker Change: We feel really good about about demand and.

Speaker Change: And we watch we watch the conversations and the tariff negotiations with China, which which also could result in increased demand this year.

Michael Sabel: And maybe I'll just add one more question just on that, you know, what are those longer term contract conversations looking at, like, right now, you, you know, increased the new fortress contract, he talked a little bit about this, but just talk to us a little bit more about your ability to sign more 20 RSPs at this point. We are we're very active in a significant number of negotiations for long term contracts. At this point, mostly, mostly all 20 year terms. And so we expect to be, we expect to be executing and reporting, reporting on on multiple 20 year contracts in the in the in the in the incoming quarters.

Speaker Change: And maybe I'll just add one more question just on that what are those longer term contract conversations looking at like right now you.

Speaker Change: Increase to the new fortress contract you talked a little bit about this but just.

Speaker Change: Talk to us a little bit more about your ability to sign more 'twenty RSP is at this point.

Speaker Change: We are we're very active in a significant number of negotiations for long term contracts at this point, mostly mostly all 20 year terms.

Speaker Change: So we expect to be.

We expect to be executing in reporting.

Speaker Change: Reporting on multiple 20 year contracts and in the coming.

John McKay: And we're really pleased with the with the demand and and where we stand in those negotiations. So we, we, the market, investors in our company should expect to see announcements for more 20 year deals. Appreciate that. Thanks for your time. Thank you.

Speaker Change: Coming quarters.

Speaker Change: And we're really pleased with the with the demand and where we stand in those negotiations so we.

Speaker Change: The market.

Speaker Change: The investors in our company should expect to see.

Announcements for more 20 year deals.

Speaker Change: I appreciate that thanks for the time.

Speaker Change: Yes.

Jeremy Tonette: The next question comes from Jeremy Tonette at J.P. Morgan. Please go ahead. Good morning. Hi. I just want to pick up with the contracting conversation if I could.

Speaker Change: Thank you. The next question comes from Jeremy Tonet JP Morgan. Please go ahead.

Jeremy Tonet: Good morning, Good morning, Hi.

Jeremy Tonet: Just wanted to pick up with the contracting conversation if I could.

Jeremy Tonette: I wondered if you could provide any updated thoughts on how you think about levels you look for CP2 as you look to expand here. What levels of percent contract the long term you'd like? And then at the same time, I guess, as you're looking to sign these new contracts, just wondering if you could expand a bit more how you see how you stand versus competitors here in winning new contracts. And are your targets more existing customers or new customers? Just wondering how you think about that, given how competitive things are. So in the last, well really in the last three, four months since we started ramping up Blockamins and have seen how the facility is producing really significantly above what our upper range of expectations were on production capacity, you know, the 140% that we've been talking about.

Jeremy Tonet: Wondering if you could provide any updated thoughts on how you think about levels you'd look for <unk> as you look to expand here what levels of percent contracted long term you would like.

Jeremy Tonet: Then at the same time I guess as you're looking to sign these new contracts just wondering if you could expand a bit more how you see.

Jeremy Tonet: How do you stand versus competitors here and winning new contracts and are your targets more existing customers or new customers. Just wondering how you think about that given how competitive things are out there.

Jeremy Tonet: So.

Jeremy Tonet: In the last well really in the last three or four months since since we started ramping up <unk>.

Jeremy Tonet: And I have seen.

Jeremy Tonet: The facility is producing.

Jeremy Tonet: Really significantly above.

Jeremy Tonet: What our upper range of expectations were on production capacity, the 140% that we've been talking about.

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

Jeremy Tonet: As we as we said in my opening remarks, we expect to see to see that or even a little bit better for CPE too. So we're we're.

Jeremy Tonet: <unk> built and are building more production capacity then than then.

Jeremy Tonet: And then we expected and planned for.

Jeremy Tonet: Even just a few months ago.

And so our appetite to signing more long term.

Jeremy Tonet: Contracts is greater than it was until recently so we are we are intending to do more.

Jeremy Tonet: 20 year contracts.

Jeremy Tonet: We had been planning and which we're excited about.

Jeremy Tonet: Appetite is very strong in the market right now.

Jeremy Tonet: I would say, it's better than it has been for the last several years and.

Michael Sabel: And we're, our ability to win contracts with our cost and price advantage in the market is very strong. And so we are expecting to increase our 20-year contract portfolio with existing, but also with new customers as well.

Jeremy Tonet: Our ability to.

Jeremy Tonet: When contracts with our cost and price advantage in the market is very strong.

Jeremy Tonet: And so we are.

Jeremy Tonet: Expecting to increase.

Jeremy Tonet: Our 20 year contract portfolio with existing but also with with new customers as well.

Jeremy Tonette: And like I said in my previous comments with John, you know, I think people should stand by for, you know, more announcements of 20-year contracts and incoming quarters. Got it. Thank you for that.

Jeremy Tonet: <unk>.

Jeremy Tonet: Like I said in my Mic.

Jeremy Tonet: Previous comments.

Jeremy Tonet: With with John.

Jeremy Tonet: And I think people should standby for.

Jeremy Tonet: More announcements of 20 year contracts and.

Jeremy Tonet: In coming quarters.

Jeremy Tonet: Yeah.

Jeremy Tonet: Got it thank you for that and.

Michael Sabel: And maybe pivoting towards CP1, just as far as operations there. Just wondering if you could, you know, talk a bit more, I guess, how you see the expected ramp there, you know, how you think about achieving the targeted excess capacity, the numbers that you put out in the past, do you think that is something you hit by the end of this year in 2026, or just any color in general will be very helpful. Sure.

Jeremy Tonet: Maybe pivoting towards CP, one just as far as the operations. There I'm just wondering if you could.

Jeremy Tonet: Talk a bit more I guess, how you see the expected ramp there how are you.

Jeremy Tonet: Think about achieving the targeted excess capacity.

Jeremy Tonet: The numbers that you put out in the past do you think that is something you hit by the end of this year and 26% or just any color in general would be very helpful. Thanks.

