Core Viewpoint - U.S. LNG producer Venture Global has accused Shell of conducting a "three-year campaign" aimed at damaging its business following Shell's appeal of an arbitration loss [1] Group 1 - Venture Global claims that Shell's actions are part of a prolonged effort to undermine its operations [1] - The accusation comes in the context of Shell appealing a previous arbitration decision that was unfavorable to it [1]

Golar LNG Limited (“Golar”) is pleased to announce that it has successfully closed and drawn a new $1.2 billion asset backed debt facility agreement with a consortium of banks including ABN AMRO, Citibank, DNB, Goldman Sachs and Standard Chartered Bank for the refinancing of FLNG Gimi. The new $1.2bn bank facility replaces an existing bank facility with an outstanding amount of $627 million as at Q3 2025. The new debt facility has a 7-year tenor, 16-year amortization profile and will incur interest at SOFR ...

The U.S. Federal Energy Regulatory Commission, or FERC, said on Monday it has granted a five-year extension to complete construction of Sempra's Cameron LNG export facility in Louisiana and place it i... ...

18 November 2025 | 1:11AM EST Commodities Research ENERGY TOMORROW Catching The Largest Ever LNG Supply Wave Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC Frederik Witzemann +44(20)7051-4297 | frederik.witzemann@gs.com Goldman Sachs International Laura Cyr +1(212)934-1001 | laura.x.cyr@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see th ...

ARLINGTON, Va.--(BUSINESS WIRE)--Venture Global filed with the U.S. FERC and DOE its application for the permitting and approval of the Plaquemines LNG brownfield expansion project. ...

Financial Data and Key Metrics Changes - Third quarter revenue increased by 15% year-over-year, driven by a 21% increase in LNG gallons sold and higher average commodity prices, partially offset by a less favorable customer mix and lower rental and service revenues [9] - Adjusted EBITDA was $2.9 million during the quarter, compared to $2.6 million last year, with an adjusted EBITDA margin of 14.3%, down from 14.6% in the same quarter last year [10] - Cash from operations totaled $2.4 million for the quarter, with liquidity at quarter-end of $15.5 million, consisting of $10.3 million in cash and approximately $5.2 million available under credit facilities [10][11] Business Line Data and Key Metrics Changes - Aerospace revenues increased by more than 88% compared to the same quarter last year, while power generation and marine revenues increased by 31% and 32%, respectively [9] - Approximately 73% of total revenue was derived from aerospace, marine, and power generation customers, up from 60% in the prior year quarter, reflecting continued strength and diversification of demand across these high-growth markets [10] Market Data and Key Metrics Changes - The company capitalized on continued demand for integrated last-mile LNG solutions across markets, with third quarter volume increasing by more than 20% year-over-year [4] - Strong demand trends were noted in marine, aerospace, and power generation sectors, supported by increased commercial space flight activity and robust throughput from cruise activity [4] Company Strategy and Development Direction - The company secured the largest customer contract in its history, a 10-year marine bunkering contract for LNG produced at a proposed facility in Galveston, Texas, with plans to break ground in early 2026 [5][6] - The company aims to construct a Jones Act-compliant LNG bunkering vessel to serve customers in the Port of Galveston and surrounding areas, focusing on building a vertically integrated marine bunkering solution [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in aerospace and power generation, citing increased demand for distributed power solutions due to domestic investment in new data center capacity [4][17] - The company is focused on executing day-to-day operations to deliver profitable growth while expanding commercial contracts across vertical markets [8] Other Important Information - Capital expenditures totaled $3.9 million, primarily related to early engineering and design work for the Galveston LNG facility and related bunkering vessel [11] - The company is evaluating various financing options for the Galveston project, intending to prioritize a structure that maximizes value creation for shareholders [7] Q&A Session Summary Question: Are there any key permits to watch for regarding the Galveston project? - The company is tracking several permits, including the Texas Railroad Commission and Coast Guard permits, and does not anticipate changes to the timeline [13][14] Question: Can you discuss the end-market demand and capacity expansion for aerospace and power generation? - Management noted strong demand in aerospace due to increased rocket launches and in power generation due to distributed power needs for data centers [15][16] Question: What industry is the late-stage customer in for the marine facility? - The prospective customer is in the cruise industry [19] Question: How does the remaining 15% capacity commitment look? - The remaining capacity could come from multiple customers, including those related to cruise and container ships [20] Question: Was the growth in marine, aerospace, and power generation due to new contracts? - The growth was attributed to a combination of new contracts and existing demand, with expectations for repeatable growth in aerospace [25][26] Question: Is there a strategy change to use more third-party gas? - The company has always utilized third-party supply to build demand and optimize operations, with high utilization of company-owned facilities this quarter [27][28] Question: Will the Galveston project initiate a secondary offering? - Management indicated that while they can fund the project without significant dilution, they may explore capital structure options post-FID [32][35] Question: Is the demand from data centers included in power generation? - Yes, the increased demand from data centers is part of the distributed power solutions being offered [39]

