能源巨头雪佛龙(CVX.US)的澳大利亚子公司及其合资伙伴周五在一份声明中表示，他们已达成最终投 资决定，将进一步开发位于西澳大利亚州的大型Gorgon天然气项目。 声明称，作为Gorgon三期开发的一部分，雪佛龙澳大利亚及其合作伙伴——包括埃克森美孚和壳牌公 司——将投入30亿澳元(约合20亿美元)，将两个海上天然气田连接到巴罗岛(Barrow Island)上现有的基 础设施和加工设施。同时，还将钻探六口新井。 Gorgon项目位于澳大利亚西北部偏远的巴罗岛上，是澳大利亚历史上最大的资源开发项目，每年生产 约1560万吨液化天然气(LNG)。 IEA预计2025年天然气需求增速放缓后，2026年将加速增长，推动总需求创历史新高。液化天然气供应 的大幅增加有望缓解市场基本面压力，并促进亚洲价格敏感型市场需求的强劲增长。 该机构还预计2026年全球天然气消费量将达到历史新高，在供应基本面趋缓的情况下，需求增速将加快 至约2%。工业和能源行业的天然气消费预计将占新增天然气需求的约一半。预计2026年天然气发电需 求将占需求增长的30%。 ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $777 million, up from $601 million in Q3 2024 and $615 million in Q2 2025, primarily driven by the BSAT C expansion project [14] - Gross margin before depreciation and amortization was $206 million, or 27% of revenue, compared to $176 million, or 29% in Q3 2024, and $175 million, or 29% in Q2 2025 [14] - Adjusted EBIT reached a record $145 million, compared to $120 million in Q3 2024 and $130 million in Q2 2025 [16] - Free cash flow decreased to $43 million in Q3 2025 from $78 million in Q3 2024 due to working capital investments [16] - Net earnings were $37 million, or $0.30 per share, compared to $30 million, or $0.24 per share in Q3 2024 [18] Business Line Data and Key Metrics Changes - The energy, infrastructure, and aftermarket services business lines contributed 58% of gross margin before depreciation and amortization during Q3 [4] - Engineered Systems backlog as of September 30 was $1.1 billion, with bookings of $339 million during Q3 [7] - Aftermarket Services gross margin before depreciation and amortization was 21% in the quarter, benefiting from increased customer maintenance activities [8] Market Data and Key Metrics Changes - The U.S. contract compression business maintained a stable utilization rate of 94% across a fleet of approximately 470,000 horsepower [5] - Enerflex's international energy infrastructure business includes approximately 1.1 million horsepower of operated compression and 24 BOOM projects in various regions [9] Company Strategy and Development Direction - The company aims to enhance profitability of core operations and leverage its position in core operating countries to capitalize on expected increases in natural gas and produced water volumes [10] - Enerflex plans to focus on disciplined capital allocation, including a 13% increase in quarterly dividends, reflecting confidence in its financial position [22] - The company is exploring opportunities in electrical power generation, particularly in the microgrid power generation market [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth fundamentals driven by global energy security and increasing demand for natural gas [24] - The company is closely monitoring near-term risks, including tariffs and commodity price volatility, while maintaining a proactive management approach [8] Other Important Information - Enerflex's bank-adjusted net debt to EBITDA ratio improved to approximately 1.2 times at the end of Q3 2025, down from 1.9 times at the end of Q3 2024 [19] - The company has initiated strategic inventory investments to support customer commitments and manage lead times effectively [36] Q&A Session Summary Question: What does the team think Enerflex does well and what needs improvement? - Management highlighted a focus on execution levers, cost management, and working capital efficiency as key areas of strength, while also identifying opportunities for digitization initiatives [26] Question: Can you elaborate on the potential for MobilePower and revenue opportunities? - Management indicated that 500 megawatts of opportunities could grow significantly, emphasizing the dynamic nature of the market and the company's experience in power generation [28] Question: How does Enerflex plan to participate in both Engineered Systems and Energy Infrastructure? - Management noted that speed and partnerships will be vital in capitalizing on opportunities in both areas, with a focus on operations and maintenance for Aftermarket Services [33] Question: What is the current state of inventory levels and supply chain for existing projects? - Management confirmed that strategic inventory investments are being made to support customer activity and manage lead times effectively [34] Question: Can you quantify how much revenue was pulled forward from Q4 into Q3? - Management suggested that the average revenue for the Engineered Systems business over the last couple of years was between $300 million and $325 million per quarter, indicating strong execution in Q3 [49]