Michael Sabel: Since we finished the rectification work earlier, really at the end of the first quarter and early in the second quarter, that allowed us to take COD in April 15th, which we're super excited about, the culmination of many years of work, particularly as it's our first project. We're very pleased since that work has been completed on the performance of CogShoe Pass. And we performed really well through the lender reliability test. And so we feel that the guidance that we've given on the production for the year from CogShoe Pass is conservative and reasonable. And we continue to consume a mass and create a massive amount of data during the production at CogShoe Pass that allows us to look for opportunities for enhancements to our production levels.

Jeremy Tonet: Sure.

Jeremy Tonet: Since we finished the rectification work.

Jeremy Tonet: Earlier.

Jeremy Tonet: It really at the end of the first the first quarter and early in the second quarter that allowed us to take COPD and in April 15th, which we're Super excited about is the culmination of many years of work.

Jeremy Tonet: As its.

Jeremy Tonet: Our first project.

Jeremy Tonet: We're very pleased since that work has been completed on the performance of Calcasieu pass and we.

Jeremy Tonet: Performed really well through the lender reliability test.

Jeremy Tonet: And so we.

Jeremy Tonet: We feel that the guidance that we've given on the production for the year from cops you pass is.

Jeremy Tonet: Is conservative and reasonable.

Jeremy Tonet: And we continue to consume the math and create a massive amount of data.

Jeremy Tonet: During the <unk>.

Jeremy Tonet: Production at capture passed that allows us to look for opportunities for enhancements to.

Michael Sabel: We also, since we made some significant design improvements between CogShoe Pass and Plaquemines, have learned a lot at Plaquemines already that we'll be able to go back over time and apply to CogShoe Pass to increase our production levels. And we have a pretty, because of that, we have a pretty clear idea and plan about what we're going to be able to achieve at CogShoe Pass. For the moment, we're going to maintain the guidance where we stand and we'll let a quarter or two pass. And as we layer in some incremental improvements there, we know there are opportunities on the upside at CogShoe Pass.

Jeremy Tonet: To our production levels. We also since we made some significant design improvements between cop she passed.

Jeremy Tonet: <unk> have learned a lot.

Jeremy Tonet: At <unk> already.

Jeremy Tonet: That will be able to go back over time and apply to capture your path to increase our production levels and we have a pretty we have because of that we have a pretty clear idea and plan.

Jeremy Tonet: About what were.

Jeremy Tonet: But what about what rate going to be able to achieve at cop she passed.

Jeremy Tonet: For the for the moment, we're going to.

Jeremy Tonet: Maintaining the guidance, where we stand and we'll let a quarter or two past and as we layer in some incremental improvements there.

Jeremy Tonet: We know there are opportunities on the upside it capture pass.

Jeremy Tonette: Our Plaquemines and CP2 facilities, including the significant brownfield opportunities at both those facilities, are so much larger just on an absolute basis than CogShoe Pass that the upside opportunities at those facilities really kind of, from a math standpoint, overwhelm that incremental upside at CogShoe Pass. We'll still do it, but the upside in the math is just going to be bigger at the bigger facilities. Got it. That's helpful. Thank you. Thanks, Jeremy.

Jeremy Tonet: Our.

Jeremy Tonet: Plaquemines.

Jeremy Tonet: And <unk> facilities, including the significant brownfield opportunities at both those facilities are so much larger.

Jeremy Tonet: Just on an absolute basis than cop she passed.

Jeremy Tonet: The upside opportunities at those facilities.

Jeremy Tonet: Really kind of from a math standpoint, overwhelm that incremental upside at cop she passed.

Jeremy Tonet: We will still do it, but but but the upside in the map is this going to be bigger at the bigger facilities.

Jeremy Tonet: Got it that's helpful. Thank you.

Jeremy Tonet: Thanks, Jeremy.

Unknown Executive: Thank you.

Jean Ann Salisbury: The next question comes from Jean Ann Salisbury at Bank of America. Please go ahead. Hi, good morning. As just noted, your volume ramp for Plaquemine has been really impressive. So just to kind of drill down a bit on the comments that you just had, but what is going forward? What is the sort of limiter or limiting factor that drives your Plaquemine ramp? Is it getting approvals to start the modules or the constraints driven by the temporary power or something else that drives the volume ramp there? But that's a great question. And it has, has a big impact on our, on our, on our year, just because of the significant number of trains that we're adding.

Speaker Change: Thank you. The next question comes from Jean Ann Salisbury at Bank of America. Please go ahead.

Speaker Change: Hi, good morning.

Speaker Change: And just how did your volume ramp of <unk> has been really impressive.

Jeremy Tonet: So just to kind of drill down a bit on the comments that you just had but what is going forward what is the sort of linear or limiting factor that drives Jerry <unk> ramp.

Jeremy Tonet: Pretty close to start the modules are there constraints driven by that temporary power or something else that drives the volume ramp there.

Jeremy Tonet: But that's a great question and it has.

Jeremy Tonet: It has a big.

Jeremy Tonet: Impact on our on our on a year just because of the significant number of trains that we're adding.

Michael Sabel: The ramp is, at this point, is really constrained by the ramp of power, as we increase the power required for the trains. And FERC is doing a good job keeping pace with our, our incremental, you know, commissioning activity at Blockman's. And so really, it's, it's the, it's the power. We plan for years to layer in the temporary power between the additional turbines that we integrated into the site, and how we added some simple cycle capacity that's temporary out of our phase one power plant that's allowed us to achieve this, this, this significant ramp, which I, I think, I don't have the math in front of us, but it might be that, you know, the fastest ramp up to, to our cargo count that's been done at any facility.

Jeremy Tonet: The ramp is at this point is really constrained by the ramp of power as.

Jeremy Tonet: We increased the power required required for the trains.

Jeremy Tonet: And.

Jeremy Tonet: FERC.

Jeremy Tonet: Is doing a good job keeping pace.

Jeremy Tonet: With our incremental.

Jeremy Tonet: Commissioning activity at Black womens and so really its its the power we.

Jeremy Tonet: Plan for years to layer in the temporary power between the.

Jeremy Tonet: Additional turbines that we integrated into the site.

Jeremy Tonet: Dan.

Dan: We added some simple cycle capacity, that's temporary out of our phase one power plant that's allowed us to achieve this.

Jeremy Tonet: This significant ramp.

Jeremy Tonet: I think I don't have the math in front of us, but it might be.