Financial Data and Key Metrics Changes - Excelerate Energy reported record quarterly EBITDA of $129 million, an increase of $22 million or 21% compared to the previous quarter [6][16] - Adjusted net income for the third quarter was $57 million, a sequential increase of $10 million or 22% compared to the second quarter [16] - Total debt, including finance leases, was $1.3 billion, with cash and cash equivalents of $463 million on hand [18] Business Line Data and Key Metrics Changes - The Jamaica operations maintained exceptional reliability, exceeding 99.8% across the platform [14] - The company achieved considerable savings related to the Exemplar dry dock, which completed with fewer off-hire days than anticipated [17] - Incremental gas volumes were sold to existing customers, and commercial agreements with new small-scale customers progressed well in Jamaica [15] Market Data and Key Metrics Changes - The global LNG market is expected to grow from approximately 430 million tons per annum in 2025 to over 600 million tons per annum by 2030 [8] - Approximately 200 million tons of incremental LNG supply is expected to come online between now and the end of the decade [8] Company Strategy and Development Direction - Excelerate Energy is focused on scalable regasification solutions to meet the growing demand for LNG, particularly in emerging markets [9][10] - The company executed a definitive agreement with Iraq's Ministry of Electricity to develop the country's first LNG import terminal, which is strategically significant for energy security [10][11] - The company aims to replicate the successful Jamaica model across its global footprint, emphasizing integrated energy solutions [39][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in limited financial impacts from Hurricane Melissa due to comprehensive insurance coverage and a take-or-pay business model [5][20] - The company anticipates significant opportunities to extend its platform into new regions and deepen its presence in existing ones [16] - Management highlighted the importance of developing new regas infrastructure as global supply tightens [8][9] Other Important Information - The company announced a quarterly cash dividend of $0.08 per share, payable on December 4th [19] - Adjusted EBITDA guidance for 2025 was increased to a range of $435 million to $450 million [19] Q&A Session Summary Question: What is the expected split between vessel and supply margin for the Iraq project? - Management did not provide a specific breakdown but emphasized the overall build multiple of 4.5 to 5 times [24][25] Question: What is the timeline and capital cost for converting the Shenandoah vessel? - The conversion is estimated to cost around $200 million, with no specific timeline committed yet [27][28] Question: What is the remaining spend on the new building asset currently under construction? - Approximately $200 million is left to pay upon delivery, with the total shipyard cost around $340 million [30][31] Question: When will work commence at the Jetty in Iraq? - The project is expected to be operational by summer 2026, with CapEx ramping up in the interim [32] Question: Are there integrated opportunities for the conversion candidate? - Management confirmed that integrated opportunities are being pursued globally, with a focus on affordability and execution [43]

3Q 2025 Investor Presentation November 2025 Disclaimers Forward-Looking Statements ‐ Use of Non-GAAP Financial Measures Industry Information 2 Introduction Excelerate Energy Global Asset Footprint 4 Strong Operational and Financial Performance 5 • • • • • The LNG Wave: Why Regasification Infrastructure Matters 6 Iraq Integrated LNG Import Terminal: A Strategic Fit 7 7 • » − − » • • Jamaica LNG & Power Platform Update 8 Financial Overview Summary of 3Q 2025 Results | (USD in millions) | 3Q 2025 | 2Q 2025 | 3 ...