Group 1 - Global natural gas demand is far from peaking, with LNG expected to become the main trading method [1] - By 2030, global natural gas production is projected to reach 4.56 trillion cubic meters, with a CAGR of 1.6% from 2023 to 2030 [1] - China's natural gas consumption is expected to grow at a CAGR of 8.9% from 2014 to 2024, driven mainly by urban gas [2] Group 2 - China's natural gas import volume is projected to reach 132 million tons in 2024, with a year-on-year increase of 9.8% [2] - By the end of 2024, the total length of natural gas long-distance pipelines in China is expected to reach 128,000 kilometers [3] - The construction of LNG receiving stations has reached a historical high, with a total receiving capacity of 14.4 million tons per year [3] Group 3 - The market-oriented development of natural gas is progressing steadily, with a series of reforms since 2015 to establish a price linkage mechanism [4] - The dual-track pricing system for natural gas in China has been largely eliminated, establishing a market-oriented framework [4]

Group 1 - The CEO of Norway's national oil company stated that global natural gas demand is expected to grow in the long term [1]

Summary of Kunlun Energy Conference Call Company Overview - **Kunlun Energy** is a natural gas terminal company controlled by China National Petroleum Corporation (CNPC), benefiting from stable low-cost gas supply and growing domestic natural gas demand [2][3][23]. Key Financial Metrics - **Revenue Growth**: Expected revenue for 2024 is 187 billion yuan, a 5.5% increase year-on-year, with an average annual growth rate of 17.3% from 2014 to 2024 [2][8][26]. - **Profitability**: - EBITDA for 2024 is projected at 12.5 billion yuan, a 1.6% decrease year-on-year. - Net profit attributable to shareholders is expected to be 6 billion yuan, a 4.9% increase year-on-year [2][8][26]. - **Cash Flow**: Operating cash flow for 2024 is projected at 12.6 billion yuan, with free cash flow at 7 billion yuan [9][27]. Business Segments - **Natural Gas Sales**: This is the main business segment, with average revenue growth of 13.7% and pre-tax profit growth of 15.7% from 2016 to 2024 [10][30]. - **LNG Business**: - Expected to contribute 3.577 billion yuan in pre-tax profit for 2024, with a profit margin of 75% [4][35]. - Total processing volume for 2024 is projected at 15.94 billion cubic meters, with a compound growth rate of 87.6% [4][35]. Market Position and Strategy - **Geographical Focus**: Kunlun Energy has a strong presence in the western regions of China, with 28% of its city gas projects located there, aligning with the industrial shift towards the west [12][31]. - **Industrial User Growth**: The number of industrial users has grown at an average rate of 22.54% from 2018 to 2024, benefiting from the relocation of industries to the western regions [12][32]. Competitive Advantages - **Cost Control**: The company benefits from low gas procurement costs due to its relationship with CNPC, maintaining costs below industry peers [14][33]. - **LNG Supply Stability**: The LNG business is supported by stable overseas supply from CNPC, allowing for high operational efficiency [35]. Future Outlook - **Demand Growth**: The International Energy Agency (IEA) predicts a 6.8% growth in China's natural gas demand by 2025, making it one of the fastest-growing markets globally [4][19][36]. - **Profit Forecast**: Expected net profits for 2025, 2026, and 2027 are projected at 6.6 billion, 7.1 billion, and 7.6 billion yuan, respectively [4][22][38]. Dividend Policy - The company has announced a three-year dividend distribution plan, aiming to increase the payout ratio to 45% by 2025, with a current dividend of 0.3158 yuan per share [9][29]. Conclusion - Kunlun Energy is positioned for growth with a strong market presence, stable cash flows, and a focus on expanding its LNG and natural gas sales. The company is expected to benefit from favorable market conditions and strategic advantages in procurement and regional focus [2][4][22][38].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve a natural gas sales volume of 54.17 billion cubic meters in 2024, representing a year-on-year growth of 9.9%, with retail gas volume increasing by 8.1% [2][6]. - The company’s revenue for 2024 is projected to be 187.046 billion yuan, a year-on-year increase of 5.46%, with net profit attributable to shareholders reaching 5.960 billion yuan, up 4.89% [6]. - The company emphasizes shareholder returns, with a planned annual dividend of 0.3158 yuan per share, resulting in a payout ratio of 43% and a dividend yield of 4.18% based on the closing price on the report date [2][6]. Summary by Sections Sales Performance - The company’s industrial gas volume is expected to account for 74.9% of total sales in 2024, an increase of 5.5 percentage points year-on-year, with industrial gas volume rising by 16.5% [2][6]. - Retail gas volume in the northwest and southwest regions is projected to grow by 12% and 19.2% respectively, significantly outpacing the national average growth rate of 8% [6]. Financial Performance - The company’s LNG processing and storage business revenue is expected to grow by 1.6%, while the tax profit remains stable with a slight increase of 0.2% [6]. - The average load rate of LNG receiving stations is projected to be 87.6%, a decrease of 3 percentage points year-on-year, while LNG processing volume is expected to increase by 25.6% [6]. Dividend Policy - The company has announced a three-year dividend plan aiming for a payout ratio of 45% of net profit by the end of the fiscal year 2025 [6]. - The company has initiated interim dividends for the first time, with a payout of 0.1641 yuan per share for the interim and 0.1517 yuan per share for the final dividend [6].