Jeremy Tonet: But the fastest ramp up.

Jeremy Tonet: Two.

Jeremy Tonet: Two.

Michael Sabel: We'll have, we'll have more of that, more, more on that in the future. But it really is about the, about the power ramp. But we, we plan to and expect to have all 36 trains at Blockman's producing LNG this year, which will take our total to 54 trains. which we're, which we're really proud of the team on. And, and, and, you know, as you know, we purchased 36 trains at CP2 already. So we, we, you know, we're, we're producing, commissioning, manufacturing, developing, you know, 9090 trains right now as a company.

Our cargo count that's been done at any facility.

Jeremy Tonet: Well more of that more on that in the future but.

Jeremy Tonet: It really is about the about the power ramp, but we we.

Jeremy Tonet: Plan to and expect to have.

Jeremy Tonet: All 36 trains plaquemines producing LNG this year.

Jeremy Tonet: We'll take our total to 54 trains.

Jeremy Tonet: Which were.

Jeremy Tonet: We're really proud of the team on and.

Jeremy Tonet: And as you know we purchased 36 trains at CPT already so.

Jeremy Tonet: We're producing commissioning.

Jeremy Tonet: Manufacturing developing 90 90 trains right now as a company.

Michael Sabel: Great, that's very helpful. And then do you anticipate that getting the FERC permit at CP2 will help you get contracts? Was that important to potential customers? Uh, I think in this permitting environment, uh, um, people expect, um, people fully expect and have expected CP2 to get all its, um, um, uh, final approvals. Uh, and so I don't think that was a constraint or is a constraint on the customer side. Uh, we don't feel constrained. We're in active discussions with, um, all the contracts that we want for CP2. And, and so we don't, we don't feel constrained at all on it.

Jeremy Tonet: Great. That's very helpful. And then do you anticipate that getting the FERC permit at <unk> will help you get contracts with that important to potential customers.

Jeremy Tonet: I think in this permitting environment.

Jeremy Tonet: People expect.

Jeremy Tonet: People fully expect them have expected CPT to get all its.

Jeremy Tonet: Final approvals.

Jeremy Tonet: I don't think that was a constraint.

Or is it constrained on the customer side.

Jeremy Tonet: Don't feel constrained we're in active discussions with.

Jeremy Tonet: All the contracts that we want for <unk>.

Jeremy Tonet: And so we don't we don't feel constrained at all on it and we feel like Theyre growing theyre growing theyre going well.

Jean Ann Salisbury: And, uh, we feel like they're going, they're going, they're going well. Great, thanks a lot.

Jeremy Tonet: Great. Thanks, a lot.

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

Jeremy Tonet: A major milestone in Japan with <unk>.

Jeremy Tonet: The.

Jeremy Tonet: The approval just this past Friday, the confirmation from FERC on our supplemental are environmental impact statement.

Jeremy Tonet: On schedule.

Jeremy Tonet: From FERC and the second time, they reaffirm that we have no significant impacts on on air and of course, we have the full FERC authorization.

Jeremy Tonet: From FERC already on the overall Eas.

Jeremy Tonet: Waiting for just the final.

Jeremy Tonet: Commission confirmation of that.

Jeremy Tonet: Great Super helpful. Thank you.

Jeremy Tonet: Thank you.

Elvira Scotto: The next question comes from Elvira Scotto at RBC Capital Markets. Please go ahead. Good morning, Elvira. Good morning, everyone. Thanks for all the tariff commentary and cost impact to CP2. Can you talk about some of the other costs? Specifically, I'm thinking labor costs, especially as we see, you know, more of these projects potentially move forward. You know, so any other costs or your views on on on, you know, if there's a potential that CP2 goes above that 27 to 28 billion cost estimate?

Speaker Change: Thank you. The next question comes from Elvira Scotto with RBC capital markets. Please go ahead.

Speaker Change: Good morning Elvira.

Jeremy Tonet: Morning, everyone.

Jeremy Tonet: Thanks for all the tariff commentary and cost impact to <unk> can you talk about some of the other cost specifically I'm thinking labor costs, especially as we see them.

Jeremy Tonet: More of these projects potentially move forward.

Jeremy Tonet: So any other costs or your views on it.

Jeremy Tonet: There's the potential that CPG customers that 27% 28 billion cost estimate.

Michael Sabel: So we think from a cost perspective, you know, the last couple of years and we think it will continue to be the case in the near term is probably the toughest environment to build our projects in since the 1970s, just given the intense inflation that's occurred and the higher interest rates on top of it that's happened in the last few years. And so it's a it's an incredibly challenging environment. And, and, and, and so it's something that we work, we work and live every day because of the scale of construction that we're doing every month at Plaquemines and, and, and CP2 through all the procurement and fabrication activity that we're already doing it at CP2.

Jeremy Tonet: So we think from a cost perspective.

Jeremy Tonet: The last couple of years, and we think it will continue to be the case in the near term is probably the toughest environment to build large projects since the.

Jeremy Tonet: The 19 seventies just given.

Jeremy Tonet: The intense inflation that's occurred and the higher interest rates on top of it that's happened in the last few years.

Jeremy Tonet: It's a it's an incredibly challenging.

Jeremy Tonet: Environment.

Jeremy Tonet: And.

Jeremy Tonet: And.

Jeremy Tonet: And so it's something that we work we work and live every day because of.

Jeremy Tonet: This scale of construction that we're doing every month that plaquemines and and.

Jeremy Tonet: And <unk> through all the.

Jeremy Tonet: Procurement and fabrication activity that we're already doing it at <unk>, having said that we think we're in the strongest position of any project in the world to manage it.

Michael Sabel: Having said that, we think we're in the strongest position of any project in the world to manage it. Our unique configuration where so much of our facility is, is manufactured and fabricated in factories and fabric fabrication facilities around the world gives us a huge advantage on that. We have scripted that out for the third time with our team for CP2 after CP1 and Plaquemines. So we think we're in a very strong position from what we've projected on costs for CP2. We are very far along. In fact, the farthest we've ever been on a project on both engineering and procurement and have received, for example, most of our power plant for phase one is already in our possession.

Jeremy Tonet: Our unique configuration, where so much of our facility is is manufactured and fabricated.