Financial Data and Key Metrics Changes - The existing fleet of three FLNGs is fully contracted with a total EBITDA backlog of $17 billion before commodity upside and inflationary adjustments [2][4] - The company generated $221 million of adjusted EBITDA over the last 12 months, with a net income of $46 million for the quarter [3][28] - The cash position stands at $1 billion, with a net debt position of approximately $1.4 billion [3][28] Business Line Data and Key Metrics Changes - Hilli generated $51 million of adjusted EBITDA, while GIMI contributed $48 million during the quarter [27] - The company added $8 billion of firm EBITDA backlog through the successful fulfillment of all conditions precedent (CPs) for the Mark II's 20-year charter in Argentina [6][7] Market Data and Key Metrics Changes - The company is observing strong interest in long-term offtake agreements in Argentina, particularly due to the country's significant shale gas reserves [42] - The FLNG industry is experiencing increased adoption, with a growing number of projects being planned globally [22][75] Company Strategy and Development Direction - The key focus is on developing the fourth FLNG unit, with significant technical and commercial progress made in deciding on size and design [2][3] - The company aims to maintain a maximum of one unchartered FLNG at a time while pursuing long-term infrastructure contracts [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings visibility for all assets through 2045 and beyond, with expectations for EBITDA to quadruple by 2028 [4][30] - The company is positioned to benefit from lower production costs compared to the largest LNG producers, enhancing its competitive advantage [25][81] Other Important Information - A new $150 million buyback program has been approved, continuing the company's track record of returning capital to shareholders [30][38] - The company is in advanced stages of securing a $1.2 billion bank refinancing facility for GIMI, expected to close within the quarter [11][31] Q&A Session Summary Question: Comments on CESSA's strategy for long-term offtake agreements - Management noted that CESSA is actively working to lock in offtake for Hilli volumes and expects to sign contracts soon, given the strong interest from major industrial and trading houses [42][43] Question: Future projects and CAPEX to EBITDA ratio - Management indicated that while there is cost inflation, they aim to target similar CAPEX to EBITDA ratios for new projects as seen in existing projects [44][45] Question: GIMI's capacity and potential for production increase - Management confirmed that GIMI's nameplate capacity is 2.7 MTPA, with potential to produce more than 2.4 MTPA through debottlenecking exercises [48][49] Question: Competition in the FLNG market - Management acknowledged increased competition for shipyard slots and long lead items but emphasized that Golar remains the only proven provider of FLNG as a service [51][52] Question: Buyback program metrics and deployment - Management stated that the new buyback program will be executed opportunistically, similar to past approaches [56][57] Question: Status of the pipeline for Argentina - Management provided updates on the pipeline construction timeline, indicating that it is expected to be completed within the timeline for Mark II's arrival [70][71]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated consolidated adjusted EBITDA of approximately $1.6 billion, distributable cash flow of approximately $1.6 billion, and net income of approximately $1 billion [7][30] - The full-year 2025 guidance for consolidated adjusted EBITDA remains at $6.6 to $7 billion, while the distributable cash flow guidance has been raised from $4.4 to $4.8 billion to $4.8 to $5.2 billion [7][39] - The increase in distributable cash flow guidance is primarily due to a discrete IRS rule change related to the Corporate Alternative Minimum Tax [7][39] Business Line Data and Key Metrics Changes - The company produced and exported 163 cargoes of LNG during the third quarter, achieving a milestone of the 3,000th LNG cargo produced at Sabine Pass [8] - The operational challenges faced were primarily due to variability in natural gas quality, which required real-time adjustments to liquefaction processes [9][10] Market Data and Key Metrics Changes - Global LNG demand in Q3 2025 was supported by European imports, while Asian demand remained soft, leading to price differentials that incentivized U.S. cargoes to Europe [18][20] - European LNG imports increased year on year, while Russian piped gas volumes decreased by 43% year on year [21][24] - Asian LNG imports declined by 4% year on year in Q3 2025, with a notable decrease in demand from China and India [22][24] Company Strategy and Development Direction - The company is focused on expanding its Corpus Christi Stage 3 and Sabine Pass projects while maintaining operational excellence and a disciplined capital allocation program [4][5] - The company aims to achieve over 50 million tons of LNG production in 2026, supported by the startup of remaining trains at Corpus Christi Stage 3 [10][41] - The company emphasizes a disciplined approach to new liquefaction capacity under long-term contracts, ensuring high visibility into future cash flows [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025, including geopolitical unrest and rising costs, but expressed confidence in the company's ability to deliver predictable results [4][6] - The company expects a record year for LNG production in 2026, with planned maintenance designed to enhance long-term production reliability [10][41] - Management remains optimistic about the long-term demand for LNG, particularly in Asia, as new supply enters the market [26][28] Other Important Information - The company deployed approximately $1.8 billion under its capital allocation plan in Q3 2025, including $600 million in growth CapEx and $1 billion in share repurchases [10][32] - The company declared a dividend of $0.555 per common share, marking a 10% increase from the prior quarter [36] Q&A Session Summary Question: Thoughts on buybacks and future trajectory - Management indicated that the buyback program is expected to continue at a similar pace, with plans to seek an increase in the authorization next year [51] Question: LNG market demand and pricing - Management discussed the potential for lower prices to incentivize demand in Asia, highlighting the importance of power generation and industrial demand as key drivers [52][54] Question: Impact of EU's ban on Russian gas imports - Management expressed optimism about increased marketing opportunities in Europe, given the strong relationships with EU counterparties [63] Question: Incremental capacity expansion plans - Management confirmed a disciplined approach to future expansions, focusing on projects that meet robust financial hurdles and are fully contracted [65][67] Question: Variability in feed gas composition - Management explained ongoing efforts to address feed gas variability through process adjustments and small capital investments [71][73]