Jeremy Tonet: In fact in factories and fabric fabrication facilities around the world gives us a huge advantage on that we have.

Jeremy Tonet: Scripted that out for the third time with our team for CP to after <unk> and <unk>. So we think we're in a very strong position from.

Jeremy Tonet: What we've projected on costs for <unk>, we are.

Jeremy Tonet: Very far along in fact, the farthest we've ever been on a project on both engineering and procurement.

Jeremy Tonet: And have received for example, most of our power plant for Phase one is already in our possession.

Michael Sabel: Our first liquefaction trains arrive in just the next few months. I think we're planning on 12 roughly for this year, 12 trains for this year that are already in manufacture. And so we feel, we feel really strong about that.

Jeremy Tonet: Our first liquefaction trains.

Jeremy Tonet: Arrive in just the next few months I think we're planning on.

Jeremy Tonet: 12, roughly for this year 12 trains for this year that are already in manufacturer and so we feel we feel really strong about that on the labor side again.

Michael Sabel: On the labor side, again, because so much of our facility is offsite, we have the lowest labor footprint of I think any LNG project of our scale and on a kind of relative or pro forma basis on size of facility. But so we think we're in a very strong position and because of our cost, our net cost advantage as a as a project, it gives us pricing power. So, you know, any, any challenges on on costs, and schedule that exists in the macro environment, for us are really opportunities for us to gain more advantage over competitors.

Jeremy Tonet: Again, because so much of our facility is built off site.

Jeremy Tonet: Have the.

Jeremy Tonet: The lowest labor footprint.

Jeremy Tonet:

Jeremy Tonet: <unk>.

Jeremy Tonet: I think any any LNG project of our of our scale.

Jeremy Tonet: And on a.

Jeremy Tonet: On a relative or a pro forma basis on size of facility, but so we think we're in a very strong position and because of our cost at our net cost advantages.

Jeremy Tonet: As a as a project it gives us pricing power so.

Jeremy Tonet: Any any challenges on on costs.

Jeremy Tonet: Schedule that exists in the macro environment for us are really opportunities for us too.

Jeremy Tonet: Gain more advantage over competitors.

Michael Sabel: Okay, great. Thank you for that. And then just going back to the competitive environment, given, you know, the competition and the potential FIDs here, what are you seeing in terms of kind of offtake rates or fees? Are you seeing downward pressure on rates? Or is the appetite strong enough that rates are holding steady? There are a lot of projects out there that are competing and offering contracts. They're not all equal, though, because the delivery schedules for projects are very different. In the case of CP2, given how we were able to execute on schedule for Plaquemines creates an advantage for us, including how far along we are in our investments in engineering at CP2 as well.

Jeremy Tonet: Okay, great. Thank you for that.

Jeremy Tonet: And then just going back to the competitive environment.

Jeremy Tonet: It gives us the competition and the potential fid's here what are you seeing in terms of kind of offtake rates or fees or are you seeing downward pressure on rates with the appetite is strong enough that that rates are holding steady.

Jeremy Tonet:

Jeremy Tonet: There are there are a lot of projects out there that are.

Jeremy Tonet: Competing in offering contracts.

Jeremy Tonet: They're not all equal, though because the.

Jeremy Tonet: The delivery schedules for our projects are very different and in the case of <unk>.

Jeremy Tonet: <unk>.

Jeremy Tonet: Given given how we were able to execute on schedule for Plaquemines creates an advantage for us in and including how far along we are in our investments in engineering at CPG as well and so.

Elvira Scotto: Those advantages show up in price as well, either in potentially higher prices that can be achieved or in the ability to capture market share because of the attractiveness and when we can deliver those. The ability to raise prices in this market is a little bit limited for the moment, but the ability to execute at prices that are very profitable for us is super attractive right now. Great, thank you very much. Thank you.

Jeremy Tonet: Those.

Jeremy Tonet: Those advantages show up.

Jeremy Tonet: Price as well either in.

Jeremy Tonet: Potentially higher prices that can be achieved.

Jeremy Tonet: Or in the ability to capture.

Jeremy Tonet: Market share because of the attractiveness of and when we can when we can deliver those I would say overall that.

Jeremy Tonet: There.

Jeremy Tonet: The ability to raise prices in this market.

Jeremy Tonet: <unk> is a little bit limited for the moment.

Jeremy Tonet: And.

Jeremy Tonet: But the ability to.

Jeremy Tonet: Execute at prices that are very profitable for us is super.

Jeremy Tonet: Super attractive right now.

Speaker Change: Great. Thank you very much.

Jeremy Tonet: Yeah.

Brandon Bam: The next question comes from Brandon Bam at Scotiabank. Please go ahead. Morning, Brandon. Hi, good morning. Thanks for morning. Thanks for taking the question here. Wanted to ask and I know this is a smaller piece of the pie right now.

Jeremy Tonet: Thank you. The next question comes from Brandon Bam at Scotia Bank. Please go ahead.

Speaker Change: Good morning, Brian and Hi, good morning, Thanks for good morning, Thanks for taking the question here.

Jeremy Tonet: I wanted to ask and I know this is a smaller piece of the pie right now, but just if you could discuss some of the.

Brandon Bam: But just if you if you could discuss some of the Lower 48 production developments that we're currently seeing and that are sort of expected to persist over the next 12 to 18 months. What, if any, potential bottlenecks or maybe opportunities do you see with You know, some of the projects, the pipeline projects specifically that you kind of have going and in the backlog, or maybe even to a lesser extent on the sourcing of feed gas side. So, from a middle and longer term perspective, we expect there to be a faster permitting environment that's going to be very positive and just providing more connectivity between the basins and support investments in more production to support rising demand.

Jeremy Tonet: Lower 48 production developments that we're currently seeing and that sort of expected to persist over the next 12 to 18 months like what if any potential bottlenecks or maybe opportunities do you see with.

Jeremy Tonet: Some of the projects the pipeline project, specifically that you kind of have going in and the backlog or maybe even to a lesser extent on the sourcing of feed gas side of things.

Jeremy Tonet: So.

Jeremy Tonet: From a from a middle middle and longer term perspective, we expect there to be.

Jeremy Tonet: Faster permitting environment, that's going to be very positive and just providing more connectivity between the base in the basins in.

Jeremy Tonet: <unk>.

Support investments in more more production to support rise.

Michael Sabel: And for us, in the case of CP2, we are super happy with the plan, really, that we laid out a couple of years ago and we've been executing on, which is, you know, a longer lateral, which is called CPX for CP2, which goes to the west and interconnects with lots of pipes, including a large pipe, Blackfin, that is moving along well with our partners at Whitewater that connects further to the west. with Matterhorn, which is a pipe that goes all the way to Permian, where we have a 20 year, a very large 20 year transportation agreement with.

Jeremy Tonet: Rising demand.

Jeremy Tonet: For us in.

Jeremy Tonet: In the case of of CPU.

Jeremy Tonet: We are super happy with the plan really that we laid out a couple of years ago, and we've been executing on which is.

Jeremy Tonet: Longer lateral which is called Cps for <unk>, which goes to.

Jeremy Tonet: To the west and Interconnects with lots of pipes, including a large pipe Black then that is moving along well with our partners.

Jeremy Tonet: Water that.

Jeremy Tonet: Connects further to the west.

With.

Jeremy Tonet: Matterhorn, which is a pipe that goes all the way to the Permian.

Jeremy Tonet: We have a 20 year I'll, let very large 20 year.

Jeremy Tonet: Transportation agreement with and so we feel great.

Michael Sabel: And so we feel in great position on gas supply for our next project, CP2. For existing projects, there's additional pipes that are going in, in Haynesville, additional in Texas, and multiple pipes also cutting across going from west to east that give us, bringing over more supply that will support Plaquemines as well. I will add, just going back to the huge amount of gas that with our pipes and other pipes will be coming across from the Permian, that nitrogen content, which is higher in Permian, creates a challenge for liquefaction and in shipping. and we anticipated this several years ago and engineered and procured and are now fabricating huge NRU systems, which I think right now are the largest on the Gulf Coast, that will enable us to process large volumes of Permian gas, which other facilities are going to be more challenged with.

Jeremy Tonet: Great position on gas supply for our next project.

Jeremy Tonet: <unk>.

Jeremy Tonet: For existing projects.

Jeremy Tonet: There is additional pipes that are going in.

Jeremy Tonet: In the Haynesville additional in Texas and.

Jeremy Tonet: Multiple pipes also.

Jeremy Tonet: Cutting across going from west to east.

Jeremy Tonet: <unk>.

Jeremy Tonet: That.

Jeremy Tonet: That give us.

Jeremy Tonet: Bringing over more supply that will support.

Jeremy Tonet: Plaquemines as well.

Jeremy Tonet: I will add.

Jeremy Tonet: Going back to the.

Jeremy Tonet: The huge amount of gas.

Jeremy Tonet: <unk>.

Jeremy Tonet: With our pipes and other pipes will be coming across from the Permian.

Jeremy Tonet: Yeah.

Jeremy Tonet: That.

Jeremy Tonet: Nitrogen content, which is higher in Permian creates a challenge for <unk>.

Jeremy Tonet: Liquefaction in shipping.

Jeremy Tonet: And we anticipated this several years ago.

Jeremy Tonet: In engineered and procured in the now fabricating.

Jeremy Tonet: Huge and our <unk> systems.

Jeremy Tonet: Sure.

Jeremy Tonet: Which I think right now are the largest on the Gulf coast that will enable us to process large volumes of Permian gas.

Jeremy Tonet: Which other facilities.

Jeremy Tonet: Are going to have to be more challenged with and so we look and we feel like I said, we feel really good about our gas position for.

Michael Sabel: And so we feel, like I said, we feel really good about our gas position for all our projects, but CP2, our next one as well. Great, great. That's great to hear.

Jeremy Tonet: All of our projects, but CPT, our next one as well.

Jeremy Tonet: Great Great that's great to hear and then maybe just a quick one like packaging.

Michael Sabel: And then maybe just a quick one, like Plaquemines first LNG timing was pretty accelerated. To what extent can we maybe extrapolate that into CP2 timing, just kind of given the manufacturing style or modular style of the business and the assets? We think quite a bit. So, you know, the first trains at CP2 will be trains number 55 and 56. and that applies to our other systems since our facilities are largely identical. And our team, which is, you know, 1600 and growing, have now executed, you know, multiple identical systems across power and liquefaction and pretreatment and balance of plant, marine systems, etc.

Jeremy Tonet: First LNG timing was pretty accelerated.

Jeremy Tonet: What extent can we maybe extrapolate that into CPG timing, just kind of given the manufacturing.

Jeremy Tonet: Tyler modular style of the business and the assets.

Jeremy Tonet: We we think we think quite a bit.

So the first.

Jeremy Tonet: The first trains.

Jeremy Tonet: At CPT will be trains number of $55 56.

Jeremy Tonet: And that applies to our other systems since our facilities are largely identical and our team which is.

Jeremy Tonet: <unk> hundred and growing have now executed.

Jeremy Tonet: Multiple identical systems across power and liquefaction and pre treatment and a balance of plant.

Michael Sabel: And those lessons learned have carried over into CP2 and we're really excited about it where things that things that have worked well or things that didn't work well are incorporated into our into our execution. We are also the furthest along on engineering and procurement by far of our three projects. Pre-FID for Plaquemines for both phase one and phase two were a little over $1.6 billion and for CP2 were around $5 billion. And so that combined with how far along on engineering and how we're repeating execution of the same configuration systems, equipment, supply chain make us really excited about execution for CP2.

Jeremy Tonet: <unk> systems et cetera.

Jeremy Tonet: And those lessons learned of Av.

Jeremy Tonet: Carried over into <unk>, and we're really excited about it were.

Jeremy Tonet: Things are things that have worked well or things that didn't work well.

Jeremy Tonet: Are incorporated into our into our execution. We are also.

Jeremy Tonet: Furthest along on engineering and procurement by far of our three projects pre FID for Plaquemines.

Jeremy Tonet: For both phase one and phase two.

Jeremy Tonet: For a little over $1 6 billion and for CP to we're around.

Jeremy Tonet: $5 billion.

Jeremy Tonet: And so.

Jeremy Tonet: That combined with how far along on engineering and how we are repeating.

Jeremy Tonet: Execution of the same configuration systems equipment supply chain.

Jeremy Tonet: Make us really excited about execution for <unk> and <unk>.

Michael Sabel: And so we think subject to weather delays at CP2 that our target is to do better than we did at Plaquemines. And the weather delays are really accumulated, accumulated lightning stand downs, more than more than hurricanes. Over the course of construction is several years. It's afternoon lightning activity that causes you for safety reasons to stand down at construction sites generally aggregates the more more days off than and then hurricanes coming through. But other than that, we feel very excited about where we are planning on schedules for CP2. Awesome. Very helpful. Thank you.

Jeremy Tonet: So we.

Jeremy Tonet: We think.

Jeremy Tonet: Subject to weather.

Jeremy Tonet: <unk> at CP to that that our target is to.

Jeremy Tonet: Ah.

Jeremy Tonet: Do better than we did it at <unk> and <unk>.

Jeremy Tonet: Are there delays are really accumulated.

Jeremy Tonet: Cumulated Lightning stand downs more than more than hurricanes over the course of construction of several years.

Jeremy Tonet: Afternoon Lightning activity.

Jeremy Tonet: That caused you for safety reasons to stay.

Jeremy Tonet: Stand down at construction sites.

Jeremy Tonet: Generally aggregates the more more days off then.

Jeremy Tonet: And then hurricanes coming through but other than that we feel.

Jeremy Tonet: Very excited about where are we where we are.

Jeremy Tonet: Our planning on schedules for CPG.

Jeremy Tonet: Awesome very helpful. Thank you.

Jeremy Tonet: Thank you.

Chris Robertson: The next question comes from Chris Robertson at Deutsche Bank. Please go ahead. Hey, good morning. Thank you for taking my questions. Hey, hey, Mike. Just as it relates to the conversations with potential new contract customers, are those conversations taking place with the traditional kind of Northwest European and Northeast Asian market participants? Are you having conversations with potential customers in other regions, Southeast Asia, South Asia and other emerging markets? We are, we're talking with the traditional, the traditional buyers that you described, in addition to some that are in other regions as well. I would say the bulk of it are the known buyers in the market.

Speaker Change: Thank you. The next question comes from Chris Robertson at Deutsche Bank. Please go ahead.

Speaker Change: Hey, good morning, good morning, Thanks for taking my questions Hey, Mike.

Speaker Change: Just as it relates to the conversations with potential new contract customers are there.

Speaker Change: Those conversations taking place with the traditional kind of northwest European and northeast Asian market participants are you, having conversations with potential customers in other regions.

Speaker Change: Southeast Asia, South Asia, and other emerging markets.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: We are we're talking with.

Speaker Change: The traditional the traditional buyers that you described.

Speaker Change: In addition to some that are.

Speaker Change: In other regions as well.

Speaker Change: I would say the bulk of it.

Speaker Change: Sure.

Speaker Change: The known buyers.

Michael Sabel: And as I'm, as I'm answering this question, I'm thinking about the distribution of of buyers. It's still tilted a little bit towards European buyers, but the Asian buyers, and that includes multiple countries in Asia, are still very active. And I would say the level of interest I would still describe as increasing from an already very active level. Okay, great. It's pretty broad. Go ahead. Now, go ahead.

Speaker Change: In the market.

Speaker Change: And as I am.

Speaker Change: As I'm answering this question I'm thinking about just the distribution of.

Speaker Change: Of buyers it still.

Speaker Change: It's still.

Speaker Change: It's still tilted a little bit towards.

Speaker Change: European buyers.

Speaker Change: But the the Asian buyers in and that includes.

Speaker Change: Multiple countries in Asia are still very active and I would say.

Speaker Change: The.

Speaker Change: The level of interest I would still describe is increasing.

Speaker Change: From a from an already very.

Speaker Change: Active level.

Speaker Change: Okay, Great that's pretty it's pretty broad that go ahead.

Mike: Go ahead Mike.

Michael Sabel: I just that we were incredibly bullish on the short, middle and long term demand for gas. We continue to see to see that in the market at the market activity in the appetite. And and so the the middle, short and long term contracting activity is strong and we expect to get stronger. And we think that gas is going to play an increasingly important role as the data center demand continues and the investment in data center demand continues to increase in a market that we still view as very, very tight on electricity generation capacity in both Europe and Asia.

Speaker Change: I just.

Speaker Change: We're incredibly bullish on the short middle and long term demand for gas we continue to see.

To see that in the market and the market activity and the appetite.

Speaker Change: And.

Speaker Change: And so the the middle short and long term contracting activity.

Speaker Change: Is strong and we expect to get stronger and.

Speaker Change: We think that gas is going to.

Speaker Change: Play an increasingly important role.

Speaker Change: <unk>.

Speaker Change: As the data center demand continues in the investment.

Speaker Change: Data center demand continues to increase in a market that we still view as very very tight on electricity generation capacity in both Europe and Asia.

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

Speaker Change: And so it's.

Speaker Change: It's a.

Speaker Change: Great market to be in and venture global between CPE, two and our brownfield expansions.

Speaker Change: It's probably the largest.

Speaker Change: Stop for available capacity in the next 345 years.

Speaker Change: Thanks for that color, Mike I'd, just ask my follow up question.

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

As it relates to <unk> you said you plan to exit May at 24 trains will exit the year with all 36 can you just comment around how many trains are producing at the end of March and how should we think about either on a quarterly cadence or monthly cadence will it be kind of steady ramp up from here or will that be.

Speaker Change: Certain quarters or months, where there is a step change in production as a power unit is installed or optimized or something like that I guess just commentary about cadence of production ramp for the remaining of the year.

Jack Thayer: Thank you. Thank you, Jack. Jack Thayer is going to pick up that question. Sure. So we had nine blocks or 18 trains operating at the end of Q1. We'll bring a further three on this quarter in Q2, which will complete the phase one liquefaction build out of the project. The next step is completing the power island for phase 1 and getting that into combined cycle. Which allows us to shift the temporary power to focus on bringing on the remaining blocks and trains in phase 2. And you should see that pretty steadily ramp, but it will pick up in More of Q3 when we complete the power island of phase 1.

Speaker Change: Great.

Speaker Change: Jack Jack there is going to pick up that question sure.

Speaker Change: We had we had <unk>.

Speaker Change: We had nine blocks or 18 trains operating at the at the end of at the end of Q1, we will bring a further three.

Speaker Change: On.

Speaker Change: This quarter in Q2, which will come.

Speaker Change: Complete the phase one.

Speaker Change: Liquefaction build out of the projects.

Speaker Change: The next step is completing.

Speaker Change: The power island for phase, one and getting that into combined cycle.

Speaker Change: Which allows us to shift the.

Speaker Change: The temporary power to focus on bringing on the remaining blocks and trains in phase III.

Speaker Change: And.

Speaker Change: You should see that.

Speaker Change: Pretty steadily ramp, but but it will pick up in Q3, when we complete complete the power island in phase, one and we're able to turn that to empower to bringing on the.

Michael Sabel: And we're able to turn that temp power to bring on the remaining blocks in phase 2 and Q4. Got it. Yeah, that's really helpful. I'll turn it over. Thank you. Yeah, I would I would I would add to that that when you look at first quarter to fourth quarter for Plaquemines. We're going to be triple the production at the end of this year that we are today. And so when you think about going into the end of the year and next year, Uh, we're going to be moving from, you know, 18 trains at the end of the, at the end of this year to 54 trains, uh, producing, you know, all of next year.

Speaker Change: Remaining blocks in phase II in Q4.

Speaker Change: Got it yes, that's really helpful. I'll turn it over thank you.

Speaker Change: Yes, I would I would.

Speaker Change: I would add to that.

Speaker Change: When you look at <unk>.

Speaker Change: First quarter to fourth quarter per block them, and we're going to be.

Speaker Change: Triple the production.

Speaker Change: At the end of this year.

Speaker Change: We are today.

Speaker Change: And so when you think about going into the end of the year and next year.

Speaker Change: We're gonna be moving from.

Speaker Change: 18 trains at the end of <unk>.

Speaker Change: At the end of this year to 54 trains.

Speaker Change: Producing.

Speaker Change: All of next year.

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

Speaker Change: And so it's a it's an.

Speaker Change: Normal step change for us.

Speaker Change: And then.

Speaker Change: And then of course as we're adding the 36 trains from from CPE to so if there is a tremendous amount of.

Speaker Change: Built in growth that's coming that we've already made.

Speaker Change: Our investments in.

Speaker Change: That are still ramping up and are ramping up production and earnings.

Robert Mosca: The next question comes from Robert Mosca at Mizuho. Please go ahead. Morning, Robert. Hi, morning. Hey, morning, Mike.

Speaker Change: Thank you. The next question comes from Robert Moscow Mizuho. Please go ahead.

Robert: Good morning, Robert Good morning, Hey, Good morning, Mike.

Michael Sabel: I'm just wondering if you guys could provide an update to the expansion potential at CP1 and maybe even CP2. The Platinum's expansion you signaled last quarter was a bit larger than expected. So could we see similar expansion upsizing at those projects? And how would that affect the batting order alongside CP3 and Delta, just given a more costly construction environment? The brownfield expansion at Plaquemines and at CP2 are larger than we have expected to be able to layer on top of our facilities. The throughput capacity of the balancer plant, the jetties, the tanks, as we advanced our engineering studies, proved to be much more positive than we initially thought.

Robert: Just wondering if you guys could provide an update to the expansion potential at CP, one and maybe even see peak to the platform expansion you signaled last quarter was a bit larger than expected. So could we see similar expansion upsizing it those projects and how would that affect the batting order alongside CPT III and Delta just given a more costly.

Robert: And the environment.

Robert: The.

Robert: The.

Robert: The brownfield expansion.

Robert: At at <unk>.

Robert: And at <unk>.

Robert: Our <unk>.

Robert: Larger than we are.

Robert: I had been able we are expected to be able to layer on top of our facilities.

Robert: <unk> throughput.

Robert: Capacity of the balance of plant the jetties the tanks.

Robert: As we advanced our engineering studies.

Robert: Sure.

Proved to be much more positive than than we initially thought so theres brownfield opportunities are much much larger.

Michael Sabel: So those brownfield opportunities are much, much larger, and which we're very excited about because we can build those faster and with the cost advantages of being brownfield. So given the scale of those, you know, our plan is to shift those brownfield expansions in front of CP3. We're still going to permit all of it, but as far as timing goes, the large brownfields will shift in front of the CP3 and Delta. And we're also on top of it excited about, and this is part of the scale, the magnitude of the excess capacity production that we're going to be able to achieve on those brownfield expansions.

Robert: And which we're very excited about because we can we can build those.

Robert: Faster and with the cost advantages of being brownfield.

Robert: So given this given the.

Robert: The scale of those.

Robert: Ah.

Robert: Our plan is to.

Robert: Shifts those brownfield expansions in front of CP, three we're still going to permit all of it but as far as.

Robert: Timing goes the the large brownfields will will shift in front of it.

Robert: In front of the.

Robert: In front of the <unk> and Delta.

Robert: And we're also on top of it excited about.

Robert: And this is part of the scale.

Robert: The the.

Robert: Magnitude of the.

Robert: Excess capacity production.

Robert: That we're going to be able to achieve on those brownfield expansion.

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

Robert: Back to look.

Robert: What we are achieving are about around <unk>.

Robert: And.

Robert: And also layer on that debt because those.

Robert: Brownfield opportunities are much larger.

Robert: We have a lot more.

Robert: Volume that we can contract on a long term basis.

Robert: At very attractive competitive prices and so.

Robert: We're going to we're going to do.

Robert: I would say a significant more amount of long term contracting.

Robert: As a result of how much larger these opportunities are than we had planned even just a few months ago.

Robert: Yeah.

Robert: Got it that's helpful color.

Michael Sabel: And follow up for me, just revisiting the cost outlook at CP2, wondering what your timeline is looking like for entering into an EPC contract for phase two? We, we've, we've, you know, keep in mind the EPC for us has a different role than it does for the rest of the industry that outsources their custom construction for the whole facilities, because we build so much of our facility starting back with our first project CP1 through manufacturers and, and, and, and fabricators. We, again, starting with CP1 managed and as owners, a huge portion of our, our facilities and so the, the EPC scopes are smaller.

Robert: And follow up for me just revisiting the cost outlook. It <unk> I'm wondering what your timeline is looking like for entering into an EPC contract for phase II.

Robert:

Robert: We are.

Robert: We've.

Speaker Change: Keep in mind, the EPC for us has a different role than it does for the rest of the industry.

Robert: That outsources.

Speaker Change: Their custom construction for the whole facilities.

Speaker Change: Because we built so much of our facilities starting back with our first project CP one.

Speaker Change: Through manufacturers and fabricators.

Speaker Change: We.

Speaker Change: Again, starting with CP, one managed and as owners.

Speaker Change: Huge portion of our our facilities and so the the EPC scopes.

Michael Sabel: We also have built our own internal EPC team. That's hundreds and hundreds of, of very specialized, we think high performers for all our scopes. And so we manage execution, we're doing it at Blockman's and we'll do more of it at CP2. And so the role of EPC is much smaller for our projects. We've been working in engineering, procuring with, with Worley at, at CP2. We're, you know, as we described $5 billion into CP2 as well, or already. So, so there's a huge amount of activity with, with a large number of contractors that's been ongoing for a couple of years now.

Speaker Change: Our smaller we also have.

Speaker Change: <unk> built our own internal EPC team.

Speaker Change: One hundreds and hundreds of.

Speaker Change: Very specialized we think high performers.

Speaker Change: For all our scopes.

Speaker Change: So we manage execution, we're doing it at a block them and then we will do more of it at <unk>.

Speaker Change: And so the.

Speaker Change: The role of EPC is much smaller for our projects, we've been working and engineering.

Speaker Change: Procuring.

Speaker Change: With.

Speaker Change: With early.

Speaker Change: At at <unk>.

Speaker Change: And they've been inactive partner for us and so we expect to layer on additional EPC contracts here.

Speaker Change: And coming in.

Speaker Change: Coming months, but we're working we're working closely now with with with.

With EPC and very large sub contractors performing.

Speaker Change: Massive scale work we're.

As we described 5 billion into <unk> as well.

Speaker Change: <unk> already so so there is a.

Speaker Change: Huge amount of activity with.

Speaker Change: With a large number of contractors thats been ongoing for.

Speaker Change: A couple of years now.

Unknown Executive: Got it.

Michael Bloom: Appreciate the time, everyone.

Speaker Change: Got it I appreciate the time everyone.

Speaker Change: Okay.

Michael Bloom: Thank you. The next question comes from Michael Bloom at Wells Fargo. Please go ahead.

Speaker Change: Thank you. The next question comes from Michael Blum at Wells Fargo. Please go ahead.

Jack Thayer: Good morning, everyone. Good morning. So I see the spending plans at CP2 in the slides. So thank you for that. So my question is, does this represent all or most of the CapEx spending you're planning in 2025? And if not, how do we just think about total CapEx in 2025? CP2 is the vast majority of the CapEx expense. The brownfield projects that we talked about earlier on this call are in permitting right now. And so the bulk of the expense will be CP2. We will have a look at that. uh some other expenses related to uh uh to growth but the bulk the bulk of it is going to be is going to be CP2.

Speaker Change: Good morning, Mark Good morning, everyone.

Speaker Change: Yeah.

Speaker Change: So I see the spending plans at <unk> in the slides. So thank you for that so my question is does this represent all or most of the Capex spending youre planning in 2025, and if not how do we just think about total capex in 2025.

Speaker Change: C. P. C. P. Two is is the vast majority of.

Speaker Change: The Capex expense.

Speaker Change: The.

Speaker Change: The brownfield projects that.

Speaker Change: That were that we talked about earlier on this call.

Speaker Change: Our.

Speaker Change: In permitting right now.

Speaker Change: So the bulk of the expense will be <unk>.

Speaker Change: We will have.

Speaker Change: We will have.

Speaker Change: Some other expenses related to.

Jack Jack: To growth, but the bulk the bulk of it is going to be is going to be <unk> and Jack did you have.

Michael Sabel: And Jack did you have um additional that you wanted to uh to add as well? Only Mike that, you know, as you mentioned in your remarks, you know, we're, we're undergoing the FID process for CB2, the critical first step of that was the $3 billion bank loan that, that is funding the growth as, as we finalize contracting and, and, and get ready to proceed to full FID and launch once we receive notice to proceed from the PERC. So, we, we feel good about our funding levels and our, and our access to capital and, and the focus, Mike, as you mentioned is, is.

Speaker Change: Additional that you wanted to.

Speaker Change: To add as well.

Speaker Change: Only mindset.

Speaker Change: As I mentioned in your remarks.

Speaker Change: We're we're undergoing the process for <unk>.

Speaker Change: Critical first step of that was the $3 billion bank loan.

Speaker Change: Thats that is funding the growth as we are.

Speaker Change: Finalize contracting.

Speaker Change: And get ready to proceed to full launch once we received notice to proceed from FERC.

Speaker Change: So we feel good about our funding levels and our access to capital and the focus that Mike as you mentioned is.

Jack Thayer: Almost exclusively CB2 and then, and then permitting and engineering development of future expansion projects.

Speaker Change: Most exclusively <unk>, and then and then permitting and engineering development.

Speaker Change: Future expansion projects.

Michael Sabel: Great, thanks for that.

Speaker Change: Great. Thanks for that that's all I had today.

Michael Sabel: That's all I have. Yeah, I would add our CP2 expenses, our project level asset base project financing. and which which you know we've done previously and and the market is used to seeing.

Speaker Change: Yes, I would add.

Speaker Change: Our <unk> expenses are.

Speaker Change: Project level asset base.

Speaker Change: Project financing.

Speaker Change: And which.

Speaker Change: Which we've done previously in the market is used to seeing.

Unknown Executive: Thank you.

Speaker Change: Thank you. This concludes venture Global Inc. First quarter 2025 earnings presentation. The presentation can be found on the company's website. Thank you for joining goodbye.

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

Unknown Executive: Goodbye.

Speaker Change: [noise].